Showing posts with label pensions. Show all posts
Showing posts with label pensions. Show all posts
Monday, May 16, 2011
Wednesday, May 11, 2011
Irish Bombshell: Government Raids PRIVATE Pensions To Pay For Spending
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| image: Info-Wars Ireland |
Business Insider
The Irish government plans to institute a tax on private pensions to drive jobs growth, according to its jobs program strategy,delivered today.
Without the ability sell debt due to soaring interest rates, and with severe spending rules in place due to its EU-IMF bailout, Ireland has few ways of spending to stimulate the economy. Today's jobs program includes specific tax increases, including the tax on pensions, aimed at keeping government jobs spending from adding to the national debt.
The tax on private pensions will be 0.6%, and last for four years, according to the report.
Read Full Article
Monday, November 29, 2010
Following Hungary And Ireland, France Is Next To Seize Pension Funds
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| Bank Looting in Progress |
Zero Hedge
If the recent Hungarian “appropriation” of pension funds, and today’s laughable Irish bailout courtesy of domestic pension funds sourcing 20% of the “new” money was not enough to convince the world just how bankrupt the entire European experiment has become, enter France.Financial News explains how France has “seized” €36 billion worth of pension assets: “Asset managers will have the chance to get billions of euros in mandates in the next few months for the €36bn Fonds de Réserve pour les Retraites (FRR), the French reserve pension fund, after the French parliament last week passed a law to use its assets to pay off the debts of France’s welfare system. The assets have been transferred into the state’s social debt sinking fund Cades. The FRR will continue to control the assets, but as a third-party manager on behalf of Cades.” FN condemns the action as follows: “The move reflects a willingness by governments to use long-term assets to fill short-term deficits, including Ireland’s announcement last week that it would use the country’s €24bn National Pensions Reserve Fund “to support the exchequer’s funding programme” and Hungary’s bid to claw $15bn of private pension funds back to the state system.” In other words, with the ECB still unwilling to go into full fiat printing overdrive mode, insolvent governments, France most certainly included, are resorting to whatever piggybanks they can find. Hopefully this is not a harbinger of what Tim Geithner plans to do with the trillions in various 401(k) funds on this side of the Atlantic.
More from FN on how first France, and soon every other socalized pension regime, will continue to plunder a nation’s life saving to fund short-term deficits:
The decision has prompted a radical restructuring of the FRR’s investments. The new strategic investment plan, which will be released in the new year, will see a rapid reduction in its 40% allocation to equities and a shift to cash and short-term government bonds, according to a source close to the situation.Read Full Article
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Saturday, November 27, 2010
Banksters are Coming for Your Retirement Next
Activist Post
First, the banksters hoodwinked an angry public into bailing out their collateralized-debt obligations and derivative Ponzi scheme to the tune of what may turn out to be over $600 Trillion dollars. Derivatives are nothing more than bets on other bets, on other bets, that are all completely worthless. So, we can assume that the taxpayer will be victimized for at least that amount for derivatives alone. That’s about $2 million dollars for every man, woman, and child in America, or $100,000 for every person in the world.
They bet big with your investment money, got fat, then lost thousands of times more than everything real on Earth combined. Then, representatives of the people bailed them out (including bonuses) while they laughed all the way to their respective banks. Since government officials are doing their best to reject transparency, we can also only assume this number is much, much larger.
Sadly, their derivative Ponzi scheme is the least of the public’s current problems regarding the banks. The international banks’ economic hit men have successfully enslaved-by-debt everything from nations, entire industries, state and local governments (who will need their bailout soon), and nearly every person on the planet. Even if an individual doesn't have any bank financing or credit cards, they still pay the private Federal Reserve through inflation. As author of Confessions of an Economic Hit Man
, John Perkins, would say: the time has come for the banks to collect their “pound of flesh” from average citizens by way of your pensions. For an enlightening explanation of how economic hit men enslave entire countries please watch the video below:oday, the word “austerity” is becoming commonplace in European countries, and America may indeed be next on the chopping block. The IMF is pushing economically-weak European countries into austerity measures that target average citizens for debts their government owes to banks, including slashing and looting pension guarantees. Incidentally, the U.S. national debt, plus unfunded liabilities and personal and private debt, puts America in far worse shape than all European countries combined.
As we near the End Game
, the banksters and their government accomplices are coming for the last of your wealth -- your retirement money. Recent headlines about the IMF “pressing the U.S.“ to reduce its debt is the first sign of things to come. They have already methodically gutted the assets of most public pension funds by knowingly investing those funds in toxic junk. In late 2009, Mark Brenner wrote an excellent article titled Pensions: The Next Casualty for Wall Street which gave a breakdown of the dismal state of pensions:Nearly $4 trillion worth of retirement savings were wiped out in the first weeks of the 2008 financial freefall. Half of the drop was concentrated in traditional pension plans, also known as defined-benefit plans. While most workers in these plans haven’t had their monthly benefits cut, unlike the 46 million people riding the stock market with 401(k) defined-contribution plans, the storm clouds are gathering.Furthermore, we’ve also seen the captains of “private” industry pump their bottom line for years with their worker’s pension contributions (much like the federal government has done with Social Securityreceivables). When it comes time to pay the pensions they dump the obligation onto the taxpayer through the Pension Benefit Guarantee Corporation which was reported to be $12.9 billion in the red for 2009. Once again, the taxpayers are funding their own servitude while the ownership class pillages on the way up and on the way down.
I can’t help but be reminded that warnings of this day went unheard. This George Carlin clip below sternly warned that the “owners of this country” will ultimately come for your retirement -- but, hey, who was listening to a comedian?
That’s right, the day is rapidly approaching where they’ll come for your retirement. Screw your guarantees you thought you worked your whole life for. Apparently, contractual law does not apply to the servant class. However, we all remember Hank Paulson and Tim Geithner arguing that the reason they must use taxpayer money to pay 100-cents-on-the-dollar for AIG’s rancid obligations was because it would be wrong to break contractual laws. I guess we shouldn’t be surprised that they only respect contractual law when they are taking from the poor and giving to their elite partners in crime.
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Sunday, October 24, 2010
10 Ways You're Being Fleeced by Banks
Activist Post
Taxpayers are rightfully angrier than ever before about the state of the U.S. economy and the government's handling of the financial crisis; perhaps even more so than the Colonists at the original Tea Party. After all, it appears that the only group benefiting during this painful slide into recession are the very people who caused the crisis -- The Banks.
3. Credit Cards -- From marketing to teenagers with "Happy Meal-style" gifts and toys at sign-up, to Mafia-style loansharking with usury interest rates, banks use credit cards to further enslave the public. According to the credit card repayment calculator, if you owe $6,000 on a credit card with a 20 percent interest rate and only pay the minimum payment each time, it will take you 54 years to pay off that credit card. During those 54 years you will pay $26,168 in interest rate charges in addition to the $6,000 in principal that you are required to pay back. (Source)
5. Pensions/401(k) -- Although severely weakened by stock market manipulation and other fraudulent behavior, Pensions and 401(k) retirement savings plans still represent a large portion of the people's remaining liquid wealth -- and the banks want it. Nearly $4 trillion worth of retirement savings was wiped out in the first weeks of 2008, where half of the losses were traditional pension plans, while another 46 million people were riding the stock market with 401(k). It was estimated in 2009 that two-thirds of public sector pension plans were underfunded to the tune of $430 billion. Long term, these public pensions are reportedly underfunded by $3.5 trillion due to banks using the contributions to prop up toxic junk.
8. Commodity Prices -- Banks use the commodity casino to manipulate food prices as another way to line their pockets and starve the public. There is a direct correlation between food costs and oil prices, so when they drive up oil on speculation, food tends to follow suit. During oil's record run up to $147 per barrel in 2008, the price of rice tripled in six months. Between the ominous signs of food shortages and predictions of $200/bbl oil in the near future, you can expect to pay much more of your hard-earned crippled dollars to eat. Obviously, inflation -- especially hyperinflation -- also causes commodity prices to spike, since they trade in U.S. dollars.
10. Wars -- When the original reasons for wars don't pan out, and the secondary reasons don't add up, you can bet the real reason in the first place was money. Indeed, wars are the biggest moneymakers for the banks and the fastest way for them to imprison countries with debt. Wars have historically been manipulated by the banks funding both sides, much like they fund both political parties. In fact, some historians suggest that the American Civil War was actually a battle between Lincoln's Greenback vs. the "oligarchy of high finance." Ultimately, Lincoln was killed along with his Greenback and the private banking cartel ruled America once more.
All of this is leading to a loss of financial independence -- The masters of manipulation -- the money changers -- have rigged the system from every angle and continue to loot all of us. We would be wise to learn about the history of money and banking
in our economy, which is a compendium of booms and busts orchestrated by private banks. Wars, fiat currencies that lead to inflation, and obscure financial instruments are their tools of the trade to consolidate wealth at the top, while the foundation of the pyramid scheme -- the hardworking taxpayers -- are fleeced again and again.
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Taxpayers are rightfully angrier than ever before about the state of the U.S. economy and the government's handling of the financial crisis; perhaps even more so than the Colonists at the original Tea Party. After all, it appears that the only group benefiting during this painful slide into recession are the very people who caused the crisis -- The Banks.
On the verge of bankruptcy in 2008, the banks are now once again making record profits and paying record bonuses, while nearly every other industry struggles to keep their head above water. The banks seem to have designed the system where all businesses and individuals are dependent on them for credit, and without new lending industry grinds to a halt. Given that banks can make risk-free profits by front running the stock market and selling $600 trillion of worthless derivatives for monster gains, there seems to be little motivation for them to lend money at today's record-low interest rates.
Average Americans continue to be looted by this bank-controlled economic system through taxation and other more subtle ways:
1. Bailouts/TARP -- The major banks warned in 2008 that their massively over-leveraged Ponzi scheme was about to take down the world financial system, and demanded a taxpayer bailout or else the sky would fall. Well, they got their bailout which may be upwards of $23 trillion between direct cash infusions and accounting write-downs, which amounts to around $76,667 for every citizen. The Federal Reserve also secretly bailed out foreign economies to at least the tune of $500 billion.
2. Predatory Lending -- The banks have long practiced predatory lending to Third World countries, private businesses, and individuals. This strategic over-lending creates a situation where banks anticipate and manufacture default to obtain real assets. Since banks lend money they don't have by making accounting adjustments, private bankers and their cohorts could conceivably, over time, own everything "real" in the world from money they created out of thin air.
4. Stock Market -- The Goldman Sachs-dominated scheme called "front running" is where brokers use computer programs with intricate algorithms to buy or sell nanoseconds before large orders from the public. Originally designed to prevent this activity, these programs have been hijacked to "Beat the Street." It's the ultimate in insider trading, likened to a poker player being able to see his opponent's cards. Is it any wonder why four of the largest U.S. banks (Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup) had zero days of trading losses during the first quarter of 2010?
6. Social Security -- Social Security represents a $40 trillion unfunded liability. It is estimated that taxes must be raised substantially and benefits must be slashed to cover this gap. Through no fault of Social Security contributors and recipients, the government has completely mismanaged the program while other debts eat up any chance of actually making good on the entitlements promised to the working public. According to their "austerity" playbook, the International Monetary Fund (IMF) recommends that the U.S. squeeze Social Security to cover their ever-growing debts to banks.
7. Inflation -- The Federal Reserve's shadowy printing presses have created an estimated $23.7 trillion in credits, grants, loans and guarantees, and that is just the paper backed by taxpayers. The fractional reserve banking system is one where banks can create loans (money) based on a fraction of their reserves, which inherently weakens the strength of the dollar. Inflation ends up being a hidden tax on those who worked hard, played by the rules, and saved their pennies. You have been paying for this hidden tax ever since the Federal Reserve was created in 1913, coincidentally the same year the income tax was passed. To make matters worse, many experts now predict that America is headed toward hyperinflation. For an in-depth education on how money creation creates a tax on every dollar printed please watch The Money Masters and Money as Debt.
9. Debt and Deficits -- Banks make it easy for politicians to love credit as much as everyone else, only their shiny new toys are things like pork projects for their states, wars, and mandated private healthcare. You can almost see the commercial: "You can have all this today, get re-elected tomorrow, and in a decade your successor can figure out how to pay for it." Recent reports show continued record deficits, while total debt and unfunded liabilities are figured to be $138 trillion -- around ten times annual GDP. Furthermore, the U.S. national debt has already surpassed the IMF default threshold of 90% GDP which will trigger austerity measures on the American public.
All of this is leading to a loss of financial independence -- The masters of manipulation -- the money changers -- have rigged the system from every angle and continue to loot all of us. We would be wise to learn about the history of money and banking
in our economy, which is a compendium of booms and busts orchestrated by private banks. Wars, fiat currencies that lead to inflation, and obscure financial instruments are their tools of the trade to consolidate wealth at the top, while the foundation of the pyramid scheme -- the hardworking taxpayers -- are fleeced again and again.Fresh food that lasts from eFoods Direct (Ad)
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Monday, October 18, 2010
11 State Pension Funds that May Run of Out Money
Provided by The Business Insider, October, 18, 2010:
Here's a shocker: The most immediate state pension crises aren't in New York or California. They're in Middle America.
When it comes to state pensions in the most trouble, do places like New Hampshire come to mind? Probably not, unless you live there, and maybe not even then.
After all, it makes sense that the biggest, most populous members of the union, where budget follies are fairly common, would be facing the most urgently needed fixes. The truth is considerably different. The Granite State claims the No. 11 slot, and it's not the only unexpected name facing pension woes.
Hawaii, Kansas and others made their way on to the list. Now, these pension plans aren't going to be obliterated tomorrow -- New Hampshire, for instance, is estimated to see its plan run out of money in 2022, so they've got 12 years to rectify the situation.
For some other states, the matter is more pressing, and no more so than for the Land of Lincoln.
Illinois is just 8 years away from exhausting its pension fund and creating a yearly $14 billion hole, according to data from Joshua Ruah an associate professor of finance at the Kellogg School of Management at Northwestern University.
That's a projected 32 percent of the state's revenue going to fill a pension hole. Every year.
Indiana, Louisiana, Oklahoma and Colorado are among the next pension funds to fall. The rest of the union is just around the corner.
But wait. Just to make sure the list is not a complete surprise, know that the New York City suburbs of Connecticut and New Jersey made it on board. They have until 2019 to sort it out.
And Now, 11 State Pension Funds That May Run of Out Money
#1 Illinois
Year pension fund runs out: 2018
Bill in the following year: $13.6 billion
Share of state revenue: 32%
#2 Connecticut
Year pension fund runs out: 2019
Bill in the following year: $4.9 billion
Share of state revenue: 27%
#3 Indiana
Year pension fund runs out: 2019
Bill in the following year: $3.6 billion
Share of state revenue: 17%
#4 New Jersey
Year pension fund runs out: 2019
Bill in the following year: $14.4 billion
Share of state revenue: 34%
#5 Hawaii
Year pension fund runs out: 2020
Bill in the following year: $1.7 billion
Share of state revenue: 24%
#6 Louisiana
Year pension fund runs out: 2020
Bill in the following year: $4.3 billion
Share of state revenue: 27%
#7 Oklahoma
Year pension fund runs out: 2020
Bill in the following year: $3.7 billion
Share of state revenue: 30%
#8 Colorado
Year pension fund runs out: 2022
Bill in the following year: $7.8 billion
Share of state revenue: 54%
#9 Kansas
Year pension fund runs out: 2022
Bill in the following year: $2.5 billion
Share of state revenue: 23%
#10 Kentucky
Year pension fund runs out: 2022
Bill in the following year: $5.3 billion
Share of state revenue: 35%
#11 New Hampshire
Year pension fund runs out: 2022
Bill in the following year: $1.0 billion
Share of state revenue: 30%
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Thursday, October 14, 2010
Acropolis shut down in Greek protests
Riot police clash with workers who barricaded themselves inside ancient Athens site in protest over unpaid wages
Associated Press
Athens riot police clashed with protesting workers barricading the Acropolis today, using teargas to clear the entrance to Greece's most famous ancient site.
Culture ministry workers had shut down the Acropolis yesterday morning, complaining they were owed up to 22 months' back pay. About 100 protesters barricaded themselves inside, padlocked the entrance gates and refused to allow any tourists in until their demands were met.
Police in riot gear arrived this morning after a court order said the protesters were hindering access to an ancient site and its 2,500-year-old marble temples.
"Riot police and violence won't break the strike," the protesters chanted, clinging to the gates.
But police used a side entrance to break into the site, then used pepper spray to clear the protesters and journalists covering the standoff from the main gate. At least one protester was led away in handcuffs to a waiting police bus.
Dozens of tourists who had arrived early to visit the site looked on as the standoff unfolded, occasionally snapping pictures of the riot police.
"We know the workers have a right to protest, but it is not fair that people who come from all over the world to see the Acropolis should be prevented from getting in," said Spanish tourist Ainhoa García shortly before the clashes broke out.
Greece is in the midst of a tough austerity programme that has cut public workers' salaries and trimmed pensions in an effort to pull the country out of severe debt. The austerity plan has led to a series of strikes and demonstrations as workers' unions protest the cutbacks.
Read Full Article
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 |
| Greek riot police - Reuters |
Athens riot police clashed with protesting workers barricading the Acropolis today, using teargas to clear the entrance to Greece's most famous ancient site.
Culture ministry workers had shut down the Acropolis yesterday morning, complaining they were owed up to 22 months' back pay. About 100 protesters barricaded themselves inside, padlocked the entrance gates and refused to allow any tourists in until their demands were met.
Police in riot gear arrived this morning after a court order said the protesters were hindering access to an ancient site and its 2,500-year-old marble temples.
"Riot police and violence won't break the strike," the protesters chanted, clinging to the gates.
But police used a side entrance to break into the site, then used pepper spray to clear the protesters and journalists covering the standoff from the main gate. At least one protester was led away in handcuffs to a waiting police bus.
Dozens of tourists who had arrived early to visit the site looked on as the standoff unfolded, occasionally snapping pictures of the riot police.
"We know the workers have a right to protest, but it is not fair that people who come from all over the world to see the Acropolis should be prevented from getting in," said Spanish tourist Ainhoa García shortly before the clashes broke out.
Greece is in the midst of a tough austerity programme that has cut public workers' salaries and trimmed pensions in an effort to pull the country out of severe debt. The austerity plan has led to a series of strikes and demonstrations as workers' unions protest the cutbacks.
Read Full Article
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