Posted on 09/08/2013 2:51:45 PM PDT by entropy12
While the world was glued to the developments in the Mediterranean in the past week, Poland took a page straight out of Rahm Emanuel's playbook and in order to not let a crisis go to waste, announced quietly that it would transfer to the state - i.e., confiscate - the bulk of assets owned by the country's private pension funds (many of them owned by such foreign firms as PIMCO parent Allianz, AXA, Generali, ING and Aviva), without offering any compensation. In effect, the state just nationalized roughly half of the private sector pension fund assets, although it had a more politically correct name for it: pension overhaul.
(Excerpt) Read more at zerohedge.com ...
Here is why the Democrats will do it here!
http://confoundedinterest.wordpress.com/2013/09/07/poland-seizes-retirement-accounts-to-borrow-more-tempting-fruit-for-us-politicians/
Just now doing 2012 taxes. Was I not paying attention of is this the first year that they ask for the full amount of my IRA? I don’t want to tell them but I want the deduction for my contribution.
Think about it. We will soon ALL be submitting our 1040’s electronically...and whether you’re getting something back or paying...they will have access to your bank account.
Poland was doing so well. This is very disappointing.
This is theft, writ large.
Private property rights are foundational to freedom.
and don’t forget, most pensions are from the old blue chip companies (and most don’t even offer them for new hires).
so, you can paint a picture here. workers who stared in the 60’s 70’ and 80’s, mostly white men, hard working and taxpayers.
just the type of people this administration doesn’t like.
so, why should an old white guy get to sit pretty on a nice fat check each month when the government can use that money for welfare and food stamps?
Coming soon to a country near you...
WARSAW, Sept 4 (Reuters) - Poland said on Wednesday it will transfer to the state many of the assets held by private pension funds, slashing public debt but putting in doubt the future of the multi-billion-euro funds, many of them foreign-owned
Even if Poland’s economy could be doing well, if they have gone into more national debt than wise, this is the result.
We need a balanced budget amendment more than anything else. We won’t get that unless we get a conservative congress and president.
Good grief! What insanity!
“...multi-billion-euro funds, ...”
Can you spot the “magic” word in the sentence extract (ignore multi-billion- and funds”? I knew you could. Communism is easy to spot when you know the “magic” words.
http://www.freerepublic.com/focus/f-bloggers/3063807/posts
http://www.freerepublic.com/focus/f-bloggers/3063501/posts
http://www.freerepublic.com/focus/f-news/3063565/posts
This is going to do wonders for the banking business in Poland. As well as for capital formation in that country.
You can still have multiple accounts at different banks. Treat it like you do debt - never borrow from the bank that is storing your money.
What leads you to believe they don't already? (I figure they're about 100x more interested in the info our our accounts as they are in the info in our emails).
Steely, I love your sign off.
Buy votes of the free sh*t army is EXPENSIVE!
It would seem to me that the best speculation would be to short the Zloty versus the dollar; what moron in Poland wouldn’t move all their private funds to the U.S. this week, if not tomorrow? The Zloty will collapse.
I learned something very valuable watching the financial crisis in Greece. Large multinational banks are the best place to keep your money because if and when the government does decide to lock down and or confiscate the peoples bank accounts, you can still withdraw your money from locations your has in other countries.
Good information to remember.
It is very expensive. Which leads me to ponder. Once they ( and we ) have all killed the golden goose what lies on the other side ?
I think governments that look very different from our current Ideal sadly.
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