The
European Banking Crisis is beyond description. A leak has come out that
the Commission will simply seize money from all the banks on a flat
rate basis benefiting the banks that have lost money from trading at the
expense of the small savings banks. Wolfgang Schäuble (born 1942) is
Germany’s Federal Minister of Finance. He is a German career politician
of the Christian Democratic Union (CDU) party. Schäuble has come out
disagreeing with the EU Commission saying that the seizure should be
proportional to any individual bank’s risk. He wisely realizes that a
one-size-fits-all in banking could set off a massive liquidation crisis.
The local banks that were not involved in trading will have to pay for
the big ones. That way, the EU Commission gets everyone’s accounts.
The
SAFE act will not be guaranteed by government and they will count on
insurance companies being unable to produce guaranteed returnsIts a
rolling story – happening more and more locations!!
* Reform moves bond assets from private to state fund
* Some equity assets to gradually move to state as well
* Changes seen reducing Polish public debt by 8 pct of GDP
* Funds say moves could be unconstitutional
* Warnings that private pension funds could be wiped out
By Dagmara Leszkowicz and Chris Borowski
WARSAW, Sept 4 Poland said on Wednesday it will transfer to the state many of the assets held by private pension funds,slashing public debt but putting in doubt the future of the multi-billion-euro funds, many of them foreign-owned.
The changes went deeper than many in the market expected and could fuel investor concerns that the government is ditching some business-friendly policies to try to improve its flagging popularity with voters.
The Polish pension funds’ organisation said the changes may be unconstitutional because the government is taking private assets away from them without offering any compensation.
Announcing the long-awaited overhaul of state-guaranteed pensions, Prime Minister Donald Tusk said private funds within the state-guaranteed system would have their bond holdings transferred to a state pension vehicle, but keep their equity holdings.
He said that what remained in citizens’ pension pots in the private funds will be gradually transferred into the state vehicle over the last 10 years before savers hit retirement age.
The reform is “a decimation of the …(private pension fund) system to open up fiscal space for an easier life now for the government,” said Peter Attard Montalto of Nomura. “The government has an odd definition of private property given it claims this is not nationalisation.”
* Reform moves bond assets from private to state fund
* Some equity assets to gradually move to state as well
* Changes seen reducing Polish public debt by 8 pct of GDP
* Funds say moves could be unconstitutional
* Warnings that private pension funds could be wiped out
By Dagmara Leszkowicz and Chris Borowski
WARSAW, Sept 4 Poland said on Wednesday it will transfer to the state many of the assets held by private pension funds,slashing public debt but putting in doubt the future of the multi-billion-euro funds, many of them foreign-owned.
The changes went deeper than many in the market expected and could fuel investor concerns that the government is ditching some business-friendly policies to try to improve its flagging popularity with voters.
The Polish pension funds’ organisation said the changes may be unconstitutional because the government is taking private assets away from them without offering any compensation.
Announcing the long-awaited overhaul of state-guaranteed pensions, Prime Minister Donald Tusk said private funds within the state-guaranteed system would have their bond holdings transferred to a state pension vehicle, but keep their equity holdings.
He said that what remained in citizens’ pension pots in the private funds will be gradually transferred into the state vehicle over the last 10 years before savers hit retirement age.
The reform is “a decimation of the …(private pension fund) system to open up fiscal space for an easier life now for the government,” said Peter Attard Montalto of Nomura. “The government has an odd definition of private property given it claims this is not nationalisation.”
Government Has Contemplated Seizing Pension Money for Over a Decade
As long ago as the Clinton regime, Alicia Munnell, an economist at the Federal Reserve Bank of Boston who was appointed Assistant Secretary of the Treasury for Economic Policy, the position I had held in the Reagan administration, advocated confiscating 15 percent of private pension funds on the basis of the argument that the pensions had accumulated tax free.
The writing is on the wall for private pensions. Once the dollar becomes too weakened by the printing of vast amounts of them in order to finance Washington’s budget deficit and to support the solvency of “banks too big too fail,” QE will have to end. Desperate for money to fill the gap, Washington will turn to confiscation of private assets should any be left after the coming economic collapse.
As long ago as the Clinton regime, Alicia Munnell, an economist at the Federal Reserve Bank of Boston who was appointed Assistant Secretary of the Treasury for Economic Policy, the position I had held in the Reagan administration, advocated confiscating 15 percent of private pension funds on the basis of the argument that the pensions had accumulated tax free.
The writing is on the wall for private pensions. Once the dollar becomes too weakened by the printing of vast amounts of them in order to finance Washington’s budget deficit and to support the solvency of “banks too big too fail,” QE will have to end. Desperate for money to fill the gap, Washington will turn to confiscation of private assets should any be left after the coming economic collapse.
Governments To Steal Your Bank Account?
When asked “What happened in Cyprus? Is that going to happen in other countries?”, Mike Maloney simply answered “Absolutely.”
Rick Rule expanded “The idea that we have, that we are absolved of responsibility for our own financial future – in other words: if we’re stupid enough to put money in a bank, that has too poor of an equity slice, the bank goes upside down….we’re unsecured creditors of a moron, which makes us a double moron. We ought to be punished for that stupidity.”
- Rick Rule
When asked “What happened in Cyprus? Is that going to happen in other countries?”, Mike Maloney simply answered “Absolutely.”
Rick Rule expanded “The idea that we have, that we are absolved of responsibility for our own financial future – in other words: if we’re stupid enough to put money in a bank, that has too poor of an equity slice, the bank goes upside down….we’re unsecured creditors of a moron, which makes us a double moron. We ought to be punished for that stupidity.”
- Rick Rule
Taxman has power to raid your bank accounts
Commons Treasury committee raises concerns about powers of HMRC to remove cash from bank accounts without a court order
UK:
A Treasury plan to allow HM Revenue and Customs to remove cash from bank accounts without a court order is “very concerning” because of its history of mistakes, a Commons committee said.
In a consultation document this week, HMRC said the “direct recovery” powers could be used to take money from joint accounts.
The tax authorities admitted this week that about 17,000 people a year would be targeted under the new measures, set out in the Budget and designed for use against people who owe them money.
Commons Treasury committee raises concerns about powers of HMRC to remove cash from bank accounts without a court order
UK:
A Treasury plan to allow HM Revenue and Customs to remove cash from bank accounts without a court order is “very concerning” because of its history of mistakes, a Commons committee said.
In a consultation document this week, HMRC said the “direct recovery” powers could be used to take money from joint accounts.
The tax authorities admitted this week that about 17,000 people a year would be targeted under the new measures, set out in the Budget and designed for use against people who owe them money.
No Dhimmi
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