They Have A Plan For Your Money

And I believe it involves taking it.

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.

So the folks who couldn’t spend their already stolen money (taxes) in useful ways are planning to steal the rest so they can spend it in “useful” ways. To get the real economy going.

Here is the plan for performing this little trick.

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.

Banks have complained they are hindered from lending to the economy by post-crisis rules forcing them to hold much larger safety cushions of capital and liquidity.

The document said the “appropriateness” of the EU capital and liquidity rules for long-term financing will be reviewed over the next two years, a process likely to be scrutinized in the United States and elsewhere to head off any risk of EU banks gaining an unfair advantage.

God help us.

That is what I call doubling down on the disease (stupidity). Of course there is a good side to this at least temporarily. Some of that money will move to places that will steal less.

H/T Zero Hedge