This one is a bit convoluted but bear with me.
You’ll know about the European Union and their currency the Euro.
It’s in a bit of a mess isn’t it with high unemployment, migrant workers, and debt levels so high that people are starving whilst their masters (especially in the UK) attack the poor every which way they can.
Well there has been a new danger added to the little people in life and it’s called the ECB European Central Bank assuming direct supervisory control over 120 of the largest banks in the Eurozone, under the Single Supervisory Mechanism.
So why the title “Why you need cash in the EU”?
There are two phrases that should chill the European Prepper to the core.
BANK BAIL OUT and the worst one of all a BANK BAIL IN.
Bail-outs occur when outside investors, such as a government, rescue a bank by injecting money.
A Bail-in example. Bondholders in Cyprus banks and depositors with more than 100,000 euros in their accounts were forced to write-off a portion of their holdings to support the failing bank system AKA the government stole their money.
Eurozone states are obliged to participate.
As of 3 November 2014, none of the non-eurozone member states had opted to join, although the ECB reported that some of them had expressed an interest in joining, and that talks were being held wit each of them to map which changes to national legislation need to be adopted in order to become a SSM member.
Hang on, did I just read a country’s national legislation will have to be changed if it becomes a SSM Member? Talk about a loss of sovereignty, they will be giving up control of their banks to the EU!
So IMO a new term needs to be added into this little B.S. explanation MISSION CREEP. To me, if you add a bit of mission creep to their new-found powers, it makes it dead easy for a mass bail in or asset grab doesn’t it?
Folding stuff aka bank notes stuffed in your mattress or somewhere else is looking more like an urgent necessity isn’t it?