The avalanche of failing governments in Europe has left many legislators with no choice but to seize European taxpayer savings and pension accounts to cover the governments’ bills.
The seizure of pension accounts is easily accomplished in Europe as the state organizes and is in charge of said accounts.
The extended recession has left many countries no choice but to get ‘creative’ with their bookkeeping to continue services or face possible riots like Greece.
Take Hungary, last month they made a deal with its citizens, either hand over all their savings to the government or lose all their state pension money. Adding insult to injury, citizens must still pay into those defunct accounts.
According to Christian Science Monitor, “The government wants to gain control over $14 billion of individual retirement accounts.”
Hungary is not alone in its quest to grab hard-earned money from employees. “The Bulgarian government has come up with a similar idea,” CSM said. “An additional $300 million 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 percent of the original plans were implemented.”
Poland is another country on the brink and wants to confiscate approximately one-third of the state-run Social Security program which adds up to $2.3 billion per year. The newly imposed program hopes to bridge the financial gap for several years while leaving retirees with empty pockets.
Ireland, who has made front page news in the U.S. for disgruntled taxpayers, will also raid the National Pension Reserve Fund. The fund was supposed to provide retirement money for workers who need a pension in the years 2025-2050.
However, the bailouts began last year with the banks and with the country going belly-up, the government gobbled up the entire $6.5 billion.
Once the outrage subsides about foreign governments seizing employee pensions, many will question, ‘who will take care of them when they can no longer work?’
America’s most progressive states California, Illinois and New York are nearly bankrupt, concerned Americans must begin to wonder if their savings accounts are next?
For more stories; http://www.examiner.com/county-political-buzz-in-san-diego/kimberly-dvorak
To read more about this; Europe raids pension funds
© Copyright 2011 Kimberly Dvorak All Rights Reserved.
Comments
California is WORSE than Greece or Spain! We will crash hard soon and then watch the mass-exodus. This could destroy the entire U.S.
And Obummer is laughing all the way to the bank with his Communist friends.
What are you talking about Ex-Democrat?
Have you got amnesia? It was the Bush Administration that
destroyed us financially! Not Obama.
And no I didn't vote for Obama but it's the Republican party
that pushed Obama into extending the Bush tax cuts!
Had Obama not gone along with the Bush tax cuts for another 2 years the unemployed would not have gotten an extension on their unemployment and it was the Republicans that wanted the Bush tax cuts for the Elite made permanent!
Obama denied that little gift!
The Bush tax cuts allow the super elite to pay the taxes that their clerks pay. In other words almost nothing!
Watch for the Republican ruled house to do the same in the U.S., stealing pensions and Social Security and maybe even Medi-care and social services.
And of course their propagandists like Limbaugh, and Beck
help them sucker Americans into believing Social Security
is highway robbery. Seniors paid into Social Security or
has everyone forgotten this little fact?
Ex Demo, you are right. We are going down faster than the World Trade Center(s).
The Democrats controlling congress since 2006 have made deficit spending by the Republicans look like child's play! Sandy, if you think a family earning $250,000 is elite, you are definitely out to lunch. 47% of earners pay no federal income tax, they are the beneficiaries of our out of control government. The Democrats have already been looking at stealing retirement accounts! They cannot spend enough of other people's money!
Its time to let Cali, Illinois, New York etc. go bankrupt. This is the only way to break the stranglehold of the public employee unions. Then ban the unions.
Yes, we need to stop the Unions. Andy Stern and the SEIU are killing the US and CALI. Sandy above is ill informed or stupid or both. It was Clinton, Carter and Reno that choked the mortgage industry. Chris Dodd and Barney (weiner) Frank. Forcing banks to lend money to deadbeats that can not and will not pay. Read into it Sandy, wake up!
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