Possible EU Finance Solution - EU Citizen's Savings Accounts?

Gotta hope this isn't a sign of the times to come here but I wouldn't put it past our corrupt and greedy banksters. Let the citizen's take on more risk while they get more reward.

Quote :

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.

http://www.reuters.com/article/2014/02/12/us-eu-banks-savings-idUSBREA1B1ZI20140212

Cyprus started this, in recent history anyway.
Savings were plundered in the Roman era as well to pay off dept.

In the end, we own nothing. Serfs for the ruling class to be exploited at will. And Will is knocking at the door with a bottle of KY and a bucket for your cash.

Hey, we need to do that here!
Right?

shatto wrote:

Hey, we need to do that here!
Right?

Yes, limited to retired Northern Californians.

We could be seeing the beginning stages of another global financial crisis.

Quote :

The following are 20 signs that the global economic crisis is starting to catch fire...

#1 The unemployment rate in Greece has hit a brand new record high of 28 percent.

#2 The youth unemployment rate in Greece has hit a brand new record high of 64.1 percent.

#3 The percentage of bad loans in Italy is at an all-time record high.

#4 Italian industrial output declined again in December, and the Italian government is on the verge of collapse.

#5 The number of jobseekers in France has risen for 30 of the last 32 months, and at this point it has climbed to a new all-time record high.

#6 The total number of business failures in France in 2013 was even higher than in any year during the last financial crisis.

#7 It is being projected that housing prices in Spain will fall another 10 to 15 percent as their economic depression deepens.

#8 The economic and political turmoil in Turkey is spinning out of control.  The government has resorted to blasting protesters with pepper spray and water cannons in a desperate attempt to restore order.

#9 It is being estimated that the inflation rate in Argentina is now over 40 percent, and the peso is absolutely collapsing.

#10 Gangs of armed bandits are roaming the streets in Venezuela as the economic chaos in that troubled nation continues to escalate.

#11 China appears to be very serious about deleveraging.  The deflationary effects of this are going to be felt all over the planet.

#12 There was a significant debt default by a coal company in China last Friday...

#13 Japan's Nikkei stock index has already fallen by 14 percent so far in 2014.  That is a massive decline in just a month and a half.

#14 Ukraine continues to fall apart financially...

#15 The unemployment rate in Australia has risen to the highest level in more than 10 years.

#16 The central bank of India is in a panic over the way that Federal Reserve tapering is effecting their financial system.

#17 The effects of Federal Reserve tapering are also being felt in Thailand...

#18 One of Ghana's most prominent economists says that the economy of Ghana will crash by June if something dramatic is not done.

#19 Yet another banker has mysteriously died during the prime years of his life.  That makes five "suspicious banker deaths" in just the past two weeks alone.

#20 The behavior of the U.S. stock market continues to parallel the behavior of the U.S. stock market in 1929.

http://www.zerohedge.com/news/2014-02-14/20-signs-global-economic-crisis-starting-catch-fire

Keep cash out of the banks. Cant be as easily stolen by anyone. Gov't doesn't know you have it and you won't earn much of anything in return on a savings account. More liquid and keep the Govt away.

This precedence has been well established, after all the FDIC was prime on the framework. Advisory firms (Accenture, Deloitte, E&Y and others are selling consulting practices around this framework. This in in place in New Zealand, Cyprus was a trial run, Greece, Portugal, Italy.

The idea bounced is that the tayper won't be put on the hook to bail out the banks. Just the bank creditors. They've changed the term, meaning, and use of creditors. Creditor now is understood to be anyone dealing with the bank. You deposit $2000 in the bank. The $2000 is in the banks possession to do with what it wants. The bank owes you as a creditor $2000. When it's crunch time at the bank, the creators will have a portion of the banks obligation owed you to, liquidated to make the bank solvent. Example 30% or $600 of the $2000 you had in the bank. Now the bank might go an extra step for you and turn some or all of the $600 liquidity prop up in the form of bank shares, which in the case of Cyprus they were near worthless. But hey now your a shareholder. Whoppeeee for us!

Think it can't happen here? Already happened in the US. MF Global over $1.2 billion stolen from customer accounts to liquidate bad and risky bets MF made in Europe. JP Morgan and others called their position. MF didn't have it, they took it from customer accounts and filed bankruptcy. CEO Jon Corzine, former governor of New Jersey, former CEO of Goldman Sachs. Big time fund raiser for President Obama has no idea where 1.2 billion went. Neither do any of the MF Global officers. Just vanished. Time spent in jail for Corzine? ZERO. No charges filed. Go into a BOA and demand $50, you'll be beaten by 50 LEO's and likely killed on the spot with the militarized bunch running the streets today, they love to shoot and ask questions later. If they can get away with $1.2 billion stolen, not a peep about it, no shots fired, no jail time. Now they've proven it will scale.

Glass–Steagall passed in 1933 restricted banks from using customer accounts as hedges, collateral for bank investments. Glass-Stegall was largely repealed by portions of GLBA. Thus giving banks access to leverage customer accounts. Make it 9 years until the whole shooting match disintegrated in 2008.

2008 is just the start.

I've gotten notified from my bank that I'm in violation of federal statutes by having too many withdraws from my savings account in a 30 day period for consecutive months. This legislation is helping the consumer right? Right.

It's getting more fun, we're just getting started.

Beware of any late Friday bank holiday's or when the banks suddenly don't open, it's game on then. Looking for a reason why DHS has been buying 2717 MRAP's, and billions of rounds of ammunition, militarizing police forces across the country? Look no further than the power the the banks at all costs. Banks > lowly American citizens

Circling bank to the top it's called Open Bank Resolution, or Open Bank Assistance. It's the next new big thing! So exciting!

theshyguy wrote:

Keep cash out of the banks. Cant be as easily stolen by anyone. Gov't doesn't know you have it and you won't earn much of anything in return on a savings account. More liquid and keep the Govt away.

Government knows everything about everyone. They simply don't stand there on the podium and tell you that. They know. They have this data running retention of 15 years. File a tax return? They know. Have a SSN, they know. Have any electronic transactions? They know.

The Federal Deposit Insurance Corporation (FDIC) and the Bank of England—together with the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, and the Financial Services Authority— have been working to develop resolution strategies for the failure of globally active, systemically important, financial institutions (SIFIs or G-SIFIs) with significant operations on both sides of the Atlantic.

The goal is to produce resolution strategies that could be implemented for the failure of one or more of the largest financial institutions with extensive activities in our respective jurisdictions. These resolution strategies should maintain systemically important operations and contain threats to financial stability. They should also assign losses to shareholders and unsecured creditors in the group, thereby avoiding the need for a bailout by taxpayers.

In the end, its not your tax dollars that will be used to bailout the financial institutions, it's your actual cash, investments, or financial assets you have stored with these lovely institutions they will simply seize.  Therefore the taxpayer avoids the bailout.  HAHAHAHAHA

The media certainly didn't broadcast that the FDIC took a major role in creating the OBR template.

Cyprus test run, check.  New Zealand has it in place now check. http://www.rbnz.govt.nz/regulation_and_supervision/banks/policy/4430900.html UK is close to getting this finalized and the US is next.  Some pieces already exist in the Frank-Dodd act.

Don't put in or take out more than $9,999.00. The bank has got to record transactions of $10K or more.

So they take your bank deposit to pay the government and the government insures it up to something like $250k per account. Unfortunately the government has no money to cover that.

Its a good thing the interest rates are so low that there's no temptation to park money in a bank savings account.

Diseasel wrote:

So they take your bank deposit to pay the government and the government insures it up to something like $250k per account. Unfortunately the government has no money to cover that.

Its a good thing the interest rates are so low that there's no temptation to park money in a bank savings account.

Exactly, nor does the government intend to cover it.  Where are they going to get the money?  Sell more treasuries (borrow) so our kids can repay for our needs now?  Sure, they'll love us for that.

They may tell us they'll the FDIC insures us on the podium, but when it comes to executing that promise it would end up just like..... "Like your doctor keep your doctor, like you plan, keep your plan".

The greedy elite can't stand parked money, they want at it.  They'll get access to it over time.  Their coming after the trillions in 401k, IRA and other retirement savings.  They will get it too.  Or better stated their already getting it.

Watched a good documentary a while back.  The founder of Vanguard funds showcased all the hidden fees associated to 401k, and offered investment sources that eat 85% of the returns that people should be seeing.  The premise was billions being siphoned off retirement accounts.  It's a rigged game once again on the middle class.  

The tens of thousands of pages of tax code is made to benefit the elite.   Using "carried interest" allows people to float any taxable gains (capital gains) from investments tax free as its moved from investment to investment.  These people don't have or pay sizable portions of income tax as what if any they do pay is considered long term capital gains 20%, not the income tax marginal tax rate 39.6%.  Additionally they get to float the obligation for years as they move the profits from investment to investment.  This is how Mittens and other just like him making tens of millions a year have a tax rate of 13.9%.  These are the same greedy SOB's that want all this war.  If they want wars and spending so bad have them pay for it.  The middle class can't pick up the bottom, and pay for the top income earners global colonial bombing escapades, bring democracy one bomb at a time.

Haven't check in on that fledgling democracy Iraq in a while. Thanks Bush that really worked out well. Barrack won't be outdone, he's still working on one of his own showcases, bombing Syria back into the stone age.

The RINO's are still on the band wagon that 47% of Americans pay no tax.  Well the 47% didn't make the laws, you goobers in office did.  And if they really think by taxing the 47% will fix everything, then tax away.  The reality is the 47% don't have a pot to piss in.  But whatever, continue to lie, steal and cheat.  We're used to it.  It's the new norm for this country.

I'm to the point to where I'm no longer going to participate in the charade of elections.

It's like picking out which clown is going to rape you. I'd just rather be surprised.

HAHAHA! That's funny.

I'm nearly right there with ya. I like to "throw my vote away", voting for someone who hasn't yet been succumbed by all the corruption.

Texas will likely be blue within 10 years or less. That's a conservative estimate. That may just punch my card.

If the traitors in DC cram amnesty thru, it'll be blue this time next year.

The Grand Entitlement and Free Cheese Wagon won't last but a few years before it all crashes though.

The US is running out of people to buy our debt. In comes Obama's myRA idea. Said to be a Roth IRA for everyone. A risk free retirement plan for those of modest means. Right!

MyRA is really just another ponzi scheme and would likely become mandatory tax on all employed. I doubt it would go over very well but the US government will soon need a lot of money to keep keep afloat.

What's old is new, or really not really old. http://news.sky.com/story/1509799/greek-banks-and-stock-exchange-in-shutdown

Greece "bank holiday" until Thursday. ATM withdrawals are restricted to $60 Euro's a day.

Get ready Greece, Cyprus was a trial run. They'll be upping the game this go around.

And our Dow took a big dive. You look at the Chinese exchanges and they have been correcting big time lately. I thought it was starting to hit the fan last year when oil took a dive but its been staying afloat somehow, but it may finally be the day of reckoning. Puerto Rico is finally admitting its kicked the can down to the end of the road, it has admitted it cant pay its bills.

How much longer does the US have?

US doesn't have long. It's a race to the bottom, central banks around the globe artificially propping up what doesn't exist, creating a bubble within multiple bubbles.

They're so arrogant, thinking they can prevent swings in the market. They make things hundreds of times worse.

Too bad it takes a calamity to make people pay attention to what really matters.

They're already greasing the skids.....

http://www.marketwatch.com/story/these-lurking-debts-may-turn-us-cities-states-into-greece-2015-06-30

Borrowing money to make a payment, while they're at it, borrow an additional 80%.  Yea that will fix it.  The entire thing is unsustainable. Not if, when.

They never correct the problem or make the hard choices. They hit the easy button with only buys time, not a solution, and makes the failure that much worse.

Quote :

Many cities have turned to a special type of risky bonds called pension obligation bonds or POBs to fund their pensions without taking unpopular measures like raising taxes.

Add to that the pensions are so underfunded.  The writing is on the call.  Public employee's better have an alternative in play that doesn't depend on the public pension.

It looks like Chicago is winning the race to the bottom. I recall seeing Chicago's pension debt to GDP was something like 260% and that's an unsustainable annual hit!

Chicago tried to fix the current pension system but the courts ruled against them just a month or so ago. But there's more they should be doing like changing the pension system for new hires etc.

A few weeks back Chicago's Public School systems was put on junk status. Of course Chicago decided to ignore that and use another rating service giving Chicago the all important better investment status. The fox is guarding the hen house. Shades of the housing bubble all over again!

I've been trying to convince the in-laws to dump their Chicago rental income property to no avail. It's been tough to convince my less than swift brother-in-law working in the local real estate biz. He's about as unaware as anyone possibly could be. He discounts Chicago's issues saying "it's always been like that here."

Fortunately they sold one rental property and have one more on the market in the burbs. They really need to sell everything. Property taxes are ridiculous now and could easily double. Add to that downtown condos with expensive homeowner association fees and there's less chance for positive cash flow or property appreciation, let alone selling it when the bottom falls out.

I often wonder what happens to investment annuities (ie private/non government). They are very popular today and have displaced variable annuities. They're suppose to be backed by stable insurance companies but we all know how crooked the finance biz is. They have to be invested in these overburdened government bonds. Maybe it's another financial bubble in the making.

Last minute Chicago school layoffs to help meet the budget:

http://abc7chicago.com/politics/1400-cps-layoffs-expected-after-$634m-pension-payment/820677/

Simple rule, unless you have the money or gold in your hand, it doesn't exist. It's all make believe. All of it.

They've damn near conditioned us to not use cash at all any longer, go give a 100 bill to some clerk to pay 55 worth of something and watch them panic over what to do with it.

Cashless society, simply another means to control the population.

Soon the days of living beyond our means and carrying new debt will be over. It's harsh and there'll be fewer opportunities for the next generation. A Greece-like existence could be the US future.