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WHOA! Europe Considers Wholesale Savings Confiscation, Enforced Redistribution

WHOA! 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.

Read more: http://www.zerohedge.com/news/2014-02-12/europe-considers-wh...

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"[the money would be] used to fund long-term investments"

Right, investments...

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

Cue bank runs

and hot pursuit of that barbarous relic!

When a true genius appears in the world, you may know him by this sign: that the dunces are all in confederacy against him. ~J. Swift

Cyril's picture

Did you know, btw? The Swiss are playing interesting War Games

Did you know, btw? The Swiss are playing interesting War Games lately:


http://youtu.be/V2R4jPBoJ8U

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

Interesting...

What do you think about this proposed political disintegration?

Are there still strong separatist movements in France (aside from the Basques)?

"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

Cyril's picture

Number of separatist movements in France?

Number of separatist movements in France?

Hmm... Last time I went there was 10/2013...

Since then, by considering this for instance, my guesstimate is there has to be anywhere between, say, 20 and 30 millions of those.

(The total population is 66+ millions)

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

Cyril's picture

What a peculiar type of scenario they have chosen.

What a peculiar type of scenario they have chosen.

Haven't they?

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

Cyril's picture

The Swiss are so strange!

And I find it so weird, considering Mr. Bernanke has lectured us that gold isn't money!

The Swiss are so strange!

LOL!

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

Cyril's picture

Note: this was in last October, 2013.

Note:

this was in last October, 2013.

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

Cyril's picture

Surprise, surprise.

Surprise, surprise.

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

Wow

I have three words for the citizens of the world: Gold, Silver, Bitcoin.

Actually, just two more: screw banks.

deacon's picture

No cause for alarm

Something like that won't happen here in the USSA....RIGHT?

If we deny truth before your very eyes,then the rest of what we have to say,is of little consequence

I help other's with their retirement planning

You can get retirement income from a whole life dividend paying life insurance policy, or an Indexed Universal Life Insurance Policy, and this will be immune from retirement fund confiscation.

FYI emptyeternity

I didn't downvote you. (I rarely do that, despite what Granger thinks) but it's a serious question about what I believe is coming.

I used to sell U.L. Policies when they paid around 9% and my pitch back then was it was a super safe investment because interest rates were at historic lows, NOBODY thought they'd go lower. I'm curious to know what U.L. interest rates are nowadays.

"It is difficult to free fools from the chains they revere".
--Voltaire

It's hard not to be a menace to society when half the population is happy on their knees. - unknown

That might be true now but what happens when the insurance

companies are nationalized? These are strange times about to get much stranger.

"It is difficult to free fools from the chains they revere".
--Voltaire

It's hard not to be a menace to society when half the population is happy on their knees. - unknown

deacon's picture

Or the ones

not big enough to not fail.As in fold up shop,go under
change their name
How about those?

If we deny truth before your very eyes,then the rest of what we have to say,is of little consequence

Coming

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