Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt

JulieW · Apr 9, 2015

JulieW said:

Caput Lupinum said:

I intend on leaving an IOU at the bottom of the safety deposit box. It's as good as a government bond
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Quite reasonable:
http://en.wikipedia.org/wiki/Promissory_note

A promissory note is a legal instrument (more particularly, a financial instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms. If the promissory note is unconditional and readily salable, it is called a negotiable instrument.[1]

Referred to as a note payable in accounting (as distinguished from accounts payable), or commonly as just a "note", it is internationally defined by the Convention providing a uniform law for bills of exchange and promissory notes, although regional variations exist. Bank note is frequently referred to as a promissory note: a promissory note made by a bank and payable to bearer on demand. Mortgage notes are another prominent example.
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Note that this guy is pretty much busted but discovered too late a potential solution. I'd suspect that SA law might be the same as Australia btw.
Was there another thread about Roman Control?

[youtube]http://www.youtube.com/watch?v=dbku5XULgIA[/youtube]

many pieces of the jigsaw puzzle:

[youtube]http://www.youtube.com/watch?v=Ew1TsyrmmqY[/youtube]

dragafem · Apr 10, 2015

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just marking this thread

willrocks · Apr 10, 2015

dragafem said:

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just marking this thread
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Oldsoul · Apr 11, 2015

House said:

Uh oh...

1.Government has too much debt to issue more debt
2.Government nationalizes private pension funds making their debt holdings an "asset" and commingles with other public assets
3.New confiscated assets net out sovereign debt liability, lowering the debt/GDP ratio
4.Debt/GDP drops below threshold, government can issue more sovereign debt.

Poland said on Wednesday it will transfer to the state many of the assets held by private pension funds, slashing public debt but putting in doubt the future of the multi-billion-euro funds, many of them foreign-owned.

Announcing the long-awaited overhaul of state-guaranteed pensions, Prime Minister Donald Tusk said private funds within the state-guaranteed system would have their bond holdings transferred to a state pension vehicle, but keep their equity holdings.

He said that what remained in citizens' pension pots in the private funds will be gradually transferred into the state vehicle over the last 10 years before savers hit retirement age.

And of course, once Poland borrows like a drunken sailor using the new window of opportunity, and maxes out its new and improved limits, it will have no choice but to confiscate more assets, and to make its balance sheet appear better, until one day, there is nothing left in the private sector to confiscate. At that point the limit itself will have to be legislated away, and Poland will simply continue borrowing until one day there are no foreign lenders willing to take the same risk as the nation's private pensioners. At that point, Poland, which is in the EU but still has the Zloty, can just go ahead and monetize its own debt by printing unlimited amounts of its currency.
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Reuters and ZH
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FYI It was made legally mandatory to have one a basket of private pensions ages ago if you had over a certain income in Poland if somebody did not choose then one was picked. These were already pretty much government run because of this. Just wait until the baby boomers in the US get their 401Ks raided. O the wailing and gnashing of teeth.

Just by making 'pensions' tax deductible governments destroyed the free market in stocks and bonds ........all just a huge scam.

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Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt

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Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt

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