It'd be "go time".
Posted on 12/09/2010 9:40:45 AM PST by FromLori
The news of Hungary effectively seizing private pension fund assets to pay for the debt obligations of the state last week should come as yet another reminder of the urgent need to get tax-sheltered retirement savings away from the clutches of the state before it's too late. Hungary is just the latest country to decide that it's citizens retirement savings are the property of the state.
The last major country to use similar tactics was Argentina who confiscated about $3.2 billion of pension savings in 2001 before the country stopped servicing its debt and then nationalized the $24 billion industry two years ago to compensate for falling tax revenue after a 2005 debt restructuring.
On November 24th the Hungarian government gave its citizens an ultimatum: move your private-pension fund assets to the state or lose your state pension. Economy Minister Gyorgy Matolcsy announced the policy, escalating a government drive to bring 3 trillion forint ($14.6 billion) of privately managed pension assets under state control to reduce the budget deficit and public debt. Workers who opt against returning to the state system stand to lose 70 percent of their pension claim.
Americans who think "this can't happen here" may want to think again.
In September of this year the US Treasury investigated the possibility of requiring retirement funds to hold a percentage of government securities in their investment portfolio. That, in effect, would be a nationalization of 401ks and IRAs.
And don't think for a second that the US is in better financial shape than Hungary.
(Excerpt) Read more at marketoracle.co.uk ...
We can just call it “term limits”.
Rest assured that before they would publish this edict, they would have anticipated this (your) move and put stops in to prevent it.
If they actually confiscate our accounts, violent revolt is clearly justified by the standards of our constitution. This is even still true if they promise some cheesy annuity with no inheritance rights,,,,
Anyone who votes to allow this is no better than a Soviet commissar in 1920,, confiscating a Kulaks possessions. They should *expect* violent resistance.
It is so predictable if you look at history, a train wreck is coming unless they stop trying to establish state socialism. Americans have a right to resist outright theft.
And don’t take my words as any more threatening than if i were to say,,,, “if a congressman was hitting my daughter, i would beat him to death”.
Outright confiscation of savings accounts is true, legitimate, historic “Causus Belli”.
If people want to end socialist security, then I have no problem with paying out what people have put in ( I get a statement each year, and have paid more than 350K into this ponzi scheme...with that money, I could live comfortably for the rest of my life ) but the problem is that conservatives want to deny me the cash and the retirement....the libs want to take the cash I saved over 35 years and confiscate it to bolster up the program that I have already paid more than 350K into....I owe next to nothing on my home, yet a repo of my home sells for less than I owe after paying for 22 years....It is my opinion that both libs and conservatives want to screw the 45 to 65 year old population in order to keep those on socialist security on it, and to keep the younger ones wanting to pay into it.....I refuse to be screwed in order to achieve this...leave my money alone, and pay me back what I have put in...nothing more, nothing less..and I will happily opt out of all government assistance from that point forward...take from me what I have spent a lifetime working for, and I will have nothing left to lose..and as my grandpa used to say...” Who is the most dangerous person in the world? A person that has nothing to lose”..........
Will never, ever happen.
Of which apparently HALF is sitting on shrink-wrapped palettes in either Af-Stan or Iraq, OR stashed away in Swiss banks.
;-)
Contrast: there is about $1.7T cash in existence.
From what source do we know that?
It'd be "go time".
Don’t bet money on that.
Of that, I am certain.
Over four years later and it still holds true.
Google “Teresa Ghilarducci”
I would tend to believe something like this could have happened had things not gone the way they did on November 2nd. Now that the house will be GOP controlled I doubt it will happen (in the next two years anyway).
Nah, it will just be a little more heat under the pot as all us frogs get boiled.
I hope you’re right, but I’m not so sure any longer. If the newbies hold the line, we’ve bought ourselves a little time, but if we start having defections, get ready for war.
Either way, keep your powder dry.
Oh just great...
Teresa Ghilarducci
In her book When I’m Sixty-Four: The Plot against Pensions and the Plan to Save Them, Ghilarducci proposed mandatory participation in a government-run savings plan to which each citizen would contribute five percent of his salary.[3][4][7][8][9][10] The plan would be administered by the Social Security Administration, but would be separate from citizens’ social security accounts. In turn, a refundable tax credit of $600 would go to each participant, regardless of his contributions. The account would have a guaranteed interest rate equal to the government’s official inflation rate plus three percent.[1]
http://en.wikipedia.org/wiki/Teresa_Ghilarducci
Why Is Teresa Ghilarducci Considered “The Most Dangerous Woman in America”
http://www.annuitydigest.com/blog/tom/why-teresa-ghilarducci-considered-most-dangerous-woman-america
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