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Out of Pod Experience

 
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EU peeps, start withdrawing money from your banks.

Author
Caleidascope
Republic Military School
Minmatar Republic
#1 - 2014-02-14 23:05:50 UTC
http://www.reuters.com/article/2014/02/12/us-eu-banks-savings-idUSBREA1B1ZI20140212

Because if you don't, in a few years you will not be allowed to.

Life is short and dinner time is chancy

Eat dessert first!

Krixtal Icefluxor
INLAND EMPIRE Galactic
#2 - 2014-02-14 23:16:58 UTC
I read the whole thing and that is not what it says.

"He has mounted his hind-legs, and blown crass vapidities through the bowel of his neck."  - Ambrose Bierce on Oscar Wilde's Lecture in San Francisco 1882

Caleidascope
Republic Military School
Minmatar Republic
#3 - 2014-02-14 23:20:15 UTC
Krixtal Icefluxor wrote:
I read the whole thing and that is not what it says.

I am a bit busy right now, I will provide translation later.

Life is short and dinner time is chancy

Eat dessert first!

Caleidascope
Republic Military School
Minmatar Republic
#4 - 2014-02-15 03:10:37 UTC
Translation of the Reuters' article: http://www.zerohedge.com/news/2014-02-12/europe-considers-wholesale-savings-confiscation-enforced-redistribution

Life is short and dinner time is chancy

Eat dessert first!

silens vesica
Corsair Cartel
#5 - 2014-02-15 07:01:11 UTC
Ah, no.
What it says is "We want to roll back the liquidity safety margin, to allow us to lend more money than the rules currently allow."

In short, they want to be allowed to play faster and looser with the money they hold in private deposits than they are currently allowed. Or, to put it another way: "We want to go back to the old way of doing business."

Still worrisome, but hardly confiscation.

Tell someone you love them today, because life is short. But scream it at them in Esperanto, because life is also terrifying and confusing.

Didn't vote? Then you voted for NulBloc

Caleidascope
Republic Military School
Minmatar Republic
#6 - 2014-02-15 14:36:02 UTC
silens vesica wrote:
Ah, no.
What it says is "We want to roll back the liquidity safety margin, to allow us to lend more money than the rules currently allow."

In short, they want to be allowed to play faster and looser with the money they hold in private deposits than they are currently allowed. Or, to put it another way: "We want to go back to the old way of doing business."

Still worrisome, but hardly confiscation.

I generally don't disagree.

The thing that is different is that the investment banks got their money from the state banks (country's central banks). The point of the crisis is that the investment banks pissed away that money in bad loans and are now in the hole.

The state banks are not willing to give them anymore money or print anymore money... (don't ask me why). So now they are "studying" how to take the money that people already got. So, there is no money in state banks, there is no money in investment banks, what is left? You shiny saving accounts.

Life is short and dinner time is chancy

Eat dessert first!

Plastic Psycho
Necro-Economics
#7 - 2014-02-15 16:40:05 UTC
Most investment money is generated privately - Vast quantities stored in the forms of small, diffuse savings, and even more vast quantities stored in the form of pension funds. Banks pay interest on those savings and funds in exchange for the right to use it to issue loans. This is old, old, old news. Recently, due to the global banking crisis, rules on how *much* of that money can be loaned out have been tightened. Banks and governments want those rules loosened up - 'Cause the lack of ability to make loans is hampering expension of the economy.

This is banking 101 - Not some convoluted consipracy to steal your savings.

IOW: *Yawn*
unidenify
A Blessed Bean
Pandemic Horde
#8 - 2014-02-19 16:34:19 UTC
Plastic Psycho wrote:
Most investment money is generated privately - Vast quantities stored in the forms of small, diffuse savings, and even more vast quantities stored in the form of pension funds. Banks pay interest on those savings and funds in exchange for the right to use it to issue loans. This is old, old, old news. Recently, due to the global banking crisis, rules on how *much* of that money can be loaned out have been tightened. Banks and governments want those rules loosened up - 'Cause the lack of ability to make loans is hampering expension of the economy.

This is banking 101 - Not some convoluted consipracy to steal your savings.

IOW: *Yawn*


I think this article talk about different issue (comments said this article omit few info)

what it talk about is that EU union think to do what Cyprus do to bank. charge fee or tax or whatever for saving account in order to use it to pay for debts or loan to business/bank.
Destination SkillQueue
Doomheim
#9 - 2014-02-20 21:45:25 UTC
One time bump to fix forum.
Kitty Bear
Deep Core Mining Inc.
Caldari State
#10 - 2014-02-25 16:39:14 UTC
It's not a new theory
And reuter's aren't the only people saying something similar.

See the UK is doomed, DOOMED!! I tell you.
Angelique Duchemin
Team Evil
#11 - 2014-02-25 17:28:14 UTC
Who saves their sweat as money?

Money is unpredictable and falls victim to inflation.


If I get an extra $20,000 and I want to save it for the future then I make an addition to my house. Increase the value by $25,000 and then get it all back when I sell it.

The very sun of heaven seemed distorted when viewed through the polarising miasma welling out from this sea-soaked perversion, and twisted menace and suspense lurked leeringly in those crazily elusive angles of carven rock where a second glance shewed concavity after the first shewed convexity.

Caleidascope
Republic Military School
Minmatar Republic
#12 - 2014-02-25 17:38:16 UTC
Angelique Duchemin wrote:
Who saves their sweat as money?

Money is unpredictable and falls victim to inflation.


If I get an extra $20,000 and I want to save it for the future then I make an addition to my house. Increase the value by $25,000 and then get it all back when I sell it.

Reminds me of American Depression photos where someone was trying to sell cadilac for a few dollars because they lost everything in the market crash.

Obviously you are investing in tangible goods, like your house/property, and it is good choice. However, it is also very slow to convert to cash if/when you need cash. And if things get really bad, you can not pick your house, stuff it into back pack and take it with you when you move.

Life is short and dinner time is chancy

Eat dessert first!

Angelique Duchemin
Team Evil
#13 - 2014-02-25 17:51:17 UTC
Caleidascope wrote:
Angelique Duchemin wrote:
Who saves their sweat as money?

Money is unpredictable and falls victim to inflation.


If I get an extra $20,000 and I want to save it for the future then I make an addition to my house. Increase the value by $25,000 and then get it all back when I sell it.

Reminds me of American Depression photos where someone was trying to sell cadilac for a few dollars because they lost everything in the market crash.

Obviously you are investing in tangible goods, like your house/property, and it is good choice. However, it is also very slow to convert to cash if/when you need cash. And if things get really bad, you can not pick your house, stuff it into back pack and take it with you when you move.




If I need quick cash then the house serves as the best possible collateral for a low interest loan.

The very sun of heaven seemed distorted when viewed through the polarising miasma welling out from this sea-soaked perversion, and twisted menace and suspense lurked leeringly in those crazily elusive angles of carven rock where a second glance shewed concavity after the first shewed convexity.