Robbery, Tax or Monetary Policy?

Scott Burns' commentary in the Austin Statesman should be well appreciated here:

It's a tax or a robbery, but it's called monetary policy. It takes money from one and transfers it to another, just as a tax or robbery would.

How large is that transfer? Try $70 billion to $140 billion. That's a guesstimate based on taking 1 or 2 percentage points from that $7 trillion in deposits.

As I described in this February post, the US savers are not alone on this issue. UK savers have organized a group called Save Our Savers.