In a perfect example of the merger of governments and corrupt banks against the rest of us, the EU executive wants to grab personal pension savings to provide ‘long-term financing’ to, you guessed it, those very same corrupt and mostly insolvent banks. This is savings confiscation to aid the wealthy organized by governments.
“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.
The banks are going boo-hoo, harsh new rules prevent us from lending. No, actually those rules force banks to have adequate reserves. This is a good thing for everyone except the corrupt few at the top. So, obligingly, the EU plans to change those tedious rules. Instead of following GAAP, banks can go back to their previous MSU method of accounting, Making Shit Up. It’s important to realize this redistribution of money will not go from the rich to the poor but rather from everyone else to the already rich. It’s socialism for the wealthy. The Fed has been doing this for years in the US, shoveling trillions to the banksters, ostensibly to jump-start the economy.. The banksters keep the money, don’t loan it out, use it for speculation, all the while whining about government interference.