Portugal "borrows" pension funds to shore up its balance sheet (Congress, Pelosi)
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Well I guess a country has to do what a country has to do to make ends meet.
Took the assets from 3 pension funds and transferred it to the State.
Now they claim they "met their goal".
Now what happens to those folks who were receiving pensions from those funds ?
Portugal raids pension funds to meet deficit targets - Telegraph
The cabinet agreed to transfer the assets from four of Portugal’s biggest banks to the state balance sheet.
"This measure is more than sufficient to meet the budget deficit goal in 2011," said Helder Rosalino, secretary of state for central administration, on Friday.
Portugal said it had informed the EU and IMF and assured them it would be a “one-off”. However the 2010 budget was met by shifting three pension plans from Portugal Telecom on to the public social security system.
Look at social security funds, the one every does know about.
One lump sum, they make look like it is many different accounts and they siphon off what they want, when they barrow more.
Wasn't they talk in the halls of Congress when Pelosi was running the show, of going after 401K's?
Look at social security funds, the one every does know about.
One lump sum, they make look like it is many different accounts and they siphon off what they want, when they barrow more.
Wasn't they talk in the halls of Congress when Pelosi was running the show, of going after 401K's?
Yeah but that talk has died down since 401K's took big hits in the stock market. That speaker was convincing Congress and the DOL that Americans didn't want to take care of their own money and would want the Fed Gov to take over the 401K and manage it for them and give them a pension from it so they would have a lifetime income stream.
Clearly this is where we are going, and no sign of changing the policies that are taking us there.
The social security 'tax holiday' currently under debate basically takes from the national pension fund in an effort to create 'economic stimulus.' With SS already in the read, we're now in effect going out to borrow money in order fund people's retirement. Does this make sense?
Clearly this is where we are going, and no sign of changing the policies that are taking us there.
The social security 'tax holiday' currently under debate basically takes from the national pension fund in an effort to create 'economic stimulus.' With SS already in the read, we're now in effect going out to borrow money in order fund people's retirement. Does this make sense?
I wouldn't be the least bit surprised if the US did the same as Portugal.."borrow" from public worker pension plans next.
The spending is out of control and they will grab whatever assets they can.
how insane is that-stealing the future pension money because they couldn't control their current spending!
did anyone read the comments section?
here are 2 more:
Portugal is not the first country to do this. Back in the early 90's Canada was quietly ordered by the IMF to empty the Canadian Pension Plan (CPP), which they did, without a by your please, vote, or even public consultation. I consider it to be one of the biggest robberies in Canadian history, followed closely by an IMF directive to cut health care, education, social assistance, etc etc. The real problem is the world bank and the IMF, evil scoundrels the lot of em. If countries would simply cancel their currency and print their own, pay the MASSIVE interest back to themselves, there would be no debt problems. Canada was a rich and prosperous nation until Piere Trudeau sold them to the banksters, he took Canada off the gold standard, and went with the world banks fiat currency system. Only a couple years later the debt started to pile on, and the rest is compound interest history. Another small history lesson is Germany before WWII, they were in a terrible economic reality, the banksters had printed so much money that they caused hyper inflation, they were in debt up to their eyeballs, but then Hitler cancelled the banksters currency and once again printed their own...they were out of debt in just a few years. Hitler was a rockstar after that, the public loved him, and once again the rest is history.
and this:
Portugal is only following the example set by France to meet deficit conditions before the launch of the Euro. France took all the assets of the France Telecom pension funds in exchange for undertaking all future liabilities (which, conveniently, were not taken into account when calculating the deficit).
see a pattern?
the US government spent all the social security money entrusted to it-and now is running at a shortfall.
think about what money will be tapped into next by considering what is happening around the world RIGHT NOW.
Last edited by floridasandy; 12-12-2011 at 05:08 PM..
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