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Tuesday, 18 February 2014 15:00

EU Eyes Confiscation of Personal Savings, Pension Plans

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As we have warned, governments and central banks all over the world are getting ready to plunder savings accounts and pensions to fund ongoing spending binges and mounting debts.

Reuters news service reported an ominous story on February 12 indicating that authorities in the European Union may soon be resorting to the “Polish option” of nationalizing pension funds to pay for national debt obligations, as well as to fund continued out-of-control government spending.

According to the Reuters report

The savings of the European Union's 500 million citizens could be used to fund long-term investments to boost the economy and help plug the gap left by banks since the financial crisis, an EU document says....

"The economic and financial crisis has impaired the ability of the financial sector to channel funds to the real economy, in particular long-term investment," said the document, seen by Reuters.

The Commission will ask the bloc's insurance watchdog in the second half of this year for advice on a possible draft law "to mobilize more personal pension savings for long-term financing", the document said....

The EU executive will also complete a study by the end of this year on the feasibility of introducing an EU savings account, open to individuals whose funds could be pooled and invested in small companies. 

The Reuters report reads as if it were written by the European Central Bank or the Federal Reserve, employing the “purposeful obfuscation” of “Fed-speak” that Fed Chairman Alan Greenspan (following his retirement) boasted of employing when deceiving Congress with convoluted “destructive syntax.”

For the savvy reader, the Reuters story sent up a host of red flags, but for many, if not most, readers, unfamiliar with the “Fed-speak” and “Greenspanisms,” the article was merely about new efforts by EU authorities to “boost the economy.” And that would be a good thing, right? And solve the “long-term investment” problem; another good thing, yes? Even the Reuters title — “Exclusive: EU executive sees personal savings used to plug long-term financing gap” — aims at preparing readers to welcome the planned government confiscation of their savings.

Contrast that Reuters title with the one provided for the same story by Tyler Durden at ZeroHedge.com: “Europe Considers Wholesale Savings Confiscation, Enforced Redistribution.”

ZeroHedge is among the alternative voices that have been warning that ever-ravenous government and its Wall Street patrons, having already digested breakfast and lunch, are coming back for dinner. Meanwhile, the MSM “journalist” shills for Big Gov and Big Banks continue to report that the storm clouds are almost banished and that sunshine and rainbows are peeking out from behind every new government program.

Tyler Durden points out that the EU choice of the verb “mobilize” — as in "to mobilize more personal pension savings for long-term financing" — is typical of the deceptive verbiage employed by the bankster/political elites.

“Mobilize, once again, is a more palatable word than, say, confiscate,” he notes. “And yet this is precisely what Europe is contemplating.”

And not only Europe; central bankers and politicians the world over have struck on a plan to “solve” the “world financial crisis” by taking every penny possible by every means possible. (See: “Jackson Hole Conclave: Central Bankers Plan Global Theft, Massive Pain,” August 28, 2013; and “Your Savings, 401(k), and Retirement Are in Danger,” February 4, 2014.)

As we have reported, President Obama has floated an eerily similar plan — his MyRA retirement savings bond program, announced in his January 2014 State of the Union Address — which appears to be a way of easing into the plans for nationalizing pensions that “progressive” Democrats have been advocating for many years. In 2008, when then-Senator Barack Obama was running for his first try at the White House, a series of House and Senate hearings took testimony from a bevy of “experts” recommending various schemes for nationalizing pension plans (see here).

In September, 2012, California Governor Jerry Brown signed legislation creating the nation's first state-administered retirement savings program for private-sector workers. The California Secure Choice Retirement Savings Program, which has been touted as a “national model,” directs private employers to withhold three percent of workers’ pay to channel into a state-run program. Critics have pointed out that the new program is simply another means by which the Sacramento politicians are forcibly extracting money from Golden State residents to fund debt-laden, bloated government. In particular, the new retirement “savings” is likely to disappear into schemes for plugging holes in the California Public Employees' Retirement System (CalPERS), which is estimated to have a long-term unfunded liability of $100 billion.

 

Related articles:

Your Savings, 401(k), and Retirement Are in Danger

Bank Bailouts Without End

Globalists Unveil Socialist-backed New World Tax Regime

Ben Bernanke Joins Globalist Think Tank

Taking Delight in Deception: Greenspan's "Purposeful Obfuscation"

CFR Sweep at Fed: Fischer, Brainard, Powell to Join Yellen

Former Fed Official “Sorry” for QE Looting of Public to Enrich Wall Street

Fed Nominee Yellen, a Staunch Inflationist and Establishmentarian

Central Bankers Prepare to Flood the World with More Funny Money (10-30-13)

Jackson Hole Conclave: Central Bankers Plan Global Theft, Massive Pain

$Trillion Bailout of Euro, Greece Shows Need to Audit the Fed

Jamie Dimon, JP Morgan Chase & The Fed: Billions & Trillions for Insiders

1 comment

  • Comment Link Heidi Preston Wednesday, 19 February 2014 04:02 posted by Heidi Preston

    First of all, Tyler Durden is an excellent source for information.
    I read an article by Golem XIV Oct. 17, 2010 and he asks the question "Who are the bond holders we are bailing out?" (this is in reference to bail outs of the bond holders of Anglo Irish bank 20 Billion euros). The Irish government (notice we USA ,EU are not alone in deception from them) were told lies of how" the pension funds for poor Irish widows and cooperative savings funds for orphans and ordinary folk needed to be "protected". The other reason given was that if they did not help with the bail outs then Ireland would be ostracized never again to be allowed to borrow money again and society would collapse with them dying a cruel and heartless death (ok that was drama on my part). But he noted that when Greece needed a bailout, omg it didn't collapse, they didn't starve if Greece were to default on their bond holders just a little bit, as a matter of fact that's what the Germans were saying needed to be done.
    The contradiction left a gaping hole in the story for Ireland, so he and Mr. Fawkes did some research on their own and came up with these bond holders who so desperately needed bailing out or the sky would fall.
    Low and behold it's the very, very rich corporations and entries that brought on the devastation to begin with through various "mechanisms" used to create wealth for themselves.

    Some of the names on the list are very familiar (but it is to long and extensive for me to reproduce, so I will give you highlights from some more familiar name recognition ones).
    1.Aberdeen Asset managers London
    2.AllianceBerstein UK
    3.Avisto Zeta Bank AG
    4.Aviva investors France SA
    5. Aviva investors Global Services Limited
    6.Bank Sarasin Cie AG Basel
    7.Barclay Asset management Limited
    8.Credit Sussie asset managment Zurick
    9.Deutsche asset manangment investment geselschaft DeAm
    10.Frankfurt Trust investment- Geselschaft
    11.Goldman Sachs Asset Management international
    12. ING investment managment Netherlands
    13.Rothschild Compagnie Gestion
    14.Royal London Asset managment Ltd.
    15. Union investment private funds GmBh
    16. WGZ Bank Luxenbourgh SA
    This is not the complete list as noted before...but a glimps of all the poor widows and ophans funds that would be jeopardized had they not gotten the bail out money.

    According to Plato's Republic it's ok to lie to the peasants because they weren't considered citizens......

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