728x90 AdSpace

Latest News
July 16, 2015

Could Greeks Face Wealth Confiscation?

We all know by now that governments will do whatever it takes to survive. They are essentially a parasite that needs a host (its people) to survive. They suck money out of the system, spend it inefficiently and give less back to its people.

The people of Greece are witnessing this on an extreme measure. Its government, a government elected to protect its people and to bring about an economic rebirth, has turned its back on its people and sold them out to their debt overlords.

This comes as no surprise, facing the immediate collapse that they were about to undergo, a collapse that would of been painful, but is necessary in order to begin the rebirth that the country desperately needs.

The only way they can do this is to shed its debt load to the IMF and the EU. They need to put up their hands and walk away. This debt is unpayable and they know it.

What the government of Greece also knows is that if they walk away and Greece begins its collapsing process, then the government as they know it will be out of power. If they were interested in the greater good of their people, then this would not be a problem.

Unfortunately, as with most governments around the world, they are only interested in self-preservation, no matter the cost.

Already, the pain of the Greece people is being witnessed by the world. Capital controls have been put in place. ATM withdrawal limits have been imposed, with people only able to withdraw up to $60 Euros per day, a pathetic amount.

In addition to this freeze on their capital, businesses are being locked out of the credit lifeline they need to survive, causing even more suffering as the financial system in Greece continues on with its collapse.

What is next you ask? Well, it is only going to get worse from here. It is incredibly likely that pension funds will be raided, savings will be stolen in a Cryprus-style theft by the government and yes, safety deposit boxes will be raided.

The people of Greece, with the foresight to see these events coming are already taking action. The sale of personal safes is exploding, with businesses reporting record sales. The people of Greece know that the government is desperate and running out of options, they know that they are coming for their personal savings, what little many of them have left.

Unfortunately, there is also a large portion of the population who did not have the knowledge or foresight to see how these events would unfold, even though we have seen it time and time again throughout history.

In addition to sales exploding in personal safes, you can bet that the amount of unreported transaction of precious metals has gone through the roof. Also, it's very likely that many are moving some of their savings, if they can, into Bitcoin as well. We hope that there is still some time for those who have been idle and not acted to take some measure to protect and get their wealth secured before it is too late, but sadly, that timing is running out, if not already too late.

Source: Sprott Money News   

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters. © EconMatters All Rights Reserved | Facebook | Twitter | Free Email | Kindle

  • Blogger Comments
  • Facebook Comments
Item Reviewed: Could Greeks Face Wealth Confiscation? Rating: 5 Reviewed By: EconMatters