A financial “Night of the Long Knives” against savers is being played out in the European Parliament right now – and it is not the last bit of damage to be done…only the next. At this point, the veil has slipped enough to see their final design – the absolute elimination of all personal wealth through a combination of manipulation of markets, currencies, and regulations, and outright theft of personal property through Savings Levies, “Bail-ins”, and … “Transfer Taxes”.
Yes, I said Transfer Taxes – so when a saver realizes that his money is at risk in a given bank, and goes to move it, he will have to pay a “Transfer Tax”, sometimes called an “Exit Tax”, to remove his deposits from the bank. This Transfer Tax will apply to all bank transfers, but will be most egregiously punitive when a depositor is completely ‘exiting’ a financial institution.
REMEMBER, THEY ARE NEVER DONE STEALING FROM YOU.
Take a look at the groundwork for this exact outcome, which is being laid right now:
- EUROPEAN PARLIAMENT TO PUSH FOR DEPOSITORS WITH ABOVE 100,000 EUROS TO FACE BAIL-IN UNDER NEW BANK RESOLUTION LAW – EU LAWMAKER – RTRS
Basically, this is DieselBOOM ver 2.0. How long until someone scrambles to announce that this, too, was taken out of context?
More as we see it but the EURUSD sure isn’t waiting. Instead, it is plunging.
Full Reuters article:
The European Parliament will demand that big savers take losses if their banks run into trouble, a senior lawmaker told Reuters, adding momentum to a policy unveiled as part of a Cypriot bailout.
Although some policymakers have sought to portray Cyprus and the losses suffered by depositors at two of its banks as a one-off, many experts believe it marks a dramatic change in tack in how Europe deals with troubled banks, to spare taxpayers who have been on the hook for previous bailouts.
Jeroen Dijsselbloem, head of the Eurogroup of euro zone finance ministers, said on Monday that in future, the currency bloc should first ask banks to recapitalise themselves, then look to shareholders and bondholders and then “if necessary” to uninsured deposit holders.
Now the likelihood is rising that tough treatment of big depositors will be written into a new EU law, making losses for large savers a permanent feature of future banking crises.
“You need to be able to do the bail-in as well with deposits,” said Gunnar Hokmark, an influential member of the European Parliament, who is leading negotiations with EU countries to finalise a law for winding up problem banks.
The European Parliament has an equal say alongside EU countries when deciding who must bear the brunt of future bank failures such as those now being seen on Cyprus.
“Deposits below 100,000 euros are protected … deposits above 100,000 euros are not protected and shall be treated as part of the capital that can be bailed in,” Hokmark told Reuters, adding that he was confident a majority of his peers in the parliament backed this line.