Posted on 03/12/2015 12:01:39 PM PDT by tcrlaf
Having previously hinted that they might 'dip' into public pensions funds for some short-term cash to payback The IMF, and then confirming that the plan is to repo that cash from pension cash reserves (raising concerns about how they will unwind the repo - i.e. pay it back); the Greek government finally signed the bill today that enables them to plunder the Greek people's pension funds (for their own good).
The massive irony of this bill is the bill enables greek deposits to be fully invested in Greek sovereign bonds... which Tsipras and Varoufakis both admitted today is "unsustainable" and "will never be repaid."
(Excerpt) Read more at zerohedge.com ...
So the government will take the money from the pension funds to pay current bills, and replace it with IOU's that will likely never be repaid.
Isn't that what has been happening to Social Security in the U.S. for decades now?
That’s why no pension system in the US is safe.
Coming to your friendly country soon.
Read up, Americans.
You are looking at your future.
“Your 401k should be good, NOT!”
Who needs pension, when stocks are in stratosphere?
http://www.freerepublic.com/focus/f-chat/3267202/posts
It is what happened to the Texas teachers’ retirement fund years ago. IIRC, it was taken out to start the lottery or something with the promise to pay it back. Ha, as if. I don’t think it was ever paid back nor ever will be.
Banana, in this case Olive, Republic tactics. Looks like the Leftie Greeks in control are using Chavez and Kirchner as their role models.
You can keep your 401k if you like your 401k. /s
I’ve often said to the wife that if they ever become serious about going after the 401K, I’d figure out how get it all now and pay one penalty, than for them to continuously raid it over time, or “nationalize” it.
The best place is to bury it 10 feet under the manure pile behind the barn, but it still might not be safe enough.
Does this mean that Greek workers will no longer be able to retire at 50?
Greece is the canary in the coal mine. There is no way Greece will ever be able to payback what it has borrowed. In fact, it has recently borrowed more to payback what it previously borrowed. This is the endgame for them.
Sadly, I don’t care what anyone else says, the US is not far behind. The Fed has been printing trillions out of thin air to stave off deflation and yet the velocity of money is painfully slow. When all this syncs up, and it will, inflation is going to send us all to our financial grave.
It is coming.
As one of the Zerohedge posters notes:
“To protect pensioners from those wicked Wall Street Bankers, we are mandating that a minimum of 70% of retirement accounts be in safe US Treasury Securities. It’s for your own good, and we’ll match the CPI!”
Next up: Obama01k, you pay into it..
...and some non-citizen gets to enjoy it.
That penalty is 33 1/2 percent of the balance. Ouch.
But hey, something is better than nothing.
That’s why it’s called Zero01k, conceived by Zero, you pay into it, get zero at yThe end.
Communists always steal
Taking instead of making
It’s what they do
If they try to take my 401K, there will be blood.
401Ks will be the toughest to grab. What with all the people shooting congressman, state representatives and suchlike.
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