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Is This The Diabolical "Master Plan" Behind Crushing Europe's Depositors
Last week, when we commented on the absolutely idiotic Eurogroup proposal (now voted down and replaced by an equally idiotic "bank resolution" proposal which will see uninsured deposits virtually wiped out) to tax uninsured and insured deposits, we jokingly suggested that this may be merely the latest ploy by the legacy status quo to achieve one simple thing: force depositors across the continent (and soon, world) to pull their money out of a malevolent, hostile banking system and push that money into stocks, or simply to spend it. This would help finally defeat the biggest bogeyman of the centrally-planned reflation attempt in the past 4 years - the absolutely dismal velocity of money which drops every time the G-7 central planners inject liquidity into stocks.
We were joking, because it would be beyond conspiratorial to suggest that a central bank could go as far as wiping out the wealth and savings of an entire nation in order to promote broken monetary policy. It would be outright idiotic and not to mention criminal. Why purposefully endanger depositors, and thus an entire financial system, just to spook them and their money? Or so we thought until we read the following just as "conspiratorial" take from Deutsche Bank's Jim Reid:
Maybe the lesson from all of this is that if you are fortunate enough to have a fair degree of money you might be better off spending it! Maybe that’s the master plan here? Boosting activity by forcing people to use their money rather than deposit it! Indeed I wonder how long it’ll be before an equity strategist suggests that this is bullish as money might now leave deposit accounts and go into equities!
Sarcastic humor or sad, insolvent reality... You decide.
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"The cash HAS TO come out in the open." There's a thought. Interesting.
what's coming ? we're unleaching hyperinflation ?
bad mental imagery there...
I just bought some pepper spray, that's where some of my money went.
LOL. Just bought three cans myself. There's an expiration date on one of the cans so this shit better hurry up.
Really? An expiration date? What happens if it expires; it becomes irritating to the skin, eyes and mucus membranes or something?
I think that's why it was only on one of the cans. I'm in Chicago though so it probably won't expire.
"I'm in Chicago..."
Well, there's your problem, buddy.
The day after it expires it tastes like candy and makes the attacker hungry for more.
It turns into bear, shark, wolf and large cat pheremones.
Put it in the spice cabinet once it expires.
@Timmay @BlueStreet
Unless you need a little can to hide in a purse, you should definitely consider Raid Wasp Spray. Much cheaper by volume and shoots up to 14 feet. Great for chasing off unwanted solictors at the house. My wife gives a can to office counter workers and other women at Christmas. Never know when crazytime is gonna walk in.
Dude, get bear spray, much better than regular pepper spray. Anything that will take down a bear will handle any Obama voter unfortunate enough to select your house to loot from.
Dude, get bear spray, much better than regular pepper spray. Anything that will take down a bear will handle any Obama voter unfortunate enough to select your house to loot from.
You're going to need a drone to go with those cans of pepper spray
Has anyone invented drone spray yet?
Yes, it's called 'Double Ought'
or "Strela". For those large, hard to kill, problem varieties.
or "Strela". For those large, hard to kill, problem varieties.
This might be better
Credit and talent will go where it is respected. Same as it ever was.
It's moral hazard on steroids.
...and Ben Bernanke plops down $3 billion more...and roles 'dem bones again.
How bout them spidey towels? Still going free in exchange for a deposit of 300E or more?
There is a black market for spidey towels on the silk road and only tradable with bitcoins.
Looking at the geopolitical wranglings and economic treachery going on, the word diabolical I believe, sadly, is perfectly applicable. All we need now is 4 horses, then at some point the folks who are overdue for a come uppance will get it.
The Apocalypse only comes after the global currency. I look to the IMF SDR implementation to sound the gong
The BRICs don't give a shit about the IMF.
It's too bad because as a Westerner I'll feel the pain, but the international mongoloid federation needs to be gone, and all the banksters, politicians and crooked civili servants / regulators needs to be occupying hastily built gallows in local gynamiums all over the world.
This way they can blame the ensuing inflation on the people.
BruuuuuHahahaha!
This will play well with the desperate, economically-envious middle-class masses...get those evil rich...
And if there's anyone out there still with a positive net worth, BUY GOLD.
If that's the plan it's bullish for precious metals. People with money aren't going to spend it all up willy nilly. They want to save, invest, and build for the future. Go ahead cause a bank run and see what happens.
Just give the hot money a little time to work that out.
Maybe two weeks and I think gold may go ballistic.
As my grandfather said to me.Its keeping the money,not making it,
thats hard.
Just a silly question... Why not re-program the algos to fuck the central banks and save the world?
Do the algos really have to play with the CB's? Why not do the right thing and play against them?
Just asking...
Everyday I think we have reached the bottom of the rabbit hole but it keeps getting more bizarre. Like I ate some shrooms and am still tripping.
Its a sinkhole!
Do not tell anyone, the Russians are behind this plan! Tsss....
It's going to be a jab, jab, left, right, haymaker combo for the apathetic sheep.
Jefferson said it best:
"I believe that banking institutions are more dangerous to our liberties than standing armies . . . If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
There is nothing new under the sun.
He never actually said that, or at least, trees no proof of him ever actually saying it.
There's no proof anyone said anything, however, in this case, someone did, and they were so right.
theres no proof bernake is a clown but we all know he is.
I hear he dyes his beard. Its natural color is Bozo red.
I found proof. :-)
http://2.bp.blogspot.com/_-VeC39yh6nc/R5naqE2WA0I/AAAAAAAAAQM/cLsCrYhloP...
"The problem with quotes on the internet is that you cannot confirm their validity." —Abraham Lincoln
McMolotov:
"The problem with quotes on the internet is that you cannot confirm their validity." —Abraham Lincoln
Pure brillance!! + 1-million for best quip of the thread.
-30-
Won't work. People aren't going to pull their money and go buy iPads. They're going to pull their money and stick it in their mattresses. And adding to the idiocy, from the Reuters article about the European Parliament bail-in plan, there's this:
"Tough treatment of big depositors will be written into a new EU law, making losses for large savers a permanent feature of future banking crises."
How stupid can they possibly be? Permanent? There will be no big depositors next time! The fat cats are gonna take the money and run like fucking Billy Joe and Bobbie Sue, and then they're gonna have to go after the "little savers" — if there are any left.
Bank run warp 9: engage.
They are trying to force big deposit holders into buying sovereign bonds, stocks or some other kind of investment.
If you have $50mil in the bank you cannot take delivery of it - I am sure they will stop you with some kind of law against that as well.
The problem there is you take 100% of the "sideline" money and put it all out there now. Stocks go way up, bond yields drop further. However, when the next crisis hits there is no more sideline money to "rescue" either market - its all in there. And everyone gets nailed. Instead of a 10-15% drop you get a 40% drop as panic sets in - there is no longer the sideline money just waiting to pounce - its all in already.
This is very, very short sighted.
Why not just tag a -20% interest rate on all deposits in a bank over 100k?
Oh, right. That is coming next.
They seem unable to realize that, at some point, the people with lots of money will simply pay people without a lot of money to kill the fucking bankers and politicians who hold their money hostage. I'm not joking. This is what will happen eventually.
The bureaucrats seem to think they're the ones in charge, which is hilarious. It is, and always has been, the people with money who ultimately call the shots.
And pretty soon, those people will literally be calling shots. As in, "Hey Viktor! Put a bullet in that banker's brain and bring me my fucking money."
They'll even save money that way!
More true than you know.
Many years ago I was having a problem with a business partner.
My accounting overseenig partner(one of the big 4 firms)suggested a
'permenant' solution to the issue.I was young and naive then,in retrospect
I should have used their speciality troubleshooter(pun intended).
the people with lots of money will simply pay people without a lot of money to kill the fucking bankers
Shit, with crowdsourcing, even poor people could pay poor people to do that.
We can only hope!
Like myself they are going to pull their money and prepair. Everyone should do the same.
One thing they are sure to do is to stoke the fires of the underground economy. If you use a bank they will take your money so people will demand to be paid in cash. Why would you want a check that you have to deposit into the bank? This leads to tax evasion and under the counter deals which is net-net bad for the state and just feeds on itself.
"Somewhere in hell, JM Keynes is dancing a jig."
Jim Willie
They need Europe to explode. How else can they justify getting out of the markets at all time highs?!
this is a good read.. I was there ..
http://armstrongeconomics.com/2013/03/25/sovereign-debt-crisis-conferenc...
"..this is a good read.."
Thank You!
This reminds me of A Simple Plan, where a glitch early on leads to the seemingly rational conclusion where Bill Paxton must shoot his brother, Billy-Bob Thornton.
Recently watched that film with a buddy....he summed it well....a grim fuckin pissa that was...
The "glitch" imho was the bitch....remember...."you have to return some money to the plane..."
It's hollywood...so generally the women will either be vipers or hoebags.
If scaring money out of the banks is the plan, they're going to need a hell of a plan to cap the price of precious metals at the same time.
The plan is http://www.youtube.com/watch?v=YGAaPjqdbgQ as crazy as it sounds, It makes sense.
RIP Aaron Russo. If he were alive to see this...
+100
I didn't think the banking systems in Europe or the US could handle depositor runs on the bank, but maybe BernanQE will just print more money (as opposed to digital dollars). It shouldn't work, but the systemic fraud is so high right now.
This is what happens when a central banker makes a deal with the devil. He trades away others' souls.
The devil is a central banker.
@mayhem_korner
Central bankers are the spawn from the anal birth of Mayer Rothschild. It is rumored that the unholy progeny was conceived via Satan's unforced and totally complicit sodomization of Rothschild.
tHE ROTHSCHILDS ARE THE ROOT OF ALL EVIL IN THIS HERE WORLD
This crossed my mind as I began to think about what if my deposit was "levied". It has some merit to it. Shows they will do anything. Use it or lose it. For me? Move it or lose it.
I PRAY the people would wisen up and put it in PMs instead of stocks and iPhones and this totally blows up in their faces....well I can dream, can't I?
EDIT: On second thought, I'm sure my dreams will just get taxed/levied/rehypothicated/stolen as well.
There is a bit of a flaw behind getting people to pull their money out of banks and spend it...
There ISN'T enough MONEY in the banks!
They seem to be suggesting something a bit different. Not unlike what most here believe. They seem to be suggesting that you shouldn't give your money to the banks in the first place. Perhaps there is some wisdom there.
Can Ben's helicopter make it over the atlantic?
He teleports now
Another more simplistic explanation is that depositors are now the only people left with any money, so it makes sense for the criminals running government to steal it to save their corporatist banks.
Save money? Are you crazy?
Don't forget that money is created out of debt. So when you "save" money, what you really "save" is someone else's debt (or IOU)... Money savers are in reality hoarding large amounts of debt. The trick is that there is never enough money in the system to pay back all the debts.
BINGO
Use electronic fiat currency in an insolvent banking system or physical gold (money) as a store of value?
Invest in shares of public companies in an MF Global account (or any other NY Fed Primary dealer) or invest in a local privately owned business?
This is an IQ test.
We continue to debate this at work. Why would you leave money in an institution who taxes it and provide no interest.
Just leave enough in to continue paying you bills and put the resy in a bank lock box or under you mattress until you need to deposit more into the account (that will be taxed) to pay bills.
If stuff like this passes watch the correlation between this and gun sales because I'll start packing then.
I've converted my fiat into other, more valuable, assets. Some are shiny and some go "bang." And then some get propeled out of one of the above. I could now have more fiat for those things than when I bought them.
Seriously, if you aren't maxxing out your credit cards, you aren't thinking about what comes next.
HH, your timing better be right or it is going to hurt bad..
The only thing depositors are going to spend their withdrawals on is fireproof safes. And in America it's guns, ammo and fireproof safes. Gold, silver and canned food might follow.
Said another way: Fiat is not for saving. It is NOT a long term Store of Value....use physical gold for that (or physical wealth of some kind but definitely not paper anything!!!
Or how about we simply withdraw it all and stick it in our mattress vaults?
Your equities will also be confiscated in a Bail-in unless you use Direct Registry System.
This is the official start of bank runs in Europe. Get gold, silver and out of the system. It is the only viable alternative.
Gold is NOT acting like its a haven - you would expect more given the circumstances.
Net it is still being sold into. Barely a blip higher on all this Cypress stuff over a week or so, already backing off.
Gold acted much, much better when the news was better a year or two ago which is counter to what you would expect. Now that money printing is picking up, there is threats of EU collapse, they are confiscating cash over 100k etc -- the gold market does not seem to care much.
I am all for gold going higher but the action is puzzling at best.
This is all manipulation through the Gold and Silver paper market by central banks who are in charge of the smoke and mirror show. However, the cash market will eventually crash the paper market.
The Gun industry employs twice as many Americans as GM.....
http://www.theblaze.com/stories/2013/03/26/nr-draft-how-important-are-gu...
And King Obama thought GM was too big to fail....
That has been the only positive in US GDP. Everything else has been crap.
Why do you think homeland sec bought 2 billion bullets?
Answer: Create GDP. They will never use them.
Also it keeps ammo out of hands of everyone else
Probably, but that amo is enough for multiple years of war the way I understand it.
At some point I think they're going to need them....
A coworker of mine few years ago told me that his sister worked here in Ontario for a bomb manufacturing company. She said that bombs go dull and they have to:
1) Be used
or
2) Maintained.
Remember Libya against Khadafi? Do you know who was comanding the whole operation? Answer: Canadian general.
Media was saying that NATO airplanes were bombing places where nobody lived. I said, no shit.
Canadian airforce had to "consume" the bombs in order to maintain the GDP here at home and people employed.
Here's how we create GDP
http://news.nationalpost.com/2011/08/25/canada-contributed-a-disproporti...
Keynesians in full force.
Interesting...I've read ammo ownership is actually 10 to 1 in favor of civilians..
And actually support for stricter gun controls has dropped since their latest false flag ....
http://www.cbsnews.com/8301-250_162-57576248/poll-support-for-stricter-g...
Probably why they sent the village idiot Bloomberg out to chase support
Yes, but this will soon cause a more heinous and horrible FF "gun incident."
That Lanza guy disappeared two years before the attack.
No, anyone who runs guns to Mexico and aids in mass murder has no trouble killing Americanz in order to grab weaponz.
Is this a diabolical master plan?
Not really. There is an element of Keynesian 'dis-hoarding' but reality suggests the tactic will backfire under current conditions.
Hoarders forced out of currency markets would simply choose other assets and hoard those!
The condition is ever-increasing currency traps- and pitfalls: real estate, PMs, obviously stocks and bonds ... foreign exchange.
Harvesting forex reserves would be the 'big prize' ...
Buy guns. Buy ammunition. Do not leave your money hostage in a bank.
Maybe when the same crisis hits the USA and the government is literally forced to sell off some of its assets, maybe they'll have a fire sale on ammo? We could get bullets real cheap if that were to happen. Somehow though I think 1.6 billion bullets would be the 'very last' asset they could afford to dump when the people get really, really pissed. Never mind... just a brain fart.
I am afraid WE are the "fire sale."
I agree!
Think about it.. to have cash is a crime.. you may be money laundering.
You put your money in a bank, and they spend all of it except 3%... so put $100.00 and its backed by $3.00 doesn't seem to safe?
Oh but wait it's backed by a insurance plan unto.. $100,000.00
Think about that.. that means your neighbors(TAXPAYERS) have to pay for the bankers bad practices.
Gun control, if you don't have any who is going to hide their money at home?
How long until someone with guns figures out you have money.
Kind of screws it for the honest little guy.
makes no sense to me that they would want deposits flowing into equities. they need the depositors money for reserves which allows the bank to leverage into equities or bonds. now maybe they want the banks to go into sovereign bonds, that makes sense since the bonds can be used as reserves.
but really they are idiots grasping for straws, they have no master plan apart from try something see how people react, adjust try again, adjust try again. hope, pray, adjust, get mad, lie, pretend, have a meeting and repeat.
I agree totally. They absolutely need those deposits or the entire 'fractional reserve banking system' will literally collapse. Is that what they're trying to initiate? Maybe the dark banking overlords, those at the very top of the food chain are deliberately trying to collapse the entire European banking sector so they can swoop in and save them all with a new "one Europe" currency. Wait... isn't that what the Euro was supposed to accomplish? Let's just hope that when the whole house of cards comes crashing down in Europe that the central planners get crushed to death in the process. At least that way Europe (and the entire world) would have a start fresh (after going through absolute hell for at least 5-7 years) and this time do it right... with central banks that are owned by the people of each individual country rather than by a group of globalist thieves who have no loyalty to 'any' country.
The central banks have destroyed the worlds' banking model. Zero interest rates just simply can't be a formula for their success.
Sarcastic humor or sad, insolvent reality... You decide.
Or... something!
Why not call a central banker today? Direct-dial that is
As a reminder...
http://www.zerohedge.com/news/global-central-banker-directory
I will spend it.
Gold, silver, guns, ammo, food.
Everything else, not so much...
Yeah, well meanwhile it's pay day for crony capitalist emeritus buffukett, the whoracle of omaha.
Them jew bankers are good for som'n.
Buffett to take major Goldman Sachs stake in warrant dealAnd of course, they would never, ever give a haircut to a brokerage account holding equities etc... - WAIT! What's That??? MFGlobal, John WHO? WHAT?? WHEN???
Mattresses with a hidden compartment are gonna sell like hotcakes world wide.
This should be good enough for a -9.9% E-Z GDP drop, when small-to-medium businesses get their "fair share haircut".
Pricks.
And what should they spend the money on?
UBS' Advice On What To Buy In Case Of Eurozone Breakup: "Precious Metals, Tinned Goods And Small Calibre Weapons" and bitcoins of course. Well done EUcrats the whole of the European peoples are finally unitied, AGAINST YOU!
<-Spend it or
<-Lose it.
Your choice BYTCHES!
Signed Benny Ben and his Central Bank Orchistra
<----Buy precious metals.
IMHO the Cyrpus episode buys about 18-24 months for status quo. I expect a ton of activity across Europe with people and entities trying to open multiple accounts and ensure that none of them hold more than 100k. this is of course a self delusional activity. if I am right then you are likely to see a new example of depositors haircuts somewhere else in Europe before all deposits are in accounts below 100k. but depositors worldwide- you are cornered. resistance is futile. the powers that be can and will change deposit guarantees law and any size deposit account will be a fair game. there is no good alternative for your deposits. stock market? forget about it. bond market? forget about it. commodities? gold? forget about it.
yes it is the goal. the ultimate goal of keynesianism monetarist policy is the elimination of capital (just print moar), and everything is perpetually on a cash flow basis. no ownership, no equity, only debt service from earnings. its a cultural progression: leasing vs owning; spend future income on the credit card now; borrow for college for hope of future income; dont buy newspapers, subscribe online and it disappears the next day (easier to change the history that way, less of a papertrail), 'buy' a home with huge mortgage that no one even contemplates paying off, and owing their home.
with ownership (and property rights, still need that 2nd amendment!), the landlord cannot raise your rent or kick you out; if you have little debt all your earnings are yours to keep not segregate out to creditors. imagine how much better the cities would be if people didnt flock to the sub and exburbs with ez govt insured home financing. we would have an ownership of homes within city limits. vested owners take care of their neighborhoods, schools, and have stable communities. fight back! pay cash for a home in a rough neighborhood and plant your flag! use that city infrastructure of public transport, public parks within walking distance, look your neighbors in the eye, say hello even; help the old lady mow her lawn, get groceries. they want to divide and conquer, we must reunite.
'Pay cash for a home in rough neighborhood.' Buy a crack house in a city run by desperate Democrat mayors having trouble paying off their union pensions and other vote buying welfare bennies?! That quite possibly is one of the stupidest strategies I could think of. Move out to the middle of nowhere, grow your own damn food, have your own well and dissappear sounds like a better option. Those Democrats running the joint will soon have to starting treating us as beef cows instead of milk cows. Screw the cities. They will screw you.
engage or retreat. infrastructure is valuable.
Enjoy yourself in the city. It's the fun place to be when times get 'interesting'.
Say Hi to Snake Plissken for me.
Is This The Diabolical "Master Plan" Behind Crushing Europe's Depositors ?
Never attribute to malice that which is adequately explained by stupidity. - Hanlon's Razor
With one critical exception, this is exactly the way it should be handled (but the scope needs to be greatly expanded to include every insolvent POS in the U.S.). The critical step missing is the death penalty given and excecuted on several thousand people responsible for putting the citizens at risk.
This shit needs to be cleaned up and those responsible held accountable - I'm not holding my breath.
If you spent all your wealth, but the system doesn't change, where are you?
It's like throwing a Box of Kleenix onto a roaring fire.
Cats: All Your Euros Are Belong To Us
HA!HA! - I don't have any money!
Might be a little difficult to buy the basics without money in the bank? Oh wait you won't have any money in the bank when it gets confiscated...then you can use your margin account with the ever increasing margin balance to fund your purchases, because of course your account will always go up. But wait the broker will get to earn the spread on your margin balance at 300 to 400 bps. Kind of like having a managed account, but not by your choice; a new wrinkle in predatory lending / AUM.
Who are we kidding! This is giong to be horrible! Stop going to zero hedge and complaining. Get prepared. When in doubt run! Do not fight unless you are cornered. The current system will fall on it's own. Do not expose yourselves. When the storm is over, level headed people will be needed to start over. I would hate to think that ZH'rs and the like will not be there for the rebuilding. If the same type of maniacs get back into power we will leave the same crap for our kids. We must also maintain morality. If we do not, we will become the maniacs.
force depositors across the continent (and soon, world) to pull their money out of a malevolent, hostile banking system and push that money into stocks, or simply to spend it
This has been happening in the United States for 15+ years. It's just here, we call it, "the resilient US consumers".
I call it, a "Consumptiontration Camp" myself.
Buy, or die, bitchez!
Trolligarchs everywhere are fleeing European banks for Bitcoin.
Because you can't fix stupid?
Unfortunately, jailings have to begin for people at the top, in order to get more confidence from the herd to spend their money. This jailing also has to include confiscation of their ill gotten lucre. While I enjoy making money as much as the next person, ethical behavior must prevail whether or not a market goes down or up. When others cannot abide to ethical standards then they are either excluded or forced to repair the damage that they have caused.
This current precious metals bull has been one of the most hated, but it's rise is merely an indicator of low confidence in the ethics of others. Money is only a claim on goods and services despite the ability of central bankers and politicians to type whatever they want into their bank account. Gee, couldn't we all seem rich and wise if we could just do this?
The situation in cyprus is extremely disrespectful of those whom have actually stored away their efforts in the form of money.
is there a way to stop porn o zerohedge. i have it open at work, it just does not look professional
Agreed. All this 'dating' crap takes away from credibility for serious people. Surely there must be other, more serious advertisers to replace them?
You know the Ads are based on your browser cookies which are based on the browsing you do. Stay of the pron and dating sites and you'll be fine. I have an ad for Tide detergent and Merit Financial.
Bull. Shit. I never go to porn or dating sites and I get this crap.
Maybe the SEC is ponying on your 'puter when your away....
I'll search the cache for midget porn.
maybe you need to? Or maybe your Tyler is doing it when you're "sleeping", per the movie?
I never searched for wet swiffer or T Rowe price for that matter. Either way, I love my swiffer.
Because of Zero Hedge, I am a confirmed Wet Swiffer fan. I gave up my mop for good. Thanks ZH. Your ads do yield some good
Wet swiffer is a mop? I thought it was just a variation of the Cleveland steamer
It is a swiffer that has its own mechanical swiffer spray solution that lets you spray as you mop.
s0608829_sc7
I thought it was when a woman tries to drop a 'silent but deadly' while shopping, but ends up publicly sharting instead.
I run the page in Firefox with Adblock Plus (free) and Ghostery(also free). No ads whatsoever appear on the site.
Very interesting...I'm wondering if they pull a "Cyprus" in a small state like DE or RI just as a trial run, as they did over there to see public's reactions
F/X, credit, and the bond market are disconected from the equity markets again. The dow and ES are such a complete joke now.
I don't freak out anymore when I wake up and they are up .5-1%. The pips and basis points are getting harded to scrap together even though the equity markets squeeze higher. I quit watching that worthless political/infomercial CNBS months ago, other than occasionally scanning the tickers.
This freak show of a markets days, are numbered. The Fed. isn't going to force me to spend. I'll just convert more into hard assets. Fuck you Ben Shalom!
You can't create inflation by confidence. Unsafe bank accounts are one thing, inflation is another. People will try hard to get their money out of the bank but not spend it immediately. They will first watch and see what happens to prices, but a few days of Europe wide withdrawals will kill the Euro banking system overnight. This can never be a master plan by any government, it would be simply suicide.
The master plan is suicide.
Or into US treasuries. 1.00% on the 10yr sooner or later.