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Europe Considers Wholesale Savings Confiscation, Enforced Redistribution

Tyler Durden's picture


At first we thought Reuters had been punk'd in its article titled "EU executive sees personal savings used to plug long-term financing gap" which disclosed the latest leaked proposal by the European Commission, but after several hours without a retraction, we realized that the story is sadly true. Sadly, because everything that we warned about in "There May Be Only Painful Ways Out Of The Crisis" back in September of 2011, and everything that the depositors and citizens of Cyprus had to live through, seems on the verge of going continental. In a nutshell, and in Reuters' own words, "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, an EU document says." What is left unsaid is that the "usage" will be on a purely involuntary basis, at the discretion of the "union", and can thus best be described as confiscation.

The source of this stunner is a document seen be Reuters, which describes how the EU is looking for ways to "wean" the 28-country bloc from its heavy reliance on bank financing and find other means of funding small companies, infrastructure projects and other investment. So as Europe finally admits that the ECB has failed to unclog its broken monetary pipelines for the past five years - something we highlight every month (most recently in No Waking From Draghi's Monetary Nightmare: Eurozone Credit Creation Tumbles To New All Time Low), the commissions report finally admits that "the economic and financial crisis has impaired the ability of the financial sector to channel funds to the real economy, in particular long-term investment."

The solution? "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.

And yet this is precisely what Europe is contemplating:

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.


The document said the "appropriateness" of the EU capital and liquidity rules for long-term financing will be reviewed over the next two years, a process likely to be scrutinized in the United States and elsewhere to head off any risk of EU banks gaining an unfair advantage.

But wait: there's more!

Inspired by the recently introduced "no risk, guaranteed return" collectivized savings instrument in the US better known as MyRA, Europe will also complete a study by the end of this year on the feasibility of introducing an EU savings account, open to individuals whose funds could be pooled and invested in small companies.

Because when corporations refuse to invest money in Capex, who will invest? Why you, dear Europeans. Whether you like it or not.

But wait, there is still more!

Additionally, Europe is seeking to restore the primary reason why Europe's banks are as insolvent as they are: securitizations, which the persuasive salesmen and sexy saleswomen of Goldman et al sold to idiot European bankers, who in turn invested the money or widows and orphans only to see all of it disappear.

It is also seeking to revive the securitization market, which pools loans like mortgages into bonds that banks can sell to raise funding for themselves or companies. The market was tarnished by the financial crisis when bonds linked to U.S. home loans began defaulting in 2007, sparking the broader global markets meltdown over the ensuing two years.


The document says the Commission will "take into account possible future increases in the liquidity of a number of securitization products" when it comes to finalizing a new rule on what assets banks can place in their new liquidity buffers. This signals a possible loosening of the definition of eligible assets from the bloc's banking watchdog.

Because there is nothing quite like securitizing feta cheese-backed securities and selling it to a whole new batch of widows and orphans.

And topping it all off is a proposal to address a global change in accounting principles that will make sure that an accurate representation of any bank's balance sheet becomes a distant memory:

More controversially, the Commission will consider whether the use of fair value or pricing assets at the going rate in a new globally agreed accounting rule "is appropriate, in particular regarding long-term investing business models".

To summarize: forced savings "mobilization", the introduction of a collective and involuntary CapEx funding "savings" account, the return and expansion of securitization, and finally, tying it all together, is a change to accounting rules that will make the entire inevitable catastrophe smells like roses until it all comes crashing down.

So, aside from all this, Europe is "fixed."

The only remaining question is: why leak this now? Perhaps it's simply because the reallocation of "cash on the savings account sidelines" in the aftermath of the Cyprus deposit confiscation, into risk assets was not foreceful enough? What better way to give it a much needed boost than to leak that everyone's cash savings are suddenly fair game in Europe's next great wealth redistribution strategy.


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Wed, 02/12/2014 - 22:30 | 4430831 jcia
jcia's picture

Socialism works


Wed, 02/12/2014 - 22:33 | 4430834 Jam Akin
Jam Akin's picture

Coming soon to a theatre near you.


Wed, 02/12/2014 - 22:35 | 4430857 VD
VD's picture


Wed, 02/12/2014 - 22:51 | 4430898 Soul Glow
Soul Glow's picture

The IMF October publication "Taxing Times" states on page 49 that - 


The sharp deterioration of the public finances in many countries has revived interest in a “capital levy”— a one-off tax on private wealth—as an exceptional measure to restore debt sustainability.  The appeal is that such a tax, if it is implemented before avoidance
is possible and there is a belief that it will never be repeated, does not distort behavior (and may be seen by some as fair). 

Page 49, "A One Off Capital Levy"....

Taxing Times:

Wed, 02/12/2014 - 22:58 | 4430935 surf0766
surf0766's picture

Those who implement the tax will of course exempt themselves...

Wed, 02/12/2014 - 23:17 | 4430942 Soul Glow
Soul Glow's picture

Speaking of taxes, there is literature in that document about VAT.

Wed, 02/12/2014 - 23:34 | 4431038 CH1
CH1's picture

We'll see if the Europeans have the guts to do anything about it.

Lord knows the Americans haven't gotten off their asses.

Wed, 02/12/2014 - 23:43 | 4431066 johnQpublic
johnQpublic's picture

any one off levy or savings confiscation is gonna seriously fuck up my mattress, possibly leaving it lopsided

well, at least its not at the bottom of the lake with everything else

Wed, 02/12/2014 - 23:53 | 4431093 JLee2027
JLee2027's picture

Stealing will boost the economy...who knew? Will miracles never cease.

Thu, 02/13/2014 - 00:19 | 4431141 LMAOLORI
LMAOLORI's picture



In the Netherlands they are going to force the bankers by law to swear to God that they will be good.


"Bankers who fundamentally object to invoking God’s name can instead pledge: “This I declare and promise.”


(I wonder how many will be taking that out?  They also don't clarify if it's the God of Darkness)

Thu, 02/13/2014 - 03:18 | 4431432 macholatte
macholatte's picture



From each according to his abilities, to each according to his needs.

Karl Marx


The oppressed are allowed once every few years to decide which particular representatives of the oppressing class are to represent and repress them in parliament.

Vladimir Lenin


Political power grows out of the barrel of a gun.

Mao Zedong


Ideas are more powerful than guns. We would not let our enemies have guns, why should we let them have ideas.

Joseph Stalin



Thu, 02/13/2014 - 06:11 | 4431570 fuu
Thu, 02/13/2014 - 07:05 | 4431598 GetZeeGold
GetZeeGold's picture




We just need to kill another million people.....any volunteers?


China, Cambodia, Russia, Cuba....those guys were hacks.....we'll do it right this time.

Thu, 02/13/2014 - 07:45 | 4431645 Vagabond
Vagabond's picture

How to start a bank run 101.

Thu, 02/13/2014 - 08:07 | 4431663 Gief Gold Plox
Gief Gold Plox's picture

Hows this in any different than a too-complex-for-sheaple-to-realize form of slavery?

Oh, wait... I get it. Baaa - Baaaa.

Thu, 02/13/2014 - 12:06 | 4432373 Zymurguy
Zymurguy's picture

If everyone went to the bank this weekend and demanded their money, the banks would crash.  We hold WAY more power than we think.

Thu, 02/13/2014 - 17:43 | 4433914 kaiserhoff
kaiserhoff's picture

Good Point.

Silly me.  I was hoping this was from the ONION. 

Well, it's from the Idiot brainless trust in Belgium.  Same Difference.

Thu, 02/13/2014 - 19:37 | 4434329 macholatte
macholatte's picture


Five to one, baby, one in five
No one here gets out alive now
You get yours, baby, I'll get mine
Gonna make it, baby, if we try

The old get old and the young gets stronger
May take a week and it may take longer
They got the guns but we got the numbers

-- The Doors

Fri, 02/14/2014 - 05:14 | 4435739 cnmcdee
cnmcdee's picture

Frederick Bastiat's - The Law

Is more pertinent today than when it wrote it in the 1850's

Thu, 02/13/2014 - 17:49 | 4433931 Bryan
Bryan's picture

No, incorrect.  If everyone went to the banks at once, the government would declare a 'bank holiday' and close them all down by executive order.  You don't get your money 'on demand.'  You get it when they say you can have it.  And they'll say it's not really yours anyway, so get out of the bank line and go home and think about that for a while.

Thu, 02/13/2014 - 18:29 | 4434096 The Longest Call
The Longest Call's picture

Retirement accounts are next!  Hold your gold..

Fri, 02/14/2014 - 05:06 | 4435731 cnmcdee
cnmcdee's picture

Do you honestly think if they do a bank confiscation that *anyone* is going to keep any money in them that they can hide?  This will balloon the underground economy 100x. 

Barrack (I work for Saudi Arabia) Obama will waste no time to do the same thing, the 'Obama Freeze' is coming.

Don't worry about trying not to take up the resistance against the tyrannical elite that must be overthrown.  Eventually they will have confiscated all your wealth and all your possessions, and all your jobs so there will be nothing left *but* the fight.  And fight you all will because there will be no other option or simply starve under their repression.

Thu, 02/13/2014 - 17:53 | 4433960 dojufitz
dojufitz's picture

Friday night 7.30pm - 'Cunts from History'? History Channel.

Thu, 02/13/2014 - 19:15 | 4434257 zaphod
zaphod's picture

Did Lenin really say that? If so then I'm shocked that I agree with something from him.

Thu, 02/13/2014 - 20:58 | 4434613 WhackoWarner
WhackoWarner's picture

Does not surrise me that you are surprised.  Part of the boogey man socialist propoganda negates any real consideration of the undlerlying thought.  I am no Lenin fan. No Mao fan but the original thought was there; the observation of the future of capitalism being corrupted as we now see; was there.....there is no capitalism in USA anymore.



Thu, 02/13/2014 - 22:00 | 4434874 Tijuana Donkey Show
Tijuana Donkey Show's picture

American capitalism=Flow of money from the states to the capital. 

Thu, 02/13/2014 - 21:04 | 4434614 WhackoWarner
WhackoWarner's picture

sorry double post.


But is it not curious that the few times I post here my finger pad (which I have disabled as I use my mouse)  my finger pad becomes active such that my typing results in weird shite and I have to reset it every time....

Just saying.

Thu, 02/13/2014 - 07:15 | 4431618 chunga
chunga's picture


When the bankers steal everyone's money there will be no consequences for them on this earth; as usual.

Thu, 02/13/2014 - 07:25 | 4431624 mvsjcl
mvsjcl's picture

Money (savings) they steal, wealth they leave alone.

Fri, 02/14/2014 - 07:16 | 4435833 GetZeeGold
GetZeeGold's picture



The Book of Corzine 1:25

Thu, 02/13/2014 - 07:54 | 4431649 neidermeyer
neidermeyer's picture

Chunga , haven't seen you in ages ,, I'm heading back into court to ass rape OCWEN with WF's production TRUSTEE data... wish me luck.

Thu, 02/13/2014 - 10:09 | 4431910 swmnguy
swmnguy's picture

I have no idea what your situtation with OCWEN is, but they are scum-suckers.  I bought my house in November 2009.  It had been foreclosed in 2006.  It went through a few hands, and then I bought it.  The guy who lost the house in 2006 was murdered in a pawnshop robbery in September 2009.  Apparently, he had a 1st mortgage, and at least 1 other 2nd mortgage, whether a HELOC, or I have no idea.  Anyway, every month I get a letter to him from OCWEN, trying to get money from the 2nd mortgage.  I've sent them, anonymously and in their own Business Reply envelope, printouts of the guy's newspaper obituary and news stories of his murder.  They still keep sending dunning notices.  This on a house that was foreclosed on 8 years ago, and the borrower was permanently foreclosed over 4 years ago.  Obviously they know he's dead, and they're just looking for a name to attach to the account, to go after on discharged debt.

Kick their ass!

Thu, 02/13/2014 - 11:37 | 4432254 Chief KnocAHoma
Chief KnocAHoma's picture

The lender knows exactly what they are doing. If they were to acknowledge the debtor was in fact dead, then they would also have to acknowledge their loan is in fact dead and remove that asset from the balance sheet. Talk about mark to fantasy!

Thu, 02/13/2014 - 11:44 | 4432285 swmnguy
swmnguy's picture

Not to mention, who knows how many derivatives this dead guy's loan is a part of.  A steaming, fetid, decomposing part.  No worries; the Fed has bought it up by now.  So we're all paying this dead guy's HELOC.  Too bad he spent it sheetrocking the basement and putting in a hot tub, which did nothing but cause mold in the basement and cracking the 90 year-old cement floor.  I've fixed it all now, but that was money well and truly flushed down the drain.  Ahh, but the derivatives live on, dead or undead.

Thu, 02/13/2014 - 17:54 | 4433968 WarPony
WarPony's picture

BAC has been sitting on "tons" of properties, some due for '07, '08 & '09 with no f/c sale date set.  Can't defuse the bomb without blowing themselves up I guess.  Oh yeah, OCWEN is the worst miserable f'n servicer out there.

Thu, 02/13/2014 - 11:45 | 4432295 swmnguy
swmnguy's picture

Oh, and no way OCWEN is the lender.  The worthless debt has no doubt been sold around a few times, and OCWEN probably bought the rights to collect it any-old-how for a fraction of a penny on the nominal dollar.  If they can get $500 out of the dead guy's sister for a debt she in no way owes on money she never saw, they're miles ahead.  (Disclosure-I have no idea if the dead guy has a sister.  Never met the fellow.  I did buy the most-expensive title search, and the highest-coverage title insurance when I bought the house).

Thu, 02/13/2014 - 19:37 | 4434326 Max Cynical
Max Cynical's picture

Swnguy, just file an address change for the debtor/deceased with the USPS using the OCWEN return address.

Thu, 02/13/2014 - 11:14 | 4432157 LawsofPhysics
LawsofPhysics's picture

They cannot steal what they don't possess.  Only one rule applies now; When fraud is the status quo, possession is the law.

Thu, 02/13/2014 - 18:22 | 4434076 Cacete de Ouro
Cacete de Ouro's picture

securitize feta cheese and make it smell like roses..

So that's what the Eurocrats in Brussels, Frankfurt and Strasbourg do all day

Thu, 02/13/2014 - 00:21 | 4431163 Anusocracy
Anusocracy's picture

The portion of the economy that is occupied by the thieves, sure.

For the pathetic idiots that can't see through the government con, not.

Thu, 02/13/2014 - 10:56 | 4432080 Handful of Dust
Handful of Dust's picture

Re-education, confiscation, Bail-ins, Bail-outs...

It's only Fair.

Thu, 02/13/2014 - 01:02 | 4431249 Unknown User
Unknown User's picture

First they will rebrand it and institute it on global scale.



Thu, 02/13/2014 - 01:34 | 4431320 Lore
Lore's picture


Thu, 02/13/2014 - 10:20 | 4431962 DeadFred
DeadFred's picture

What's with all the negativity waves around here. They're not actually stealling your money, you'll get shares in some co-proprosperity project or something. Plus the fact that it's involuntary isn't going to be news.

Thu, 02/13/2014 - 17:46 | 4433927 kaiserhoff
kaiserhoff's picture

Because Obama, 

and because the government knows exactly what you should be doing with your money.

Some things are too stupid for words.  Doesn't mean they won't happen.

Just too stupid.

Thu, 02/13/2014 - 00:30 | 4431182 world_debt_slave
world_debt_slave's picture

asses as in fat asses

Thu, 02/13/2014 - 01:03 | 4431254 G.O.O.D
G.O.O.D's picture

Cant get up, batin..

Fri, 02/14/2014 - 05:10 | 4435733 cnmcdee
cnmcdee's picture

We'll see if the Europeans have the guts, guns to do anything about it.

Lord knows the Americans haven't gotten off their asses.

- There fixed it for yah.

Thu, 02/13/2014 - 00:01 | 4431106 DoChenRollingBearing
DoChenRollingBearing's picture

@ Soul Glow

VAT or something similar would be next for us.

That of course would supplement, not substitute, for the income tax.  Likely coming!

Thu, 02/13/2014 - 00:17 | 4431148 Grande Tetons
Grande Tetons's picture

VAT is ez. I suspect you are correct. Catches a few of the going galters in the consumption net as well.  Wanna buy something? Fuck you! Pay me 15 percent for the pleasure. 


Thu, 02/13/2014 - 00:40 | 4431207 RaceToTheBottom
RaceToTheBottom's picture

I am sure that the public whose savings are confiscated will all get Dimon like salaries.....

Thu, 02/13/2014 - 04:51 | 4431523 wildbad
wildbad's picture

the globalists on the EU Comission are already tax exempt.  They are also trying with hands and feet to get GMOs into the EU after the individual countries said NO very loudly.  Centralization makes much possible.

Thu, 02/13/2014 - 09:14 | 4431764 Raging Debate
Raging Debate's picture

Yes Surf. They will exempt themselves and Fortune 500 type global companies. It's everybody else that gets the tax. The EU would probably consider what our politicians did here in the states and force "crappier healthcare for more money tax" at the point of a barrel of a gun but they already have socialized medicine.

The really wealthy will escape this taxation and the poor have nothing. This will be another reaming of what is left of the middle class. It isnt an intentional war, its what happens when you let bankers run your government through bribes. The politicians get so used to bribes as their day to day job and having to hire independent consultants to build good fiscal and trade policies over filet mignion is such haaaard damn work! Plus politicians are personal invested in the current casino. The fractional reserve model guarantees a mighty bust, destroying an entire generation.

Remember that article where Bernanke printed a few hundred billion for Europe? Yeah, thats on my American tax tab too.

I dont keep more than enough money in the bank to cover payroll for a few weeks and investing in real estate as tax shelter and investment. Might be low return and pain in the ass to manage at times but it's certainly better than treasuries and definately better than the mattress and real estate has bottomed, low cost of lending is an added incentive. My plan is ten years, fliiping is for big money investors that can afford larger risks and hire people to manage the process. Gold and silver is safe too, but the best hedge against currency devaluation. That appears to run its course and hyperinflation at this point means global revolution and loss of power.

I have a theory the dead bankers are a warning shot (pun intended) by some in government that know the gig is up and are reinforcing statements of power. I'll have to keep observing the trend before I offer up reasoning.

Thu, 02/13/2014 - 11:38 | 4432271 Snoopy the Economist
Snoopy the Economist's picture

"and real estate has bottomed" you said. You MUST have mistyped this because that's not true.

Thu, 02/13/2014 - 13:00 | 4432643 Raging Debate
Raging Debate's picture

No I did not mistype Snoopy the Economist. If you think it has further reason to fall then let me know why.

Thu, 02/13/2014 - 18:06 | 4434012 Overfed
Overfed's picture

In most places it is very over-valued due to cheap credit.

Thu, 02/13/2014 - 18:23 | 4434069 Praetorian Guard
Praetorian Guard's picture

Would be happy to chime in:

1. Declining incomes

2. No jobs

3. Upward pressure on commods and energy prices

4. Increased debts

5. Upward movement in treasuries / ? tank in market...

6. Educated populace realizing they don't want to be holding the bag...


Just a few reasons WHY real estate will not hold. Close to 7X's annual income. 7 is the magic number...

Thu, 02/13/2014 - 18:58 | 4434207 Panafrican Funk...
Panafrican Funktron Robot's picture


Every asset has declined in value relative to the value of the USD, as measured by the Fed adjusted reserves, including real estate.

If your assets have not increased at the same rate, you lost wealth, period.  Note that the adjusted reserves increased at exactly the same rate as the GDP from at least the early 80's until the end of 2008, in order to maintain a relatively constant USD value.  

Thu, 02/13/2014 - 19:36 | 4434323 Things that go bump
Things that go bump's picture

Would a deflationary event do it?

Thu, 02/13/2014 - 21:34 | 4434757 mumbo_jumbo
mumbo_jumbo's picture


i was thinking the same thing, this will apply to the 99% NOT the 1% AND certainly NOT the .01%


Wed, 02/12/2014 - 23:04 | 4430955 NoDebt
NoDebt's picture

And not a damned word in the article about relieving (defaulting) the debt that this confiscation would (temporarily) support funding.  

Thu, 02/13/2014 - 00:11 | 4431131 Antifaschistische
Antifaschistische's picture

"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"

Laymans Interpretation

"the savings of the European Union's 500 million citizens would be used to pay off the excessive compensation to the banking industry accrued over the past 40 years"

Thu, 02/13/2014 - 01:48 | 4431330 Lore
Lore's picture

The article seems incomplete. Where does it say that the activity that created this situation will be halted and those responsible will be made to face public justice?

Seriously, I heard somewhere this week that there is some kind of housecleaning in progress behind the scenes.  But don't basic principles of societal justice call for some kind of public gesture?  Thus far, we see nothing presented that would constitute meaningful systemic reform -- just new ways for untethered psychopaths to carry on destroying everything and everyone around them.  It's hardly subversive to make the practical observation that they need to be stopped.

"Not only must Justice be done; it must also be seen to be done."

Thu, 02/13/2014 - 09:38 | 4431808 Raging Debate
Raging Debate's picture

Lore - Yes I sense an emergence of house cleaning behind the scenes also. I think the reason this is not explicit is because our politicians are complicit. But a public (largely symbolic) statement of forcing the execs (jail is better but wont happen complicit thing) out of banking still at the top would inspire some confidence to the investment community at large while the people would gobble it up.

Some forced out would no doubt consult because for many its an itch they need to scratch to be around the business but they should not be at the helm.

What happened up to and maybe through 2008 is partially forgiveable to lesson the pain of the inevitable bust but the looting and lack of fiscal planning/policy to restructure after is certainly not.

Thu, 02/13/2014 - 11:04 | 4432108 StandardDeviant
StandardDeviant's picture

Well, we're in this mess partly because of the bailed-out banks, of course.  But they're a mere sideshow compared to the vast amount of debt racked up by wasteful, unsustainable, utterly immoral government spending on absolutely anything and everything -- to say nothing of an even larger impending debt pile of unfunded liabilities.

There's an interesting line in the IMF report referenced above:

"The appeal is that such a tax, if it is implemented before avoidance is possible and there is a belief that it will never be repeated, does not distort behavior (and may be seen by some as fair)."  [Emphasis mine.]

But as long as governments proceed to spend hand over fist, driven by electorates who expect them to continue doing so, how can it not be repeated?  Especially if it does sort of work the first time, as in Cyprus.

(As for the line about "distorting behavior", how cynical is that?  The truly distorted behaviour we see all around us is that of investors trying desperately to cope with the tide of financial repression which has rendered almost every asset class unfit for purpose.)

Thu, 02/13/2014 - 19:41 | 4434337 Things that go bump
Things that go bump's picture

So, when will they stop beating their wives?

Thu, 02/13/2014 - 11:45 | 4432252 scrappy
scrappy's picture

This is the proper venue Lore, as per your wishes.

If we build a Common Law Grand Jury, the people will come. 

Join us.






Thu, 02/13/2014 - 01:58 | 4431346 James_Cole
James_Cole's picture

This is what drives me crazy. Almost literally: these assholes have gone and robbed folks' houses and now that there's nothing left to rob there they've insisted on having the bank accounts too.

Does no one else see this?? Sums up my state of mind:

What 'holes' are they plugging in the (man-made) financial system?? Where are all these holes originating from?? Gawddamn..

Thu, 02/13/2014 - 08:44 | 4431719 spinone
Thu, 02/13/2014 - 18:21 | 4434070 NemoDeNovo
NemoDeNovo's picture

+1000 one of the best South Park eps ever!

Thu, 02/13/2014 - 12:10 | 4432385 Zymurguy
Zymurguy's picture

No, the term "investments" they use means they will NOT use it to close the gap in debt.  They will use it as leverage for more debt, moar spending... just more borrowing from the future to buy votes and remain in power.  Much easier to pull off in a disarmed society such is most of the EU.

Thu, 02/13/2014 - 09:29 | 4431798 Billy Sol Estes
Billy Sol Estes's picture

Don't worry, it is "Exceptional"!

Thu, 02/13/2014 - 09:53 | 4431856 tradewithdave
tradewithdave's picture

Colloquially referred to as "the Britney Spears one-time tax"... oops I did it again. 


Wed, 02/12/2014 - 23:01 | 4430945 Berspankme
Berspankme's picture

Shitbags like Barroso and Von Rumpboy, Draghi all need to be swinging from the lampposts

Wed, 02/12/2014 - 23:07 | 4430966 chemystical
chemystical's picture

Quisling frontmen, but yes they too should swing.

Thu, 02/13/2014 - 00:25 | 4431168 disabledvet
disabledvet's picture

this sounds more like a "finding" than a leak. in other words I order to say "how we're going to pay for it all" you have to go to the media via "creating a finding" thus "to be entered into the public domain" and there to be discussed.

it is more than a little incongruous because as with Cyprus there seems to be a determination implicit in the "finding" that national interests (in the form of the very idea of a tax base) does not exist.

no wonder so much money is flooding into London. "at least they have a currency that need not be devalued to zero to survive."

this truly is Crazy Talk (meaning no DV blabbering on and on but actual executors of policy fact.)

this is not Venezuela...this is the EU.
the "reliance on private finance" is the Faustian Bargain that was made to bring the euro into existence.

the incongruity that the EU is in fact a Customs Union was not lost on the markets when the euro first debuted...whereupon it promptly collapsed against the dollar.

It was only with the attacks on 9/11 and the American Response to them that this changed.

Apparently "even that" wasn't enough.

Thu, 02/13/2014 - 00:51 | 4431228 Colonel Klink
Colonel Klink's picture

So it WAS a template!!

Thu, 02/13/2014 - 00:53 | 4431237 disabledvet
disabledvet's picture

a "template" to publicly destroy confidence in allot Europe's banking institutions.

I fail to see how the euro here doesn't get annihilated.

Thu, 02/13/2014 - 11:42 | 4432283 Raging Debate
Raging Debate's picture

A monetary union without a fiscal union was doomed to fail. I remember a former Chancellor from Germany think it was Helmut Kohl in 1993 that stated this and it made a lot of sense to me. With a weak political structure such a one off bail in will have serious blowback methinks.

Thu, 02/13/2014 - 00:09 | 4431132 Welder
Welder's picture

They will hang, don't worry. Their time is up !

Fri, 02/14/2014 - 16:20 | 4437448 papaclop
papaclop's picture

Will these bastard banker owned politicians stop screwing the people they supposedly represent. Jamie Dimon got a 20 million dollar bonus after JP Morgan paid over 10 billion in fines yet not one of these f*ckers had to do any jail time. They sucked up billions from the US Fed, and used a lot of this money for lavish parties and bonuses. I sure don't want any more of my money going to these crooked banksters. Sickening!

Wed, 02/12/2014 - 22:51 | 4430906 Bunga Bunga
Bunga Bunga's picture

It's already there. A "high yield" savings account is just a hidden confiscation.

Wed, 02/12/2014 - 22:52 | 4430912 HardAssets
HardAssets's picture

If you only own digital entries - - - they will steal it.

And some wonder why they hate PMs ?

Wed, 02/12/2014 - 23:17 | 4430998 chemystical
chemystical's picture

These will be implemented as a series of taxes, and you'll pay one way or the other.  You can't hide from an imposed debt.  Long on debtors' prisons btw.  That infrastructure is moving along nicely.

Au at the "bottom of your lake" offers you protection only from total confiscation of your assets and it disguises your true wealth.  Total confiscation is not gonna happen.  If the "each according to his ability" principle is in play, then, yeah, your calculated tax will be reduced, but if they go after income as well then you're as fucked as the rest.  What will you do btw if you're in the US and FICA rises to 15% (from both you and your employer) or your bracket increases 20%?  Quit your job?

I own both Au and Ag btw.

Wed, 02/12/2014 - 23:36 | 4431047 Possible Impact
Possible Impact's picture

Pb & Cu too? They can enhance efficacious asset safety assurance methodologies.

Wed, 02/12/2014 - 23:48 | 4431075 chemystical
chemystical's picture

Yes, and in various sizes: .44, .38, .223, .....

Had no problem using them in the past, and won't have a problem using them in the future.  i have no problem with enemy recognition, and neither do my neighbors.  Rather be judged by 12 than carried by 6 (or enslaved by 1 +1 + 100 + 435 + 9 + inummerable apparatchiks), and the rest of the cliches. 

Thu, 02/13/2014 - 07:26 | 4431620 GetZeeGold
GetZeeGold's picture



I have a nail gun on backorder....I'm practically giddy with excitement.

Thu, 02/13/2014 - 16:15 | 4433518 sluggo
sluggo's picture

Suicide Watch?!

Thu, 02/13/2014 - 00:14 | 4431145 Antifaschistische
Antifaschistische's picture

Don't forget Ni.  

The US Nickel is the last vestige of a real US "money" left in circulation. for me, I can't even figure out why they haven't turned this 25% Ni coin into a ghetto plated zinc (inner) coin like the penny.    They really must be desperate to keep the money facade going as long as possible.

Thu, 02/13/2014 - 00:26 | 4431175 disabledvet
disabledvet's picture

zinc isn't worthless. I demand you apologize!

Thu, 02/13/2014 - 07:28 | 4431628 GetZeeGold
GetZeeGold's picture



For the love of pete.....the zincbugs are everywhere.

Thu, 02/13/2014 - 08:38 | 4431715 ParkAveFlasher
ParkAveFlasher's picture

Yeah, but you can't eat zinc.  oh wait

Thu, 02/13/2014 - 08:51 | 4431735 tip e. canoe
tip e. canoe's picture


Thu, 02/13/2014 - 09:05 | 4431753 Offthebeach
Offthebeach's picture


Thu, 02/13/2014 - 10:35 | 4432005 new game
new game's picture

truely lol -thanks...

Thu, 02/13/2014 - 00:59 | 4431239 RaceToTheBottom
RaceToTheBottom's picture


Barter comes into play more.

Work via Consulting companies with low salaries and high owner draws instead come into play more. 

The game will become "be like Romney", again.....

His IRA stock option scam was Epic criminality.

Thu, 02/13/2014 - 08:59 | 4431747 tip e. canoe
tip e. canoe's picture

gotta give them credit, the Bain Broz have taken swindling to a level of high art, up to and including insuring a 2012 reelection without the uncomfortable truths spouted by Grandpa Simpson (aka RP) raising to a too dangerous level of national discourse.

Wed, 02/12/2014 - 23:28 | 4431027 ebworthen
ebworthen's picture

"All your monies is ours."

Wed, 02/12/2014 - 23:57 | 4431097 LMAOLORI
LMAOLORI's picture



It looks like it will be unless they are smart enough to pull it all out ASAP

Thu, 02/13/2014 - 00:07 | 4431129 Georgia_Boy
Georgia_Boy's picture

What name is on this paper bill? The government's, and the Federal Reserve. Well sooner or later, what came from them, belongs to them, and they will take from you what belongs to them eventually. It's just a matter of creating a crisis big enough. I've made that mistake, I've got savings in that system that take decades to accumulate, and if they let me keep it then great. But I'm not counting on it. I'm not playing by their rules anymore. It's time to build the backup system.

Thu, 02/13/2014 - 00:22 | 4431161 Mactheknife
Mactheknife's picture

"Socialism is a philosophy of failure.  The creed of ignorance and the gospel of envy.  Its inherent virtue is the equal sharing of misery."      Winston Churchill

Thu, 02/13/2014 - 20:55 | 4434569 GoinFawr
GoinFawr's picture

Aiiigh! My Sovereign Wealth Fund only has 818 billion in it! Q. So if it's being stolen, just who does own Norway's oil, anyway?

FYI: Strictly speaking, skimming the deposits of the proles and handing it over to a handful of banksters isn't technically 'socialism' the last time I checked.

Thu, 02/13/2014 - 01:36 | 4431319 MontgomeryScott
MontgomeryScott's picture


Let me get this correctly, please.

"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, an EU document says."

The E.U. as a WHOLE had some bankster-cocks gang-rape and penetrate them and stretch them open. In order to staunch the bleeding from their orifices after they got done, they (the population of the E.U.) are told that they ( the E.U. population) WILL have to stuff some absorbent materials ('TAMPONS', or 'LONG-TERM INVESTMENT VEHICLES) in their assholes, mouths, and vaginas so that the BLEEDING and WOUNDS will not METASTASIZE and cause DEATH from being BLED OUT.

Did I miss something, here?





Thu, 02/13/2014 - 10:42 | 4432032 gonetogalt
gonetogalt's picture

Where is Francis Sawyer when you need him?

Thu, 02/13/2014 - 23:53 | 4435248 jomama
jomama's picture

apparently he was banned...?

Thu, 02/13/2014 - 19:54 | 4434402 Buck Johnson
Buck Johnson's picture

This is going to get ugly real soon.

Wed, 02/12/2014 - 22:33 | 4430836 JohnnyBriefcase
JohnnyBriefcase's picture

Nobody saw this coming.

Wed, 02/12/2014 - 22:38 | 4430861 akak
akak's picture

But our leaders assured us that this could NEVER happen!

Wed, 02/12/2014 - 22:53 | 4430918 krispkritter
krispkritter's picture

Dear Leader, you suck Banker Balls.  Sincerely, Serfs  PS. Can I get a loan for some pitchforks?

Thu, 02/13/2014 - 00:05 | 4431118 Crawdaddy
Crawdaddy's picture

pps. and another case of nails for our nail guns

Thu, 02/13/2014 - 01:50 | 4431338 MontgomeryScott
MontgomeryScott's picture

You Chinese posters always have issues with pronunciation!

It's 'RAIL' guns, you silly Chinese peasant!

Not too bad, huh, CLAWdaddy?

I like the audio effects that sound like something out of Star Wars...

Bringing un-population with ever-greater efficiency, the warfighters of the Mercinary Bankster Army are always endeavouring to boost the bottom line, as they attack savings AND life...

You thought that having an 'MBA' degree had something to do with civilian endeavours, didn't you?

Thu, 02/13/2014 - 02:32 | 4431403 Crawdaddy
Crawdaddy's picture

so solly. I will now use general atomic rail gun for elimination of capitalist squirrels attacking village rice paddy.

Wed, 02/12/2014 - 22:42 | 4430878 johngaltfla
johngaltfla's picture


Ayn Rand and many others with more than 2 functioning brain cells saw this coming. It is the fusion of crony state capitalism merging with the welfare state.

Meet Mr. Atlas as he is about to Shrug

Thu, 02/13/2014 - 02:17 | 4431362 MontgomeryScott
MontgomeryScott's picture

Perhaps all the 'downarrows' are due to the fact that 'John Galt' is a fictional character, and Ayn Rand was a woman (and a devout socialista) who didn't understand macroecenomics and the REAL human issues surrounding it. I don't know, however, after seeing this 'Ayn Rand' person, if I could honestly classify her as a 'woman'. I mean, Moochelle, with a Butch cut, and white skin, would STILL be a fugly chimp, you know.

Perhaps you get off sexually on a female who looks and talks like a socialist male. To each their own, I suppose.

NO, I didn't 'red-thing' your post (just so you understand this fact).

If you had had 2 functioning brain cells, you would have re-thought the post that you are now being responded to; in a clear and concise fashion; instead of responding as you have with a deleted expletive: An emotional and crude tool that you are attempting to post as 'information' regarding the feces of a Bovine (and the connotations of sight, smell, and touch that it brings) shall not in any way hereby give you cause to deflect from the issues at hand, 'fla'.



Now that you're down here, why don't you let a financial manager from the old country (the Bronx) manage your retirement account? Our staff of energetic and enthusiastic young interns are trained to bear only ONE thing in mind: The security and trust of our investors is the most important aspect of any of our clients. Your 'peace of mind' is their most high calling as they manage funds from all over the global sphere, and your trust must be earned (as they well know). That trip to Barbados on a shoe-string fixed income is but a phone call away. WHY wait? CALL NOW! Our operators are standing by! (Florida customers: Call 1-800-EF-YOU-SEE KAY, WHY OWE YOU!)



Thu, 02/13/2014 - 09:56 | 4431606 GetZeeGold
GetZeeGold's picture



many others with more than 2 functioning brain cells saw this coming.


Word up there dawg.

Wed, 02/12/2014 - 22:53 | 4430929 HardAssets
HardAssets's picture

I know youre doing a sarc - - - but people such as Bob Chapman warned of this several years ago

Wed, 02/12/2014 - 23:03 | 4430959 johngaltfla
johngaltfla's picture

Did Bob warn about this before or after "allegedly" fleecing old ladies in Florida before he fled to Honduras?

Wed, 02/12/2014 - 23:34 | 4431039 mvsjcl
mvsjcl's picture

John, which Bob Chapman are you refering to?

Thu, 02/13/2014 - 02:41 | 4431407 MontgomeryScott
MontgomeryScott's picture

Ron Paul warned us. He's not dead (YET).

Smedley Darlington Butler warned us, as well (he's dead, now).

Alex Jones is bullhorning us (and the UKIP politician has taken up his tactics).

Bob Chapman and I had a disagreement regarding the legal and lawful tactics that he stated on-air several years ago, after he attacked a friend of mine for pointing out that calling for hanging the treasounous bastards and bitches by the lampposts was NOT authorized by either the Magna Carta OR the Constitution (lack of trial by peers). He got really pissed off at me (on-air). It seems that he was a staunch supporter of 'trial by jury', but couldn't make a credible argument as to why he was in favor of pre-emptive strikes (MURDER in the FIRST DEGREE) of the scum-sucking leeches that now are killing us.

It is a shame that we never had the opportunity to complete this progression of the logical discussion.

He's dead, now.

Perhaps, you might give us a better example than this Bob Chapman' guy?

Wed, 02/12/2014 - 22:44 | 4430875 booboo
booboo's picture

Skimming the proceeds of impaired assets held in funds made up of future promises to pay....what could possible go wrong? This is giving necrophilia a bad name, I mean fucking a corpse is bad enough, butt fucking one is a bit over the top even for Jeffery Dahmer

Wed, 02/12/2014 - 23:41 | 4431064 G.O.O.D
G.O.O.D's picture

Idiot! NOTHING works we are running out of easy everything as in "resource depletion". Get it? Everything is crashing as we slowly go to hell.

Thu, 02/13/2014 - 00:31 | 4431183 disabledvet
disabledvet's picture

well...this does seem to be an admission that there is no such thing as private banking in Europe right now.

I've still got a few dollars lying around. about we start with...te Principality of Manaco?

Thu, 02/13/2014 - 04:26 | 4431500 AngelEyes00
AngelEyes00's picture

Confiscation is a form of fascism, so it's easy to see how desperation leads to fascism.  Hitler's party went from being considered a bunch of clowns to the ruling party due to desperation.  We are entering unchartered territory folks.  Time to going back to stuffing mattresses.

Thu, 02/13/2014 - 04:44 | 4431511 Wile-E-Coyote
Wile-E-Coyote's picture

Well if they want Europe to burn go ahead, the French will start rolling out the guillotines, the Italians will go nuts only like the Italians can. The Irish will just bend over like they have always done; the Brits will gloat from the side-lines while their own government contemplates the same measures in the future. The Spanish will start blowing each other up; the Basques don't need much encouragement. The Swiss will close their borders and hunker down, their normal default position when Europe goes tits up. The Germans will start rearming; the Poles will say fucking hell here we go again.

Putin will actually piss himself laughing; Obama will need to be reminded where Europe actually is, only to mutter something about a golf appointment…………………………… You get the drift!


Thu, 02/13/2014 - 08:46 | 4431723 ParkAveFlasher
ParkAveFlasher's picture

The French will strike for two months straight, which actually will improve their productivity. 

Thu, 02/13/2014 - 06:23 | 4431579 Jannn
Jannn's picture

January Chinese Gold Demand All-Time Record, 247 Tons

Thu, 02/13/2014 - 11:52 | 4432320 chubbar
chubbar's picture

That means the end is near for the monetary system. Their gold deliveries are on a parabolic arc and have outstripped world wide mining supply just on their own demand. We are a few months at most away from something breaking OR a false flag that allows for gold to spike without the sheeple catching on. Either way, major changes in the near future.

Thu, 02/13/2014 - 08:03 | 4431655 Oracle 911
Oracle 911's picture

More likely fascism at work.

#deadly serious

Thu, 02/13/2014 - 09:59 | 4431877 CoolClo
CoolClo's picture

"Socialism works"

Works great for the few in power....

Thu, 02/13/2014 - 10:36 | 4432012 rwe2late
rwe2late's picture

But aren't the private, profit-seeking capitalist banks already investing

everybody's savings to help the economy?


Thu, 02/13/2014 - 10:55 | 4432075 mr1963
mr1963's picture

At the end of the day, the government is going to protect themselves first. From the president on down all the way to the lowest government worker and military, they will protect their financial security first. If it requires riots, snipers, beatings by union thugs, they will not give up till every last drop of blood is squeezed from the private sector worker.  I am not certain when this shift occured, but it has and it cannot be reversed.

Fri, 02/14/2014 - 00:04 | 4435227 Boy
Boy's picture





Fri, 02/14/2014 - 00:08 | 4435230 Boy
Boy's picture



Fri, 02/14/2014 - 00:12 | 4435232 Boy
Boy's picture



Fri, 02/14/2014 - 00:14 | 4435233 Boy
Boy's picture



Fri, 02/14/2014 - 08:10 | 4435912 GetZeeGold
GetZeeGold's picture



I was rooting for you......come on can do this.

Wed, 02/12/2014 - 22:33 | 4430838 Jason T
Jason T's picture

what has been done will be done again, nothing new under the sun.


course they will confiscate!  

Wed, 02/12/2014 - 22:52 | 4430924 john39
john39's picture

inflation is confiscation, so this is nothing new.  they just need more now.

Wed, 02/12/2014 - 23:04 | 4430954 HardAssets
HardAssets's picture

Maybe its not so much that they need more . . . . as they want everyone broke, dependent, easily controlled and new serfs in a new world order ?

'Needing more' to 'stabilize the financial system' may just be an excuse for impoverishing most of the people of the west, and in particular those in the united States.


Wed, 02/12/2014 - 23:21 | 4431001 Wahooo
Wahooo's picture

Yes, please hold still for the implant.

Wed, 02/12/2014 - 22:33 | 4430842 Ignatius
Ignatius's picture

Whatever it takes.  Man, we gotta save these banks.

Wed, 02/12/2014 - 23:21 | 4431004 Wahooo
Wahooo's picture

I get it now. I was wondering what would keep us from burning every bank and government institution to the ground. They will be holding our money.

Wed, 02/12/2014 - 23:52 | 4431084 cro_maat
cro_maat's picture

If they hold all my money...

1. I am a loser
2. I have nothing left to lose
3. Time to make torches, pitchforks, guillotines, etc. from recycled materials

Thu, 02/13/2014 - 01:02 | 4431251 RaceToTheBottom
RaceToTheBottom's picture

Historically, the resetting of debt only occurs with the threatening of rebellion

Wed, 02/12/2014 - 23:54 | 4431091 chemystical
chemystical's picture

quite frankly I'd call that more than an even trade.  either they re-set or we do it for them.  there really is no in between as the can nears the end of the road.

Wed, 02/12/2014 - 22:33 | 4430846 dirtyfiles
dirtyfiles's picture

all for one one for all ..or someting like that

Wed, 02/12/2014 - 22:47 | 4430895 logicalman
logicalman's picture

All for .001%


Wed, 02/12/2014 - 22:34 | 4430848 seek
seek's picture

Companies would invest in capex if they thought they'd be getting a single dollar (excuse me, euro) more in profits. The fact that they're not investing speaks volumes. It also means the confiscated money is therefore being thrown into a black hole.

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