European nations begin seizing private pensions

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investorzzo's picture
investorzzo
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European nations begin seizing private pensions

Hungary, Poland, and three other nations take over citizens' pension money to make up government budget shortfalls.

http://www.csmonitor.com/Business/The-Adam-Smith-Institute-Blog/2011/010...

David.a.Isaksson's picture
David.a.Isaksson
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Re: European nations begin seizing private pensions

Troubling news. I doubt that it will go over well with the population in these countries. It might be a harsh awakening for many.

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nickdanger
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Re: European nations begin seizing private pensions

more disturbing is:  U.S. HAS HELD HEARINGS ON THE SAME ISSUE, they have ideas about your 401K.  It seems Europe is about one year ahead of the US.  If you watch European events, it seems it is showing us what will happen in US in about a year....

 

http://www.redstate.com/etcartman/2010/08/27/federal-government-moving-to-seize-all-401k-plans/

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Re: European nations begin seizing private pensions

Begin? They have been doing that for years.

A few years back I looked into this, and according to the Finnish study I found, only Denmark had 100% of its (promised) retirement money in savings, untouched by the goverment. Finland and Norway were roughly second w. ~80% remaining and Sweden fourth with ~60%. Rest of Europe had less than that. (I could misremember, it was a few years back -- and cannot find the study now).

Let's say it will be a rough awakening one day.

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Carl Veritas
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Re: European nations begin seizing private pensions

The pension programs are organized by the state so the party never saw it as private property, not that they knew what the hell private property was.  Our own govt prefers the backdoor confiscation trough inflation----create money to spend now and have the public pay for it trough higher prices for goods over time.   What cunning.

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Re: European nations begin seizing private pensions
investorzzo wrote:

Hungary, Poland, and three other nations take over citizens' pension money to make up government budget shortfalls.

http://www.csmonitor.com/Business/The-Adam-Smith-Institute-Blog/2011/010...

Don't forget... Our Federal government has been doing this with Social Security since its birth in 1935, using pension money to make up government budget shortfalls.

Poet

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Re: European nations begin seizing private pensions

Now that republicans have taken over the House of Representatives our private pension moneys will not be seized.  It is unconstitutional and grossly unfair to boot.  The democrats were hinting around at trying to steal our retirement plans a few months ago.  If you google on it you will find all kinds of articles on it - GRAs - Government Retirement Accounts.  I couldn't believe it.  But, with republicans controlling the House it simply will not happen.

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Re: European nations begin seizing private pensions
dshields wrote:

Now that republicans have taken over the House of Representatives our private pension moneys will not be seized.  It is unconstitutional and grossly unfair to boot.  The democrats were hinting around at trying to steal our retirement plans a few months ago.  If you google on it you will find all kinds of articles on it - GRAs - Government Retirement Accounts.  I couldn't believe it.  But, with republicans controlling the House it simply will not happen.

I wouldn't be so sure that the Republicans will save America, even if it's less likely our retirement savings accounts will be confiscated now that they are in power. I've read some of your postings, and honestly, I think you don't blame Republicans enough. I believe both parties share equal blame for helping ruin America.

Poet

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Re: European nations begin seizing private pensions

@dshields...truely I believe there is no constitution that our government follows.  Franklin D Roosevelt, under Presidential Executive Order number 6102, confiscated all privately held Gold in the United States on April 5, 1933.  if they can take your gold then they can do anything, unless we stand up and stop them and i don't think americans are mad enough to do it, yet.  If you look at your paper money it says "federal reserve note"  it is not issued from the US treasury and it is backed by nothing, they can issue fake money?  hmmmmm. 

 

 

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Re: European nations begin seizing private pensions

nickdanger and poet - I agree.  I agree that repubs in the past have not lived up to the republican values.  The repubs may be bad but the dems are even worse.  It is a matter of degree.  I am pinning some hope on the new crop of repubs.  That hope may be misplaced, but I still have it, for now.

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Re: European nations begin seizing private pensions
dshields wrote:

Now that republicans have taken over the House of Representatives our private pension moneys will not be seized.

But maybe they'll resurrect the plan to privatize social security. It's simply the other side of the coin where private entities seize public monies. Now where have I heard of that idea before? Surprised

http://www.huffingtonpost.com/2010/10/22/george-w-bush-reveals-his_n_772209.html

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Re: European nations begin seizing private pensions
SteveW wrote:
dshields wrote:

Now that republicans have taken over the House of Representatives our private pension moneys will not be seized.

But maybe they'll resurrect the plan to privatize social security. It's simply the other side of the coin where private entities seize public monies. Now where have I heard of that idea before? Surprised

http://www.huffingtonpost.com/2010/10/22/george-w-bush-reveals-his_n_772209.html

Given the choice, which I do not have, I would rather take my chances in the private sector than give the money to the gov and let them steal some of it and redistribute it and in the end not have squat for retirement.  Plus, they make all the rules about when I can retire and so on.  If I had the money I would make my own rules.  I recently sat down and tried to figure out what I would have for retirement right now if instead of giving the money to SS I had kept it and invested it myself.  Now it easy to be optimistic  and give yourself more credit for making good decisions across time when it comes to that type analysis (LOL), but it tried to be reasonable about it and maybe a little pessimistic.  In the end I came up with about double what SS is going to pay me.  That is a lot more money.  It is actually enough to live on if I had to.  I would not be rich but I would not be eating cat food sandwiches either.

 

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Re: European nations begin seizing private pensions

nickdanger - You are dead right on the constitution issue.  No question about it.  Of course you know which political party FDR was in...

And yes, the repubs have voted for stuff in the past that was not constitutional also - and they know it.  I suppose I keep penning my hopes on folks like Jim DeMint, Ron Paul (and kid), and other newly elected repubs of the tea party persuasion.  There is actually a fair number of these types in the House and an increasing number in the Senate.  The 2012 election cycle will bring more.  In my opinion, it is all we really have going for us right now.  Everything else looks bad.  It is actually so bad that even with great government I am not sure we can escape some type of financial and associated social disaster sometime in the next few years.  And no, the tea party thing is not perfect either but it is better than an out of control gov spending spree creating and ever bigger class of dependency.  The entire class of dependency thing is really bad and while everyone is watching the fed and china and hedge funds and crooked wall street crap, and you name it, the class of dependency and the entitlement mentality they posses, is like a cancer eating away at us from the inside out.

http://www.heritage.org/Research/Reports/2010/10/The-2010-Index-of-Depen...

And, yes I know that Heritage can sometimes lean to the right but numbers are numbers.  There is going to be big trouble with the class of dependency thing before too long.

 

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Re: European nations begin seizing private pensions

What troubles me most is the fact that there was no single word about the issue in the mainstream media. Nothing.

What a desperate move to "save" money by cheating citizens. Am I wrong or is everything getting worse by the day.

Whatever, greetings from accros the big pond, good to be here.

Hagen (Berlin, Germany)

 

Travlin's picture
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Re: European nations begin seizing private pensions
dshields wrote:

There is going to be big trouble with the class of dependency thing before too long.

Dshields

It has already happened.  We started bailing them out in 2008, and QEII is just the latest installment to keep Wall Street afloat.  The big banks are still insolvent and can only pretend otherwise because Congress forced a change so assets are no longer marked to market.  We now have mark to make-believe so the bankers can make up their own numbers.

Your point applies to both ends of the economic spectrum and both parties have created this mess.

Travlin 

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Re: European nations begin seizing private pensions
Hagen wrote:

What troubles me most is the fact that there was no single word about the issue in the mainstream media. Nothing.

What a desperate move to "save" money by cheating citizens. Am I wrong or is everything getting worse by the day.

Whatever, greetings from accros the big pond, good to be here.

Hagen (Berlin, Germany)

 

 

Hi Hagen

Welcome to CM!

How's Berlin these days? Its been a few years since I've been there.

dshields's picture
dshields
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Re: European nations begin seizing private pensions
Travlin wrote:
dshields wrote:

There is going to be big trouble with the class of dependency thing before too long.

Dshields

It has already happened.  We started bailing them out in 2008, and QEII is just the latest installment to keep Wall Street afloat.  The big banks are still insolvent and can only pretend otherwise because Congress forced a change so assets are no longer marked to market.  We now have mark to make-believe so the bankers can make up their own numbers.

Your point applies to both ends of the economic spectrum and both parties have created this mess.

Travlin 

Travlin speaks with straight tongue  - truth.  The class of dependency is on both ends of the spectrum.  I tend to forget that fact sometimes.  However, it is not the rich and super rich that worry me, it is the bottom end of the class of dependency.  They have an entitlement point of view.  They actually believe that the government owes them mucho bucks every month via one program or another - and there are millions of them.  For many, ignorance and violence are a way of life for them.  It will not take much to trigger riots and looting.

 

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