"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
Poland Confiscates Half Of Private Pension Funds To "Cut" Sovereign Debt Load
Submitted by Bradley Keyes on Thu, 2013-09-12 23:00
Poland announced quietly that it would transfer to the state - i.e., confiscate - the bulk of assets owned by the country's private pension funds (many of them owned by such foreign firms as PIMCO parent Allianz, AXA, Generali, ING and Aviva), without offering any compensation. In effect, the state just nationalized roughly half of the private sector pension fund assets, although it had a more politically correct name for it: pension overhaul.
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Comments
Jeff Berwick had a good companion piece on Dollar Vigilante this week:
http://dollarvigilante.com/blog/2013/9/10/poland-confiscates-private-pen...
Sam
Earlier this week came the verb to Cyprus.
Now cometh to Pole... or should it be to Poleax?
Getting closer.
Jim