If You Save It…

They will steal it

(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.

If there’s anyway the government can steal your retirement money (oh, sorry, did I say “steal”? I meant “protect.”) they will.

5 Responses to “If You Save It…”

  1. Syd B. says:

    On this side of the pond, they use the Obmacare process to empty your jeans.

  2. ricki says:

    I’ll be interested to see what happens with this. If it flies in Europe (without sparking revolutions), expect it to come here.

    That’s my biggest fear: that all that money I’ve been putting aside to care for myself in retirement – denying myself vacations and new clothes and an expensive car – will be stolen to fund some stupid government scam.

  3. Syd B. says:

    Maybe this is why the U.S. government has been buying up ammo like it was a drug.

  4. Mr. Bingley says:

    That’s for, um, training, Syd!

  5. JeffS says:

    Citizens are buying ammo as well, Syd.

    For training and recreation, of course.

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