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Europe planning to confiscate pension funds

Feb 17, 2014

Reuters ran a news article last week about this.



Exclusive: EU executive sees personal savings used to plug long-term financing gap

(Reuters) - 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 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….

[Don’t you love how they use words to powder puff their theft? They plan to “mobilize” pension savings. Why don’t they just admit that it is a planned confiscation? They won’t confiscate the funds of the rich people, only the poor man’s life savings. Hence, the rich get richer, and the poor pay their bills.]

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.

[We certainly wouldn’t want the EU banks to get “an unfair advantage” over the US banks, would we? No doubt it would be only “fair” if the US banks confiscated the life savings of American pensioners. Then all the banks could be equally funded with other people’s money.]

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Category: Financial
Blog Author: Dr. Stephen Jones