Simon Black writing for SovereignMan:
…….. speaking of pensioners, you’ve undoubtedly heard by now that Poland has ‘overhauled’ its pension system by making a grab for private pension fund assets.
In nationalizing pension funds, the government of Poland gets to count those assets on its balance sheet, thus ‘reducing’ net public debt by roughly 8% of GDP.
This is a criminal enterprise, plain and simple. And anyone else would get thrown in jail for such a move.
Of course, the government claims that it’s for everyone’s safety and security.
By nationalizing pension funds, the government plans to gradually ‘adjust’ people’s portfolios away from stocks and into… what else? Government bonds.
Naturally, this is for people’s benefit, since government bonds are so safe and secure.
Prime Minister Donald Tusk: “We believe that, apart from the positive consequence of this decision for public debt, pensions will also be safer.”
And there you have it– confiscation of private property = Safety.
We’ve been talking about this trend for four years now. This is no longer theory. It’s real. It’s happening. And it’s coming soon to a bankrupt, insolvent nation near you.
Have you hit your breaking point yet?