This is an interesting video interview on the impact on negative interest rate in United States. Almost everything that is happening in United States is happening in Singapore. My comments at the bottom of the video. Source: http://www.cfawebcasts.org/modules/Catalog/CourseDetails.aspx?ProductGroupID=11407 My comments: In the video it was said that the negative real interest rate in the United States is a tax on saving. The interviewee said he never seen this in his entire career until recently as savers are discouraged from saving. Singapore government does not issue any inflation-index bonds. As a result, savers have been experiencing negative real interest rate of a long time already. While our inflation is at 5.4%, cash is generating how much? 0.1%pa. If you are lucky perhaps 1%. If you are some private banking client who allows your portfolio to be churned or twisted, maybe you can get 2% and ......