Forced withdrawal on current accounts, today the risk is zero but there is worse



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A fear winds between the savers. The fear of a new forced withdrawal on liquidity, as happened from the evening to the following morning on 9 July 1992. An event well present in the collective memory of the Italians, which also worries many who personally did not suffer him. The surge in public debt, especially for the coronavirus, makes many savers fear an imperative intervention on the liquidity they have on accounts and passbooks, bank or postal. I have also confirmed this by the numerous e-mails I receive about it.

In reality right now the risk of a reissue of the intervention of Giuliano Amato, the then head of government, is practically nil in particular for the following reasons.

1. Until there is one in Italy dictatorship, which fortunately is not on the horizon, a forced withdrawal on the accounts requires a parliamentary majority to approve it. This majority in 1992 was there, now it is not seen at all;

2. A withdrawal in the order of 0.6% it would bring less than 10 billion into state coffers. In any case too few for the political consequences of such a measure. The final balance would obviously change with one patrimonial generalized, that is, not limited to current accounts and other deposits, much more defensible in terms of equity and constitutionality. But it would be another matter.

Why then is there so much talk about a withdrawal from checking accounts? Because many, often in bad faith, present it instead as likely or even certain. Their real goal is to trim more easily financial products and expensive and risky social security.


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Banks, “here’s how to choose the account, protect savings and not fall into the traps of finance”

An attack has been underway for some years, even in the media, against the money conservatively kept on checking accounts. The self-styled bank advisors tell customers all sorts of lies. In addition to the bogeyman of the estate, they shake that of the bail-in, that is, of bankruptcy, even for very solid banks. They then spread tarot data, to convince them of significant losses in purchasing power, when currently theinflation it is completely negligible.

Similar speeches are carried out by most economic journalism, subservient to the interests of the financial establishment. All of them are doing their utmost to convince savers to take the different ones on the rump traps designed to scrape away money: mutual funds, life insurance policies, pension plans, certificates, etc.

In this way they are “lightened” by something like 2% per year, as shown by various researches on the costs of managed savings. It is roughly triple the 0.6% of the Amato government levy and above all they suffer it every year and not lump sum.

A final element demonstrates bad faith or, in the best case, theincompetence of many who pretend to be so-called financial advisors or boast of doing financial education. The only perfect solution and, moreover, without costs to avoid an asset tax on liquidity, is to withdraw from the account and keep the savings in cash. This solution is never even mentioned.

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