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.
At least 5 countries have taken over pension funds and some private savings?
Well of course they did. What else could they do? Stop spending before they impoverish the whole populace
Not like this would be startling here in good ol Canerder eh. We had a lovely Prime Minister unilaterally decided to steal the dedicated surplus from the Employment insurance program for what ever he saw fit. Well he had to, you see he was short of that other passel of stolen funds we affectionately call taxes for his spending habits he refused to curb.
Reaction? Outrage? Riots in the streets? Errrr no not really, not tooo much was said about that drive mauling. Of course since then the program has been underfunded to a point where it is almost impossible to collect and not have clawed back if you ever made a decent wage or don't have seasonal employment.
Stealing from Peter to pay Paul.
Yup a shovel and a good waterproof strong box are starting to sound right just about now....Buy gold and silver, our paper is rotting.
1 comment:
I must have had my head in a hole because I didn't hear about this. But sadly, it doesn't surprise me. I will be sure to keep a closer eye on such things! This does not bode well :(
My comment to my partner about not even bothering with our RRSPs or TFSAs anymore and stuffing the money in a mattress is becoming a better and better idea. No it won't gain interest but at least I can physically see it, protect it, and it won't be in an account for the banks, govt, or anyone else to pilfer :(
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