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European Nations Begin Seizing Private Pensions

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posted on Jan, 4 2011 @ 01:51 AM
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European Nations Begin Seizing Private Pensions


www.csmonitor.com

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.
(visit the link for the full news article)



Related AboveTopSecret.com Discussion Threads:
Confiscation of Private Retirement Accounts: US Departments of Labor and Treasury Schedule Hearing!




posted on Jan, 4 2011 @ 01:51 AM
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So TPTB now just come and take savings?

Is this going forward towards a better world, or backwards?

Are people really expected to accept the yoke of slavery?

For whom do they toil?

The Govermenments that will not stop payroll of corruption, extortion, waste and worse?

"And they came for another country"


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.


www.csmonitor.com
(visit the link for the full news article)



posted on Jan, 4 2011 @ 01:07 PM
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reply to post by burntheships
 


It's only a matter of time before we see the same thing in the US and Canada. I gave up on the company pension plan it lost more than I was putting in each year.



posted on Jan, 4 2011 @ 01:40 PM
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reply to post by exile1981
 


Yes, I think that is where we are headed.
Its a crime, well it should be!



posted on Jan, 4 2011 @ 01:54 PM
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reply to post by burntheships
 


It is just a matter of time before this happens everywhere. It will be a different formula in many cases, but the result will be the same. You'll get some bogus, worthless IOU and the government will take your pension. When it comes time to cash in the IOU the coffers will be bare.

If you believe this is on a short-term horizon, best to remove all assets from any ERISA qualified plan you might have. sure, you will take a tax hit by taking it out should you be too young to qualify for tax exempt withdrawls, but taking a tax hit is better than losing it all.



posted on Jan, 4 2011 @ 02:00 PM
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reply to post by dolphinfan
 


I do agree it will happen everywhere. I am not so sure they wont come for the
Money Market Checking soon.


Will the government seize the private 401K's of millions of Americans? This would be part of a new bailout program. It would give the Social Security Administration the power to redistribute the pension funds.

The government has already taken money from public pension plans. The plan is to close a $574 billion dollar funding gap. The new proposal will distribute taxpayer funded pensions to everyone. They are planning to take
money from people who have worked for years to acquire money for their retirement.

The government would take the 401(K) pensions and impose a mandatory 5 percent payroll tax. This would be a government scheme working with Social Security for the purpose of giving the politicians additional taxpayer funds to pay for their out of control spending.
www.associatedcontent.com...



posted on Jan, 4 2011 @ 02:13 PM
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reply to post by burntheships
 


I don't see how they can come after checking and money market funds unless they suggest that due to the governmental protection over those assets via the FDIC gives them the ability to access the funds on a temporary basis.

On the pension side, its an easier grab. The government has essentially given folks preferencial tax treatment on those assets and for them to suggest that they either want the assets now to pay the government back on the taxes you never paid on the assets is the way they will go.

In the end, if assets are in a federally regulated entity such as a bank or brokerage account they are not completely safe from being stolen from you.



posted on Jan, 4 2011 @ 02:24 PM
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reply to post by dolphinfan
 


Its kind of sneaky the way they are planning it.

See here for more details....

This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied


Yet new regulations proposed by the administration, and specifically by the ever-incompetent Securities and Exchange Commission, seek to pull one of these three core pillars from the foundation of the entire money market industry, by changing the primary assumptions of the key Money Market Rule 2a-7. A key proposal in the overhaul of money market regulation suggests that money market fund managers will have the option to "suspend redemptions to allow for the orderly liquidation of fund assets." You read that right: this does not refer to the charter of procyclical, leveraged, risk-ridden, transsexual (allegedly) portfolio manager-infested hedge funds like SAC, Citadel, Glenview or even Bridgewater (which in light of ADIA's latest batch of problems, may well be wishing this was in fact the case), but the heart of heretofore assumed safest and most liquid of investment options: Money Market funds, which account for nearly 40% of all investment company assets. The next time there is a market crash, and you try to withdraw what you thought was "absolutely" safe money, a back office person will get back to you saying, "Sorry - your money is now frozen. Bank runs have become illegal."

www.zerohedge.com...



posted on Jan, 4 2011 @ 02:44 PM
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reply to post by burntheships
 


I think this particular thing has more to do with a soft bail-out of financial firms than a money grab. When the financial industry collapsed a few years ago, it was mostly due to firms (Bear Stearns and Lehman among others) being unable to make the $1 share value on their MM funds. Their paper was essentially worthless and counterparties would not accept the risk in trading with those firms. The last thing a firm can do is "break the buck" on a MM fund. Breaking the buck will cause a run on the bank. What this proposal is about is the government stepping in and putting a freeze on MM redemptions across the board. Its the same business as the TARP - they will blanket the industry to hide where banks are in danger of failing in the same manner they forced banks like JP Morgan to take TARP funds despite the fact that they did not need or want the money. Just like TARP it is a purposeful removal of transparency from a market. You have no right to know how healthy the fund is in which you're invested. It's better that you don't know, otherwise you might take independant and intelligent steps like pulling your cash out.

You're right though - when you can't get your cash out because the government tells you you can't it is little different than it being taken. You certainly won't be compensated for lost income due to an inability to invest the money in other areas or should the value of the MM be reduced during the period they disabled you from taking it out of the fund.



posted on Jan, 4 2011 @ 02:51 PM
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reply to post by dolphinfan
 


Yes, I agree its not the same as the retirement accounts. I just find it unnerving that they scheme to find ways to control the money that does not actually belong to them.

Are you familiar with the group of 30?
www.group30.org...

They are the push behind some of the "money grab" plots.



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