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.
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.
Communists always steal
Taking instead of making
It’s what they do
I don't trust Boehner an inch!
Equivalent to taking from Social Security, and perhaps your own private 401K, money to pay government employees’ wages and retirement pensions, instead of your own.
eg. government workers, do better and at the cost of private workers.
Likewise inside Europe, the German workers who get for example 6 weeks paid time off per year, resent funding the Greek workers, who get 10 weeks paid time off per year. *not real numbers, used for illustration however.
In the context of the USA, government employees’ unions and PACs are the biggest single source of campaign donations at the lowest, most local level, school boards, city & county councils, state elected offices.
If YOUR city, county, state employee pensions are in jeopardy, you will see all forms of deception, clever methods of keeping them whole, at your expense.
It has been in the best interest of government workers, for the stock market and real estate prices to increase, to previous highs, and yet they are always champing at the bit for more and higher taxes, for roads as an example. And high speed trains to nowhere. And the environment. And welfare by various names.
The BIG POT OF MONEY in the US is 401k’s.
Expect them to be RAIDED once people realize that there is NO WAY that we can pay back our debt, or even pay it down a bit.
Coming soon to America.
IF THE GREEKS DON’T VIOLENTLY RIOT......THIS WILL SPREAD LIKE GREEK YOUGURT HERE IN THE USA.
The Banks are testing these ideas in Greece and Europe....If they work there....