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Thread: European nations begin seizing private pensions

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    European nations begin seizing private pensions

    By Jan Iwanik, Guest blogger / January 2, 2011

    Peopleís retirement savings are a convenient source of revenue for governments that donít 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 Bulgarian government has come up with a similar idea. $300m of private early retirement savings was supposed to be transferred to the state pension scheme. The government gave way after trade unions protested and finally only about 20% of the original plans were implemented.

    European nations begin seizing private pensions - CSMonitor.com

    Never let the Gov't run your pension.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: European nations begin seizing private pensions

    Quote Originally Posted by MrVicchio View Post
    You doubt that this is on Obama's list?
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: European nations begin seizing private pensions

    Quote Originally Posted by American View Post
    You doubt that this is on Obama's list?
    Not at all, there was talk of them seizing 401k's a while back remember?
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: European nations begin seizing private pensions

    Quote Originally Posted by MrVicchio View Post
    Not at all, there was talk of them seizing 401k's a while back remember?
    It was rhetorical.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: European nations begin seizing private pensions

    What do you expect from that scumbag filled hell hole?
    Jackboots always come in matched pairs, a left boot and a right boot.

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    Re: European nations begin seizing private pensions

    This has already been posted elsewhere on these boards and pretty much debunked.

    http://www.debatepolitics.com/breaki...post1059198246

    and as I stated there...

    In the US it is fully legal to seize private pensions (and it happens often) by corporations in Chapter 11 bankruptcy. And the US government has been stealing from Social Security for decades.
    Last edited by PeteEU; 01-07-11 at 05:24 AM.
    PeteEU

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