Last week, when we commented on the absolutely idiotic Eurogroup
proposal (now voted down and replaced by an equally idiotic “bank
resolution” proposal which will see uninsured deposits virtually wiped
out) to tax uninsured and insured deposits, we
jokingly suggested that this may be merely the latest ploy by the
legacy status quo to achieve one simple thing: force depositors across the continent (and soon, world) to pull their money out of a malevolent, hostile banking system and push that money into stocks, or simply to spend it. This
would help finally defeat the biggest bogeyman of the centrally-planned
reflation attempt in the past 4 years – the absolutely dismal velocity
of money which drops every time the G-7 central planners inject
liquidity into stocks.We were joking, because it would be beyond conspiratorial to suggest that a central bank could go as far as wiping out the wealth and savings of an entire nation in order to promote broken monetary policy. It would be outright idiotic and not to mention criminal. Why purposefully endanger depositors, and thus an entire financial system, just to spook them and their money? Or so we thought until we read the following just as “conspiratorial” take from Deutsche Bank’s Jim Reid:
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