BELTWAY CONFIDENTIAL Politics from the Nation's Capital Europe starts confiscating private pension funds By: Mark Hemingway 01/03/11 2:22 PM
The U.S. isn't the only place that's facing a major pension fund crisis. The Christian Science Monitor has this alarming report:
People’s retirement savings are a convenient source of revenue for governments that don’t want to reduce spending or make privatizations. As most pension schemes in Europe are organised by the state, European ministers of finance have a facilitated access to the savings accumulated there, and it is only logical that they try to get a hold of this money for their own ends. In recent weeks I have noted five such attempts: Three situations concern private personal savings; two others refer to national funds.
The most striking example is Hungary, where last month the government made the citizens an offer they could not refuse. They could either remit their individual retirement savings to the state, or lose the right to the basic state pension (but still have an obligation to pay contributions for it). In this extortionate way, the government wants to gain control over $14bn of individual retirement savings.
The article goes on to detail other pension grabs in Bulgaria, Poland, France and Ireland. Obviously, this is a cautionary tale for America. If fiscal austerity becomes a real issue in the U.S. the way that it's been reaching critical mass in Europe -- don't think that U.S. lawmakers regard your either your personal wealth or money they might owe you as sacrosanct. Government has a habit of looking out for itself.
George Amedore & Christian Klueg for NYS Senate 2016 Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground." Lyndon Baines Johnson
So their Ponzi Schemes are going bust just like our SS will.
"In the beginning of a change, the Patriot is a scarce man, brave, hated and scorned. When his cause succeeds, however, the timid join him, for then it costs nothing to be a Patriot."
Yep - but Silver is probably better. (Unless you're buying a LOT)
Easier to trade with small denominations versus a 1oz bar or coin of gold.
And 1/10 th oz gold coins cost a fortune...
True - basically get your hands on any commodity that will last longer than cash.
George Amedore & Christian Klueg for NYS Senate 2016 Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground." Lyndon Baines Johnson
So their Ponzi Schemes are going bust just like our SS will.
Oh there 'will' be social security.....but no one will be able to afford to take it and retire. And that is what the government was betting on. The longer the seniors work, the less out of SS and more taxes going into the tax base. They knew this was coming for decades! So how does 'being manipulated' feel now?
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Oh there 'will' be social security.....but no one will be able to afford to take it and retire. And that is what the government was betting on. The longer the seniors work, the less out of SS and more taxes going into the tax base. They knew this was coming for decades! So how does 'being manipulated' feel now?
Amazing how many people believe the money they are paying is being set aside in some trust fund. Little do they know that money is already gone funding current benefits and programs non related to SS. What's sad is that when ever the issue comes up to fix the mess it gets brushed aside. The younger generations should be able to opt out of SS to invest in their own retirement, but like this article you can bet on the government being there to get their hands on it somehow.
"In the beginning of a change, the Patriot is a scarce man, brave, hated and scorned. When his cause succeeds, however, the timid join him, for then it costs nothing to be a Patriot."
Europe starts confiscating private pension funds......
Gee, sounds like what the Savage-Gillen-Stratton team are doing in Schenectady. After all, look, they ARE confiscating a large portion of money from the seniors on fixed incomes, via making the seniors pay for the tax exemptions of the millionaires downtown - those millioniares who are the political cronies of he Savage-Gillen-Stratton-DV team
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
Amazing how many people believe the money they are paying is being set aside in some trust fund. Little do they know that money is already gone funding current benefits and programs non related to SS. What's sad is that when ever the issue comes up to fix the mess it gets brushed aside. The younger generations should be able to opt out of SS to invest in their own retirement, but like this article you can bet on the government being there to get their hands on it somehow.
I have known that for years -- that is my biggest gripe with President Reagan -- despite all the good things that he did as president, his biggest "failure" was the deal he made with Tip O'Neil that put the final nail in the coffin of Social Security. By putting the Social Security Fund INTO the General Fund - it ended any real possibility that Social Security could possibly be a trust fund. This is also when they changed the verbage from FICA contribution to FICA tax.
George Amedore & Christian Klueg for NYS Senate 2016 Pete Vroman for State Assembly 2016[/size][/color]
"For this is what America is all about. It is the uncrossed desert and the unclimbed ridge. It is the star that is not reached and the harvest that is sleeping in the unplowed ground." Lyndon Baines Johnson
Pensions are becoming a thing of the past and social security is clearly NOT a financial security. For all of you young ones out there...plan, plan, plan for your future.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
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