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Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load
Zerohedge ^
| 09/06/2013
| Tyler Durden
Posted on 09/06/2013 12:09:52 PM PDT by Rusty0604
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That same argument has been made here in U.S.; that our pensions will be safer if the gov't takes them over. Oh, and fairer too, because they can be redistributed from those that worked and saved to those that didn't.
1
posted on
09/06/2013 12:09:52 PM PDT
by
Rusty0604
To: Rusty0604
Gee...guess the Poles didn’t get rid of the Commie Looter class from their government, did they?
2
posted on
09/06/2013 12:11:19 PM PDT
by
Regulator
To: Rusty0604
We’re all GM bondholders now......
3
posted on
09/06/2013 12:13:31 PM PDT
by
4Liberty
(Some on our "Roads & Bridges" head to the beach. Others head to their offices, farms, libraries....)
To: Regulator
“It can’t happen here”
un huh
4
posted on
09/06/2013 12:14:00 PM PDT
by
GeronL
To: Rusty0604
Don’t think for a nanosecond that it can’t/won’t happen here.
5
posted on
09/06/2013 12:14:08 PM PDT
by
Lorianne
(fedgov, taxporkmoney)
To: Lorianne
6
posted on
09/06/2013 12:14:40 PM PDT
by
GeronL
To: Rusty0604
he state just nationalized roughly half of the private sector pension fund assets Well, hell - why not take it all?
Or would that be too much for the Polsheple?
To: Regulator
Gee...guess the Poles didnt get rid of the Commie Looter class from their government, did they? Which should stand as a lesson to us that if we come to blows with our liberal countrymen that we should make sure none of them are left breathing at the end of it lest they slither back into government where they can wreak havoc again.
8
posted on
09/06/2013 12:17:09 PM PDT
by
MeganC
(A gun is like a parachute. If you need one, and don't have one, you'll never need one again.)
To: GeronL
it can't happen hereThe feds can confiscate a real lot just by tax policy. I'd think it's a real nice tax windfall for the feds when baby boomers who've saved have to take out their IRAs
9
posted on
09/06/2013 12:17:46 PM PDT
by
grania
To: Rusty0604
They didn’t learn their lesson from their life under communism. What they did is theft.
To: Regulator
Is your 401K about to be nationalized? WASHINGTON, February 3, 2013 ― The $19.4 trillion sitting in personal retirement accounts like the 401K may be too tempting an apple for a government that is quite broke, both monetarily and morally. The U.S. Consumer Financial Protection Bureau director Richard Cordray recently mentioned these accounts in a recent interview, stating Thats one of the things weve been exploring and are interested in, in terms of whether and what authority we have. This agency, created by the 2010 Dodd-Frank-Act, is very concerned about how safe your retirement savings are. They are apparently concerned that retiring baby boomers may become victims of financial scams. Read more: http://communities.washingtontimes.com/neighborhood/politics-blue-collar/2013/feb/3/your-401k-about-be-nationalized/#ixzz2e8sRSuRj
To: Rusty0604
This has only been reported in a handful of blogs so far.
I think we need to wait for confirmation before assuming it has happened.
To: Rusty0604
And Tusk is pretty conservative, too, on most things.
13
posted on
09/06/2013 12:25:38 PM PDT
by
Cicero
(Marcus Tullius)
To: Rusty0604
I need confirmation just like Rooster. Poles tend towards capitalism.
14
posted on
09/06/2013 12:26:19 PM PDT
by
Lazamataz
(Early 2009 to 7/21/2013 - RIP my little girl Cathy. You were the best cat ever. You will be missed.)
To: RoosterRedux
“I think we need to wait for confirmation before assuming it has happened.”
It’s not in the interests of the powers that be that stories like this get wide distribution.
15
posted on
09/06/2013 12:26:41 PM PDT
by
RKBA Democrat
(Power disintegrates when people withdraw their obedience and support)
To: RoosterRedux
To: Rusty0604
17
posted on
09/06/2013 12:30:32 PM PDT
by
Uncle Miltie
(Are Marines required to salute Al Qaeda yet?)
To: Lazamataz
By way of background, Poland has a hybrid pension system: as Reuters explains, mandatory contributions are made into both the state pension vehicle, known as ZUS, and the private funds, which are collectively known by the Polish acronym OFE. Bonds make up roughly half the private funds’ portfolios, with the rest company stocks.
And while a change to state-pension funds was long awaited - an overhaul if you will - nobody expected that this would entail a literal pillage of private sector assets.
On Wednesday, Prime Minister Donald Tusk said private funds within the state-guaranteed system would have their bond holdings transferred to a state pension vehicle, but keep their equity holdings.
We are supposedly capitalistic, but this very same thing has been thrown around here. Who’s going to lend the gov’t by buying treasuries when the Fed and foreigners quit?
To: Rusty0604
It’s coming here soon enough. The assets in 401(k)s are too big and too easy to simply seize. Although it won’t be a “seizure” per se, it’ll be forced “investments” in government bonds.
BTW, Zero Hedge does not require excerpting.
19
posted on
09/06/2013 12:32:24 PM PDT
by
RKBA Democrat
(Power disintegrates when people withdraw their obedience and support)
To: grania
Yes, a tax windfall when IRA’s are withdrawn, but that was the deal. However, confiscation is stealing and this talk of $3 million is too much is scary.
20
posted on
09/06/2013 12:36:54 PM PDT
by
The_Media_never_lie
(Actually, they lie when it suits them! The crooked MS media must be defeated any way it can be done!)
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