Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load

While the world was glued to the developments in the Mediterranean in the past week, Poland took a page straight out of Rahm Emanuel's playbook and in order to not let a crisis go to waste, announced quietly that it would transfer to the state - i.e., 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. In effect, the state just nationalized roughly half of the private sector pension fund assets, although it had a more politically correct name for it: pension overhaul. Catastrophic consequences for fund flows aside, the Polish prime minister had a prompt canned response: "We believe that, apart from the positive consequence of this decision for public debt, pensions will also be safer."

You see, he is from the government, and he is confiscating the pensions to make them safer. Confiscation is Safety and all that...

“The reality is that Soviets has stayed in the nations housing predominately leftist populations after WWII. There were plenty of opposition in Poland and Czechoslovakia but the majority has supported communist puppets, even in these countries. If you don’t believe this idea, mind the fact that Russians also ‘liberated’ Finland, Yugoslavia and Austria, but none in these nations has bought communism (or at least Soviet version in case of Yugoslavia). Soviets weren’t actually very pushy and left in peace.”

LOL ! I'm sorry to say that but you sir are a damn imbecile.

OK perhaps you're not an imbecile but you are clearly lacking knowledge on the issue you are commenting on. Dzierzynski was ethnically Polish just like Brzezinski is, nevertheless both were representing foreign interests, not surprising as they were citizens of foreign countries and members of foreign governments... You could as well blame Kenyans for US policy on Syria.

Sure there were millions of people (either semi-literate peasants fooled by propaganda or career oriented scumbags) who supported communism in C&E Europe but vast majority of locals had nothing to do with it. People in Czechoslovakia were largely lefty indeed but If left alone they would have built nothing worse than Scandinavian style democratic socialism, Hungarians and Balts, If anything, were leaning towards Franco style fascism, for sure not the Sovietism, people in Poland were politically diversified with most being rather centrists, even majority of lefties were anti-Soviet as till 1938 Soviet Union was primary enemy of Poland. Overall by European standards people in these countries were very far from being pro-Soviet, many others were much more into it, for example French.

Finland or Austria were not absorbed into the Soviet block as that was a part of agreement between “powers”, they stayed independent in internal affairs but had to be “neutral” in foreign ones. Ever wondered why they didn't join NATO ? What about Germans ? Do you seriously believe the post WW2 division was due to eastern part being inhibited mainly by commies and western one not ?

Regarding the retirement... “reform” in Poland, people there had as much to say on this as you on Obamacare or the recent mess on Syria. Motivations behind it were of course terribly bad, collapsing government wanted to make the debt look smaller on paper, so they can borrow more and avoid unpopular budget cuts, however the system was messed up from the start, it was created due to “recommendations” from IMF and such and had not much to do with 401(k), people were obliged to pay fixed share of income into it, had no control how the money is invested and could not withdraw it, in practice their funds were invested largely in government issued bonds, so basically they were paying off bond related interests (with their tax money) to themselves (via retirement funds) with “international financial institutions” serving as middlemen and making huge profits doing pretty much nothing. So much for capitalism.

>>>Sure there were millions of people (either semi-literate peasants fooled by propaganda or career oriented scumbags) who supported communism in C&E<<<

In fact it is all I was talking about. You couldn’t have spent your time writing the rest.

>>>Finland or Austria were not absorbed into the Soviet block as that was a part of agreement between “powers”, they stayed independent in internal affairs but had to be “neutral” in foreign ones.<<<

BTW, if the division and political affiliation of European nations happened the way it was ‘negotiated’ why don’t you blame the West as much as Soviets who were simply following the agreements?

>>>What about Germans ?<<<

Germany is a place where they have invented communism. And it was full of commies, both East and West. And they all felt guilt and humiliation being ready to adopt everything to replace Nazism.

>>>Regarding the retirement... “reform” in Poland, people there had as much to say on this as you on Obamacare or the recent mess on Syria.<<<

Does it makes it less communist or not? How come if Poland are so predominately conservative but the government is all into communist reforms? Might be a ghost of 1947 or what?

“In fact it is all I was talking about.”

LOL ! Of course not.

“The reality is that Soviets has stayed in the nations housing predominately leftist populations after WWII. There were plenty of opposition in Poland and Czechoslovakia but the majority has supported communist puppets, even in these countries. If you don’t believe this idea, mind the fact that Russians also ‘liberated’ Finland, Yugoslavia and Austria, but none in these nations has bought communism (or at least Soviet version in case of Yugoslavia). Soviets weren’t actually very pushy and left in peace.”

You made it clear that you think commies held power in post WW2 Eastern Europe because locals over there supported them, when in fact It was totally irrelevant If 30% of people in Austria and 3% in Hungary supported communism or the other way around. Austria was allowed to stay democratic and independent after WW2 (after a brief occupation) while Hungary wasn't.

“BTW, if the division and political affiliation of European nations happened the way it was ‘negotiated’ why don’t you blame the West as much as Soviets who were simply following the agreements?”

Sure I do.

“Does it makes it less communist or not?”

Of course not.

“How come if Poland are so predominately conservative but the government is all into communist reforms?”

Who is “so predominately conservative” and who claimed that ? People in Poland are slightly to the right regarding economics by European standards. What you don't understand is that people over there didn't vote for that. The government, which is now in place, was promising lower taxes, reduced administration and balanced budget.

>>>Who is “so predominately conservative” and who claimed that ? People in Poland are slightly to the right regarding economics by European standards. What you don’t understand is that people over there didn’t vote for that. The government, which is now in place, was promising lower taxes, reduced administration and balanced budget.<<<

LOL. You couldn’t make this up! Hitler and Stalin haven’t promised mass-murder and concentration camps as well. It doesn’t make their earlier supporters any smarter.

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