Poland Seizes Retirement Accounts .. To Borrow More (Tempting Fruit For US Politicians)

Confounded Interest ^ | 09/07/2013 | Anthony B. Sanders

[whitedog57]

They will bail out state and muni pensions with YOUR retirement accounts!!!!!!!!

[Hoodat]

Didn’t the Germans do this in the 1930s?

[BipolarBob]

I worked for forty years and went without a lot of things to save up for my retirement. Even now I skimp and go without stuff I would like to have and leave my retirement to be self sustaining. BUT if this comes about, I guess the joke is on me. I should have been out partying it up and running through it like a dose of salts. After all, the gubmint is there for me, right?

[Vermont Lt]

I am not sure, but I have seen too many trial balloons proposing that a portion of every retirement program (401(k), IRA, etc) be invested in government bonds.

This will work to reduce the interest rates, until the process equalizes...

In any event, it means a “tax” of sorts on your savings in that it will be restricted to a lower possible return—thus really reducing the long term growth/compounding potential for young investors/savers.

[TomGuy]

With just the threat of such seizures, the public should be preparing vats of hot tar and feathers and informing those elected officials that their pilfering is about to have a stick-hot ending.

"When the people fear the government there is tyranny, when the government fears the people there is liberty."
--Thomas Jefferson

It may be time for the people to put some fear in elected officials.

[IllumiNaughtyByNature]

Which retirement assets is this concerning? Is this govt back securities, government pensions, private 401K’s or Mutual funds/stocks of private companies? Just curious. Thanks for any info?

[Jack Hydrazine]

Co za asy!!!

[E. Pluribus Unum]

Gangster government is on the march.

[TomGuy]

I worked for forty years and went without a lot of things to save up for my retirement. Even now I skimp and go without stuff I would like to have and leave my retirement to be self sustaining.

It is similar with many of us.

And the near zero interest rates are doing more damage to those who intended to live off the interest from their investments.

Of course, the government benefits greatly from near-zero interest rates.

During most of my adult life, 6% was a low rate and typically 8 to 12% was moderate. Now, my money earns about 0.75% ($7.50 per year per $1000) and interest checking earns about 0.01% (10-cents per year per $1000).

[freerepublicchat]

There's safe way to share space with people that can't prepare for their own future.

There's a reason some of the greatest financial empires started out on islands or peninsulas where they could defend what they had from the hungry hoards.

[cripplecreek]

Sounds like Mason Jars buried in the back yard may have been the best way to go.

[Steve_Seattle]

"On Wednesday, Poland’s 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."

Why does this sound like theft?

[HangnJudge]

http://www.zerohedge.com/news/2013-09-06/poland-confiscates-half-private-pension-funds-cut-sovereign-debt-load

http://www.reuters.com/article/2013/09/04/poland-pensions-idUSL6N0H02UV20130904

[TomGuy]

Ironically, Mason jars filled with old silver dollars would be worth small fortunes now.

I can recall many times when banks and stores had silver dollars in circulation. Most people did not care for them because a few weighed quite a bit and paper money was easier to handle.

[Fee]

First clue will be the Fed gov require all fed employees convert all their Thrift Savings Plan from stocks and bonds into US T Bills. Next tell banks that the only thing people can invest in if they open IRA is US T Bills. Next tell corporations that all new 401k plans have only one investment, T Bills. In the US we will use financial repression (limit all private investments to T bills). This was used post WW2 to pay off our war bonds.

[pterional]

They will help up with our retirement by requiring the conversion of our 401K s to Government Bonds with a set 6% return. The government will claim that investing in the market is too hard and risky for the average guy.

There seems to be little warnings on these “bail in” if you're not in the loop. The Cypriot bail in had the Russians pulling their money out prior to the bank shut down and capital restrictions because the Russians had Insider knowledge.

The average American doesn't have a retirement account much less 500 dollars in the bank for emergencies. If the Government confiscates your private retirement the people around you won't care and in fact will be happy that your wealth was redistributed.

The government really wants to get our guns because this type of property confiscation will lead to counter revolution. I believe this is why Obama stopped the influx of old military arms back into the country. This rogue government knows there is a good chance of a real uprising if they impose a retirement account confiscation.

[factoryrat]

And here everybody thought that their earnings, savings, 401k’s, IRA’s, and pensions belonged to them. Fat chance suckers! ANY accumulated wealth that you may have in your possession CAN and WILL be confiscated by the government, for the COMMON GOOD of course. And if you refuse, there's plenty of federal, state, and local alphabet-soup agencies who will take it away from you, by force if necessary.

[Vaduz]

Sounds like Obamacare.

[bgill]

Texas did that with the teachers’ retirement years ago and never repaid it.

[Mark17]

With just the threat of such seizures, the public should be preparing vats of hot tar and feathers

Maybe they will need to do a major gun grab, before they can do this. They don't want to face millions of armed, angry citizens.