Fwd: [I-S] Europe starts confiscating private pension funds

 Dems have already proposed

something like this for America.

==================================================

http://washingtonexaminer.com/blogs/beltway-confidential/2011/01/europe-starts-confiscating-private-pension-funds
or
http://tinyurl.com/18r

BELTWAY CONFIDENTIAL

Politics from the Nation's Capital

Europe starts confiscating private pension funds

By: Mark Hemingway 01/03/11 2:22 PM


The U.S. isn't the only place that's facing a major pension fund crisis.
The Christian Science Monitor has this alarming report:

People's retirement savings are a convenient source of revenue for
governments that don't want to reduce spending or make privatizations.
As most pension schemes in Europe are organised by the state, European
ministers of finance have a facilitated access to the savings
accumulated there, and it is only logical that they try to get a hold of
this money for their own ends. In recent weeks I have noted five such
attempts: Three situations concern private personal savings; two others
refer to national funds.

The most striking example is Hungary, where last month the government
made the citizens an offer they could not refuse. They could either
remit their individual retirement savings to the state, or lose the
right to the basic state pension (but still have an obligation to pay
contributions for it). In this extortionate way, the government wants to
gain control over $14bn of individual retirement savings.

The article goes on to detail other pension grabs in Bulgaria, Poland,
France and Ireland. Obviously, this is a cautionary tale for America. If
fiscal austerity becomes a real issue in the U.S. the way that it's been
reaching critical mass in Europe -- don't think that U.S. lawmakers
regard your either your personal wealth or money they might owe you as
sacrosanct. Government has a habit of looking out for itself.

Read more at the Washington Examiner:
http://washingtonexaminer.com/blogs/beltway-confidential/2011/01/europe-starts-confiscating-private-pension-funds#ixzz1A5RJCw2y

--


Warm Regards

DOC

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