Wednesday, January 05, 2011

Your Pension Is Not Safe Either

They never cared much for individuals freedom or self determination anyway.....

As Europe flails in desperation to bail themselves out of the bilge of their sinking and stinking ship....
Stealing Pensions has become the new measure of how little regard exists for the rights of individuals to enjoy the fruits of their own labours.

Like Barry Soetero's "redistribution" .... like Marx and Lenin ... like Mao ... Like PET, like every Quebec government for the last 70 years, like Ontario's McGuinty and like and Jack Layton dreams of .... and all the rest of the thieving statist bastards of the 20th century ... the new EU governments will destroy every last bit of individual freedom in their efforts to sustain the state and the privileges that come for the bureaucrat as they feed the social welfare beneficiary poux.

From Investors Business Daily (Investors.com)

Social Security: Europe is trying to dig out of its budget hole by seizing private pensions. It's a last-ditch effort to preserve socialism at the expense of the very assets that would sustain its future growth.

In Hungary, Poland, Bulgaria, Ireland and France, big government, a demographic death spiral and weak tax revenues have left fiscal coffers in trouble. Unwilling to stand up to voters — or rioters — most governments have little taste for doing the right thing: cutting their budgets.

So, they're going after pensions to make up for shortfalls. Public and private pensions co-exist in European countries. In some cases, public ones resemble our own Social Security, stressing budgets.

But instead of privatizing pensions, as Chile did in 1980 — which would have turned these obligations into assets — three former stars of European emerging markets have come up with heavy-handed incentives to turn private savings public. It's a step backward.

In November, Hungary's parliament ordered its nationals to fork over $14 billion in private pensions to the state, effectively nullifying the country's 1997 pension reform. Anyone who balks loses his right to a public pension, but not his obligation to pay into it anyway.


It seems that the use of the term "Private" is somewhat loose in the meaning of the word. In this case "private" seems to be interpreted as anything, even tax sunsidized public employee plan..... most of this theft is from Union Pension funds so a little schadenfreude enters the picture as the useful tools of the labour sort are getting their colonoscopy/colonic flush/ass-syphoning first.

But of course this does not stop there..... next steps will include individual types of plans (something the US is already going after in Health Care) and will have no qualms about in the coming social security crash.

The whole situation strikes me as too close to home even in these early stages and I wonder how those Big Government ... aka Liberal loving .... groups here in Canada are going to see this.

Just imagine the turn around we'd see from groups like the Ontario Teacher's Pension fund if the likes of McGuinty tried this!


OMMAG

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3 Comments:

Blogger Lost Johnny said...

Heads on pikes on the parliamentary grounds? I'll bring my chainsaw...

1/07/2011 5:55 AM  
Blogger Fenris Badwulf said...

Pensions never were safe. I was told as much in my Canadian Securities Course.

The best person to invest your money is You; and the more people between you and your money is bad. As you add 'fund managers', 'political correctness', and 'corporate activists', you can subtract from your money.

1/08/2011 9:58 AM  
Blogger OMMAG said...

Well .... I've seen 'fund managers', 'political correctness', and 'corporate activists', subtract from my money.
I've also seen Union execs living like trough swilling pigs while refusing to defend peoples pension interests.

1/11/2011 7:19 PM  

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