UK/EU bank balance seizure law

I spoke too soon discussing American pensions the other day. At least that isn’t life savings-level of investment (or shouldn’t be).

http://www.zerohedge.com/news/2015-06-03/bail-ins-coming-eu-gives-countries-two-months-adopt-rules

11 countries face legal action if bail-in rules are not enacted within two months
– Bail-in legislation aims at removing state responsibility when banks collapse
– Rules place burden on creditors – among whom depositors are counted
– Austria abolished bank deposit guarantee in April
– “Bail-in regimes” coming globally

Technically when you deposit in a bank it’s legally classified as a loan.
This is why they pay you interest, however low the percentage.
This is also why they want to remove the cash option, because commodities are already regulated.

Savings are at a record low. Have fun taking 100% of sweet fuck-all.

1. Be civil. 2. Be logical or fair. 3. Do not bore me.

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