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EU considers wholesale nationalisation of private savings

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    EU considers wholesale nationalisation of private savings

    2014-02-12 EU executive sees personal savings used to plug long-term financing gap

    ... "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,
    and nowhere does the proposal say this will be voluntary

    But no doubt Europhiles with savings will be content to see them all confiscated and redistributed, for the greater good.
    Work in the public sector? Read the IR35 FAQ here

    #2
    Originally posted by OwlHoot View Post
    2014-02-12 EU executive sees personal savings used to plug long-term financing gap



    and nowhere does the proposal say this will be voluntary

    But no doubt Europhiles with savings will be content to see them all confiscated and redistributed, for the greater good.
    It doesn't say anything about confiscation, just about setting up funds in which pension money can be invested.

    But after Cyprus, I can imagine people's trust is damaged. Mine is too.
    And what exactly is wrong with an "ad hominem" argument? Dodgy Agent, 16-5-2014

    Comment


      #3
      Originally posted by OwlHoot View Post
      2014-02-12 EU executive sees personal savings used to plug long-term financing gap



      and nowhere does the proposal say this will be voluntary

      But no doubt Europhiles with savings will be content to see them all confiscated and redistributed, for the greater good.
      Did you actually read the article, or just paste the link?

      It discusses a number of options:
      - reducing the capital and liquidty rules introduced over the past few years so that banks don't have to hold so large a reserve.
      - introduce an EU savings account. Individuals can open one of these and the funds will be pooled for investment in small companies.
      - create a new corporate bonds market.
      - revive the securities market.
      - boost crowd-funding (in an undefined way).

      Nowhere is the prospect of skimming off money from existing savings accounts mentioned.

      Comment


        #4
        Originally posted by Mich the Tester View Post
        It doesn't say anything about confiscation, just about setting up funds in which pension money can be invested.

        But after Cyprus, I can imagine people's trust is damaged. Mine is too.
        From the article:
        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" is what one orders large armies to do.

        Although confiscation may not be mentioned explicitly, that word is a clear clue to their intentions or at least the likely lines on which they are thinking.
        Work in the public sector? Read the IR35 FAQ here

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          #5
          If you carry on reading a few words past that excerpted line, this is discussing the fact that at the moment only a smaller percentage of these pots can be used for long-term investment, due to liquidity and capital regulations.
          They are looking into whether they should be able to use a higher percentage for long-term investments.

          Comment


            #6
            Originally posted by Mich the Tester View Post
            It doesn't say anything about confiscation, just about setting up funds in which pension money can be invested.

            But after Cyprus, I can imagine people's trust is damaged. Mine is too.
            Exactly.

            Even though on the face of it this suggestion is quite innocuous, it does involve the EU getting its dirty mitts on peoples money. And it would be a short step for the EU to close its crocodile-like jaws on it.

            Leave lending to the banks, or better still to private individuals who want to lend directly to companies through websites like fundingcircle.com

            Originally posted by Ticktock View Post
            If you carry on reading a few words past that excerpted line, this is discussing the fact that at the moment only a smaller percentage of these pots can be used for long-term investment, due to liquidity and capital regulations.
            They are looking into whether they should be able to use a higher percentage for long-term investments.
            All the more reason for people to lend directly to businesses, rather than going through banks.
            Last edited by KentPhilip; 13 February 2014, 11:31.

            Comment


              #7
              Originally posted by KentPhilip View Post
              Exactly.

              Even though on the face of it this suggestion is quite innocuous, it does involve the EU getting its dirty mitts on peoples money. And it would be a short step for the EU to close its crocodile-like jaws on it.

              Leave lending to the banks, or better still to private individuals who want to lend directly to companies through websites like fundingcircle.com
              Indeed having spent the contents of the government's piggy banks and baled out the banks they want to raid our pensions. (yes they will invest but eventually some spiv will empty the pot and bye bye pensions).
              Always forgive your enemies; nothing annoys them so much.

              Comment


                #8
                This reminds me of the debate as to whether the Americans really did land on the moon.
                I'm alright Jack

                Comment


                  #9
                  Originally posted by KentPhilip View Post
                  Exactly.

                  Even though on the face of it this suggestion is quite innocuous, it does involve the EU getting its dirty mitts on peoples money.
                  Where did you get that from? I see they want to allow banks to loan out more of the money that have sitting in their accounts, but I don't see where the EU get their hands on it.

                  Comment


                    #10
                    Originally posted by BlasterBates View Post
                    This reminds me of the debate as to whether the Americans really did land on the moon.
                    That debate reminds me of bone heads who deny and scoff at the possibility of man-made climate change
                    Work in the public sector? Read the IR35 FAQ here

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