Tag Archives | EU

EU plans savings confiscation, redistribution to help banksters


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.

Belgium, home of European Union, has no functioning government

Journalist Andy Carling in Belgium, on the dire situation there, where for 18 months now a caretaker government has been handling only routine business.

Now, Belgium, a nation that appears intent on geographical suicide is about to go under. A combination of EU dithering, narrow minded politicians and financial pressure has left the home of the EU without a government and none in sight. This means that there’s nobody to take any responsibility for the €11.2 billion of cuts needed for next year alone. This means that the markets are walking away and a Greece/Italy style collapse is imminent.

Greek debt crisis “absolute nightmare”

Interview with Financial Times chief economics correspondent, Martin Wolf.

From Wolf’s point of view, the choice is an easy one: Restructure now and force the private sector to at least share in the pain (for a change).

But the banksters never want to take a writedown on their dicey bond ‘investments’ and instead try to force the public to pay for it.

The solution to the EU debt crisis is for countries to default on their debt, allow insolvent banks fail, and arrest the criminals responsible. Then their economies will function rather than being strangled by banksters. That’s what Iceland did. And their economy is recovering.

Multiculturalism has failed, say European leaders

“My answer is clearly yes, it is a failure,” [French President Nicolas Sarkozy] said in a television interview when asked about the policy which advocates that host societies welcome and foster distinct cultural and religious immigrant groups.

“Of course we must all respect differences, but we do not want… a society where communities coexist side by side.

“If you come to France, you accept to melt into a single community, which is the national community, and if you do not want to accept that, you cannot be welcome in France,” the right-wing president said.

“The French national community cannot accept a change in its lifestyle, equality between men and women… freedom for little girls to go to school,” he said.

He has a point. An Islamist school might ban girls and also try to impose that view on the culture at large. This clearly comes in conflict with the more egalitarian views of the society at large.

British Prime Minister David Cameron, German Chancellor Angela Merkel, Australia’s ex-prime minister John Howard and Spanish ex-premier Jose Maria Aznar have also recently said multicultural policies have not successfully integrated immigrants.

Cameron specifically said that allowing Islamists ito live in isolated clusters can foster religious extremism which could lead to terrorism.

Merkel in October said efforts towards multiculturalism in Germany had “failed, totally.”

Yes, these leaders tilt to the right. But this isn’t merely zenophobia or racism. Something has broken in the EU when it comes to multiculturalism.