Exclusive: EU executive sees personal savings used to plug long-term financing gap

Comments (31)
sabrefencer wrote:

sure, strip the banks, or the people, of their hard earned and maybe safe dollars…throw them into risk…that’s a great formula

Feb 12, 2014 5:33pm EST  --  Report as abuse
sabrefencer wrote:

sure, strip the banks, or the people, of their hard earned and maybe safe dollars…throw them into risk…that’s a great formula

Feb 12, 2014 5:33pm EST  --  Report as abuse

Here are 27 statistics that underscore the troubled reality of America in 2014:
1. New income generated since 2009 that has gone to the top 1 percent: 95 percent
2. Financial wealth controlled by the bottom 60 percent of all Americans: 2.3 percent
3. Wealth of the top 400 richest Americans: $2,000,000,000,000
4. Real decline in median middle-class incomes since 1999: $5,000
See Rollingstone for the rest of statistics.
Source: Rollingstone

Feb 13, 2014 4:10am EST  --  Report as abuse

Here are 27 statistics that underscore the troubled reality of America in 2014:
1. New income generated since 2009 that has gone to the top 1 percent: 95 percent
2. Financial wealth controlled by the bottom 60 percent of all Americans: 2.3 percent
3. Wealth of the top 400 richest Americans: $2,000,000,000,000
4. Real decline in median middle-class incomes since 1999: $5,000
See Rollingstone for the rest of statistics.
Source: Rollingstone

Feb 13, 2014 4:10am EST  --  Report as abuse
ZapZappa wrote:

Hahahaha!!!

Coming to the US soon

“Banks have complained they are hindered from lending to the economy by post-crisis rules forcing them to hold much larger safety cushions of capital and liquidity.”

Yea capital and liquidity rules……they dont have any capital!

Feb 13, 2014 10:50am EST  --  Report as abuse
ZapZappa wrote:

Hahahaha!!!

Coming to the US soon

“Banks have complained they are hindered from lending to the economy by post-crisis rules forcing them to hold much larger safety cushions of capital and liquidity.”

Yea capital and liquidity rules……they dont have any capital!

Feb 13, 2014 10:50am EST  --  Report as abuse
superduckz wrote:

This could be the end of the traditional banking system as we know it. I’m NOT a conspiracy theorist and I think this will be insanely bad for society.

Feb 13, 2014 11:53am EST  --  Report as abuse
Overcast451 wrote:

SO the EU wants to steal people’s saving’s accounts now?

Classy.

The days of feudalism are returning.

Feb 13, 2014 1:07pm EST  --  Report as abuse
QEasing wrote:

This does not seem to be new-news. Rather no-news.

Look here: http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2013:0150:REV1:EN:PDF

“..Households generally prefer liquidity and easy redemption. Stabi lity is preferred and risk-aversion is now widespread. There is therefore a need to MOBILISE more long-term savings..”

Feb 13, 2014 2:28pm EST  --  Report as abuse
Nohbody wrote:

Overcast451: “The days of feudalism are returning.”

Where have you been? That’s been the goal of the EU since pretty much its beginning, to focus the decision making policies to a relatively small handful of decision makers given “princely” treatment while the proles do all the work.

Feb 13, 2014 7:50pm EST  --  Report as abuse
satori23 wrote:

Naah, banks (transmission mechanism) failed citizens of Europe, we’re seeking/looking for alternatives.

Feb 13, 2014 10:14pm EST  --  Report as abuse
hamaer wrote:

In my opinion, the author is misleading with this report. Living in Europe myself, I get financial and other regulation updates from different sources. So I can do some crosscheck between them.

The tenor is that the EU mulls over imposing a fee of ‘xx’ percentage on private savings accounts. The specifics, and whether there will be a threshold with savings untouched below this minimum, are not clear at the moment. Agreed,that’s bad enough BUT it’s NO reason to make it sound as if the EU were confiscating all private savings.

To write facts in a way that it sounds like a horrifying story is apparently journalistic freedom. However, the way the author presents this report by simply not telling every important fact is – in my opinion – manipulating the truth. That’s not real journalism anymore but just a way to get attention.

Feb 14, 2014 3:39am EST  --  Report as abuse
Handbook wrote:

And when they lose this money on poor investment strategies, what are they going to tell their retirees!

Feb 14, 2014 8:17am EST  --  Report as abuse
Overcast451 wrote:

*what are they going to tell their retirees!*

The typical: That the government will take care of them.

Feb 14, 2014 1:40pm EST  --  Report as abuse
Dantes wrote:

Translation:Confiscate private money from depositors. Coming soon to a kleptocracy near you.

Feb 14, 2014 1:48pm EST  --  Report as abuse
SlothB77 wrote:

“Banks have complained they are hindered from lending to the economy by post-crisis rules forcing them to hold much larger safety cushions of capital and liquidity.”

So they can’t buy as many government bonds as before and help finance EU countries. So their solution to that is …

“a possible draft law ‘to mobilize more personal pension savings for long-term financing’, the document said.”

Wow. They create the problem with laws that reduce bank lending that supposedly help the individual consumer (protect the consumer from the risk of a bank failing), but now banks can’t lend to governments. So the governments are going to force individuals to buy government bonds so that the governments remain funded.

Wonderful consumer protection. And once again looks who gets penalized and who gets rewarded. The EU is going to take from savings accounts. So if you were irresponsible and didn’t save you won’t be penalized. Your money won’t be forcibly taken from you. But if you were responsible, planned ahead and saved a lot – you are the one that gets screwed over. Think about that. Think about the incentives that creates.

If I have a choice of saving and investing my money in blue chip companies or blowing all my money on gambling, hookers and drugs, and if i think the EU will “draft mobilize” my savings, maybe I will be less inclined to save. Screw you blue chip companies. Hello hookers and blow.

Feb 14, 2014 2:22pm EST  --  Report as abuse
Oma wrote:

Way back in the sixties John Kennith Galbraith said that the financial sector had made itself so complex that no one could oversee it and it would be easy to commit fraud. I wish I could find his exact words, he said it so much better than I did.

No one was listening then, will anyone listen now?

Feb 14, 2014 2:39pm EST  --  Report as abuse
JCM-51A wrote:

Believe they got this idea from Obama’s American National Socialist Party.

Feb 14, 2014 3:17pm EST  --  Report as abuse
JCM-51A wrote:

Believe they got this idea from Obama’s American National Socialist Party.

Feb 14, 2014 3:18pm EST  --  Report as abuse
JCM-51A wrote:

Believe they got this idea from Obama’s American National Socialist Party.

Feb 14, 2014 3:18pm EST  --  Report as abuse
JCM-51A wrote:

Believe they got this idea from Obama’s American National Socialist Party.

Feb 14, 2014 3:18pm EST  --  Report as abuse
JCM-51A wrote:

Believe they got this idea from Obama’s American National Socialist Party.

Feb 14, 2014 3:18pm EST  --  Report as abuse
JCM-51A wrote:

Believe they got this idea from Obama’s American National Socialist Party.

Feb 14, 2014 3:18pm EST  --  Report as abuse
JCM-51A wrote:

Believe they got this idea from Obama’s American National Socialist Party.

Feb 14, 2014 3:18pm EST  --  Report as abuse
riposte wrote:

do you think, with a flat world….crooks stealing accts from 130 million people, from one store..that anyone is really capable of controlling anything today?..one click and poof

Feb 14, 2014 6:39pm EST  --  Report as abuse

Have no doubt, this a scheme to loot a broad section of EU citizens. How do I know? Because the European Investment Bank (not a well know entity) already has the power and money to do exactly what the author proposes. The author certainly knows this. So, it can only be a scam, to spread the neoliberal agenda being pushed by the ECB and European Commission.

Feb 15, 2014 1:42am EST  --  Report as abuse
S.K.Williams wrote:

“”" Overcast451 wrote:
SO the EU wants to steal people’s saving’s accounts now?

Classy.

The days of feudalism are returning.”"”

I wish the days of Feudalosm were returning. I know that peopel today think Feudalism is when we all live as serfs with no Rights and have everythign we own taken and Democracy is about individual Rights and Freedom, but the Truth is the opposite. Under Feudalism individukl Rights and Property were respected, and if somethign belogned to you, even the King did not have a Right to it. Feudalism operated on an interlocking system of Relationships, which protected everyones Rights. Demcoracy is a collectivist Ideal and the assumption si that the Individuals Rights can be sacrificed for the good of the whole, and since the Government represents the whole, it can do as it pleases.

We arent seeing a return to Feudlaism, we’re seeing the excesses of Modern Democrcy.

Feb 15, 2014 9:14am EST  --  Report as abuse
S.K.Williams wrote:

“”" Overcast451 wrote:
SO the EU wants to steal people’s saving’s accounts now?

Classy.

The days of feudalism are returning.”"”

I wish the days of Feudalosm were returning. I know that peopel today think Feudalism is when we all live as serfs with no Rights and have everythign we own taken and Democracy is about individual Rights and Freedom, but the Truth is the opposite. Under Feudalism individukl Rights and Property were respected, and if somethign belogned to you, even the King did not have a Right to it. Feudalism operated on an interlocking system of Relationships, which protected everyones Rights. Demcoracy is a collectivist Ideal and the assumption si that the Individuals Rights can be sacrificed for the good of the whole, and since the Government represents the whole, it can do as it pleases.

We arent seeing a return to Feudlaism, we’re seeing the excesses of Modern Democrcy.

Feb 15, 2014 9:15am EST  --  Report as abuse
Trolala wrote:

If they’ll handle their investments like current VC’s and underfund women and other underrepresented groups in entrepreneurship with my money and the money of other EU citizens, I’m spitting the initiators of this in the face. Each one of them.

Feb 16, 2014 3:29pm EST  --  Report as abuse
Freeflight wrote:

@Oma
Henry Ford figured it out before that:

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

When you rob a bank, you end up in jail. But when you start up a bank and steal money from millions of people, ruining their lives and the lives of their children, you get a big fat bonus payment at the end of the day, while people consider you a “top performer” and “job-creator”. These are perverse times we are living in..

Feb 17, 2014 2:58pm EST  --  Report as abuse
Michael.S wrote:

Apparently it has been naive to trust on the financial system and governments to work in our benefit. So much for “your money is safe on the bank” :(

Time for Bitcoin.

Feb 18, 2014 7:15pm EST  --  Report as abuse
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