POLAND CONFISCATES PRIVATE PENSIONS – YOURS ARE NEXT
We have been saying for the last four years that as Europe, the US and other Western and global nation-states continue their debt-fueled collapse the governments of these countries will continue to consider their citizens’ wealth to be their own and seize more of their assets.
We have, unfortunately, been vindicated already numerous times.
In March, 2009, Ireland seized €4bn from its Pension Reserve fund in order to rescue its banks. In November 2010, the remaining savings of €2.5bn was seized to support the bailout of the rest of the country.
In December, 2010, Hungary told its citizens that they could either remit their private pension money to the state or lose their state pension funds (but still have to pay for it nonetheless)
In November, 2010, the French parliament decided to earmark €33bn from the national reserve pension fund FRR to reduce the short-term pension scheme deficit.
In early January 2011, $60 million in private retirement funds were transferred to the state’s pension scheme in Bulgaria. They wanted to transfer $300 million, but were denied on their first attempt
And, of course, this spring, Cyprus took it a step further and outright confiscated up to 50% of the funds from bank account holders in that country.
Last week the Polish government announced it would transfer to the state (aka. confiscate) the bulk of assets owned by the country’s private pension funds (many of them owned by such foreign firms as PIMCO parent Allianz, AXA, Generali, ING and Aviva), without offering any compensation.
BUT IT CAN’T HAPPEN HERE