EU teetering on the edge of economic armageddon

[BillMasen]

https://www.telegraph.co.uk/busines...ayable-debt-have-brought-eus-simmering-north/

In another article and other sources
1 People noting many banks are either closed or opening greatly reduced hours
2 People are trying to withdraw cash reserves
3 Banks limiting amounts of cash people can withdraw
4 Banks putting as many obsticles in the way of customers as possible.

Note for EU citizens the EU is apparently muting the idea of propping up its finances by once again closing all banks for 24 / 48 hours and skimming up to 20% of everyones money from current and savings accounts as they did in 2008 in Cyprus.

 

[Brent S]

I’m afraid this won’t just be the EU by the time this is over.

 

[DrPrepper1]

https://www.telegraph.co.uk/busines...ayable-debt-have-brought-eus-simmering-north/

In another article and other sources
1 People noting many banks are either closed or opening greatly reduced hours
2 People are trying to withdraw cash reserves
3 Banks limiting amounts of cash people can withdraw
4 Banks putting as many obsticles in the way of customers as possible.

Note for EU citizens the EU is apparently muting the idea of propping up its finances by once again closing all banks for 24 / 48 hours and skimming up to 20% of everyones money from current and savings accounts as they did in 2008 in Cyprus.

Is it legal to skim 20% (or any amount) off savings accounts? This is terrible.

 

[Brent S]

Is it legal to skim 20% (or any amount) off savings accounts? This is terrible.

Far from legal but this isn’t the first time a govt has considered this. And after all, they get to decide what’s legal, not what’s right.

 

[BillMasen]

Is it legal to skim 20% (or any amount) off savings accounts? This is terrible.

The EU makes it own laws and rules and VERY frequerntly breaks or ignores them when it suits their totalitarian agenda.
I also think they will SERIOUSLY consider nationalising many profitable companies and business WITHOUT compensation. The EU is desperate and needs bazillions to meet its own lavish spending programs all of which serve ONLY to prop itself up.

Note to US, its not EUROPE or EUROPEAN countries that are referred to it is the political organisation the EU ( European Union) It would be like your Federal government seizing all state assets and taking control of say Lockheed, Boeing, General electric, Ford, Microsoft etc.
LOVE EUROPE, HATE THE EU

 

[DrHenley]

Growing up, it was always a question of whether to call the Brits Europeans or not. Not on the European continent, but in very close proximity. I was told in school British were not European but over the years we gradually slipped into calling them European, especially with UK being a member of the EU and all. But now after Brexit that is not longer a factor.

How do y'all feel about this Bill?

 

[BillMasen]

Growing up, it was always a question of whether to call the Brits Europeans or not. Not on the European continent, but in very close proximity. I was told in school British were not European but over the years we gradually slipped into calling them European, especially with UK being a member of the EU and all. But now after Brexit that is not longer a factor.

How do y'all feel about this Bill?

European NEVER, remember that the top half of the UK geologically came from the north american plate, the fault line is where Lochness runs. You guys are close to Greenland is that American?
British by act of (unwanted) political union
English by the grace of god.

If I'm no different to Europeans then Pres Trump is no different to Bernie Sanders, Heck half of Europe wont even call itself European they call them selves Scandic, Baltic etc, In fairness we do share many cultural and tribal connections with Europe, but so do you guys.

It would be highly detrimental to our American cousins teeth to call a Brit european in face to face conversation It would be like me calling a Texan a damn Yankee.

We Brits are obsessively tribal, its one of our strengths, Taffs, Paddys, Jocks, Scousers, Yorkshiremen, Lancastrians, Geordies, Devonians, Londoners(spit) Anglo, Saxon, Celtic, Nordic, Dane, Pictish, etc it goes back millenia. Tribal loyalty and identity is very important to us. As you have seen our Jocks and Irish cousins dont even want to be British any more.

 

[DrHenley]

That's what I figured, LOL.

 

[GaRp58]

Is it legal to skim 20% (or any amount) off savings accounts? This is terrible.

When Greece was having problems, the gov't just decided to ask all banks to freeze all accounts with more than 100,000 euros and they TOOK 10% of what was there...A few million greek families who had been living well, making good money, private businesses with a savings plan, rich children after the parents died and left insurance for them, all lost 10% of their savings...POOF!! gone. The biggest scandal was the son of the finance minister moved all his money into a Swiss bank,,,3 days PRIOR to the freeze...That is the EU and their sad sack sidekicks with the power to do what they want...
BTW: there was a little island in Greece with about 1000 citizens. Almost 4oo of them had a special ID showing that they were blind or partially blind and were receiving a pension from the gov't for their plight...ONLY ONE PROBLEM....they all still had a LEGAL DRIVING LICENSE...Mis-use the system and THEN bitch because the Gov't steals your stolen money??? Draw your own conclusion as to who is the victim here...GP

 

[Helen Back]

The biggest scandal was the son of the finance minister moved all his money into a Swiss bank,,,3 days PRIOR to the freeze...

Was anything done about it, or did everyone just snivel, like usual? It's the way the US works too. Someone on the right steals a bunch of money, the left goes nuts, and the right defends them, so nothing ever happens. Next day someone on the left steals a bunch of money, the right goes nuts, and the left defends them, so nothing ever happens. It's all a travesty, a sham, and a mockery. It's a GD traveshamockery! My lifelong dream is to see "We the People" show up at the WH with pitchforks and fire. One can dream...

 

[GeorgiaPeachie]

Far from legal but this isn’t the first time a govt has considered this. And after all, they get to decide what’s legal, not what’s right.

Isn’t t that the truth! On our last economic crises they started calling for confiscating portions of our 401Ks! There is already talk of it now. Of course it’s always the Dems wanting to steal hard working and investing folks money.

 

[GeorgiaPeachie]

Was anything done about it, or did everyone just snivel, like usual? It's the way the US works too. Someone on the right steals a bunch of money, the left goes nuts, and the right defends them, so nothing ever happens. Next day someone on the left steals a bunch of money, the right goes nuts, and the left defends them, so nothing ever happens. It's all a travesty, a sham, and a mockery. It's a GD traveshamockery! My lifelong dream is to see "We the People" show up at the WH with pitchforks and fire. One can dream...

Dreamin right along with you HB!

 

[DrHenley]

Was anything done about it, or did everyone just snivel, like usual? It's the way the US works too. Someone on the right steals a bunch of money, the left goes nuts, and the right defends them, so nothing ever happens.

In which alternate universe? People on the right routinely get thrown under the bus by the right. The only one I know of that is still in office is Jerry Lewis, Congressman from California. CALIFORNIA.

Democrats can be convicted of felonies, impeached and removed from other offices, run gay brothels out of their homes, etc. and still get re-elected.

But Republicans? Just to name a few that lost their seats due to scandals:
Duke Cunningham
Tom Delay
Mark Foley
Bob Ney
Sue Kelly
Don Sherwood
Curt Weldon

 

[Frozen Tundra]

Was anything done about it, or did everyone just snivel, like usual? It's the way the US works too. Someone on the right steals a bunch of money, the left goes nuts, and the right defends them, so nothing ever happens. Next day someone on the left steals a bunch of money, the right goes nuts, and the left defends them, so nothing ever happens. It's all a travesty, a sham, and a mockery. It's a GD traveshamockery! My lifelong dream is to see "We the People" show up at the WH with pitchforks and fire. One can dream...

Agreed! I'll bring the tar, you bring the feathers...

 

[Helen Back]

In which alternate universe? People on the right routinely get thrown under the bus by the right. The only one I know of that is still in office is Jerry Lewis, Congressman from California. CALIFORNIA.

Democrats can be convicted of felonies, impeached and removed from other offices, run gay brothels out of their homes, etc. and still get re-elected.

But Republicans? Just to name a few that lost their seats due to scandals:
Duke Cunningham
Tom Delay
Mark Foley
Bob Ney
Sue Kelly
Don Sherwood
Curt Weldon

Well Al Franken quit over a funny picture that the radical SJW, Outrage Culture left deemed horrible. I quite liked him.

I do agree with you though. Just look at the recent insider trading scandal. Dianne Feinstein hasn't said a peep about her role, and the left has completely ignored it, choosing to instead attack GOP folks for the same thing. Meanwhile, Sen. Kelly Loeffler, R-Ga, has liquidated all stocks as a result. It's the new left's way, ZERO accountability, or consequence.

 

[ChacoTaco]

Hi, new member here. NZ and Australia have been talking about Bail-ins (theft of your account money) and negative interest rates for a while now. Since the global central banks have been at or near 0% interest to banks to keep the QE flowing, there is not much financial chicanery left in their Chicago Style bag of tricks to keep the monetary system propped up. It is my opinion that this is an engineered financial collapse. It was coming anyway and the Virus was a convenient pretext to collapse an overcharged economy. What comes next will make us all suffer (like you need the new guy to tell you that).
So thanks for letting me join, been a lurker and now a member. Hang tight. Mike

 

[DrHenley]

It is my opinion that this is an engineered financial collapse. It was coming anyway and the Virus was a convenient pretext to collapse an overcharged economy. What comes next will make us all suffer (like you need the new guy to tell you that).

So you think this is a Cloward-Pivens type thing?

 

[ChacoTaco]

So you think this is a Cloward-Pivens type thing?

Partly, yes but on a multi-country scale. I mean the USA was not as far down the socialism hole as the Euro-Zone but the economies of all the central-banking cartels are woefully overextended debt-wise. Right now we've got billions being given to people and businesses regardless if it is "deserved" or not. I mean, supposedly I will be sent a check for 2400 dollars that I don't really need. I never even asked for it. Somehow it will have to be paid back or the value of said money will be worth less in the future.
The combined debt of the world being in the hundreds of trillions at least, will never be able to be paid back, so we are in for a haircut, and I don't have much hair left.
I don't see an economic recovery to the scale we had in the next 20 years at least, just a guess. The last one (2008) took 12. It wasn't nearly as bad either. Figure what, 10-20 percent of small businesses will never come back to life, that's tragic.
Anything coming out of DC will most likely hurt us in the long run.