The Phaserl


Europe Considers Wholesale Savings Confiscation, Enforced Redistribution

from Zero Hedge:

At first we thought Reuters had been punk’d in its article titled “EU executive sees personal savings used to plug long-term financing gap” which disclosed the latest leaked proposal by the European Commission, but after several hours without a retraction, we realized that the story is sadly true. Sadly, because everything that we warned about in “There May Be Only Painful Ways Out Of The Crisis” back in September of 2011, and everything that the depositors and citizens of Cyprus had to live through, seems on the verge of going continental. In a nutshell, and in Reuters’ own words, “the savings of the European Union’s 500 million citizens could be used to fund long-term investments to boost the economy and help plug the gap left by banks since the financial crisis, an EU document says.” What is left unsaid is that the “usage” will be on a purely involuntary basis, at the discretion of the “union”, and can thus best be described as confiscation.

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2 comments to Europe Considers Wholesale Savings Confiscation, Enforced Redistribution

  • Frank Zak

    If you listened to Zero Hedge you are still renting.

    Now, you really are a slave.

    Harvard University

    Harvard University has declared there’s a “squeeze” on the rental market. Rising rents and stagnant wages in the U.S. have created the largest group of cost-burdened (paying more than 30% of their gross income) renters in over a decade, according to a recent report from the Harvard Joint Center for Housing Studies.

    Half of U.S. renters now pay over 30% of their gross income in rent. The cost-burdened renter population has increased by 12 percentage points since 2000, with the greatest increase found among those who pay more than half their gross income in rent. This group, dubbed the severely cost burdened, comprises 27% percent of all cost burdened renters.

    • jeffersonian

      Paying Less % of salary to Rent would = a worse living situation/environment. Because of inflation, and the rent squeeze, people are having to pay more % of their income to Rent to stay in the same ‘Decent’ places. Look at it this way;

      In order to stay on the plateau of Decent Living Environment one has to pay more, or face falling off into sub-par living environs. The Rental people know this. This also falls in line with the “haves and have nots”. It costs a lot more to be a Have these days then 2000. As people lose their jobs, and banks tighten lending, this also drives up Renting Price. With Renting in Toledo and Clearwater, I have personally seen the Divide between $700+ Rent compared to Less. Either you pay out the ass for decent living area and place, or you don’t and live in squaler. There is no middle ground, there is no middle class. 2014 is a world of difference compared to 2000.

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