Source: Zero Hedge
World’s Richest Are Stashing ‘Large Sums’ Of Cash In Vaults As Swiss Bankers Rage Against Negative Rates Finally, somebody at Davos is talking about something other than the weather… Davos’s wealthiest denizens have reportedly been laser-focused on the issue of climate change and it’s potential impact on the global economy and markets this year – and the Trump vs. Greta drama has only stoked interest – but apparently at least one of the hundreds of reports combing the town’s ritzy resorts has found a couple of bankers willing to discuss what’s really bothering the industry. And to our complete lack of surprise, that boogeyman is negative interest rate. Now that the Fed has finished with its ‘midterm adjustment’, no other central bank in the developed world is going to have the courage to lift rates off the zero bound, particularly as the Continental economy careens toward a recession. But as the rate compression continues to punish European banks, placing them at a significant disadvantage to their American peers (just look at what’s going on with Deutsche Bank ), some of the wealthy customers whom the banks have leaned on to try and make up for their lost revenues are deciding to pull their money and stash it under the mattress instead.