Europe starts confiscating private pension funds

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boomerang

Lifer
Jun 19, 2000
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Europe starts confiscating private pension funds

Coming to a country near us?

People’s retirement savings are a convenient source of revenue for governments that don’t want to reduce spending or make privatizations. As most pension schemes in Europe are organised by the state, European ministers of finance have a facilitated access to the savings accumulated there, and it is only logical that they try to get a hold of this money for their own ends. In recent weeks I have noted five such attempts: Three situations concern private personal savings; two others refer to national funds.
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.

In other news,
National Debt Tops $14 Trillion



The U.S. Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52.


It took just 7 months for the National Debt to increase from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. It also means the debt is fast approaching the statutory ceiling $14.294 trillion set by Congress and signed into law by President Obama last February.

The gubment needs money and lots of it. Where's it going to come from?

 
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boomerang

Lifer
Jun 19, 2000
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We can tax the rich or screw ourselves, your choice.
Not enough. It won't begin to cover the shortfall. It's compounded because seizing retirement funds doesn't teach the spenders to quit spending. It just prolongs the process.
 
May 11, 2008
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That is a blatant lie of what is going on.

It is not the EU but government lead by center right Fidesz party of Hungary who wants to create a law that state pension funds must be used instead of private pension funds. My estimate is that these state pension funds will be used to artificially create a more positive balance for the country in the EU. What the EU commission and the other countries of the EU think of this i do not know. But i will keep a track for you.
 

boomerang

Lifer
Jun 19, 2000
18,883
641
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That is a blatant lie of what is going on.

It is not the EU but government lead by center right Fidesz party of Hungary who wants to create a law that state pension funds must be used instead of private pension funds. My estimate is that these state pension funds will be used to artificially create a more positive balance for the country in the EU. What the EU commission and the other countries of the EU think of this i do not know. But i will keep a track for you.
I didn't quote the whole article and there is a link in that article too. My hope was that people might do a little reading for themselves.

There is mention of Bulgaria, Poland France and Ireland.
 
May 11, 2008
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I didn't quote the whole article and there is a link in that article too. My hope was that people might do a little reading for themselves.

There is mention of Bulgaria, Poland France and Ireland.

This may read a little harsh because i am going to generalize but it is to make my case :

Well, what is true is that the EU wants to create a uniform minimum pension system for the entire EU. What is the issue here again is that people such as in the Netherlands(and Scandinavia, Germany) who always have payed a lot of money for their retirement pension are afraid that their money will be taken away and given to the countries similar to the piigs of the EU. And this seems to become reality. The EU wanted to expand fast and that is why countries have been taken in that do not provide any income and live on tourism(And tourism goes bad when the world economy goes bad). The ones you mentioned are a prime example. Poland is doing its best and is the only country i believe will in the future turn into an Netherlands/Germany 2. Give polish people hope for a future and they are extreme hard workers. Although some Polish people need to let go of that bad Russian tradition of lacing everything with wodka :p I believe that as long as there will be a continued growth in technological skills, west Europe will grow and become stronger. For the north of Europe i believe the same.
For the east of europe i do not know yet, but seem like fast learners and hard workers when given the chance. Southern Europe just want to party without working and i say get rid of them. That is my view.

Now i like the animal pig, so i will just call the lazy stealing bastards of the eu by their names : Greece, Ireland, Italy, Portugal, Spain. France has a problem of having to much unions of lazy workers that hard working people of the EU end up paying for and to much arrogant government officials that cost the EU to much money. Italy is the same, Italian eu officials have been creating high paying jobs for friends(also Italian) for years. These jobs mean just receiving money without doing work. But it is noticing now. If i am not mistaken, a part of the people in the UK lost their pensions or at least a part of it i believe years ago because of fraude by the pension funds officials, i do not know all the details or current status. I assume it has been corrected.
 
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IronWing

No Lifer
Jul 20, 2001
73,332
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Not enough. It won't begin to cover the shortfall. It's compounded because seizing retirement funds doesn't teach the spenders to quit spending. It just prolongs the process.
Then we'll have to start rebuilding and growing our economy. The only way to do that is to end the free trade nonsense that wrecked it in the first place and provide incentives to build production here.
 

boomerang

Lifer
Jun 19, 2000
18,883
641
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Then we'll have to start rebuilding and growing our economy. The only way to do that is to end the free trade nonsense that wrecked it in the first place and provide incentives to build production here.
I think in the end things will be far better. The transition though has the very real potential of being extremely ugly.

Oh well, I've got to get my nose to the grindstone and hone my capitalistic ways. Back later!
 

DesiPower

Lifer
Nov 22, 2008
15,299
740
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muahahahah, so much for nanny states!! wonder what Michael Moore has to say about it...
 
May 11, 2008
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See how handy wikileaks is ? ^_^.

Although i must add it is about technology used in satellites.

I think it has something to do with EU contracts for satellites in the past, current or future.

This is just a random guess but perhaps it has to do something with the galileo project. the EU version of GPS. This technology needed to be build by some company highly likely an EU company or not...

http://www.esa.int/esaNA/SEMDKATRJHG_galileo_0.html

Galileo pathfinder GIOVE-A achieves five years in orbit

28 December 2010
ESA’s GIOVE-A satellite – the first prototype of Europe’s Galileo satellite navigation system – is still working well after five years in space.

The first ‘Galileo In-Orbit Validation Element’, GIOVE-A, was launched on 28 December 2005 by a Soyuz rocket from Baikonur in Kazakhstan, carrying a prototype rubidium atomic clock designed for the Galileo constellation.

It was joined on 27 April 2008 by GIOVE-B, equipped with an ultra-precise passive hydrogen maser design as well as a second rubidium clock. Operational Galileo satellites will carry both clock designs for maximum reliability.

“Both satellites had a design lifetime of 27 months each,” said Valter Alpe, managing GIOVE activities for ESA. “It is a pleasant surprise, therefore, to have GIOVE-A still fully operational after 60 months in orbit. GIOVE-B, meanwhile, is showing no sign of problems after 33 months in space.

Lift off of Soyuz carrying GIOVE-A

“Part of their long lifespans can be put down to design margins, though luck comes into it as well. The satellites have been orbiting through an exceptionally quiet time in the 11-year solar cycle, meaning they have accumulated lower radiation doses than originally anticipated.”

ESA and prime contractor Surrey Satellite Technology Ltd of the UK completed GIOVE-A extremely quickly. From the contract signing in July 2003 to launch took less than two and a half years.

ESA and the European Commission needed to begin using the radio frequencies the International Telecommunications Union had provisionally allocated to Galileo to secure their future access.


GIOVE-A mated with Fregat launcher upper stage

“GIOVE-A made it to orbit ahead of the ITU deadline, then began to broadcast Europe’s first navigation signal-from-space on 12 January 2006,” continued Valter. “This represented one major goal of the two GIOVE missions, but there were several others.”

“Europe has not used such orbits too often in the past, so both satellites were checking the radiation environment,” added Stefano Binda, Systems Performance Engineer for GIOVE.

“We needed to perform in-orbit testing of the purely European atomic clocks at the core of the Galileo system and an experimental version of the global Galileo ground mission segment could begin trials once we had the GIOVE signals-from-space.


Standard Radiation Environment Monitor (SREM)

“Those same signals have also proved a very useful resource for manufacturers of Galileo receivers worldwide, allowing them to easily test their designs against a realistic version of the final Galileo navigation signal.”

The results from GIOVE-A and –B have proved promising. Both atomic clock designs have proved resistant to radiation effects, with GIOVE-B’s passive hydrogen maser – designed to lose less than one second every three million years – running so well that errors cannot be spotted easily over the general measurement system noise.

With the Galileo IOV satellites on the way, GIOVE-A has already made room for them. It began manoeuvres in July 2009 towards a graveyard orbit, about 300 km above its normal orbit.


“Both GIOVEs will continue to have an important role,” added Stefano. “We can experiment with them in a way we won’t be able to with the operational Galileo constellation, which will be serving users on a 24/7 basis.

“And we want to see how their performance changes over time, especially now the solar cycle is becoming more active.

“While the GIOVE platforms are not really equivalent to Galileo, their payloads are broadly comparable. So considering that Galileo satellites are designed for 12-yearlives, we are very interested in seeing how the GIOVE payloads start to show their age.”

I wonder what the status is on the Chinese navigation system Beidou ?
 

piasabird

Lifer
Feb 6, 2002
17,168
60
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Lets steal money for rich hardworking people so we can support Muslim kids because the father is married to 3 women under sharia law. Look out baby.
 
May 11, 2008
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Lets steal money for rich hardworking people so we can support Muslim kids because the father is married to 3 women under sharia law. Look out baby.

I have seen and know some of those arabian beauties here. I am going to become muslim too and get 4 of those at once. I will become the shagadelic caliph of Shaggaland. I will turn myself into a humping camel with a hump. :cool: A dreamadary.

A lot of beauties and smart too : A bad comparison maybe,but more well fed versions of Angelina Jolie. She woud fit right in, no doubt about it :
http://www.youtube.com/watch?v=epsMVnVP2Jw&NR=1&feature=fvwp
http://www.youtube.com/watch?v=2Y6eWLa7oO4&feature=related

Seriously, the issue is not the Muslims, but they will become the issue when more jobs will be lost. Because people who do not work, no matter of the religion tend to become paranoid when not studying or meditating. It works on both sides.
 
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IGBT

Lifer
Jul 16, 2001
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most US states would be better off returning to territory status and reclaim lost sovereignty and toss all unfunded fed mandates including asset confiscation.
 

Rainsford

Lifer
Apr 25, 2001
17,515
0
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most US states would be better off returning to territory status and reclaim lost sovereignty and toss all unfunded fed mandates including asset confiscation.

No they wouldn't. Many states rely very heavily on federal money to cover essential services in that state. And while some states could make that up themselves (eventually), many states spend far more federal money than they give to the federal government in the first place.

It's just a convenient thing to whine about, with the added benefit of tapping into deep seated resentment in a lot of the country that dates back to the civil war. But it's blatantly silly on the face of it, as if changing WHERE money goes somehow magically changes how MUCH money there is.
 
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