Cyprus Style Confiscations For The EU

[2ADMNLOVER]

Have money in an EU account ?

Might wanna get it out while the gettin's good .


On Thursday, EU finance ministers agreed to a shocking new plan that will make every bank account in Europe vulnerable to Cyprus-style bail-ins. In other words, the wealth confiscation that we just witnessed in Cyprus will now be used as a template for future bank failures all over Europe.

That means that if you have a bank account in Europe, you could wake up some morning and every penny in that account over 100,000 euros could be gone. That is exactly what happened in Cyprus, and now EU officials plan to do the same thing all over Europe.



New EU Plan Will Make Every Bank Account In Europe Vulnerable To Cyprus-Style Wealth Confiscation

 

[Alpine]

I'm sure there are people here in this country that would love to see the same thing happen here.

 

[hondatech2k2]

Haha, man talk about throwing gasoline on a raging inferno! I would be livid beyond belief if this happened.

 

[trgore]

when will they do this here?

 

[vzdude]

It's already legal here...........Your money will be the least of your worries. This has been expanded since 1950 and includes -
Sec. 201. Priorities and Allocations Authorities. (a)
(1) the Secretary of Agriculture with respect to food resources, food resource facilities, livestock resources, veterinary resources, plant health resources, and the domestic distribution of farm equipment and commercial fertilizer;
(2) the Secretary of Energy with respect to all forms of energy;
(3) the Secretary of Health and Human Services with respect to health resources;
(4) the Secretary of Transportation with respect to all forms of civil transportation;
(5) the Secretary of Defense with respect to water resources; and
(6) the Secretary of Commerce with respect to all other materials, services, and facilities, including construction materials.
(b) The Secretary of each agency delegated authority under subsection (a) of this section (resource departments) shall plan for and issue regulations to prioritize and allocate resources and establish standards and procedures by which the authority shall be used to promote the national defense, under both emergency and non-emergency conditions

Sec. 801. Definitions. In addition to the definitions in section 702 of the Act, 50 U.S.C. App. 2152, the following definitions apply throughout this order:
(b) “Energy” means all forms of energy including petroleum, gas (both natural and manufactured), electricity, solid fuels (including all forms of coal, coke, coal chemicals, coal liquification, and coal gasification), solar, wind, other types of renewable energy, atomic energy, and the production, conservation, use, control, and distribution (including pipelines) of all of these forms of energy.
(c) “Farm equipment” means equipment, machinery, and repair parts manufactured for use on farms in connection with the production or preparation for market use of food resources.
(e) “Food resources” means all commodities and products, (simple, mixed, or compound), or complements to such commodities or products, that are capable of being ingested by either human beings or animals, irrespective of other uses to which such commodities or products may be put, at all stages of processing from the raw commodity to the products thereof in vendible form for human or animal consumption. “Food resources” also means potable water packaged in commercially marketable containers, all starches, sugars, vegetable and animal or marine fats and oils, seed, cotton, hemp, and flax fiber, but does not mean any such material after it loses its identity as an agricultural commodity or agricultural product.
(f) “Food resource facilities” means plants, machinery, vehicles (including on farm), and other facilities required for the production, processing, distribution, and storage (including cold storage) of food resources, and for the domestic distribution of farm equipment and fertilizer (excluding transportation thereof).
(i) “Health resources” means drugs, biological products, medical devices, materials, facilities, health supplies, services and equipment required to diagnose, mitigate or prevent the impairment of, improve, treat, cure, or restore the physical or mental health conditions of the population.
(j) “National defense” means programs for military and energy production or construction, military or critical infrastructure assistance to any foreign nation, homeland security, stockpiling, space, and any directly related activity. Such term includes emergency preparedness activities conducted pursuant to title VI of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, 42 U.S.C. 5195 et seq., and critical infrastructure protection and restoration.
(n) “Water resources” means all usable water, from all sources, within the jurisdiction of the United States, that can be managed, controlled, and allocated to meet emergency requirements, except “water resources” does not include usable water that qualifies as “food resources.”

 

[vzdude]

Read the entire article here.

http://www.gpo.gov/fdsys/pkg/FR-2012-03-22/pdf/2012-7019.pdf

 

[trgore]

Read the entire article here.

http://www.gpo.gov/fdsys/pkg/FR-2012-03-22/pdf/2012-7019.pdf

thanks for the link.

 

[pudly]

Haha, man talk about throwing gasoline on a raging inferno! I would be livid beyond belief if this happened.

You are considered an "unsecured creditor" of the bank. That is, you loaned them your money and aren't guaranteed to get it back. FDIC coverage? Ha! The level of funding in the FDIC is pitiful and won't cover you if there are significant bank runs. Unfortunately, trust in the current banking system is misplaced which is a huge shame as it is basically what they are selling.

 

[2ADMNLOVER]

You are considered an "unsecured creditor" of the bank. That is, you loaned them your money and aren't guaranteed to get it back. FDIC coverage? Ha! The level of funding in the FDIC is pitiful and won't cover you if there are significant bank runs. Unfortunately, trust in the current banking system is misplaced which is a huge shame as it is basically what they are selling.

That's exactly why I don't keep my money in a bank . In these uncertain times I don't understand why anybody would trust a bank anymore .