It's Probably Nothing

Hopefully a bunch of Polish politicians will be dangling from lampposts tomorrow morning as thieves should be treated. Nothing has been gained by the politicians except the ability to borrow more money that the Polish can't afford to pay back.

Just wait it will happen in every socialist nation with government run pension plans when the debt load outstrips their productivity levels. I suspect this will happen to the US within 18 months and CPP a few months after that.

If the government can seize your savings account as happened in Cyprus and seize private pension assets as has just happened in Poland, maybe the wisest thing to do is buy bullion and bury it in the back 40.

The welfare state is dying a slow and painful death.

Once the US voters neutralize their community organizer (thief-in-chief) in the 2014 mid-terms, the power will return to the people all over the world.

Beware those who speak compassion and social justice.

Occam, that is how CPP has been run in the past, money in goes into general revenue and money out from general revenue. It has only been in the last few years when the CPP tax was increased that they have socked away some of the revenue into Canada's version of a soveriegn investment fund. The feds don't need our permission to use those funds to buy up government bonds or to just cash them in. CPP is a payroll tax. CPP is a entitlement program.

On private pension assets, governments look at the money as half theirs already, they know it is coming out and that they are going to take a big chunk of it (income tax and OAS clawback). If they seized half of pension assets and RRSP assets now it merely cleans up the balance sheet. If you think your RRSP is more than half yours, you are kidding yourself.

And to think they laughed at Borys for keeping all his money stuffed in a sock buried in the back yard. Now who's the village idiot?

Silly Poles. Don't they know you can just borrow from China forever? They really need to spend more time talking to Barry.

Why didn't they just print money like Uncle Sam? They don't use the Euro so they had that option. They are both theft. Good luck on selling bonds at any interest rate.

You're ripe for the pickin' if you think that Ottawa, Washington or London wouldn't do the same thing.

Should have the Nigerian money style spam showing up at an email near you. Except for the fact that the Polish retiree offer is probably legit.

Yeah well. It HAS happened here in Canuckistan. The last leftard tyranny took 52 BILLION from the Vets retirement fund to "pay down the debt". And I have beach front (Pacific) property to sell you in Edmonton. Go to Canadian Veterans Advocacy to find out more.

Ah, such short memories. I remember when Dipper Dave Barrett ran for MP back in the early '90's. Ex premier of BC with all the creditials associated wanted a bigger stage. A big plant in his platform was 'taking the government's share of all RRSP's across Canada to balance the national debt'. After all that money belonged to the people and the people needed now not in the future. I also seemed to remember something to the effect that 'only rich people' could afford to contribute to an RRSP anyways.

What happened in Poland will happen here it is all about how desperate the situation is.