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EU Doc: Use Private Pensions To Plug Finance Gap

From an unfazed Reuters:

Exclusive: EU executive sees personal savings used to plug long-term financing gap

By Huw Jones | February 12, 2014

(Reuters) – 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.

The EU is looking for ways to wean the 28-country bloc from its heavy reliance on bank financing and find other means of funding small companies, infrastructure projects and other investment.

"The economic and financial crisis has impaired the ability of the financial sector to channel funds to the real economy, in particular long-term investment," said the document, seen by Reuters.

The Commission will ask the bloc’s insurance watchdog in the second half of this year for advice on a possible draft law "to mobilize more personal pension savings for long-term financing", the document said…

Notice that this would be a law. That is, it won’t be voluntary.

Remember how some people predicted that someday the government would decide to confiscate our 401Ks in order to fund important things like ‘infrastructure’ and welfare benefits? — And do you remember how they were mocked and called fear-mongers?

Well, once again we are watching our craziest nightmares move steadily closer to becoming reality.

This article was posted by Steve on Friday, February 14th, 2014. Comments are currently closed.

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