"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Wednesday, March 27, 2013

Government to confiscate your savings account

It did happen here.
The theft of savings accounts in Cyprus could happen in the U.S. tomorrow morning.

Confiscation of Private Property
Savings accounts in Spain, Italy and other European countries will be raided to preserve Europe's single currency by propping up failing banks
  • If governments can steal your savings and retirement accounts then why not your home or business?

A few years ago in Argentina the government "nationalized" private retirement accounts for the good of the people.  Today we have Europe stealing private property savings accounts for the good of the people . . . . and to prop up international bankers.

Now European bankers are drooling over savings accounts in Spain, Italy and more.  As the U.S. runs out of cash to pay for Socialist programs don't think for one second they will not look to 401K plans and bank accounts.

Jeroen Dijsselbloem, the Dutch chairman of the eurozone, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.

Soon they will come for your retirement money
just like they did in Argentina.

"If there is a risk in a bank, our first question should be 'Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself?'," he said in the UK Telegraph.

"If the bank can't do it, then we'll talk to the shareholders and the bondholders, we'll ask them to contribute in recapitalising the bank, and if necessary the uninsured deposit holders."

Ditching a three-year-old policy of protecting senior bondholders and large depositors, over €100,000, in banks, Dijsselbloem argued that the lack of market contagion surrounding Cyprus showed that private investors could now be hit to pay for bad banking debts.

The announcement is highly significant as it signals the mothballing of the euro's €700bn bailout fund, the European Stability Mechanism (ESM), which Spain and Ireland wants to be used to recapitalise their troubled banks.

Dijesselbloem's comments will alarm countries like Ireland and Spain that had been hoping to access the ESM in order to restructure banks without killing off their financial sector by inflicting huge losses on investors.

The Steps to Returning to a Gold Standard
Judge Napolitano explains how the United States government can return to the gold standard to restore prosperity and rein in the power of the Federal Reserve.

Big Brother Government says:
"Give us your gold and we will give you paper in return."

Illegal in FDR's United States
Now the Federal government was able to print all the money they needed
to fund the cradle-to-grave Marxist welfare state.

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