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The idea of central banks creating wealth by boosting asset values through low or even negative interest rates may prove costly for retiring Americans and those saving for their golden years, AIG Chief Investment Officer Doug Dachille told CNBC on Tuesday.
Dachille, head of the insurer's massive $351 billion investment portfolio, said "all savers" are being negatively affected by easy monetary policies around the global.
"All this reduction in interest rates, while it's certainly been good for the appreciation of the asset side of everybody's balance sheet, unfortunately it's increased the value of the liability side of the balance sheet," he said on "Squawk Box."
Looking at an individual's financial situation in accounting-speak, Dachille warned: "The average person doesn't know the implicit liabilities that they have." In other words, Americans don't know how much it's going to cost them to live in retirement.
"They know the explicit [liabilities]; you have credit cards, mortgages. But they don't know the present value of all their future liabilities when they're not earning money any more in retirement," he added.
"We're not sure there's a wealth effect from putting all rates at negative or zero," Dachille said.