In this video, I talk with author and economic analyst John Sneisen about the recent development which has remained largely uncovered by any media regarding the seizure and "clearing" of 500,000 bank accounts in Greece.
According to Proto Thema,
"Only in January-April this year the tax offices "cleared" the bank accounts of 428,465 debtors. According to information, if the seizures of May are taken into account, then they total more than 500,000. Within approximately 100 business days, account seizures grew by about 100,000, compared with 333,776 in the same period last year. The data from the Directorate-General for Public Revenue, which reveals business stories, show that on average each working day on their eighth day of duty, the tax offices proceed to about 4,300 seizures. "
This is a massive development and sign of the times in Greece as central planning reaches its inevitable end and market rigging by banks and government plunder a country.
People are leaving the country as places like Athens becomes overwhelmed with slum problems, slowly turning the ancient city into a third world environment.
We've reported on this madness before and one has to wonder why people are continuing to keep their money in the bank and not putting money into assets after everything Greece has already been through. From bail in regimes to bailouts, from central planning to inflation, from derivatives markets to crazy levels of debt, people need to heed our warnings and take action! Assets, that which is tangible must be in one's diverse portfolio in our opinion. One can ride out this storm but it takes financial responsibility and self sustainability.
