Are you prepared America?

We have been being warned for quite some time....

From Ann Barnhardt - On Poland and Detroit. Not For the Faint of Heart.

Back to finance. Poland did exactly what I and a few others have been warning about for years with regards to private retirement accounts and pensions. Poland confiscated 50% of all private pension funds last week. PRIVATE pensions.
As Warren Pollock and I have been screaming, one of the largest chunks of collateral left in the  system is private retirement money, both in the form of 401(k)s and IRAs and in private pension accounts. In the U.S., the latest data for 2012 shows that there are now $10.5 Trillion in private 401k and IRA holdings, with another $9 Trillion in pensions and annuities.

The regime has been fairly open about its plans to "nationalize", read CONFISCATE, this collateral and implement a system of "mandatory retirement savings accounts", which will be just another confiscatory redistribution into the hands of the oligarchs and their cronies. This what Poland just did. Continue HERE.

From Zero Hedge - 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. Continue HERE.

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2 Comments - Share Yours!:

Findalis said...

Obama will use those funds for more welfare for the unemployable masses.

Zenster said...

Expect something of this sort here as more and more American municipalities face bankruptcy over the swollen pension outlays for retired civil servants. Retired police and fire chiefs pulling down six digit pension salaries are just the iceberg's tip.

However much nobody wants to admit it, collective bargaining for government employees was a poison pill for free market economics. Private sector workers cannot make exorbitant wage demands. Companies will simply shutter their operations or relocate them to a more favorable economic climate.

No such thing applies to city, state and federal governments. They are the ultimate "deep pockets" that will not and cannot shut down or relocate. They are a captive host to parasitic, un-fireable employees.

Lately I have been asking workers on the public payroll, "Which would you rather have, 66% of your pension for the rest of your life or 100% for, maybe, a decade or two at most?"

Few of them ever manage to give me an answer that isn't in outraged tones. I just calmly point out to them how payouts of the sort that their pensions require are simply unsustainable and bankrupting the treasuries of civil entities will only result in them losing everything.

The choice is theirs to make right now before city, state and federal government officials go all "Poland" on them. 0bama's wet dream of wealth confiscation will not work. There will be armed insurrection.

Wall Street and the sub-prime thugs already have drained out much of the liquid wealth remaining in America. Why do you think they're using "quantitative easing" to rob our grandchildren? The piggy bank is empty and trans-generational theft is the only option left.

Remember, as one cynical wag put it, before things get worse, they're going to have to get a whole lot worse.