Posted on 01/03/2011 3:09:10 PM PST by Nachum
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.
So what should we do? Pull the 401k?
Most of Europe aren’t democracies, and they certainly are not Republics governed by the rule of law. The UK is the closest it comes, but even they don’t seem to care any longer.
They can all go to hell.
Well, this is good news for Swiss bankers.
Gold and Silver are the last refuge.
When the government takes private property it take away your freedom. As the state motto of NH says, “Live Free or Die”.
So what should we do? Pull the 401k?
There was a Harvard prof who was advocating this about a year ago. Mark Levin interviewed her. I’m sure it’s archived.
The problem of all govt's is that they eventually become corrupt, and see the people who they are supposed to serve & protect as an infinite source of taxable revenue.
And the Hungarian pussies haven't started an armed revolution because???
little fish become fish food for big fish when the fish flakes run out. luckily that could never happen here.
What???????????????????
There’s been some talk about doing it here, with the 401Ks.
Hungary needs the Spirit of '56.
Which can be taken by Fedgov Fiat. Happend in the 30’s.
This is step one. It will come to America.
Step 2 is tried and true: simply force the rich to give all their money to the state in their wills for lavish public projects. Nero did it (and then killed the rich when they didn’t die fast enough) and Justinian did it, although he put up the pretense of legality by having them amend their wills to give him all their money upon death.
The bottom line is that any time there is a pot of money anywhere, some politician will try to get his hands on it.
At some point for many there will be nothing left to lose.
Step 2 = 0 care?
Said hands need to be chopped off either figuratively and/or literally. The one good idea of the muslims is cutting off the hand of a thief.
Many used to keep money in the form of Gems too. They are small, easily hidden, and transportable.
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