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The EU is debt heavy, short on cash to fund its needs/desires. So it is actively considering seizing all savings of its citizens to prop up the government.
Calm down..they aren't going to "seize" any accounts.
They do want people's money but they want the people to willingly hand it over via new investment instruments they create like a savings account and a crowd sourced funding pool.
The zero hedge article links to the Reuter's article with the letter from the EU guy.
Money backed by worthless notes is worthless. Just like the SS fund is backed by government notes. So instead of earning a return that actually gives a hedge against inflation, the ROI will not equal inflation, losing money every year.
"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.
Money backed by worthless notes is worthless. Just like the SS fund is backed by government notes. So instead of earning a return that actually gives a hedge against inflation, the ROI will not equal inflation, losing money every year.
Treasuries are the furthest thing in the world from "worthless." They're the safest investment in the world. And that's why whenever markets panic, which seems to constantly lately, everybody jumps at the chance to put their money into them. It's true you won't get a high return on them, but that's the whole point. Low risk, low return. And that's exactly where SS money needs to be. You can't have a high risk/ high return strategy until you cover your rearend.
I read an article on this mentioned recently and thought it was funny that they mentioned the "MyRA" accounts they are looking to implement here. I said that the MyRA was just a way for the government to get money from people that don't normally pay taxes. You get responses from people who just want to call you an anti-government jerk but politicians have cash needs to fill and they are working hard to fill them. that's just common sense. its better they do it in a voluntary manner, than a forced manner.
Calm down..they aren't going to "seize" any accounts.
They do want people's money but they want the people to willingly hand it over via new investment instruments they create like a savings account and a crowd sourced funding pool.
..and you think it's just gonna remain voluntary? "Willingly" always becomes "Mandatory" when it comes to government. Let's not kid ourselves here.
If governments want to seize assets, they will find a way to do it whether your money is in a bank or not.
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