The Conservative Cave
Current Events => Economics => Topic started by: BlueStateSaint on February 14, 2014, 05:02:13 AM
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Not surprising, and it's coming here if the Oministration has its' way . . .
Europe Considers Wholesale Savings Confiscation, Enforced Redistribution
Submitted by Tyler Durden on 02/12/2014 21:28 -0500
European Central Bank Eurozone fixed Meltdown Punk'd Reuters
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."
Mobilize, once again, is a more palatable word than, say, confiscate.
And yet this is precisely what Europe is contemplating:
I realize that this is from a blog, but it cites Reuters as a source.
http://www.zerohedge.com/news/2014-02-12/europe-considers-wholesale-savings-confiscation-enforced-redistribution
And it's coming here.
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It wouldn't surprise me if this plan hasn't already been discussed here.
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It wouldn't surprise me if this plan hasn't already been discussed khere.
It has been rumored that democrats have discussed taking peoples 401Ks and IRAs to pay the national debt.
If they do, I predict an epidemic of lead poisoning.
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It has been rumored that democrats have discussed taking peoples 401Ks and IRAs to pay the national debt.
If they do, I predict an epidemic of lead poisoning.
It is coming. The robbers in our government will start out slow requiring pension funds to invest 5 to 10% in bonds. My retirement fund has made an average of 8% over the last 10 years. These pathetic bonds will earn far less than that amount and you might have to wait to cash them in. The states hold trillions of dollars in retirement funds. Once the Feds get their greedy paws on them, the percentage will increase. This is just another Ponzi scheme dreamed up by left wing liberals. Kinda like Social Security.
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It wouldn't surprise me if this plan hasn't already been discussed here.
Obamacare is one of them.