--- title: "Meaning & Key Takeaway of: Very deliberately, the central bankers…" description: "\"Very deliberately, the central bankers have punished savers, pushing interest rates so low that any truly safe investment - and older people are always..." image: "https://sms4smile.com/quotes/i/237/neil-macdonald-5908_central-bank_very-deliberately-the-central-bankers-ha_963994.jpg" --- # Very deliberately, the central bankers have punished… ![“Very deliberately, the central bankers have punished savers, pushing interest rates so low that any truly safe investment - and older people are always advised to play it safe - yields a negative return when inflation is factored in.” quote by Neil Macdonald](https://sms4smile.com/quotes/i/237/neil-macdonald-5908_central-bank_very-deliberately-the-central-bankers-ha_963994.jpg) [Download](https://sms4smile.com/quotes/i/237/neil-macdonald-5908_central-bank_very-deliberately-the-central-bankers-ha_963994.jpg) [Open image](https://sms4smile.com/quotes/i/237/neil-macdonald-5908_central-bank_very-deliberately-the-central-bankers-ha_963994.jpg) > “Very deliberately, the central bankers have punished savers, pushing interest rates so low that any truly safe investment - and older people are always advised to play it safe - yields a negative return when inflation is factored in.” [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Low interest rates and inflation erode real returns, penalizing savers especially retirees. **In simple terms:** Low rates + inflation = negative real returns for savers. Key Takeaway Seek investments outpacing inflation. Themes economics inflation savings retirement planning Mood concerned pragmatic Type financial advice When to use this quote - retirement planning - investment strategy - budgeting Key Concepts real return monetary policy financial risk Questions to Reflect On - What safe alternatives exist for preserving wealth? - How can retirees adjust to low‑interest environments? A Different Perspective Higher returns often involve greater risk and complexity. ★ ★ ★ ★ ★ No ratings yet [Bankers Punished](https://sms4smile.com/quotes/about/bankers-punished-1802671/) [Central bank](https://sms4smile.com/quotes/about/central-bank/) [Central Bankers](https://sms4smile.com/quotes/about/central-bankers-338340/) [Customer](https://sms4smile.com/quotes/about/customer/) [Inflation](https://sms4smile.com/quotes/about/inflation/) [Investing](https://sms4smile.com/quotes/about/investing/) [Investment](https://sms4smile.com/quotes/about/investment/) [Negative](https://sms4smile.com/quotes/about/negative/) [Older people](https://sms4smile.com/quotes/about/older-people/) [Play](https://sms4smile.com/quotes/about/play/) [Punished Savers](https://sms4smile.com/quotes/about/punished-savers-1802669/) [Rates Low](https://sms4smile.com/quotes/about/rates-low-1802670/) [Return Inflation](https://sms4smile.com/quotes/about/return-inflation-1802672/) ## Related quotes > [As stupid as it might sound, older people everywhere would probably be better off if they'd abandoned prudence and borrowed more. That is obviously…](https://sms4smile.com/quotes/neil-macdonald/as-stupid-as-it-might-sound-older-people-everywhere-would-probably-be/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [Quietly, without much public fuss or discussion, a new ruling class has risen in the richer nations. These men and women are unelected and…](https://sms4smile.com/quotes/neil-macdonald/quietly-without-much-public-fuss-or-discussion-a-new-ruling-class-has/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [“If anything, the unmistakable clues provided by the reports that highly intelligent and politically aware central bankers and Treasury officials became, as a collective,…](https://sms4smile.com/quotes/bernard-connolly/if-anything-the-unmistakable-clues-provided-by-the-reports-that/) [Bernard Connolly](https://sms4smile.com/quotes/author/bernard-connolly/) > [Once an economy reaches a certain level of acceleration... the Fed is no longer with you... The Fed, instead of trying to get the…](https://sms4smile.com/quotes/stanley-druckenmiller/once-an-economy-reaches-a-certain-level-of-acceleration-the-fed-is-no/) [Stanley Druckenmiller](https://sms4smile.com/quotes/author/stanley-druckenmiller/) > [Central bankers got it right in the United States in 1987 when they avoided deflationary pressures as well as serious trouble in the banking system.](https://sms4smile.com/quotes/ben-bernanke/central-bankers-got-it-right-in-the-united-states-in-1987-when-they/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [“The beauty of capital markets is that they are voting systems, people vote every day with their wallets. Now voting is finished. We’re being…](https://sms4smile.com/quotes/anonymous/the-beauty-of-capital-markets-is-that-they-are-voting-systems-people/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production,…](https://sms4smile.com/quotes/alan-greenspan/we-as-central-bankers-need-not-be-concerned-if-a-collapsing-financial/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) > [Central bankers tend to be conservative by nature.](https://sms4smile.com/quotes/charles-l-evans/central-bankers-tend-to-be-conservative-by-nature/) [Charles L. Evans](https://sms4smile.com/quotes/author/charles-l-evans/) > [Central bankers always try to avoid their last big mistake. So every time there's the threat of a contraction in the economy, they'll over…](https://sms4smile.com/quotes/milton-friedman/central-bankers-always-try-to-avoid-their-last-big-mistake-so-every/) [Milton Friedman](https://sms4smile.com/quotes/author/milton-friedman/) > [“At the G-20 meeting in Paris in 2011, finance ministers expressed fears that U.S.-driven global inflation was threatening global stability. George Melloan was among…](https://sms4smile.com/quotes/steve-forbes/at-the-g-20-meeting-in-paris-in-2011-finance-ministers-expressed/) [Steve Forbes](https://sms4smile.com/quotes/author/steve-forbes/) > [The role of monetary policy is to smooth out business cycles by promoting steady inflation and healthy labor markets, but modern central bankers have…](https://sms4smile.com/quotes/anthony-scaramucci/the-role-of-monetary-policy-is-to-smooth-out-business-cycles-by/) [Anthony Scaramucci](https://sms4smile.com/quotes/author/anthony-scaramucci/) > [Since World War II, inflation - the apparently inexorable rise in the prices of goods and services - has been the bane of central…](https://sms4smile.com/quotes/ben-bernanke/since-world-war-ii-inflation-the-apparently-inexorable-rise-in-the/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [“Central Bankers are driving us to Hell in a vehicle We are paying the installments on”](https://sms4smile.com/quotes/dean-cavanagh/central-bankers-are-driving-us-to-hell-in-a-vehicle-we-are-paying-the/) [Dean Cavanagh](https://sms4smile.com/quotes/author/dean-cavanagh/) > [When it comes to policies of central bankers, the biggest systemic risk we have... are those policies.](https://sms4smile.com/quotes/rick-santelli/when-it-comes-to-policies-of-central-bankers-the-biggest-systemic/) [Rick Santelli](https://sms4smile.com/quotes/author/rick-santelli/) > ['Inequality' has become the political theme/slogan of our time in both Europe and the U.S., yet political leaders do not even bother to consider…](https://sms4smile.com/quotes/paul-singer/inequality-has-become-the-political-theme-slogan-of-our-time-in-both/) [Paul Singer](https://sms4smile.com/quotes/author/paul-singer/) ## More by Neil Macdonald > [It's almost ironic sitting here watching stories about Norm's courageous 'battle' with cancer. He actually did a bit on stage about how stupid that…](https://sms4smile.com/quotes/neil-macdonald/it-s-almost-ironic-sitting-here-watching-stories-about-norm-s/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [Elizabeth Warren fully intends to change the system, and says so. When she said how good it felt to be with working people in…](https://sms4smile.com/quotes/neil-macdonald/elizabeth-warren-fully-intends-to-change-the-system-and-says-so-when/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [In fact, American presidents never apologize for what America does in war, because in the American mind, all its wars are defensive, always fought…](https://sms4smile.com/quotes/neil-macdonald/in-fact-american-presidents-never-apologize-for-what-america-does-in/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [Resist, however peacefully and even in your own home, and heaven help you, no matter what your skin color.](https://sms4smile.com/quotes/neil-macdonald/resist-however-peacefully-and-even-in-your-own-home-and-heaven-help/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [The fact is, no modern president, Democrat or Republican, has shown the level of contempt for taking questions from the media that Stephen Harper…](https://sms4smile.com/quotes/neil-macdonald/the-fact-is-no-modern-president-democrat-or-republican-has-shown-the/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [Some economists seem to think that only a credentialed economist has the right to be utterly wrong about an issue of economics. Their contempt…](https://sms4smile.com/quotes/neil-macdonald/some-economists-seem-to-think-that-only-a-credentialed-economist-has/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [Trump is the white evangelicals' version of V.I. Lenin's 'useful idiot,' a character who is helping achieve their apocalyptic fever dreams, but who will…](https://sms4smile.com/quotes/neil-macdonald/trump-is-the-white-evangelicals-version-of-v-i-lenin-s-useful-idiot-a/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [France has long been regarded as the most adept at stealing trade secrets.](https://sms4smile.com/quotes/neil-macdonald/france-has-long-been-regarded-as-the-most-adept-at-stealing-trade/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [White nationalism is about keeping power white. Yes, yes, there are minority groups represented among Justin Trudeau's ministers, but they were all given jobs…](https://sms4smile.com/quotes/neil-macdonald/white-nationalism-is-about-keeping-power-white-yes-yes-there-are/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [I am delighted to see the government spending more money to improve Indigenous life, and I would be happy to see even more spent.](https://sms4smile.com/quotes/neil-macdonald/i-am-delighted-to-see-the-government-spending-more-money-to-improve/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [Canada needs to be flood-proofed, and somebody has to pay for it. Yes, there are other threats, too - fire, hail, wind, snow load,…](https://sms4smile.com/quotes/neil-macdonald/canada-needs-to-be-flood-proofed-and-somebody-has-to-pay-for-it-yes/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [Canada has treated abortion as just another medical procedure since 1988, when the Supreme Court struck down the old criminal law. Most Canadians seem…](https://sms4smile.com/quotes/neil-macdonald/canada-has-treated-abortion-as-just-another-medical-procedure-since/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [Quibbling over the definition of genocide does nothing but help obscure the long history of vicious racism and undeniable suffering of Indigenous people in…](https://sms4smile.com/quotes/neil-macdonald/quibbling-over-the-definition-of-genocide-does-nothing-but-help/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [Maybe the Tea Party dream is coming true, and the next Republican presidential nominee will be a blunt-object, red-meat down-the-line rightie.](https://sms4smile.com/quotes/neil-macdonald/maybe-the-tea-party-dream-is-coming-true-and-the-next-republican/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) > [Quietly, without much public fuss or discussion, a new ruling class has risen in the richer nations. These men and women are unelected and…](https://sms4smile.com/quotes/neil-macdonald/quietly-without-much-public-fuss-or-discussion-a-new-ruling-class-has/) [Neil Macdonald](https://sms4smile.com/quotes/author/neil-macdonald/) [Explore all 100 Neil Macdonald quotes ](https://sms4smile.com/quotes/author/neil-macdonald/) ## More Central bank quotes > ['Inequality' has become the political theme/slogan of our time in both Europe and the U.S., yet political leaders do not even bother to consider…](https://sms4smile.com/quotes/paul-singer/inequality-has-become-the-political-theme-slogan-of-our-time-in-both/) [Paul Singer](https://sms4smile.com/quotes/author/paul-singer/) > [There could be some compromise, but I think we have to stick to the provisions of the treaty, and the provisions of the treaty…](https://sms4smile.com/quotes/jacques-santer/there-could-be-some-compromise-but-i-think-we-have-to-stick-to-the/) [Jacques Santer](https://sms4smile.com/quotes/author/jacques-santer/) > [There is no doubt in my mind that as central banks begin to abandon the dollar, there will be an enormous amount of monetary…](https://sms4smile.com/quotes/porter-stansberry/there-is-no-doubt-in-my-mind-that-as-central-banks-begin-to-abandon/) [Porter Stansberry](https://sms4smile.com/quotes/author/porter-stansberry/) > [Monetary policy transmission encompasses the whole continuum of interest rates; of course, the central bank only determines the overnight policy rate.](https://sms4smile.com/quotes/urjit-patel/monetary-policy-transmission-encompasses-the-whole-continuum-of/) [Urjit Patel](https://sms4smile.com/quotes/author/urjit-patel/) > [The fear is that if the dollar falls below 50% of the currency basket held by commercial and central banks and insurance companies, there…](https://sms4smile.com/quotes/porter-stansberry/the-fear-is-that-if-the-dollar-falls-below-50-of-the-currency-basket/) [Porter Stansberry](https://sms4smile.com/quotes/author/porter-stansberry/) > [Repeal the entire Banking Act of 1933, and Austrian School economists will cheer, especially if the current system were replaced by a 100%-reserve competitive…](https://sms4smile.com/quotes/llewellyn-rockwell/repeal-the-entire-banking-act-of-1933-and-austrian-school-economists/) [Llewellyn Rockwell](https://sms4smile.com/quotes/author/llewellyn-rockwell/) > [In the old days we were the challenger brand competing against the big banks, but today I go round the world and I sit…](https://sms4smile.com/quotes/lloyd-dorfman/in-the-old-days-we-were-the-challenger-brand-competing-against-the/) [Lloyd Dorfman](https://sms4smile.com/quotes/author/lloyd-dorfman/) > [“The Fed is still on the same track.” Whatever you call it, the benign economic environment has supported a bull market since 2009, and…](https://sms4smile.com/quotes/anonymous/the-fed-is-still-on-the-same-track-whatever-you-call-it-the-benign/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [We've delegated politics to bankers. The European Central Bank is inside Deutsche Bank, and Deutsche Bank is inside the Bundesbank.](https://sms4smile.com/quotes/beppe-grillo/we-ve-delegated-politics-to-bankers-the-european-central-bank-is/) [Beppe Grillo](https://sms4smile.com/quotes/author/beppe-grillo/) > [Believe me. When you're talking about trust in government, you're preaching to the choir, whether it's on the financial side, the central banking side:…](https://sms4smile.com/quotes/rick-santelli/believe-me-when-you-re-talking-about-trust-in-government-you-re/) [Rick Santelli](https://sms4smile.com/quotes/author/rick-santelli/) > [Welcome to the age of paper money, where governments and central banks can manufacture as much money as they want without limit. Gold was…](https://sms4smile.com/quotes/llewellyn-rockwell/welcome-to-the-age-of-paper-money-where-governments-and-central-banks/) [Llewellyn Rockwell](https://sms4smile.com/quotes/author/llewellyn-rockwell/) > [By creating the European Central Bank, the member states exposed their own government bonds to the risk of default. Developed countries that issue bonds…](https://sms4smile.com/quotes/george-soros/by-creating-the-european-central-bank-the-member-states-exposed-their/) [George Soros](https://sms4smile.com/quotes/author/george-soros/) > [We are privileged that the dollar is the "currency of last resort" and the most important currency in the world. Global commodities are priced…](https://sms4smile.com/quotes/kabir-sehgal/we-are-privileged-that-the-dollar-is-the-currency-of-last-resort-and/) [Kabir Sehgal](https://sms4smile.com/quotes/author/kabir-sehgal/) > [Debt, we've learned, is the match that lights the fire of every crisis. Every crisis has its own set of villains - pick your…](https://sms4smile.com/quotes/andrew-ross-sorkin/debt-we-ve-learned-is-the-match-that-lights-the-fire-of-every-crisis/) [Andrew Ross Sorkin](https://sms4smile.com/quotes/author/andrew-ross-sorkin/) > [It is clear to me that the financial sector, including CNBC, loves central banks](https://sms4smile.com/quotes/marc-faber/it-is-clear-to-me-that-the-financial-sector-including-cnbc-loves/) [Marc Faber](https://sms4smile.com/quotes/author/marc-faber/) [Browse all 254 Central bank quotes ](https://sms4smile.com/quotes/about/central-bank/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "Very deliberately, the central bankers have punished savers, pushing interest rates so low that any truly safe investment - and older people are always advised to play it safe - yields a negative return when inflation is factored in.", "creator": { "@type": "Person", "name": "Neil Macdonald" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/neil-macdonald/very-deliberately-the-central-bankers-have-punished-savers-pushing/", "about": { "@type": "Thing", "name": "Central bank" }, "@id": "https://sms4smile.com/quotes/neil-macdonald/very-deliberately-the-central-bankers-have-punished-savers-pushing/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/237/neil-macdonald-5908_central-bank_very-deliberately-the-central-bankers-ha_963994.jpg", "contentUrl": "https://sms4smile.com/quotes/i/237/neil-macdonald-5908_central-bank_very-deliberately-the-central-bankers-ha_963994.jpg", "url": "https://sms4smile.com/quotes/i/237/neil-macdonald-5908_central-bank_very-deliberately-the-central-bankers-ha_963994.jpg", "width": 1080, "height": 1080, "caption": "“Very deliberately, the central bankers have punished savers, pushing interest rates so low that any truly…” — Neil Macdonald", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Neil Macdonald", "item": "https://sms4smile.com/quotes/author/neil-macdonald/" }, { "@type": "ListItem", "position": 4, "name": "Very deliberately, the central bankers have...", "item": "https://sms4smile.com/quotes/neil-macdonald/very-deliberately-the-central-bankers-have-punished-savers-pushing/" } ], "@id": "https://sms4smile.com/quotes/neil-macdonald/very-deliberately-the-central-bankers-have-punished-savers-pushing/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```