Well you’ve been warned, it’s not on the USA yet. But now you know the progressives end game, and why Obama doesn’t care about the budget and just goes on vacation.
So now we have the save the Euro end game, for now. It was a flawed concept from the beginning. Sovereignty is gone.
Italy, Spain, Greece, France, you’re next. It’s a rotating buzz saw. Then does it go State by State in the USA? But some States have a balanced budget requirement, but not California, they make it up as they go.
The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.
The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.
“If there is a risk in a bank, our first question should be ‘Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself?’,” he said.
“If the bank can’t do it, then we’ll talk to the shareholders and the bondholders, we’ll ask them to contribute in recapitalising the bank, and if necessary the uninsured deposit holders.”
Ditching a three-year-old policy of protecting senior bondholders and large depositors, over €100,000, in banks, Mr Dijsselbloem argued that the lack of market contagion surrounding Cyprus showed that private investors could now be hit to pay for bad banking debts.
So here is how it works … If you place money in securities on the European Continent then what is yours is theirs when they want it. I suggest you clearly understand that proposition and allow for that occurrence.