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'There Will Be More Wealth Confiscation, Without A Doubt'

Wednesday, May 1, 2013 - 8:45 AM
Savers and investors face further "wealth confiscation" in Europe as the continent struggles to resolve the single currency's problems, a bank chief has said.

European politicians will take the "easy option" of taking money from the rich rather than raising taxes and cutting spending to deal with the continent's debt problem, Lars Christensen, the head of Saxo Bank, said.

Asked if the raid on uninsured savings in Cyprus would be repeated, he told City AM: "There will be future bail-ins [loss of deposits] and other types of confiscation of wealth in the eurozone, without a doubt.

'There will be more wealth confiscation, without a doubt' – Saxo Bank's Lars Christensen - Telegraph

I wonder if Fed chairman Ben Bernanke is thinking about ordering the conversion of deposit account balances above $100k into bank shares?

"Earlier this week savers at Bank of Cyprus saw 37.5pc of their balances above €100,000 converted into shares, with a further 22.5pc at risk and 30pc frozen." 
6
ShorebreakShorebreak2,622 posts since
Apr 6, 2010
Rep Points: 14,215
1. Wednesday, May 1, 2013 - 1:18 PM
More reason to spread the CDs around and use Credit Unions and Banks.  I try to make sure that no one bank has a large share of our deposits and have also started using Credit Unions for this reason.  It is so sad that Savers are being treated like the "bad guys" so the really bad guys can get the wealth to make up for their terrible mistakes in judgement.   We need to keep abreast of what is going on so we can try to be one step ahead of them and protect what took us many years to save.   Thank you Shorebreak for sharing all this needed info. 
4
paoli2paoli21,372 posts since
Aug 10, 2011
Rep Points: 6,011
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