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The EU Has Already Broken Up...
Capital controls have officially come to Europe, specifically in Cyprus.
Having found that it couldn’t confiscate a small amount at all depositors’ savings accounts, Cyprus is now trying to confiscate a larger amount from the “wealthy,” who have savings stored there.
They’ve also implemented capital controls and staged a massive bank holiday to stop people from getting their money out of the country. So much for the concept of personal property, it’s not YOUR savings it’s the BANKS now apparently.
It is now official, the EU has broken up in fact just not yet on paper. Consider that the basic premise of the EU was open borders for people and money and you’ll see what I mean.
As soon as you start talking about limiting these things, you’ve broken up the Union. It hasn’t been passed into law… yet, but it will as soon as this round of the Crisis picks up steam.
Indeed, this time last year, when the EU was on verge of collapse, both France and Germany floated ideas about introducing border controls.
Germany and France's joint proposal to allow Schengen-zone countries to temporarily reintroduce border controls as a means of last resort might sound harmless. But doing so would damage one of the strongest symbols of European unity and perhaps even contribute to the EU's demise.
Germany and France are serious this time. During next week's meeting of European Union interior ministers, the two countries plan to start a discussion about reintroducing national border controls within the Schengen zone. According to the German daily Süddeutsche Zeitung, German Interior Minister Hans-Peter Friedrich and his French counterpart, Claude Guéant, have formulated a letter to their colleagues in which they call for governments to once again be allowed to control their borders as "an ultima ratio" -- that is, measure of last resort -- "and for a limited period of time." They reportedly go on to recommend 30-days for the period.
Granted, the Schengen system is not perfect. With the EU's eastward expansion, its external borders have become more porous. The problem areas are well-known: Greece doesn't sufficiently guard its border with Turkey, and Italy simply allows refugees through to continue their journey into neighboring countries. Doing so violates the Schengen Agreement, which stipulates that immigrants have to be taken care of by the country in which they arrive.
Similar ideas along with capital controls were floated in Greece and Spain, along with capital controls in Switzerland this time last year as well.
Mario Draghi put off the European collapse temporarily by promising unlimited bond buying, but the truth is that the EU has already broken up on one level. Border controls were proposed the last time things got hairy in Europe, it’s only a matter of time before it happens again.
Border controls? Capital Controls? And we’re talking about a union?
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What European Union thing is that, that you're talking about? Has that anything to do with that other thing called Single Market? Because in many cases it's easier for me to buy stuff from the US (even Asia), than from another European country... that, if they even sell to me!
http://www.youtube.com/watch?v=zVay-RfNGv8 here they come Europe! meanwhile back in the USA...http://www.youtube.com/watch?v=EPfmNxKLDG4
"We have produced a FREE Special Report available to all investors titled What Europe’s Collapse Means For You and Your Savings."
Or, "How you can profit and be happy as a result of other people's complete misery."
Never let a good crisis go to waste, I always say.
sign me up because im at a loss as to where this tbtf zombie market is going next.
capital controls are tantamount to confiscation....property rights have been destroyed.....if the people of europe do not take action to hang their nazi overlords this year, they will be eternally fucked....
The euro seems to be heading for a breakup, but the question is when. The eurozone has been sputtering along for years lurching from one crisis to another, but it remains intact. By the time the endgame becomes obvious, it will be too late to make money from it.
dareconomics.com
Is the EU finished... Or is it just now achieving it's true purpose? I think that remains to be seen, and much depends on the European response to growing tyranny... To be truthful their track record is not very good...
Capital controls are a sign of increasing authoritarianism. For the two of us, going to Europe for all these years was an interesting exercise in seeing how "other countries" did freedom.
It is clear that most countries are now heading for more .gov controls. And one of the worst is capital controls. Next would be Exit Visas?
That is why owning precious metals is so important. But, there are different dynamics involved with each PM... That is why I diversify, even in the PMs!
http://tinyurl.com/awapx5l
Au, Ag, Pt, Pd, and last, Pb and Cu.
If there are exit visa's it will be useless to have your PMs abroad. Govt will also try to confiscate PM's or ban their sale. In that case your PM's (assuming you hold them yourself) are only useful to wait out the bad times untill there is something reminiscing a free market again. May not happen in your lifetime, but then your children or other descendants can maybe then use them.
Man stop taking ZH headlines and twisting them into your own article. This is cheap. Come up with your own stuff or at least credit ZH.