Bank chief: ‘There will be more wealth confiscation, without a doubt’

European politicians will take the “easy option” of taking money from the rich rather than raising taxes and cutting spending to deal with the continent’s debt problem, Lars Christensen, the head of Saxo Bank, said.

Asked if the raid on uninsured savings in Cyprus would be repeated, he told City AM: “There will be future bail-ins [loss of deposits] and other types of confiscation of wealth in the eurozone, without a doubt.

Mr Christensen said confidence in currencies such as the euro, dollar and yen was being undermined and that the gold price would eventually recover as a result.

Read more… @ The Telegraph

8 comments on “Bank chief: ‘There will be more wealth confiscation, without a doubt’
  1. Useless Eater says:

    Wealth confiscation? What wealth? Blips on a screen ain’t no fuckin’ wealth. It ain’t about confiscatin’ wealth, it’s about controllin’ everyone and everything. They print all the “wealth” they want outta thin air and pass it around amongst themselves, then use that “wealth” to buy things of real value. Stop using the FRN. Stop using the Euro. Stop using all central bank fiat buttcheek scrapers.

    “But what else can we do? WAAAAH!!!!”
    (I imagine Ozzy Osbourne crying and pacing back and forth…)

    Oh, I don’t know, crybaby. Just sit there and cry about it and go buy a box of tissues with your fiat dollars, which are less-than-intrinsic in value, because if they weren’t all stiff and ink-printed up, then you could actually use them to wipe your tears away – and save yourself a trip to the Fortune 500 exchange window.

    This is how my Dad talked to me when I whined and cried. Think it will work on adults? HA HA HA!

    Doubt it … WAAAAAHH!!!!

  2. Harry says:

    “European politicians will take the “easy option” of taking money from the rich rather than raising taxes and cutting spending to deal with the continent’s debt problem, Lars Christensen, the head of Saxo Bank, said. ”

    Only stupid rich people will, by now, have their wealth taken from bank accounts.
    Rich will be anybody having an account over 100K?
    Taxes are way high over here (Netherlands) and austerity does generally not mean less spending but more so more taxing.
    They still think that ‘growth’ is needed to fix the problem, if they are aware of any problem, let alone the size and depth of it. (because nobody up there gives a clue that they really understand the issue; Jeroen Dijsselbloem, Wouter Bos, Jan Kees de Jager are you reading this!?)
    A stable financial situation where banks can collapse, state debt doesn’t increase and buying power is stable too is years and years away.
    That’s how much a science economy is.
    It ain’t. Or all wisdom there is not used.

  3. Flopot says:

    Hmmmm, brainf**king talk from a bankster. We all know the Cyprus bankrobbery is a corporatist crime but it is a bit rich for a bankster to advocate austerity as the solution. Double think. Double speak. Double bollocks.

    Austerity is merely another corporatist crime to save the banksters. It comes from exactly the same stable of foul deeds as the Cyprus money grab. This bankster is spinning the story into the twilight zone by suggesting Cyprus is the precursor to some sort of commie money grab.

    Cyprus was DONE ON BEHALF OF THE BANKSTERS. Austerity is meted out ON BEHALF OF THE BANKSTERS. I am starting to understand why the “hang the banksters” meme is so popular ;-)