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

In light of the 2008 financial meltdown, banker bailouts, practically unlimited QE and Cyrus banks depositor haircuts we now have Poland stepping up to solve their financial problems.

Poland's take on this is pretty simple. They are in debt. Take 50% of peoples pension assets. Taa Daa! Problem solved (at least for now.)

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.

Now that's how we solve a debt crisis in 2013. Confiscate peoples assets. To summarize:

1. Government has too much debt to issue more debt
2. Government nationalizes private pension funds making their debt holdings an "asset" and commingles with other public assets
3. New confiscated assets net out sovereign debt liability, lowering the debt/GDP ratio
4. Debt/GDP drops below threshold, government can issue more sovereign debt

Don't think this could not happen to you. Canada and the US are already putting bank depositor "haircut" plans in place. Detroit is already getting ready to set a precedent on pension confiscation. It's coming to a country near you so plan accordingly.

reply to post by Bassago

This is effing MAJOR.

Its really happening, they're taking people's personal life savings. Cyprus was the dry run.

Wheres bitcoin?

It cant be a coincidence that they've triggered this Syria false flag so close to the 9/11 false flag.

www.abovetopsecret.com...

But why???

Watch out!
It's becoming a fad. Governments see a gold mine in personal savings!

It will be coming to a country near you soon. Say goodby to your pensions, saving accounts and 401k!

reply to post by gladtobehere


Yeah this is major. Cyprus was also major. We are looking at the bureaucratic bankster driven theft of private wealth and assets to fund their... damn, don't even have a word for what they are doing. Evil?

I think this would be the straw to cause a revolution in the US. Which may be why the DHS is buying MRAP's, Why would you need MRAP's in the US unless you expect a war in the US? Millions of rounds of hollow point bullets, and militarizing the police forces. They know if they seize all the personal wealth, which could include private property rights, the people will not sit by and take it. I got an email a couple of months ago asking Realtor's to join in the fight to keep private property rights, send in letters and all the typical peaceful protest. I blew it off because I didn't think it was relevant here. Now I am thinking the feds are planning such a grab. There are trillions in personal wealth all over the place. There has been quite and effort by this administration to find offshore funds that belong to Americans. Offshore funds that probably already have been taxed more than once. Things are getting out of control!

Is there any way to protect your savings? Can you setup your 401k to be managed/run from some other country?

I predict that an action like that in America could be the catalyst that sparks violent protests. They'd probably package it as, "Economic Haricut" and feed us some line about how everyone has to contribute, since it's everyone's problem. To refuse to allow them to take your personal retirement money would be spun as "un-American"

Now it makes sense why after Obamacare is fully implemented we'll have a bunch more IRS people.

Yup, coming to a USA near you soon!

reply to post by spirit_horse


It's like nothings safe any-more. What's mine is mine and what's yours is mine. Kind of looks like a final smash and grab before the SHTF.

Originally posted by MystikMushroom
Is there any way to protect your savings?

I have thought about that. You need to buy something that holds its value like precious metals and hold them physically. Buried somewhere that they won't find it in a typical search of your home. or as one person said in a survival thread, cigarettes and alcohol. i would be afraid to put it in another country, because you never know when they will seize assets. Especially American assets if they are ticked off at the US for getting in a war somewhere.

What if you dug and buried a huge container, and filled it with crude oil? Oil is one of those commodities that, for the foreseeable future will be needed for nearly everything -- from gasoline to textiles.

Why not? The governments of the world are killing each other over it...

Originally posted by EA006
reply to post by spirit_horse

 

It's like nothings safe any-more. What's mine is mine and what's yours is mine. Kind of looks like a final smash and grab before the SHTF.

The US has probably analyzed doing this since the Cyprus smash and grab. Now Poland just gives them more of what the government loves to use in legal cases: Precedent!

You could keep cash. But, that fiat paper could be devalued in the stroke of a pen. You need something that others would think worth something and willing to buy or barter for it. There are only a few resources that are probably that valuable.

The founding fathers should have had an amedment that the citizens money is theirs and is to be unmolested under any circumstance. A kind of 2nd amendment for your own hard work driven money and valuables.

And of course this punishes those who saved instead of those who splurged. So next time you decide to buy a cheap version of something instead of the more expensive something to put away some savings...think twice. May as well own stuff instead of having them take your money later.

reply to post by MystikMushroom
Are you just planning on purchasing crude to store and then sell later or do you have a mini refinery too?
If you store it here in the USA, you will probably violate a whole bunch of environmental laws and local codes with regard to an unlicensed or unauthorized storage tank. My guess is the city/state/feds will help you out by calling in a hazmat team to cart it off for you well before you can sell it.

Of course, there is that slim chance that no one will notice or question your tank. Good luck!

I would actually try to get things of value stored that can be bartered. Unless you know of someone who may have a need for crude and is trustworthy enough to approach about a buy/trade.

reply to post by spirit_horse


Well u could try the Clinton Way:
,,In 2010, Fundación Carlos Slim A.C. and the Clinton Foundation in association with Frank Giustra announced the creation of an innovative new investment fund that creates a new source of financing for small and medium-sized businesses in Haiti.
Hes suppossed too be a pretty smart guy..

Originally posted by MystikMushroom
Is there any way to protect your savings? Can you setup your 401k to be managed/run from some other country?

If you are a business owner I believe you can set up funds in other countries. Singapore seems to be top of the list for stability. Regular employees are a different matter.

One idea I had was to let you home mortgage payments lapse for a few months then contact your retirement fund managers and use the hardship clause. Shouldn't be hard to believe now days. They send you what money from the funds. Buy hard assets as you said hand keep them on hand. Use the money you didn't pay on the mortgage for the last few month to bring it current. Rinse and repeat.

Frankly that's all I could think of as far as converting retirement money. Yes there might be a penalty but that might be better than letting the government confiscate most of it. Just a thought.

reply to post by evc1shop


Ok, so the oil thing wouldn't work

I would have said buy land, but that can be taken away with a pen stroke as well. Probably one of the most valuable things one can own is a trade/skill.

reply to post by MystikMushroom
I am in total agreement on having a good set of skills. I highly recommend that people identify their own skills and then take a class at a community college or elsewhere for other skills they may feel lacking in.

I am an electronics engineer turned software developer who has skills and tooling in the following areas: woodworking shop, metal fab/machine shop, am able to rebuild automobiles and even designed a California C.A.R.B certified fuel injection system including the CPU from the ground up. I have the equipment and ability to perform various welding operations (TIG, Aluminum TIG, Wire Feed, Oxy-Acetylene, cast metals, and I also cook, sew [mostly tents and large canvas structures], tinker and solve friend's/ neighbor's problem when possible.

I am weak in the knowledge of medicinal herbs and SHTF healing / care of wounded so I am looking to make myself more prepared in that skill.

Have already been told by family that when SHTF, they will be seeking me out. Some of them are really good at growing and canning food, I am not, so I just might be able to get some veggies to go with the bags of rice and other staple I have stored.

I have considered precious metals even thought of sleeve some gold round castings with hollowed out aluminum scrap rounds and a press fit cap. My only issue here is what if TPTB make it illegal to own and I need to go to a public place to obtain some goods, it may just be confiscated on the spot, who knows.

OTOH, those metal containers my be good enough to stash in my metal scrap bins or to be turned into functional looking parts of some mechanical nature and I might be able to hold on to some gold for a time when it is okay to own it again.

Never stop learning and find others with complementary skills, that's my advice.

reply to post by Bassago


Some Pensioners deserve it.

Example: Calpers scandals a decade ago.. there was this Ponzi scheme retirement system where people were able to basically buy more year credits towards retirement, or something like that... Game the system UNETHICALLY and scammed RIDICULOUS pensions..

People are getting paid over $100K/yr retirement! off of jobs that comparatively would not pay near that retirement level.

reply to post by evc1shop

Great skill set, your unrequited toil will come in handy when you make TPTB weaponry of the future to get rid of the useless eaters like me. If the SHTF I'm going out in style, gonna eat a lot and take the biggest #s possible. I will also induce a full blown *bleep* fueled psychotic mania and end up talking to rocks for the meaning of life. What's this being useful so my future children can be excellent slaves to the NWO. Sorry to those that have children, teach them how to talk to their spirit animal early lol.

reply to post by Emeraldous
I have to say, that is a different take on where I thought I would be able to "help out". If it comes to that, I doubt I would be toiling as I do have a family to protect and will do everything I can to see that they are.

Now if I do get sent to toil on stuff, you might see me performing some machine work with such sloppy tolerances and so on. Or I may just be so annoying that they will put a bullet in me and free me

Wow, there are divisions like this popping up all over the place. As the O.P. stated, I think that it is a problem that Poland is trying to take money from the citizens in order to pay for services that aren't sustainable,

On the other hand, Iceland solved its economic crisis by arresting their corrupt bankers and taking their money from them and put it back into the economy. If we had done the same thing, I heard that we could have paid off our national debt.