The Coming Expropriation Of 10% Of Everyone's Accounts

[Jonas]

If you all aren't checking Zero Hedge daily, well, you should be. It's the "wikileaks" of the financial world, and the comments to the articles posted are mostly from professionals in the financial sector. There's lots of information to be gleaned there... JP

http://www.zerohedge.com/news/2014-01-02...s-accounts

Martin Armstrong Warns Europeans Of The Coming Expropriation Of 10% Of Everyone's Accounts
Submitted by Tyler Durden on 01/02/2014 12:04 -0500

As we have discussed in depth previously (2 years ago here as "muddle through has failed" and most recently here as the IMF discussed a "one-off" wealth tax), a confiscation (akin to Cyprus overnight debacle) is coming and Martin Armstrong believes sooner than most think.

Submitted by Martin Armstrong via Armstrong Economics,

Anyone who thinks it is a fantasy that government will simply just confiscate 10% of everyone’s accounts in Europe better have another look at the fool they see in the mirror staring back at them. This IMF solution is traditionally French and is really coming because the people in charge are effectively Marxists and this idea came from the IMF under the control of French ideology. They will expropriate these funds to save a banking system that they screwed up and will never reform anything because they are incapable of admitting any mistake.

These European government officials really are playing a dangerous game that is inviting total chaos, civil unrest, and may set themselves up for invasion. Instead of Napoleon invading Russia, it may be the other way around when they smell weakness.

Let me make this very clear. I have many French friends and they know the people in charge are just Marxists. Adam Smith wrote Wealth of Nations because he visited France to investigate Physiocracy that argued agriculture was the only real wealth. Karl Marx did not come up with Communism himself. He was more of a socialist. He did not advocate confiscating all property. It was the French movement of a commune at the time that convinced him their way was better. It was Engels who steered Marx into Communism. These ideas have emerged from France and this is why we have some of the most insane ideas still emerging from this country. There is a core philosophy among some that this socialism is correct.

The IMF proposal to expropriate everyone’s accounts in Europe will happen. The consequences could be absolutely the collapse in confidence that will be off the charts. Why should people trust government ever again or any bank for that matter?

My advise to Europe – move as much as you can... - Hollande will come up with that one you can bet. He will weaken Europe and destroy the future of generations yet to come.

When they took the funds in Cyprus, the EU did not distinguish between European, American, or Russian accounts.

[BeardyMan]

Well 10% of nothing isn't going to get them far


Okay, so one can choose to keep their money outside of the normal banking system, but there's still the fallout when everyone else has their accounts raided.

What can ye do matey?

[BDG]

BeardyMan Wrote:Okay, so one can choose to keep their money outside of the normal banking system, but there's still the fallout when everyone else has their accounts raided.

One simply gets ones man to arrange it.

[Midnitemo]

There just going to dib into your current account and take a lump sum? ok if they do it just after payday but any other time and they'll be shit out of luck unless my bank allows them to overdraw.

[Tartar Horde]

I agree with BM, and as my Granny used to say, "you can't take the knickers off a bare arse".

[Devonian]

It won't happen...

The British and German publics in particular would never tolerate it. Just look at how the Germans reacted to the Greek bailouts.

The British economy and even the public accounts are also in a stronger position than they have been for years, yes things will remain difficult for the future but these kind of measures will not be needed.

[Geordie_Rob]

Personally I don't reckon this will happen. All the big boys at the very top would lose too much. However, if it did then I reckon it's definitely hitting the fan & it's almost time to put your bug-in or bug-out plans into action.

[bigpaul]

if possible have an "emergency" stash of ready cash(small notes and coins) to hand in a safe place if you can afford it, ready for SHTF or localised emergencies.

[Karidian]

Certainly it would be an indicator to start putting final touches to your plans but not so sure that even if it did happen it would be time to bug out. Look at Cyprus. Yes there were protests and riots but unless you live near City Center or Gov'mt buildings unlikely to get caught up in them.
Ive bought a small safe to keep in the house and started transferring money out of banks into that. Leave enough to cover bills and that will be it.
My 2p for what its worth.

[BDG]

The government is not going to take 10% of your cash in the UK. No the current government and even though the other lot are a load of lefts, not them either.

What will happen however, and has been happening at an increased rate since the beginning of new liberal statism is massive inflation. It does not matter what you do with your cash - keep it in a bank, hide it under your bed, put it in a safe or even a cigar tube and shove it up your nipsy - inflation is what is and will be robbing your money.

Better to put your money into an asset - land, property or anything that holds or increases in value - and be aware, value does not equal price.