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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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Thu, 02/13/2014 - 00:40 | 4431209 disabledvet
disabledvet's picture

they called it "the Greek Vortex" actually.

Wed, 02/12/2014 - 22:34 | 4430851 akak
akak's picture

Forward, European Union of Soviet Socialist Republics!

Wed, 02/12/2014 - 22:38 | 4430860 nmewn
nmewn's picture

They're doing it for the children!

Wed, 02/12/2014 - 23:38 | 4431048 TheFourthStooge-ing
TheFourthStooge-ing's picture

It's always for the cheeeeeldren.

Thu, 02/13/2014 - 07:32 | 4431631 GetZeeGold
GetZeeGold's picture



They love the children so much.....they're robbing them blind.

Thu, 02/13/2014 - 01:10 | 4431265 Chuck Walla
Chuck Walla's picture


The NWO is licking their chops they are so close to the end game.

Wed, 02/12/2014 - 22:35 | 4430855 geminiRX
geminiRX's picture

You have to be insane to keep money in European banks after all these repeated warnings.

Wed, 02/12/2014 - 22:38 | 4430865 akak
akak's picture

You have to be insane to put an iota of trust in central banksters and political 'leaders', yet most still do.

As I have often said, humanity, taken as a whole, is fundamentally insane.

Wed, 02/12/2014 - 22:48 | 4430903 logicalman
logicalman's picture

Humanity, as a whole, is fundamentally brain dead.

Wed, 02/12/2014 - 22:58 | 4430937 Soul Glow
Soul Glow's picture

I blame doctors, because they are the first people we see.

Bright lights, mother is yelling, or doped up, maybe there was a c-section - an over used practice.  Then after a brief meeting with the parents the baby is whisked away to an incubator like an egg.  Then the mother is forced back home with no rest, the father is expected to work soon after instead of holding his baby whenever the baby needs him.

It's just fucked this world we are living in, yet it is inspirational.  We have so much to overcome and we really aren't anymore spiritually behind than before.  Maybe humanity makes the great leap, maybe we don't, but it sure is interesting.

Wed, 02/12/2014 - 23:58 | 4431103 cro_maat
cro_maat's picture

What if you knew that the whole of physical existence was just a 3D hologram and that your only reason for living was to work with Will and Imagination in order to overcome the maya (illusion) allowing you to escape to another dimension with god like powers?

Would you live your life differently?

Thu, 02/13/2014 - 03:56 | 4431479 merizobeach
merizobeach's picture

If it was a 3D hologram, we would all be static and not moving.  At the very least, we are 4D.

Thu, 02/13/2014 - 13:20 | 4432735 Raging Debate
Raging Debate's picture

Merizobeach this would be a stimulating conversation to have together. Here is my email . Anybody else like Tall Tom or others that want to email and talk about this subject please feel free to do so. It's a lot of fun and scientifically, I wager a few of you have conducted some experiments. Access needs to be codified into software and that might be possible in the NEAR future, enough said ;)

I wish ZH had a method for user to communicate with one another from each thread.

Thu, 02/13/2014 - 13:22 | 4432736 Raging Debate
Raging Debate's picture

Merizobeach this would be a stimulating conversation to have together. Here is my email . Anybody else like Tall Tom or others that want to email and talk about this subject please feel free to do so. It's a lot of fun and scientifically, I wager a few of you have conducted some experiments. Access needs to be codified into software and that might be possible in the NEAR future, enough said ;)

I wish ZH had a method for user to communicate with one another from each thread.

Fri, 02/14/2014 - 04:15 | 4435688 ebear
ebear's picture

"At the very least, we are 4D."

Yeah, but it still hurts!

Thu, 02/13/2014 - 08:47 | 4431727 ParkAveFlasher
ParkAveFlasher's picture

Forward, Rocinante!

Wed, 02/12/2014 - 23:36 | 4431041 edotabin
edotabin's picture

I think we are poorly or improperly evolved.  Maybe we are devolving? Something ain't right and that's why I love Idiocracy so much!

Thu, 02/13/2014 - 00:07 | 4431123 cro_maat
cro_maat's picture

There is a reason that Darwin's evolution is taught in the schools and taken as the only gospel. If the true teachings of all the esoteric schools became widely available then the masses would know that Nature evolves and devolves as well. We are seeing the end game of a giant compost pile that most are gladly marching into. If you want to evolve you have to resist every trick of the black lodge aka TPTB. This take lots of Will and unfortunately the hypnotized are busy watching the Olympics.

Thu, 02/13/2014 - 01:01 | 4431202 Creepy Lurker
Creepy Lurker's picture

You're not the first I've heard refer to TPTB by that name. The other writer was of the opinion that they believe they are doing the Great Work and don't understand their own evil. I don't think I buy that.

Thu, 02/13/2014 - 18:37 | 4434116 NemoDeNovo
NemoDeNovo's picture

You could be quite wrong in that assumption, ask yourself where that reaction comes from is it emotionally based, and based upon logic and reason???  Do we really think our mere 80+ year existence in this realm is in anyway meaning ful in a multi billion [arguably trillion] year old universe??  We are barely here long enough to pass gas.  But then again each of us has to find our own path in our own time, and 95%+ are not supposed to find it each evolution.  Would this place serve its purpose if there was no chaos??

Thu, 02/13/2014 - 18:32 | 4434105 NemoDeNovo
NemoDeNovo's picture

Most are not reayd to understand the principles you have described on several posts here.  Remember my friend it is a violation of the Law of Free Will to intrude on others right to remain Ignorant.  Less then 5% [and I'm being generous here] are ready to 'level up' and beat the game in this incarnation, they have not learned their lesson yet, but do not feel sorrow for them as this was choice made before they entered the game here.  How many could actually accept what this place is, why they are here and who they truly are, they veil is thick right now, and growing thicker by the day...........

Thu, 02/13/2014 - 21:04 | 4434632 Creepy Lurker
Creepy Lurker's picture

You make good and valid points. Absolutely chaos has its function. Without chaos one would never know order, without darkness one would never know light.

" We are barely here long enough to pass gas." So very true, lol. It's my main complaint, 80 years is a ripoff! It's not even enough time to learn anything. I know I will be back again. I cannot give up my attachments to this world, and I'm not done learning from it. Still, I'm glad of the progress I've made so far, even if it only means I've become aware of my vast ignorance.

Fri, 02/14/2014 - 04:41 | 4435704 ebear
ebear's picture

You guys need some epic theme music to go with that:

C'mon everybody!  Sing along!

Thu, 02/13/2014 - 10:29 | 4431994 Mesquite
Mesquite's picture

All the chemicals are working...

Wed, 02/12/2014 - 22:52 | 4430921 A Lunatic
A Lunatic's picture



'You made me master of the world where you exist

The soul I took from you was not even missed'

   'Lord of this World' by Black Sabbath.

Wed, 02/12/2014 - 22:38 | 4430862 buckwheat5000
buckwheat5000's picture

germany should abandon EU tomorrow

Wed, 02/12/2014 - 22:44 | 4430887 Ignatius
Ignatius's picture

Germany is the EU.

Wed, 02/12/2014 - 22:50 | 4430911 Overfed
Overfed's picture

Germany is the single pillar holding up the entire house of cards called the "EU" (sounds like ewww). Remove that pillar, and....kaboom!

Wed, 02/12/2014 - 23:46 | 4431070 Portuguese Revo...
Portuguese Revolutionary's picture

Germany is the shepherd that fleeces the sheep...

Portugal, Greece, Spain and Ireland are in debt because they were FORCED to buy shit they didin't need. But that shit was "made in Deustchland"...

In Portugal's case it was: submarines (!!), electric trains (siemens), hospital equipment (siemens again) and many other items (all overpriced, obviously)...

Wed, 02/12/2014 - 22:41 | 4430868 balolalo
balolalo's picture

I read zerohedge for deep shit like this, calling a spade a mother fucking spade.   There goes one half of the first world.    How did it happen?.......  robbed at gun point.  

Thu, 02/13/2014 - 00:46 | 4431214 disabledvet
disabledvet's picture

"the power to print is the power to destroy."

this European "Bank" is in the wrong City...they should have located it in Venice actually.

Thu, 02/13/2014 - 02:24 | 4431383 Lore
Lore's picture

Redundant comment removed.

Wed, 02/12/2014 - 22:39 | 4430869 Yenbot
Yenbot's picture

Its amazing how you can rob the WHOLE WORLD at gunpoint for 600 years, and STILL be poor as dirt...

Wed, 02/12/2014 - 22:39 | 4430871 stant
stant's picture

modern day holocaust, your money goes to the furnace. and then you just die

Wed, 02/12/2014 - 22:40 | 4430873 Spungo
Spungo's picture

Don't worry, much of Europe is disarmed so people can't shoot politicians supporting this.

Wed, 02/12/2014 - 22:47 | 4430886 balolalo
balolalo's picture

That's ok.   The cities are tight and small.   Ever wonder how the USA solved that problem over here?.... notice those nice wide streets in DC... it wasn't no accident.  

Wed, 02/12/2014 - 22:50 | 4430902 dexter_morgan
dexter_morgan's picture

yep, which is why it's imperative to disarm Dumbfuckistan (formerly known as USA) so great plans like this can jump the pond. 

Thu, 02/13/2014 - 00:23 | 4431162 InjectTheVenom
InjectTheVenom's picture

NO NO NO NO NO !!!     dontcha remember...IT'S ALL FOR THE CHILDREN  !!!

Wed, 02/12/2014 - 22:42 | 4430879 zen0
zen0's picture

so if you got pHysical, it can be confiscated, or if you hide it, they will make the situation untenable to use it. If you have fiat, they will confiscate and invest it for you in what they want. What you done got. bitchez? Nada. Lets hear all you smart guys present a solution. Bitcoin?

Wed, 02/12/2014 - 22:47 | 4430890 seek
seek's picture

High value tangible goods.

And AU. These fuckers won't be in charge forever.

Wed, 02/12/2014 - 23:52 | 4431088 Droel
Droel's picture

This is how they will take your gold. Doesn't matter how much lead you stacked. Quite possibly the scariest article I have read to date.

Thu, 02/13/2014 - 00:43 | 4431213 Tinky
Tinky's picture

How many times do I have to repeat this? The U.S. government will not be confiscating gold. If and when it becomes desparate enough to make a grab, it will do so through taxation, and for many reasons that should be obvious.

Thu, 02/13/2014 - 00:49 | 4431222 disabledvet
disabledvet's picture

if you're the worlds larger energy producer by don' even need to worry about taxation actually.

"our winter your problem."

Thu, 02/13/2014 - 00:53 | 4431233 Meat Hammer
Meat Hammer's picture

Dude, that shit is for use against the parasitic FSA. When their votes are no longer needed they will be disposable when the SHTF. 

Have a bug out plan and when this fiat experiment goes tits-up, bug out.

Thu, 02/13/2014 - 02:14 | 4431376 balolalo
balolalo's picture

I always hear people say don't make big purchases, times are tough.   F that.  I am buying as much high quality products as possible, while I still can - before our paper hits the ground like zimbabwe.   

Wed, 02/12/2014 - 22:58 | 4430940 FilthyPhil37
FilthyPhil37's picture

It's a lot easier to confiscate dematerialised securities, such as USD, any paper denominated in USD and bitcoin. At least with physical they have to come and take it in person. 

Thu, 02/13/2014 - 00:16 | 4431151 JimS
JimS's picture

Ah, Bitcoin. It's OK, till they seize you and your "thumb-drive", waterboard you till you cough up the code. Or, they may just kill you, and fry your thumb-drive. That, more or less, finishes your Bitcoin.

Thu, 02/13/2014 - 00:58 | 4431243 disabledvet
disabledvet's picture

interesting that it was a denial of service attack.

that's normally a Government action...not "hackers."

Thu, 02/13/2014 - 03:48 | 4431472 JustUsChickensHere
JustUsChickensHere's picture

Ever heard of multiple wallets? ... and if you have time, see this tutorial on 'sloppy wallets' - things you leave to distract and identify attackers.

If you are being waterboarded, resist for a bit and then give up the keys to a minor wallet with a credible percentage of your wallets ... ignore further torture.... if they keep going, they intend to kill you anyway.

Wed, 02/12/2014 - 22:42 | 4430881 TheRideNeverEnds
TheRideNeverEnds's picture

Nice, I assume they will use the money they confiscate to buy more stawks?  



Wed, 02/12/2014 - 22:45 | 4430888 dexter_morgan
dexter_morgan's picture

What a great plan! Unless of course, one believes in free men and free markets and values their freedom and liberty.

Wed, 02/12/2014 - 22:45 | 4430891 the not so migh...
the not so mighty maximiza's picture

yeah sure, europe has no history of reveloutions or anything

Thu, 02/13/2014 - 00:50 | 4431229 disabledvet
disabledvet's picture

Germany is a Federal theory it could "break apart."

Wed, 02/12/2014 - 22:49 | 4430892 newworldorder
newworldorder's picture

Please forgime my being uninformed on this suject of EU rules.

Since there is no fiscal unition, is this legal under current EU laws?

Can the EU impose its will on individuals domiciled in all EU countiries?

What does this mean for the sovereignty if individual EU nations.

Wed, 02/12/2014 - 22:53 | 4430917 logicalman
logicalman's picture

Please forgive my being uninformed.

How can one human being have the right to tell another human being what to do, as long as no harm is being done?

What does this mean for individual freedom?

Thu, 02/13/2014 - 00:21 | 4431155 Joenobody12
Joenobody12's picture

Obumpma : You want freedom, you can have your free dump. Your ancestor fucked my ancestor , now it is payback time. I fucking destroy your country.

Thu, 02/13/2014 - 00:46 | 4431215 lasvegaspersona
lasvegaspersona's picture

Oby's ancestors never were forced onto the boat. They probably were sell side slavers...someone had to be.

Wed, 02/12/2014 - 23:39 | 4431050 edotabin
edotabin's picture

What does this mean for the sovereignty if individual EU nations.


What sovereignty?

Thu, 02/13/2014 - 05:46 | 4431558 swiss chick
swiss chick's picture


Thu, 02/13/2014 - 09:04 | 4431751 layman_please
layman_please's picture

well EU has broke all its rules. most of the PIIGS shouldn't even be in the EZ. i'm not even talking about the last 4 years monetary policy as bailouts would be illegal according to the lisbon treaty's conditions. nobody really cares. there's no rule of law in EU, there never was. just the rule of the bankers.

"Can the EU impose its will on individuals domiciled in all EU countiries?"

problem is that sovereign governments are complicit and are acting on voluntary basis, because they all belong to the bankers, who dictate the EU monetary policy.


Wed, 02/12/2014 - 22:48 | 4430894 spanish inquisition
spanish inquisition's picture

The banks are complaining that the big problem is they are required to have money in the bank.

Wed, 02/12/2014 - 22:48 | 4430900 Kirk2NCC1701
Kirk2NCC1701's picture

No Problem.  They simply move their savings to "The Bank of Certa, Sealy and Posturepedic".

Complete privacy (no ratting out to anyone), No Fees, No Charges.  Funds available 24/7/365, even on holidays. No Withdrawal Limits.

Note:  The Depositor plays their part in the Security of Deposits, depending on whom they let on the Premises.  ;-)

Wed, 02/12/2014 - 22:51 | 4430908 dexter_morgan
dexter_morgan's picture

That would be great if the 4th amendment were still in effect in any meaningful manner.

Wed, 02/12/2014 - 22:50 | 4430901 Sinnedi
Sinnedi's picture

It's time to bring out the guillotines

Wed, 02/12/2014 - 22:52 | 4430925 logicalman
logicalman's picture

LONG over due.

Wed, 02/12/2014 - 22:49 | 4430910 lakecity55
lakecity55's picture


EU-wide communist nationalization/confiscation!

Forward, Soviet!

Thu, 02/13/2014 - 00:03 | 4431022 chemystical
chemystical's picture

the daily by jews, for jews, and about jews.

the, ahem, similarity in the words "forward" and "forward" is not a coincidence.  it's a cohencidence.  

those who forget history are...probably reading kosher books.

or watching kosher tv/movies


"...and then they came for me, because I defended my misanthropic sociopath lucifierian co-religionists 24/7".


Shoot the messenger using down arrows.

Thu, 02/13/2014 - 01:00 | 4431247 lasvegaspersona
lasvegaspersona's picture


my guess is you are 12 and have never met a jewish person but have watched a bunch of youtube about bankers.

Let's discuss Guy Rothschild. Born into the French family with everything. Serves in the army and goes to work in the bank. WW2 happens and the Vichy take his bank. His mother's entire family and a variety of relatives get murdered and dispossessed.

He rejoins the army and gets evacuated at Dunkirk. Comes to the US but joins up with the French in London. On the way his ship is torpedoed, 13 on his ship die. Gets captured but escapes. After the war the Socialists take his new bank.

By this point I'd be thinking 'wow, the people will grab anything that's not nailed down.' I wonder what the best way is to secure wealth. Every time I make money they take it away.'

And for the record all jews are doctors not bankers, I know I've counted them.

My point is if you just hate jews admit that you do so with out reason or personal grievence. This bullshit about them starting wars is nonsense. Bankers loose with wars. One side defaults. Peace and commerce are in their best interest. But logic probably isn't your strong suit.


Thu, 02/13/2014 - 08:32 | 4431702 lakecity55
lakecity55's picture

Apparently you have never met a Zionist.

Is the Red Shield of One Mind? Probably not.

Zionists, Khazars, are not "jews" as I understand the term.

Thu, 02/13/2014 - 01:30 | 4431312 lakecity55
lakecity55's picture

.....and the Tribe said "Forward," "harvest the sheeple and let us Rule The World."

Wed, 02/12/2014 - 22:52 | 4430913 dexter_morgan
dexter_morgan's picture

Queue Flakey and crew of apologists to explain why this is a great idea and should be done here.........

Wed, 02/12/2014 - 22:53 | 4430914 Catullus
Catullus's picture

Or you know, you can just default. Not destroy all confidence and not send the continent into conflict.

Nah. The EU is the baby of the political class for the past 25 years. Why give it up now?

Wed, 02/12/2014 - 22:57 | 4430931 dark pools of soros
dark pools of soros's picture

the great scam will be after they lull the fools of their savings into the grand promises of socialism (why have savings.. we all get what we need) then politics will change, conservatives get in charge and crimp all those programs away....  so now no savings and now no social programs..


and it was all planned from the start...



Wed, 02/12/2014 - 23:01 | 4430952 Soul Glow
Soul Glow's picture

People are greedy and will never go for "socialism", for better and worse.

Wed, 02/12/2014 - 23:33 | 4431034 chemystical
chemystical's picture

the majority of the people who will be affacted by these measures are fat, lazy, addlepated, indoctrinated, and will do whatever makes them the most comfortable for the next 60 seconds.

Wed, 02/12/2014 - 22:56 | 4430934 Omegaman2211
Omegaman2211's picture

Whew, good thing that could never happen here!

Wed, 02/12/2014 - 23:11 | 4430946 Bugsquasher
Bugsquasher's picture

But, but Cyprus was just an isolated event, a special exception!  They promised it would never happen again!  What are you telling us?  These people would lie to us???  Who would beleive such a thing?

Thu, 02/13/2014 - 00:14 | 4431144 SAT 800
SAT 800's picture

I think Cyprus was the trial run; to see if people just rolled over for it and forgot about it again.

Thu, 02/13/2014 - 00:35 | 4431190 disabledvet
disabledvet's picture

actually that's exactly what the policy folks said Cyprus was...a "template."

What's next? "only titled individuals can have title to land?"

Thu, 02/13/2014 - 08:28 | 4431693 lakecity55
lakecity55's picture

Apparently, the Cypriots are only armed with shotguns.

Thu, 02/13/2014 - 18:44 | 4434149 css1971
css1971's picture

Bullet proof does not mean stab proof. Soft body armour vs xbow.


Wed, 02/12/2014 - 23:02 | 4430947 CitizenPete
CitizenPete's picture

bullish PM, bitshit, whatever

Wed, 02/12/2014 - 23:03 | 4430960 chemystical
chemystical's picture

"feasibility of introducing an EU savings account, open to individuals whose funds could be pooled and invested in small companies?"

See: "Solyndra" du jour.  What could possibly go wrong?  Current gov't policy already does a stellar job of picking winners and losers (and handing your wealth to them): banks, MIC, campaign contributors, deadbeats, etc.  Each of those has contributed mightily to the good of mankind, right?  (Apologies to the deadbeats - it's not always your fault, and getting rid of the other parasites might remove you from your plights).

P.S. If you think that pulling your investments from the market will relieve you of this "bail-in" burden, then think again.  If instituted this will be a tax liability on all of us.  It will not be dischargeable through bankruptcy, and I'd expect that an unpaid debt will be inherited by your progeny.  We've all seen the playbook.  Gov't will sell your soul - to themselves.  And it will be done slowly and marketed as anything but additional enslavement.  In the USA expect to see the colors red, white, and blue in the promotion/propaganda.  Prepare to see eventually a lot of red and white because not everyone will go quietly into bondage.


Wed, 02/12/2014 - 23:08 | 4430968 Dasa Slooofoot
Dasa Slooofoot's picture

Europeans have savings? 

Thu, 02/13/2014 - 00:38 | 4431204 disabledvet
disabledvet's picture

this is a VERY good point actually...and two thimbs up for the six people who up-arrowed you.

in point of fact one could argue "all they have is a benefit check."

the irony that what has led up to this point (austerity) could lead a hyperinflation should be lost on no one.

Thu, 02/13/2014 - 01:22 | 4431289 Meat Hammer
Meat Hammer's picture

Read the article again, it says pension savings. They're going to confiscate money that they were eventually going to have to print anyway, but they know this bitch is collapsing quickly so they have to do it now. Now instead of printing it and letting the people have it, which would cause hyperinflation and public hangings, they're going to "mobilize" it, meaning print it now with the stroke of computer keys without the sheeple getting wise to it, then securitize it and sell it back to the same people from whom they stole it. The people are going to buy the present with the money of their future and be left with nothing, while the elites make off with all of the hard assets courtesy of the citizens.

Guillotines are too good for these people.

Thu, 02/13/2014 - 10:41 | 4432031 XXL66
XXL66's picture

Actually household savings rate in europe are 13.9 % on average, in the US not even 3%...



Thu, 02/13/2014 - 18:27 | 4434090 Overflow-admin
Overflow-admin's picture

LOL, from whom's ass do you pull that number?

Fri, 02/14/2014 - 07:20 | 4435835 XXL66
XXL66's picture

shows how little Mericans know about europe

Wed, 02/12/2014 - 23:10 | 4430972 TaperProof
TaperProof's picture

All your currency are belong to the government

Wed, 02/12/2014 - 23:12 | 4430980 dexter_morgan
dexter_morgan's picture

This will be tough to do here in Dumbfuckistan won't it? I mean at least until we are disarmed.

Thu, 02/13/2014 - 00:12 | 4431133 JimS
JimS's picture

There now, you said something that makes sense, unless you ARE advocating disarming the population. You are than a troll/tool, or a fool.

Wed, 02/12/2014 - 23:13 | 4430982 AdvancingTime
AdvancingTime's picture

A bad haircut, in this case means you have been robbed. That may be the case if the government reaches in over a long weekend and steals money from your bank account. This is a horrible precedent to set, and the worst part may be how some people are letting it slip out that it would be fair, or in some way justifiable if it is only on the larger accounts. It is fine if it only impacts the savings of someone else, the savings of what they see as "the wealthy", the problem is someday they may come for you. More on the bail-in concept in the post below,

Wed, 02/12/2014 - 23:36 | 4430996 WhyWait
WhyWait's picture

Putting aside the moral outrage and the damage to people's trust, the economic effects of massive wealth confiscation depend greatly on who it is taken from and what is done with it.

The very wealthy are apparently unable to invest their wealth profitably in the real economy, and so are simply sitting on or speculating with massive quantities of it.  If this wealth were confiscated and invested in the real economy, in for example infrastructure renewal and green energy projects, it would have a hugely stimulative effect.

Even if the bulk of it were taken from poor and working people who would have spent it right away it would at least generate as much economic activity being spent by a (hypothetical) non-corrupt government as it would in the hands of the consumers.

If however it is confiscated and used simply to heal banks and retire public debt, it will have a massive deflationary effect no matter who it's taken from. 

Has anyone seriously modeled the effects of this?  My prediction is that the model will show the bail-in setting off a death spiral of collapsing demand, collapsing output, business failures and collapsing wages and collapsing revenue. It's hard to see what countervaling pressure in the Euro economy could set a floor on this collapse.

I doubt somehow this scenario is what the banks intend.  But maybe they see it and are just out of options. 

The collapse of the Euro economy might be expected to set off an explosion of the black economy, such as we are seeing now in Southern Europe, which would progressively displace the Euro economy.  Governments could react, perhaps preemptinvely, by reintroducing national currencies to capture this black economy, but that would only work if the national currencies were non-convertable and shielded from the international banks' claims.

That would in turn involve a major shift in political power.


Thu, 02/13/2014 - 02:47 | 4431418 Johnny Cocknballs
Johnny Cocknballs's picture

It is very rare that a comment so relatively brief could be so wrong, in so many ways, about so many things.


Paul Krugman, is that you?  You silly goose!

Thu, 02/13/2014 - 11:42 | 4432286 WhyWait
WhyWait's picture

There is a boundary which, once you cross it you forever leave behind all hope of distinguished professorships, "Nobel Prizes" and space in the Gray Lady. You can only go so far before the Powers that Be consider you a threat.  If you test that threshold and turn back, they may still find a use for you as a kind of unofficial "Establishment Left", as kind of a boundary marker for the limits to acceptable discourse.

Kind of like Rachael Maddow, that seemingly free and fearless spirit.  What stories and facts does she leave out?  What issues does she ignore?  Whose anger will she channel and whose won't she touch? Where does the logic of her arguments lead that she won't follow?  Ask, and you will soon understand the reality of her invisible leash, and of the invisible hook that could yank her from the stage for one wrong move.

If you let them goad you to anger and contempt, that's a sign they're doing their jobs well. 

Thu, 02/13/2014 - 20:26 | 4434518 Things that go bump
Things that go bump's picture

Uh, so why is he wrong, Mr. Cocknballs? Please consult your own crystal ball and give us your predictions. That way we can judge for ourselves. We're just supposed to take this global "wrong" on faith?

Wed, 02/12/2014 - 23:19 | 4431000 buzzsaw99
buzzsaw99's picture

all to save the very wealthiest .000001% elitist scum stock and bond holders who will not lose even a penny

Wed, 02/12/2014 - 23:38 | 4431003 dexter_morgan
dexter_morgan's picture

Kinda interesting to look at the number of reads and comments on various articles posted here around same time every once in a while. Class envy is alive and well on ZH, while this article which could potentially affect more people if implemented here than any comments by some fucked up CEO, but that's what people read and comment on.

Dumbfuckistan, as shown below.

Thu, 02/13/2014 - 00:06 | 4431122 JimS
JimS's picture

Sorry, Sir. I have no fucking "class envy", so.... fuck-off, asshole.

Thu, 02/13/2014 - 00:07 | 4431124 dexter_morgan
dexter_morgan's picture

yeah....sure you don't LOL

Thu, 02/13/2014 - 00:51 | 4431225 lasvegaspersona
lasvegaspersona's picture

Dice's schtick is getting old, anyone can find idiots walking down the street, they are everywhere. But just because they may not know what is important to him does not mean they don't have a grasp on what is important to them.

Thu, 02/13/2014 - 09:38 | 4431810 Vooter
Vooter's picture

"Class envy is alive and well on ZH..."

Reminder: The guillotine blade doesn't know or care why it's falling...

Wed, 02/12/2014 - 23:23 | 4431014 pigs-n-space
pigs-n-space's picture


Wed, 02/12/2014 - 23:25 | 4431019 gwar5
gwar5's picture

Only after confiscation of all personal wealth of the masses will they 'invent' cutting back on socialism and call it 'Sustainable living'   aka ..... draconian rationing.






Wed, 02/12/2014 - 23:32 | 4431033 monad
monad's picture

Fucky you!

Wed, 02/12/2014 - 23:33 | 4431036 Dollarmedes
Dollarmedes's picture

So they're going to confiscate the money and give it to the people that caused the crisis, in order to avert the crisis they caused. Also, there's no guarantee they'll be able to use this money to avert the crisis they caused, since they already have a track record of failure by wasting the original money.

That outta work out just fine.

Thu, 02/13/2014 - 00:02 | 4431117 JimS
JimS's picture

Well stated.

Thu, 02/13/2014 - 02:16 | 4431377 Amagnonx
Amagnonx's picture

It was just a blatant theft in the first place, all the so called 'crisis' talk was just to provide cover for the looting.

Wed, 02/12/2014 - 23:45 | 4431068 notadouche
notadouche's picture

What happened to the trillion plus dollars the Fed funneled to European banks in the latter part of 2012? At least thats what I remember reading on ZH.

Thu, 02/13/2014 - 08:24 | 4431683 lakecity55
lakecity55's picture

Apparently, it all went for hookers and blow.

Thu, 02/13/2014 - 09:12 | 4431763 layman_please
layman_please's picture

but that's good for the economy, right?

Thu, 02/13/2014 - 11:02 | 4432099 Mesquite
Mesquite's picture

Is it true that Corzine is going to manage myRA..?

Wed, 02/12/2014 - 23:44 | 4431069 kchrisc
kchrisc's picture

"We stole it and you might get it back." has now become "We're just going to keep it."

Wed, 02/12/2014 - 23:46 | 4431072 Conax
Conax's picture

There you go, getting all wee-weed up about a one shot tax deal.  Your stocks will go so high you'll be saying, "tax me again- harder this time" when you get a gander (.)(.) at your new paper worth.


Wed, 02/12/2014 - 23:47 | 4431078 Little Boomer
Little Boomer's picture

I thought Europeans were better educated than us, haven't they read about the French Revolution and stuff?

Wed, 02/12/2014 - 23:58 | 4431102 dexter_morgan
dexter_morgan's picture

better propagandized perhaps, but not necessarily educated

Thu, 02/13/2014 - 00:47 | 4431224 silverstud
silverstud's picture

This time we won't take out "Royalty" we will go to the bone and take out Rothschild, Rockefeller, families etc as well as their lieutenants at JP Morgan, Morgan Stanley, Bank of America, Citbank etc... 

It ain't going to be pretty - but neither is what they HAVE DONE TO US!

Oh.. and the NSA will work for the people and root out every one of these slimy bastards!

Can see the drone lining up a limo in New York right now!

Anarchy before civilisation resets without these blood suckers

Thu, 02/13/2014 - 03:11 | 4431435 slightlyskeptical
slightlyskeptical's picture

If the NSA actually was able to rid us of these beasts, I might take a little different view of them. Unfortunately I think they use their knowledge in order to further their own agenda and that it has little to do with helping the people.

Thu, 02/13/2014 - 00:03 | 4431121 The Wisp
The Wisp's picture

So if we all just took our money out of the Banks, and didn't buy any Paper Anything...

  you know  just shrug and walk away..

Thu, 02/13/2014 - 20:30 | 4434534 Things that go bump
Things that go bump's picture

With all our paper money?

Thu, 02/13/2014 - 00:11 | 4431136 SAT 800
SAT 800's picture

Wow. Get back to basics; it's not a crisis; it's just normal result of spending what you don't have. There's no "temporary gap" they can span, or get to the other side of; there's just moar spending moar than they have. "The trouble with Socialism is you run out of other peoples money to spend"---Margaret Thatcher.

Thu, 02/13/2014 - 00:25 | 4431173 bidaskspread
bidaskspread's picture

You mean they can go after the foriegn companies deposits who are trying to avoid taxes. Interesting and sounds like a joint US effort. Just like Cyprus and the Russian investors.

Thu, 02/13/2014 - 00:40 | 4431181 silverstud
silverstud's picture

Bought another 5 kilos of PHYSICAL gold and 10,000 oz of PHYSICAL silver from the Perth Mint last week.

Who needs the ECB, IMF et al these fuckers? All the banks do is FUCK you

Get with it!!!!!!!!!!!!!!!!!

PS Its official - the Perth MInt running low on the PHYSICAL



Thu, 02/13/2014 - 00:45 | 4431217 Tinky
Tinky's picture

Another five kilos? Where do live again?

Thu, 02/13/2014 - 02:13 | 4431375 Amagnonx
Amagnonx's picture

Did you buy it physically at the mint?  My friend went there recently, and they treated him like a terrorist - gave him the full treatment, everything save the anal probe - and then he still couldnt get silver.


Also - doesnt Perth Mint have shocking premiums?

Thu, 02/13/2014 - 08:21 | 4431679 lakecity55
lakecity55's picture

*Ahem,* I have a spare safe you could put that in. Just sayin.

Thu, 02/13/2014 - 09:16 | 4431775 ZeroPoint
ZeroPoint's picture

I guess that puts you on the Queen's list of homes to be raided when the collapse happens.

Thu, 02/13/2014 - 00:40 | 4431208 lasvegaspersona
lasvegaspersona's picture

ya that f'n Draghi refuses to destroy the Euro like Ben and Janet have the dollar...

I'm betting that this could be a ploy to get mo money from the Fed however because if they scalp the citizens of the EZ it would be a signal to savers everywhere to get out of

Thu, 02/13/2014 - 00:53 | 4431236 dobermangang
dobermangang's picture

And it's gone!

Thu, 02/13/2014 - 01:08 | 4431258 silverstud
Thu, 02/13/2014 - 00:59 | 4431245 imbtween
imbtween's picture

how is that "redistribution" when it's used to plug liquidity holes at banks? That's theft of my wallet to cover the vig at your casino and nothing more.

Thu, 02/13/2014 - 01:13 | 4431276 Typing Typer
Typing Typer's picture

Ein Volk, Ein Reich, Ein Bank Account

Thu, 02/13/2014 - 01:20 | 4431290 Jack Burton
Jack Burton's picture

The EU is an odd mix of Soviet Communism, and out and out corporate fascism. The EU was founded as an extension of European Corporations, an enforcement tool for corporate power. But along the way, the Red Communists joined in with the EU idea, as they saw a perfect enforcement platform for a soviet socialist social agenda. Forced integeration and destruction of all culture that was once considered northern European. The corporate fascists favor open borders to cheapen local labor, the reds favor it to enforce the destruction of the cultures they so hate. So, EU, perfect match of Soviet Union and Nazi Germany. Both allied for common goals. Now, there are those who love this new EU and it's power centered in Brussels, as corporations have never wielded such power, never had such access to cheap labor and never had such ability to ignore elections of local home rule. Lets hope for one race, one culture, all centered around the dictatorship of the EU whose only goal is increased corporate profits and all powerfull banks, and the scum bankers who now own Europe and are seeking to own Ukraine as an added little bonus. What Hitler could not do with the entire German army, the EU can do with 30 Euro a day bribes to their fascist protestors and assorted bribed fools. By bribed fools, I mean those liberal elites the EU and USA fund for life in return for handing over of nations to the EU fuck machine,

Thu, 02/13/2014 - 05:45 | 4431557 Mr. I-N-The Sky
Mr. I-N-The Sky's picture

Jack, what is the difference between Moscow, Brussels, or D.C.? The languages?

What nation is more Fascist than the US? The US is more fascist than Hitler's or Mussolini's governments. At least the people there were under dictatorships. In the US we actually vote our Stalins in power. And then keep em in powers for decades.

Banks control the most powerful nation in modern time and we're talking about other nations popliteal flaws.


Thu, 02/13/2014 - 01:28 | 4431302 Gr8taters
Gr8taters's picture

Why bother with reflation when infation and deflation gut the middle class?

Do the Central Banks understand that their very existence is only to serve the 1%?

Thu, 02/13/2014 - 01:31 | 4431315 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 - 02:06 | 4431363 lasvegaspersona
lasvegaspersona's picture

I think you are missing a point. It is the wealthy that get fleeced by the poor (and their polliticains). I'll grant you that bankers are doing OK but throughout history it is the lenders who get slaughtered as politicians ruin the currency and thus the savings of all net producers. The poor and the debtors are the ones crying for easier money. If the EU goes through with this it won't be the poor who suffer. It will be done to keep the government goons on the payroll and the benefits coming a bit longer.

Thu, 02/13/2014 - 02:43 | 4431410 Pareto
Pareto's picture

He's not missing the point as much as your point is an additional, but related, caveat.

Thu, 02/13/2014 - 03:02 | 4431423 Johnny Cocknballs
Johnny Cocknballs's picture

The wealthy get fleeced by the poor, do they? Banks suffer from the deval of fiat, is it?


You may very well have turned in the dumbest comment I've ever read - anywhere.

Thu, 02/13/2014 - 08:17 | 4431670 lakecity55
lakecity55's picture


Thu, 02/13/2014 - 02:01 | 4431356 Joe A
Joe A's picture

The EC has been having its eye on the savings of EU citizens for some time now. And more importantly on the pension funds of the rich countries.

The EC is king in Europe. Oh, there is the EP and the council of European member states but the EC has more than executive powers. A few days ago the EU countries decided to ban the introduction of a GMO after the EP rejected it already. But the EC can still decide to introduce it anyway. And it is all legal because they put it in the EU constitution treaty. That is how democracy is in the EU.

Thu, 02/13/2014 - 02:02 | 4431357 Dull Care
Dull Care's picture


Thu, 02/13/2014 - 02:22 | 4431391 Vooter
Vooter's picture

Time to preheat the ovens!

Thu, 02/13/2014 - 06:32 | 4431589 GetZeeGold
GetZeeGold's picture



I hope you purchased your oven from a licensed outlet.....those things are patented.


No.....I'm not kidding.

Thu, 02/13/2014 - 02:39 | 4431408 AgentScruffy
AgentScruffy's picture

Crikey. Great find, Zero Hedge.
So this creates a picture of a Europe beyond being ravaged...the pending pension crisis is nightmarish enough, but then they will go lose whatever pension savings actually do exist.

Thu, 02/13/2014 - 02:43 | 4431411 AgentScruffy
AgentScruffy's picture


Thu, 02/13/2014 - 02:51 | 4431419 monad
monad's picture

Ayn Rand nailed it. Antilife. Sanction of the victim. The politics of pull. Scientism. Aristotelean rationalism v. Platonic sophism + whips.
Noone deserves whats coming. It didn't have to be this way.

Thu, 02/13/2014 - 03:08 | 4431433 Johnny Cocknballs
Johnny Cocknballs's picture

Why is it that the people who talk ceaselessly about Ayn Rand do so?

Because they haven't read anything else.  Ayn Rand is to Philosophy what Justin Bieber is to Philosophy.

There is much in her writing that is original and profound, but the bits that are original aren't profound, and the bits that are profound aren't original.

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