Replying to Avatar Rich Nost

You know, I always thought the EU would have to cut back on their extensive social safety net in order to afford justifying their existence with defense...

But I forgot they are socialists and would instead resort to outright robbing the citizens of their financial autonomy.

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7fqx 10mo ago

So how does this actually work?

They empty savings accounts? They steal the interest?

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jamw 10mo ago

No. How it works is that they offer EU citizens a kind of stocks and shares ISA - you then decide if you want to move your money from your savings account into that ISA. That’s the crux of it. Either way, when your savings are in a bank account, you don’t own your money (Cyprus was proof of that) and if it’s invested in a stocks and shares ISA the companies you invested in own your money (and those shares may go up as well as down).