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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."
SubTruth
reply to post by pheonix358
You mentioned that you hope they try it...........How could anyone stop it in the EU? TPTB hold all the power.
Best solution is to be ahead of the curve and get your hard earned money while you still can.
SubTruth
reply to post by bobs_uruncle
Anyone living in the EU had better listen up........Take your money out while you still can. If they are talking about it they are going to do it.
Tell your loved one's.......tell you neighbor's.........tell people you kinda know.......even tell people you don't like. They are flat out saying they are going to take you money........HELLO.
All it will take is one bad dip in the market and they will freeze bank accounts. It could happen sooner then later.
LOSTinAMERICA
reply to post by pheonix358
You haven't noticed the police in military gear? Any uprising will be met with brute force. They are preparing for it and have been for quite some time. They know how people will react. That is what complacency does. It lets them get the upper hand and an end game win. What happens if your town does the impossible and holds it's own for a while? They get shelled.
Infinitis
reply to post by bobs_uruncle
Do they indicate if the funds will be drawn from 401K and employer based savings programs, or personal savings accounts?
Small detail, but curious if there was any mention on that?
LOSTinAMERICA
reply to post by pheonix358
You haven't noticed the police in military gear? Any uprising will be met with brute force. They are preparing for it and have been for quite some time. They know how people will react. That is what complacency does. It lets them get the upper hand and an end game win. What happens if your town does the impossible and holds it's own for a while? They get shelled.
European companies are swarming to the corporate-bond market for financing and vastly reducing their reliance on banks, a move that could mark a significant change in the region's financial landscape.
During the first quarter, European companies borrowed more from the bond market than they did from banks, according to Dealogic, a data provider. That is a rare phenomenon in Europe, where banks have long dominated lending.
Companies ranging from Dutch chemical maker LyondellBasell Industrials NV to German auto-parts maker Schaeffler AG borrowed $179.5 billion by selling bonds in the first quarter, a 38% year-to-year jump, according to Dealogic. By contrast, the amount borrowed from banks fell 45% to $112.9 billion.
Bonds With Banks Fraying