A grim warning from Europe about financial security - and what it might mean for the USA

 

In my first post this morning, I mentioned the possibility that Europe might take action against private bank accounts to fund its ever-increasing deficit and ever-growing social programs.  As if to echo that warning, here's what Zero Hedge had to say a few hours ago.

In the view of the EU’s chief Eurocrat, private property as a protective wall shielding citizens from an overreaching state has served its purpose as a pillar of civilization.

Central planning, subsidy madness – this is Brussels under the magnifying glass.

. . .

A ruthless expropriation or the decreed redirection of cash, as the finest bureaucratic German puts it, is supposed to solve the problems Brussels itself has caused through its stubborn climate policy, its overregulation and its continuing insanity of interventionism.

Von der Leyen was explicit before the business leaders: Europe has savings, she said, but unfortunately those savings are sitting on the sidelines. Ten trillion euros are sitting as cash savings in the hands of private households in bank accounts, lectures von der Leyen in the manner of a classic central planner who can no longer take her eyes off citizens’ wealth. The European economy must now put this capital to work for its companies, the chief bureaucrat decreed.

. . .

Von der Leyen is following the path of the German chancellor. Friedrich Merz, too, discovered the cash holdings of Germans as political capital for himself more than a year ago – thoroughly socialist, indeed almost dictatorial, the chancellor also pointed to the possibilities opened up by what he called an activation of this money.

Ursula von der Leyen and Friedrich Merz reveal not merely an ethical and ideological abyss; they are contemplating dictatorial control over the private wealth of citizens who are still sovereign.

There's more at the link, including a video recording of Ursula von der Leyen's address.

Don't think that this is only a European problem.  Look at the size of America's deficit, and then consider that we could wipe out two-thirds to three-quarters of it simply by "nationalizing" the retirement savings of Americans, by confiscating the shares and bonds in which they invest.  That's precisely what some US politicians have been saying for years, and are still saying today.  If they get into power, our private savings and investments are under grave threat.

Peter