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Posted on 09/02/2026 5:05:32 AM PDT by MtnClimber
Rising interest rates, record insolvencies, and permanent recession -- the looming economic crisis in the EU is taking shape. Brussels is responding by preparing the ground for capital controls. The regulators' latest target: European citizens' foreign bank accounts.
Starting January 11, 2027, trouble looms for EU citizens with foreign accounts. From that date, banks from third countries -- Switzerland, the UK, the US, or Singapore -- will be prohibited from offering so-called core banking services to European citizens. In essence, this covers three core functions: classic deposit-taking (checking, savings, or fixed-term accounts), lending, and the guarantee business. Banks wishing to continue offering these services to EU citizens will then be required to maintain a specifically licensed, fully supervised branch in exactly the member state where the customer resides.
Existing customers who held a foreign account as of July 11, 2026, may keep it, as long as the contractual basis is not fundamentally altered. Here lies a gray zone, an area of interpretive discretion for European authorities -- one that will almost certainly be used in the future to pull these customers back inside the EU's walls as well.
Officially, this new EU initiative is called Directive 2024/1619, better known as CRD VI -- the sixth Capital Requirements Directive. It was adopted through the ordinary legislative procedure by the European Parliament and the Council, on a proposal from the European Commission. As is so often the case with new EU regulations, the process simmered quietly in the background for a long time, largely unnoticed by public awareness. It formally entered into force on July 9, 2024, though it only becomes binding for affected third-country banks from January 11, 2027. The Commission itself officially markets this regulation as mere "harmonization of market access" for third-country banks -- a technocratic-sounding term
(Excerpt) Read more at americanthinker.com ...
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The central planners need to do a new five year plan.
“Directive 2024/1619”
Sounds like the start of ‘Directive 10-289’
We want all your assets within easy reach.
“Sounds like the start of ‘Directive 10-289’”
Ayn Rand stands with Orwell as a prime successful predictor of where the loathsome left is leading us.
Quite interesting in light of this:
EU President Ursula von der Leyen says that people’s savings accounts are a problem. That she must put this money “to the service of European companies” She plans to supervise them Citizens of Europe, they’re now for your savings.
https://patriots.win/p/1ATV83BqDc/breaking—eu-president-ursula-vo/c/
The Euro socialists need access to more other people’s money.
The USA won’t be far behind. If democrats gain control of Congress and the Presidency the confiscation of private wealth will begin in earnest.
GET YOUR MONEY OUT! GET OUT NOW!
Go to the Caimans or Panama or the Dutch Antilles or wherever you have to go. Talk to lawyers there, get an anonymous shell corporation and push your assets into that. Above all DO NOT LET the greedy grasping EUrocrats get their grubby paws on your money. You know they are desperate to keep funding their socialism and your savings are the only pool of money left for them to steal from. Its only a short while until they start raiding your savings.
P.S. Remember when the Nazis made it illegal for German citizens to have foreign bank accounts? Gosh, why do you think they would do that?
Probably for the same reason they were such fans of gun control. Kinda like the current Yurp elites.
Probably for the same reason they imposed censorship and demanded full control over the media. Kinda like the current Yurp elites.
Just how much of our US taxpayer money has our Deep State been laundering to Europe over the decades?!
So, Mastercard and Visa are the answers
The holder of the offshore account is issued a card from a domestic branch of the offshore bank. Expenses charged to the card and domestic bank are handled internally between the domestic branch where the expenses occurred and the foreign branch that paid the debt.
Similarly, an off shore brokerage account manages investments and is also cash transactions with the offshore bank.
There may or maynot be a corporation involved
Critical thinking is neither taught, nor encouraged, by academia in the European Union.
Thus, you have clueless bureaucrats running the show.
UK's Deep State is doing it, too...
New charges for households with over £12,000 savings under Andy Burnham
What's yours is yours...until it's theirs.
you’ll own nothing and be happy
If gubmint planners knew anything about earning a living, they wouldn't be in gubmint.
Now imagine what happens once CBDCs replace cash....
And I would point out that just about any large European city is far safer than an American one of comparable size: we rightly point out the stupidity of the Europeans admitting hordes of Third Worlders but don't see the parallels with our own failure to control our own black criminal class and the hordes of Latin American peasants in our cities. Both drive the crime rate, especially the violent crime rate, much higher than in Europe.
And when the AI bubble pops, as it surely will, what then? Nvidia is following Enron's lead in borrowing money against its own stock to finance purchases of its hardware.
The US, just like Europe, is heading towards a regulatory command economy, massive concentration of wealth and pauperization of its middle class, and massive political turmoil. They're ahead in the regulatory overkill, but we're ahead on the debt. Trump may have reduced the knots, but we're still on the Titanic heading towards the iceberg.
Bkmk
the article i read yesterday here said the opposite of what this article claims ...
what is ACTUALLY being proposed in the EU is to loosen capital and investment regulations to make private investment feasible, as well as lucrative because of newly proposed tax-advantaged private investment accounts ...
the problem is that current capital controls have provoked trillions of dollars to remain in low-interest savings accounts that the private owners as well as the banks in particular are not allowed to invest otherwise ... the idea is to make it desirable for both the savers and the banks to inject the cash into capital investments ...
EU is on the ropes economically, and turning to draconian control measures. And Carney wants to hitch his wagon to this dying mule…
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