Europe Considers Wholesale Savings Confiscation, Enforced Redistribution

[Roger Bacon]

 

Europe Considers Wholesale Savings Confiscation, Enforced Redistribution
Submitted by Tyler Durden on 02/12/2014 21:28 -0500

At first we thought Reuters had been punk'd in its article titled "EU executive sees personal savings used to plug long-term financing gap" which disclosed the latest leaked proposal by the European Commission, but after several hours without a retraction, we realized that the story is sadly true. Sadly, because everything that we warned about in "There May Be Only Painful Ways Out Of The Crisis" back in September of 2011, and everything that the depositors and citizens of Cyprus had to live through, seems on the verge of going continental. In a nutshell, and in Reuters' own words, "the savings of the European Union's 500 million citizens could be used to fund long-term investments to boost the economy and help plug the gap left by banks since the financial crisis, an EU document says." What is left unsaid is that the "usage" will be on a purely involuntary basis, at the discretion of the "union", and can thus best be described as confiscation.

The source of this stunner is a document seen be Reuters, which describes how the EU is looking for ways to "wean" the 28-country bloc from its heavy reliance on bank financing and find other means of funding small companies, infrastructure projects and other investment. So as Europe finally admits that the ECB has failed to unclog its broken monetary pipelines for the past five years - something we highlight every month (most recently in No Waking From Draghi's Monetary Nightmare: Eurozone Credit Creation Tumbles To New All Time Low), the commissions report finally admits that "the economic and financial crisis has impaired the ability of the financial sector to channel funds to the real economy, in particular long-term investment."

The solution? "The Commission will ask the bloc's insurance watchdog in the second half of this year for advice on a possible draft law "to mobilize more personal pension savings for long-term financing", the document said."

read more: http://www.zerohedge.com/news/2014-02-12/europe-considers-wholesale-savings-confiscation-enforced-redistribution

[Wiggs]

This information getting out is enough to cause a run on the banks over there.

[visualizeperfection]

you lost me at europe.

[THE ARS]

Fucking A.




I'll give you my 200% money back guarantee that story is bullshit, though.



Tom

[visualizeperfection]

Fucking A.




I'll give you my 200% money back guarantee that story is bullshit, though.



Tom

that picture is a tell tale sign of impending "youre fucked" basically.

good find.

[Skorp1o]

This is pure bull.

Where is the actual article from Reuters? you can't reference Reuters (a credible source of info) then post a link to a different site.

PLUS

the title says Wholesale savings...it does not say retail savings with the latter being personal savings account for citizens....a bit confused whoever wrote this.

[THE ARS]

It's nonsense.



Tom

[falco]

I am so reliefed with this news... i have no savings.

[ProudVirgin69]

This is pure bull.

Where is the actual article from Reuters? you can't reference Reuters (a credible source of info) then post a link to a different site.

PLUS

the title says Wholesale savings...it does not say retail savings with the latter being personal savings account for citizens....a bit confused whoever wrote this.

Wiggs thinks this is credible, which speaks volumes

[Radical Plato]

The world has always abided by this principle.  Take from the poor and give to the rich.  Nothing new here, the rich have been stealing from the poor for ever.

[24KT]

This is pure bull.

Where is the actual article from Reuters? you can't reference Reuters (a credible source of info) then post a link to a different site.

PLUS

the title says Wholesale savings...it does not say retail savings with the latter being personal savings account for citizens....a bit confused whoever wrote this.

You say this like you've never heard of Cyprus, ...or the existing "bail-in" legislation in the USA, Canada, Australia...

http://www.getbig.com/boards/index.php?topic=517836.0

[Mr.1derful]

The world has always abided by this principle.  Take from the poor and give to the rich.  Nothing new here, the rich have been stealing from the poor for ever.

Truer words have never been spoken.

[RRKore]

...

I'll give you my 200% money back guarantee that story is bullshit, though.
...

I'm not so sure about that.  This semi-related story from the same source is 100% accurate (according to my Thai wife):

http://www.zerohedge.com/news/2014-02-18/bank-runs-spread-thailand

Bank Runs Spread To Thailand
 
Submitted by Tyler Durden on 02/18/2014 11:38 -0500

Thailand's Government Savings Bank (GSB) president admitted that clients withdrew 30bn Baht (around $1bn) in a single-day last week and Bank for Agriculture and Agricultural Cooperatives (BAAC) and Krungthai Bank (KTB), although of a much smaller magnitude, have also seen withdrawal spikes of similar magnitude according to The Bangkok Post. The 'bank run' comes after speculation that cash at the state-run banks are being used by the government (which is in turmoil) to fund farmers (who have not received their 'promised' rice subsidies of over 130 bn Baht). Withdrawal requests are met with banks warning that there were insufficient funds at the time due to many depositors withdrawing cash. One depositor, rather ironically summed it up, "I started to feel concerned that my money may become only paper."

More at link

[RRKore]

This is pure bull.

Where is the actual article from Reuters? you can't reference Reuters (a credible source of info) then post a link to a different site.

PLUS

the title says Wholesale savings...it does not say retail savings with the latter being personal savings account for citizens....a bit confused whoever wrote this.

Reuter's article is here (link was in the article at the ZeroHedge link:
http://www.reuters.com/article/2014/02/12/us-eu-banks-savings-idUSBREA1B1ZI20140212

I'm not at all saying I think the story is true or not, though.

[24KT]

There is sooooo much taking place throughout the world right now, ...but for the most part, Americans remain oblivious to it because those who own your country want it that way. Mass distraction via the Olympics...

[JOHN MATRIX]

IF TRUE, this is terrifying. But they voted for socialists, now they got it

[rachaelsnav]

Sorta Similar to the MyIRA plan from the president except he is 2 steps behind.

[24KT]

IF TRUE, this is terrifying. But they voted for socialists, now they got it

This isn't about voting for socialists vs. capitalists. It's a global template.
The trial balloon in Cyprus succeeded so well, it's being rolled out globally.

Besides, European "heads of state" aren't in control of their own countries anyway, ...Brussels is.
You want the real powers? They never rest in the hands of those who stand for election.

 

[illuminati]

Europe Considers Wholesale Savings Confiscation, Enforced Redistribution
Submitted by Tyler Durden on 02/12/2014 21:28 -0500

At first we thought Reuters had been punk'd in its article titled "EU executive sees personal savings used to plug long-term financing gap" which disclosed the latest leaked proposal by the European Commission, but after several hours without a retraction, we realized that the story is sadly true. Sadly, because everything that we warned about in "There May Be Only Painful Ways Out Of The Crisis" back in September of 2011, and everything that the depositors and citizens of Cyprus had to live through, seems on the verge of going continental. In a nutshell, and in Reuters' own words, "the savings of the European Union's 500 million citizens could be used to fund long-term investments to boost the economy and help plug the gap left by banks since the financial crisis, an EU document says." What is left unsaid is that the "usage" will be on a purely involuntary basis, at the discretion of the "union", and can thus best be described as confiscation.

The source of this stunner is a document seen be Reuters, which describes how the EU is looking for ways to "wean" the 28-country bloc from its heavy reliance on bank financing and find other means of funding small companies, infrastructure projects and other investment. So as Europe finally admits that the ECB has failed to unclog its broken monetary pipelines for the past five years - something we highlight every month (most recently in No Waking From Draghi's Monetary Nightmare: Eurozone Credit Creation Tumbles To New All Time Low), the commissions report finally admits that "the economic and financial crisis has impaired the ability of the financial sector to channel funds to the real economy, in particular long-term investment."

The solution? "The Commission will ask the bloc's insurance watchdog in the second half of this year for advice on a possible draft law "to mobilize more personal pension savings for long-term financing", the document said."

read more: http://www.zerohedge.com/news/2014-02-12/europe-considers-wholesale-savings-confiscation-enforced-redistribution



















Hi Roger,
I think you should post this on the G&O Board.
if this is true & it appears credible it is Scary.
As has been tried & tested in Cyprus.

[Roger Bacon]

Hi Roger,
I think you should post this on the G&O Board.
if this is true & it appears credible it is Scary.
As has been tried & tested in Cyprus.

Hey Broseph,

I would do that, but I've recently been warned that Ron is getting annoyed with me posting political stuff on the main board.

I think you're right though, when you think about whose running the show globally it is pretty scary.


Roger

[dario73]

If this is true, America, this is your future under liberalism.

[RRKore]

If this is true, America, this is your future under liberalism.

Thanks for your prediction about the sky, Henny Penny.  I'm sure it's accurate.

[tonymctones]

Thanks for your prediction about the sky, Henny Penny.  I'm sure it's accurate.

how would you propose we avoid it?

[Necrosis]

This is pure bull.

Where is the actual article from Reuters? you can't reference Reuters (a credible source of info) then post a link to a different site.

PLUS

the title says Wholesale savings...it does not say retail savings with the latter being personal savings account for citizens....a bit confused whoever wrote this.

Dude the nut cases on the right on here are pathological liars, they won't even admit it's wrong, they rally aroudn this fucking stupid article like it's gold, then when exposed as shit they scurry away and talk about Obama chooming or some shit.

[RRKore]

how would you propose we avoid it?

Keep your money in your mattress?

Emigrate to somewhere else?

Concern yourself with your more immediate needs? 

(Shee-it, I was just kidding with these responses but isn't this last one the ones conservatives use for the Global Climate Change problem?)