How Common Are Rate Increases on CDs? We Explain Here

CDs (or certificates of deposit) are an important part of many people’s lives. They offer a great way to save money and earn interest on that savings. But what happens when the interest rates on CDs go up? For most people, a rate increase on their CD is not a big deal. It can even be a good thing. After all, who doesn’t want to earn more interest on their savings?

However, there are some things you should know about CD rate increases before you make any decisions about your money.

In this guide, we’ll take a look at all of these different factors in detail so you can understand exactly what to expect from your CD in terms of interest rates throughout its lifetime.

What Are CD Rates?

Before we can talk about rate increases on CDs, it’s important to first understand exactly what a CD is and how it works. A CD is essentially just a savings account that offers higher interest rates than other types of savings accounts. This is because you are required to leave your money in the CD for a certain amount of time, usually between six months and five years. During this time, you typically won’t be able to access your funds without incurring some sort of penalty fee.

However, in exchange for locking up your money for an extended period, banks will offer much higher interest rates on these CDs than they would with other traditional savings accounts.

How To Get the  Highest CD Rates?

While most people think that the interest rates on their CDs are set in stone, this isn’t the case. There are times when you can negotiate with your bank to get higher interest rates on your CDs. One of the best ways to do this is by shopping around for different banks and financial institutions that offer high CD rates. You can also try to negotiate with your current bank to see if they’re willing to match or beat the interest rates being offered by other banks. The easiest way, however, is to consult an annuity expert who can help you find the best CD rates for your specific situation.

By working with an expert, you’ll have someone who knows all of the ins and outs of CD rates and can spot opportunities that you might miss on your own.

Why Do CD Rates Change?

So now that we know what a CD is and how to get the best rates on them, let’s take a look at why interest rates are sometimes increased on these CDs. The most common reason for rate increases is to counteract inflation or rising prices. When the economy is growing, this usually means that prices will increase as well. This can be great news if you’re getting paid more money in your salary, but it can be bad news if the interest rates offered by banks don’t keep up with inflation.

To help combat this problem, many banks raise their CD rates to stay competitive and continue attracting customers even when prices are increasing. This gives them a way to offset the rising prices without having to raise their fees or rates for other products and services.

How Often Do CD Rates Change?

In general, most banks will make adjustments to their CD rates every six months or so. However, there can be times when rates are increased more frequently, such as during periods of high inflation or economic growth. Additionally, some banks may offer promotions or bonuses that can lead to higher interest rates for a limited time. For example, a bank may offer a high-interest rate on a CD for 6 months if you open an account with them. However, it’s important to remember that these promotional rates usually won’t last forever, so you’ll need to keep an eye on your account to make sure that the interest rate doesn’t go back down after the promotional period ends.

Also, if your bank doesn’t increase their CD rates in any way, nothing is stopping you from taking your money elsewhere and finding a better deal.

What Factors Affect CD Rates?

Several different factors can affect the interest rates offered on CDs. One of the most important factors is the current state of the economy. When the economy is doing well, banks will often offer higher CD rates to attract more customers. Additionally, if inflation is high, banks may also raise CD rates to help offset the rising prices. Another factor that can affect CD rates is the amount of money that you have in your account. Typically, the more money you have invested in a CD, the higher the interest rate will be. This is because banks see larger deposits as being less risky and are therefore more likely to offer higher interest rates on these accounts.

Finally, another factor that can influence CD rates is your credit score. If you have a good credit score, you’ll typically be offered the best interest rates available. This is because the bank will view you as being less of a risk than someone with a lower credit score or no credit history at all. Ultimately, having a good credit score and a healthy savings account can help ensure that you’re able to get the most out of your CDs by getting access to high CD rates and low fees.

What Happens When You Want to Withdraw Money Early?

One thing to keep in mind when you invest your money in a CD is that usually, you won’t be able to withdraw the money early without paying some sort of penalty. If you need access to your money before the term of your CD is up, it’s best to speak with an annuity expert who can help you find alternative ways to access your funds without incurring any fees or penalties. This is because if you withdraw the money too early, you could lose out on a significant amount of interest and effectively end up losing money on the deal instead of saving it.

However, there are certain situations where it might be necessary to withdraw money from your savings account ahead of schedule, such as if you experience unexpected financial hardship or need cash quickly for another purpose. In these types of situations, it’s important to weigh the pros and cons of withdrawing your money early and carefully consider how this will impact your financial situation so you can make an informed decision about how to proceed.

While rate increases on CDs may seem like a mystery to some people, there are quite a few factors that go into determining the interest rates offered by banks. By understanding these different factors and knowing how to find the best rates available, you’ll be able to make smart decisions about where to place your money and get the most out of your savings in terms of earning potential. So start shopping around for high CD rates today so that you can start earning more interest on your savings!

Conclusion:

In the world of Certificates of Deposit, rate increases are more common for specific types of CDs, such as promotional ones or when you renew an existing CD. However, the overall frequency of rate increases on CDs depends on a variety of factors, including economic conditions, individual bank policies, and market competition.

While CDs provide a secure and stable investment option, it’s essential to stay informed about the ever-changing financial landscape and consider your long-term financial goals when deciding whether to invest in them. Ultimately, whether or not you experience rate increases on your CDs, they remain a valuable tool for preserving and growing your savings.

Take Out a Loan to Invest: Is It a Good Idea?

Taking out a loan to invest is not something that many people would recommend. However, if you’re going to take the risk of investing your money in the stock market and get a higher return on your investment than what you could earn from an interest-bearing savings account or certificate of deposit, then it might be worth considering taking out a loan.

The reason most people don’t recommend this approach is that if the investment doesn’t pan out, you could be in a lot of trouble financially. When deciding whether or not to take out a loan to invest, you’ll need to weigh the pros and cons carefully. This article will help you do just that.

What Type of Loan Can I Get?

There are different types of loans that you could get for this unique situation. However, the type of loan you can get to invest will depend on your credit score and your credit history. The same-day personal loans that you can get from a bank or credit union are a good option for this type of investment. This is because the interest rates on these loans are typically lower than what you would pay on a credit card. Besides, a personal loan can be used for any purpose, so you don’t have to worry about explaining why you want the money.

How Will I Pay It Off?

The other important consideration when taking out a loan to invest is how you will pay it off. If you’re going to use the loan to buy stocks or mutual funds, then you’ll need to have a plan for paying off the loan if the market goes down and you lose money on your investment. One option is to set up an automatic payment plan that will deduct the payments for the loan from your bank account each month. This will help you avoid any late fees or penalties.

Should I Invest That Money?

This is the question that you’ll need to answer before taking out a loan to invest. The stock market is a risky investment, and there’s no guarantee that you’ll earn a profit on your money. However, if you’re comfortable with the risk and you’re willing to potentially lose some or all of your investment, then investing in stocks or mutual funds could be a good option.

Where Should I Invest It?

Another important question to answer before taking out a loan to invest is where you should invest your money. There are many different options available, and the one you choose will depend on your risk tolerance and investment goals. If you’re looking for a conservative investment, then a certificate of deposit or a government bond might be a good choice. If you’re willing to take on more risk, then you could invest in stocks or mutual funds. Besides, there are a variety of other options available, such as real estate or precious metals. You can also invest in crypto, although this is a more volatile investment.

Pros of Getting a Loan

There are several reasons why taking out a loan to invest might be a good idea. First, if you have a good credit score and a solid credit history, you could get a lower interest rate on the loan than what you would pay for a credit card. This could save you a lot of money in the long run. Second, if you have a plan for how you will pay off the loan, you can avoid any late fees or penalties. Finally, by investing in stocks or mutual funds, you could potentially earn a higher return on your investment than what you would get from an interest-bearing savings account or certificate of deposit.

Cons of Getting a Loan

There are also several reasons why taking out a loan to invest might not be a good idea. First, if the market goes down and you lose money on your investment, you could end up in debt. Second, if you can’t pay off the loan, you could end up with a high-interest rate and a lot of debt. Finally, if you’re not comfortable with the risk, you might be better off investing in a more conservative option.

In conclusion, taking out a loan to invest is a big decision that should not be taken lightly. You’ll need to weigh the pros and cons carefully before making a decision. By considering the questions in this article, you’ll be able to make an informed decision about whether or not this is the right option for you.

Financial Advice: The Main Benefits Of Collecting NFTs

Unless you have been living under a rock for the past few years, you have likely heard about NFTs. These non-fungible tokens are the latest in a wave of technology shaping how people do business and place value on things. However, many people are still in the dark about what they are and how they provide value. This post will cover why an NFT can be valuable and what advantages come from entering headfirst into the wild world of NFTs!

You Will Become A Part Of History

There is no doubt that by owning one NFT or many, you will become a part of history. You will be a pioneer in the space, and no matter what happens, you will still be one of the few who had the intestinal fortitude to walk the walk. Moreover, when you compare it with those who invested Bitcoin when it was only $1 per coin, you could be in for subnational returns in the future. There will always be naysayers, but those who do, do and those who don’t, complain!

They Can Be An Investment

When you get into something early, you take on more risk, but possibly set yourself up for a profitable exit. If you do your research and check the prevailing trends, you could end up with another Bored Ape #5199 on your hands! You need to use online resources to perform research and due diligence before investing, but with the right attitude, you could end up with something scarce and, therefore, expensive.

In order to buy and sell an NFT, you have to join a particular marketplace. An NFT marketplace is a digital marketplace for virtual goods and assets. They are created using blockchain technology, and NFTs can be exchanged through smart contracts. According to the famous NFT marketplace jungle, you can use these platforms for many things, from setting up your wallet that you will store your NFT in, to minting and listing your own for sale. When it comes to marketplaces, not all are created equally, and it is advised to use the most well-known options if you are just dipping your toe into NFT waters.

You Might Need Them For The Metaverse

While most will currently associate the Metaverse with Facebook’s rebranding exercise, it has been around for a lot longer than you might realize. In essence, the Metaverse is a virtual reality of sorts that is poised to be the next big thing. In this virtual world, you can do almost anything within the boundaries of the rules. The Metaverse is almost exclusively being discussed in relation to the possibilities of blending it with NFTs. In fact, NFTs and metaverses have become virtually synonymous. It is reasonable to infer that virtual worlds will form the basis of the Metaverse, and within these worlds, there will be more need for innovative contract technology as people trade inside these new worlds.

One interesting example could be virtual real estate. Plots of virtual land could be sold as an NFT, and it would work similarly to the real world. For example, more desirable areas would be more expensive to own than less desirable areas. The question remains what would be considered desirable in the Metaverse, but the opportunity is undoubtedly there.

You Can Support The Little Guys

Ultimately, NFTs allow people to sell things and keep the rights to those goods. This is a game-changer when it comes to art, as it means that artists can sell their works without worrying about losing control of them. You can think of it as if Picasso made 20 prints of his famous Girl before a Mirror artwork and then personally signed each of them. These prints would possess a higher value than prints that haven’t been signed and can be sold for a profit.

However, Picasso still owns the rights to his original works, which you can’t infringe on. However, it is even better for NFTs because anyone who makes one can place into the contract that they earn a commission every time it is sold. Because the contract is smart and uses a blockchain, this process would be automatic and inviolable. As a result, if you purchase an NFT from a budding artist, you are assured that you are helping them.

Some NFTs Offer Access To Members-Only Areas

The most popular NFTs have often included a special members-only area to which those who possess the right NFT have access. The most famous example is the Bored Ape Yacht Club, which provides access to members-only areas called the BATHROOM. What is inside isn’t necessarily the be-all and end-all. Instead, you can become part of an exclusive club (more on that in the next point). Other NFTs like Alex Becker’s Neo Tokyo open up an entire digital city on the blockchain that users can interact with.

You Can Become A Part Of A Thriving Community

Usually, you can tell who’s bought an NFT by how they use it as an online avatar for all of their online activities. They will use it for all of their social media channels, and it will almost become a part of them. But why is this so? Well, the most apparent answer is that by owning an NFT, you become part of an exclusive community of first movers. You are connected to other visionaries in the space, and you can use your NFT as a calling card. Because nobody will ever possess your specific avatar unless you sell it (and assuming you have bought into an NFT with individual identities), you can become known online by using it as a handle. In fact, many NFT collectors will hold onto one they particularly like and keep it rather than trading it.

You Can Obtain Something Truly Unique

Once you buy an NFT, you own that specific version of it. While you don’t own its rights, you own something rare and unique. You can think of it as borrowing the last ever Jaguar E-Type and having permission from the owner to display it in your personal collection. OK, that might not be the best analogy, but the point remains that you will have something that nobody else has in your possession.

NFTs are a relatively young innovation, and as such, there is a lot of misinformation surrounding them. However, there are plenty of potential upsides to owning one that ranges from investment opportunities to becoming a part of history.

The Different Types Of Loans And How To Choose

When it comes to taking out a loan, there are many different types to choose from. You may be wondering how to know which loan is right for you. Here is a breakdown of the different types of loans and how to choose the one that is best suited for your needs.

1. Personal Loans

An unsecured personal loan is what you would typically seek if you want to borrow between $35,000 and $75000. You can use this money for anything from medical bills to buying a car or home repairs. The interest rates are typically higher than other types of loans because you are not putting up collateral to secure the loan, however, it’s usually lower than credit cards with cash advances. If you do not have an established credit history or high-income potential, it may be difficult without having collateral that the lender will take if you cannot pay back the money borrowed on time. So, many people who live in Atlanta opt for Georgia hard money lenders because their credit score doesn’t affect their chances of getting a loan. Just keep in mind that the interest might be higher. However, someone who does have good credit but needs more money to make a purchase might find that the interest rates are more manageable on this type of loan.

2. Peer-To-Peer Loans

If you are seeking loans for less than $35000, peer-to-peer lending might be your best option. You borrow money from several different lenders rather than one bank. This type of loan is offered to individuals who have good credit and high earning potential. The higher interest rates on this type of loan reflect the risk that the lender is taking by giving you credit based on your character rather than collateral or a long history of borrowing money responsibly. The advantage to this type of loan is that there are no middlemen which means lower fees or costs.

3. Business Loans

If you are looking to borrow between $75000 and $500000 then a business line of credit might be best for your company. This type of loan is used to consolidate debt or offer short-term cash flow so it can be paid back over time with interest charges. The advantage to this type of loan is that you do not have to pay back everything you borrow right away so it offers some flexibility if your needs change before the repayment date arrives. However, this option normally comes with higher fees than others because it does require collateral for security. If the lender no longer receives payment then they will take possession of what was used as collateral.

4. Cash-Out Refinance Loans

This type of loan can be used to consolidate debt or pay for additional improvements to your home. It’s offered if you already have a mortgage with an excellent credit history and want to refinance so you can pay off the existing loan and receive more money than before. When taking out this type of loan, you will need at least 20% equity in your home so it is paid back no matter what happens if something causes foreclosure on your property. Also, interest rates may be lower because this kind of loan gives the borrower the ability to choose how they will use their funds which often means that they already know that they are planning on staying in the house for some time.

5. Business Line of Credit Loans

This type of loan is a line of credit rather than an actual instalment which means it works similarly to a personal line of credit however, the borrower must be considered an acceptable risk for the lender. You can get up to $500,000 or more if your business has been operating successfully and you have a good credit history. However, this money cannot be used as an open-ended loan like many owners wish since it’s available for the duration of time until all the funds are paid back in full.

6. Bridging Loans

A bridging loan is short-term financing that has higher interest rates than most other loans because it’s meant to cover any potential gaps in your financial situation. You can use this type of loan if you have an investment property and want to refurbish the building before tenants move in or while waiting on a traditional bank loan that takes longer to secure. This type of loan must be paid back within 13 weeks or less which means that borrowers must be able to demonstrate how they will repay the funds quickly along with providing evidence that they are capable of repaying everything on time without adding additional charges by making payments at the last minute.

There are several types of loans that you can choose from when deciding how to pay for your next project. You should know all the different terms and prices before making a final decision about the type of loan to take out so there are no surprises once it’s time to repay what was borrowed.

Conclusion

Choosing the right type of loan is a critical financial decision that can significantly impact your financial well-being. By understanding the different types of loans and following the steps outlined in this article, you can make an informed choice that aligns with your goals and financial situation. Remember that loans are tools to achieve your objectives, and using them wisely can lead to financial success.

Procedure for Obtaining Mobile Money Operator License

A mobile money operator is a mobile money service provider that develops and delivers financial services through mobile phones and mobile telephone networks.

On 3rd August 2021, the recent Central Bank of Nigeria released the Guidelines for the Establishment and Regulation of Payments Service Holding Companies in Nigeria. The Guidelines requires companies that intend to offer both switching and processing and mobile money services to set up a PSHC structure.

The Guidelines defines PSHC as a company whose principal object clause is to be a holding company set up for the purpose of making and managing equity investment in 2 or more companies, being its subsidiaries, which are payment service providers across the following categories:

  1. Mobile Money Operations
  2. Switching and Processing
  3. Payment Solution Services.

(A) Share capital

The minimum issued share capital of a company seeking to apply for an MMO license is N2,000,000,000.00 at 540 naira per dollar.

The PSHC and MMO are in the same category with the switching and processing and payment solution services subsidiary companies in terms of the minimum share capital requirement of N 2, 000,000,000.00 share capital which must be deposited with CBN before the completion of the license application process.

(B) Procedure for Obtaining a Mobile Money Operator License

The licensing requirement as provided in the CBN guideline requires the promoters of the companies to submit a formal application for the grant of a License addressed to the Director, Payments System Management Department of the CBN.

The licensing process shall be in two phases: Approval-in-Principle and Final License stage.

(C) Requirements for Grant of Approval-In-Principle (AIP)

The application shall be accompanied with the following:

  • A non-refundable application fee of N1, 000,000.00 or such other amount that the CBN may specify from time to time; payable to the CBN, through electronic transfer.
  • Evidence of meeting the prescribed minimum paid-up capital subject to the satisfaction of the CBN.

Detailed business plan or feasibility report which shall, at a minimum, include:

  • Objectives of the PSHC and those of the subsidiaries it intends to establish/acquire.
  • Justification for applying for the payments service holding company.
  • Ownership structure in a tabular form indicating the name of proposed investor, profession/business and their percentage shareholdings.
  • Bio-data, resume/curriculum vitae of proposed investors.
  • Indication of sources of funding of the proposed equity contribution for each investor.
  • Where the source of funding the equity contribution is a loan, it shall be a long term facility of, at least, a 7-year tenor, and shall not be obtained from the Nigerian banking system or foreign subsidiaries of Nigerian banks.
  • Corporate Governance Charter of the PSHC stating the roles and responsibilities of the board and its sub-committees, among other things.
  • Criteria for selecting board membership.
  • Bio-data and detailed resumes of directors and board composition.
  • List of identified top/senior management staff, bio-data and detailed resumes stating qualifications, experiences, records of accomplishment, etc.
  • National or Government issued identity documents bio-data and Bank Verification Numbers of proposed Board and management staff of the company.
  • The Tax Identification Number of the company and its Tax Clearance Certificate where applicable.
  • A schedule of services that will be shared in the group.
  • Five-year financial projection on the operations of the PSHC indicating expected growth and profitability, and details of the assumptions that form the basis of the financial projection.
  • Details of Information Technology infrastructure proposed to be deployed.
  • Information on and pictorial representation of the corporate group structure with shareholding percentage by the PSHC in each of the subsidiaries and their principal businesses and registered Head offices.
  • A written and duly executed undertaking by the promoters that the PSHC shall be adequately capitalised for the volume and character of its business at all times, and that the PSHC shall be under the supervisory authority of the CBN, as an Other Financial Institution.
  • For regulated foreign institutional investors, the CBN shall require a no objection letter from the regulatory body in the home country.
  • Shareholders’ agreement providing for disposal/transfer of shares as well as authorisation, amendments, waivers, reimbursement of expenses, etc.
  • Statement of intent to invest in the PSHC to be made by each investor in the PSHC.
  • Technical Services Agreement, where applicable.

Draft copy of the company’s Memorandum and Articles of Association. At a minimum, the MEMART shall contain the following information:

  • Proposed name of the PSHC.
  • Object clause which shall be limited to the permitted activities of its license.
  • Subscribers to the MEMART.
  • Procedure for amendment.
  • Procedure for share transfer or disposal.
  • Appointment of directors.
  • Where the promoters of the PSHC are corporate investors, the CBN shall require them to forward the following additional documents.
  • Certificate of Incorporation.
  • Board resolution supporting the company’s decision to invest in the equity shares of the proposed PSHC.
  • Names, biometrics, BVNs and addresses of owners, directors and their related companies, if any.
  • Audited financial statements and reports of the company, including Tax Clearance Certificate for the immediate past 3 years.
  • Certified True Copies of the company’s CAC forms showing the details of allotment and particulars of directors.
  • Any other document/information that the CBN may require from time to time.
  • If satisfied with the application of the promoter, the CBN may grant an Approval in Principle.

Duration

The AIP stage usually takes a period of between 2-3 months to process.

(D) Requirements to Incorporate an MMO company

Companies in Nigeria are incorporated at the Corporate Affairs Commission. The requirements for incorporating a company are as follows:

  1. 2 unique names of the proposed company to be reserved at the CAC;
  2. Name, address, phone number, email and means of identification of at least 2 Directors, one of which must be a Nigerian or a foreigner with business permit to carrying on business in Nigeria;
  3. Name, address, phone number, email, means of identification of at least one Share holder and in the case of corporate shareholder its incorporation Certificate and Board Resolution to acquire shares in the proposed company;
  4. Objects of the proposed company;
  5. Nigerian address, phone number and email of the proposed company;
  6. Special Articles of Association of the proposed company ;
  7. Name, address, phone number, email, means of identification of Company Secretary;
  8. Approval in Principle from CBN;
  9. Payment of statutory filing fees and stamp duty.

Duration

The incorporation stage will take a period of 7-10 business days.

(E) The Requirements for Granting a Final License

Within six months after obtaining the AIP and incorporation of the company, the promoters of a proposed PSHC shall submit an application to the CBN for the grant of a final license.

The application shall be accompanied with the following:

  • Non-refundable licensing fee of N5,000,000.00, or such other amount that the CBN may specify from time to time, payable to the Central Bank of Nigeria by electronic transfer.
  • Evidence of promotion or investment of a payment service company.
  • Evidence of payment of capital contribution by each shareholder.
  • Evidence of location of Head Office for the take-off of the PSHC.
  • Schedule of changes, if any, in the Board, Management, IT infrastructure and significant shareholding since the grant of AIP.
  • Evidence of ability to meet technical requirements and modern infrastructural facilities such as office equipment, computers, telecommunications, etc. to perform PSHC operations and meet CBN and other regulatory requirements.
  • Organisational structure, showing functional units, responsibilities, reporting relationships and grade of heads of departments/units.
  • Board and staff training program.

Duration

The Final Licence stage usually takes a period of between 2-3 months to process.

(F) Requirements for Commencement of Operations

Upon obtaining the Final Licence, the PSHC shall inform the CBN of its readiness to commence activities and such information shall be accompanied with one copy of each of the following:

  1. Shareholders’ Register.
  2. Share certificate issued to each investor.
  3. Enterprise Risk Management Framework.
  4. Internal Control Policy.
  5. Minutes of pre-commencement board meeting.
  6. Opening statement of affairs signed by directors and auditors.
  7. Date of Commencement of Activities.

(G) Conclusion

In order to manage financial risks and for efficiency of the business, the CBN expect promoters of a Mobile Money Operator to form at least 3 companies; first, the PSHC which is the holding company; second, a mobile money operator subsidiary and third, the switching and processing subsidiary. Each of the 3 companies shall have a minimum share capital of N 2, 000, 000, 000.

El Salvador Becomes First Country to Accept Bitcoin as Legal Tender

El Salvador has become the first country in the world to make Bitcoin legal tender. The announcement comes amid protest and uncertainty, as questions remain about the integration of cryptocurrency into the Salvadoran financial system.

Multiple surveys reveal the level of distrust within El Salvador towards the new law. A poll of 1233 Salvadorans run by Disruptiva at the beginning of July revealed that two-thirds of participants were not willing to be paid in Bitcoin.

Recent studies conducted in late August by El Salvador’s University of Central America (UCA) revealed a high level of negative sentiment towards the Bitcoin law. The survey found that 80% of 1281 Salvadorans polled had no trust in bitcoin and only 17% think it will improve the economy.

Since the announcement, lawmakers in both Paraguay and Uruguay have proposed their own bitcoin legislation. In mid-August, president of Argentina Alberto Fernandez told one of the nation’s media channels that he was open to making bitcoin legal tender in the country.

Countries in other parts of the world, especially those with currencies pegged to the United States dollar, are keen to see if Bitcoin could offer them more monetary autonomy.

However, Nelson Rauda Zablah of El Faro digital newspaper, urged empathy towards Salvadorans who are in effect becoming guinea pigs in the world’s first state-run cryptocurrency experiment. He called for those “cheering the president from the side-lines” to consider what it would be like if their own national economy was about to be tossed into a “virtual casino,” and it was “their own business, credit rating, pension scheme, or savings at stake.”