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Greece Passes Law To Plunder Pension Funds
Having previously hinted that they might 'dip' into public pensions funds for some short-term cash to payback The IMF, and then confirming that the plan is to repo that cash from pension cash reserves (raising concerns about how they will unwind the repo - i.e. pay it back); the Greek government finally signed the bill today that enables them to plunder the Greek people's pension funds (for their own good).The massive irony of this bill is the bill enables greek deposits to be fully invested in Greek sovereign bonds... which Tsipras and Varoufakis both admitted today is "unsustainable" and "will never be repaid."
- *GREEK GOVT SUBMITS BILL, ALLOWING USE OF PENSION FUND RESERVES
As Bloomberg reports,
Cash reserves of pension funds and other public entities kept in Bank of Greece deposit accounts can be fully invested in Greek sovereign notes, according to amendment to be submitted in parliament, country’s finance ministry says in e-mailed statement.
Cash reserves can be used for repos, reverse repos, buy and sell-back, sell and buy-back transactions
Pension funds, public entities will be able to claim damages from Greek state in case of overdue repayment, partial repayment
Pension funds are not obliged to transfer their reserves to the Bank of Greece, according to finance ministry statement
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We wonder how the increasingly disenfranchised Greeks will react when they find their savings (whatever there is left) are now being directly plundered to fund the nation's transfer payments (via The IMF) to Ukraine.
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* * *
Greece remains second only to Ukraine for default risk....
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George Carlin. Visionary.
Eventually you run out of other people's money^H^H^H^H^H pension assets.
>>>> coming soon to USSA !!
>>>> phew...good thing this could never happen here in USA !
Coming to a country near you soon!
And it'll probably be a bit more insidious here. "To protect pensioners from those wicked Wall Street Bankers, we are mandating that a minimum of 70% of retirement accounts be in safe US Treasury Securities. It's for your own good, and we'll match the CPI!"
"Hello Vlad??"
"C'mon down!"
Why do you think they want the population here disarmed?
Could you imaging retired armed vets or police having their pensions taken?
We had to destroy the village in order to save it.......
Ok, I downvoted coming to USSA soon. You have to be seriously dumb to believe that. Obviously the plan is to print and "pay" off the debt with inflation. That's right, bail ins are only for non owners of the reserve currency.
Wait for japan, spain, italy and the uk to "go Greece". Then you can start worrying about a reserve currency reboot.
You have to be seriously dumb to believe that it's NOT coming to USSA. Do you really think they would just leave such a juicy, defenseless source of funds sitting there in the hands of the great unwashed? It may not be today, it may not be in 5yrs, but it IS COMING sometime before I die (of natural causes) anyway.
Sure they'll print. When that stops working they'll seize anything they can get their tentacles on. When that stops working they'll default. Same as it ever was.
I'm still glad I paid the penalty and cashed out my IRA. I now hold, and therefore own it.
Well there goes the damn neighborhood.
Maybe we just just go ahead on convert 100% of assets to touchy feely PM's and high tail it to a 2nd tier country, maybe Central America (cause their freeloaders are heading north which means that most of those still behind want to do it the right way) or the South Pacific Islands (but they are not to friendly on property rights.
Oh, what to do?
Voting doesn't work so there's that.
Most of those countries enforce their immigration laws.
Safety First! :-)
Don't laugh the Tres has already 'borrowed' against the Soc Sec trust funds. This has been going on here for at least 40 years and I am sure the total exceeds whatever the funding requirements by X 2.
I am sure they will return the money in 2075 dollars.
We are fucked!
I was explicitly told back when I was just a twinkle in my dad's eye, that it was wholly my responsibility to vote against raiding social security funds for other political things. In the meantime, he was going to support more social spending because he felt it was necessary for his survival. Unfortunately I really had a damn hard time getting to the poll those years. I guess you live and learn, right?
I, and many others of my generation, of course can't afford to procreate, so things just work themselves out, obviously.
in the USA you have to fund pension funds in order to loot them, most US funds are already appropriated by the state and buying up FNM bonds, the US equivalent of Greek Bonds
" coming soon to USSA"
Coming soon??
Are you having a Rip Van Winkle experience?
Our so called "Social Security Trust Fund" with some $2.6 TRILLION has been totally robbed by the Federal Government.
Time to wake the f.ck up!!
Except his vision was of what would happen to Americans. It's coming, don't worry, they'll get it, they'll get all of it!
https://www.youtube.com/watch?v=gzwyZI_DKjM
They are using the Argentina method.
So, - guess the untucked shirt, no tie, and motorcycle was just another act ?
Who woulda thunk it - he got so much media coverage. (sarc)
BFD.
Just you wait until they start doing this to union goons here in the USA
Oy vay!
who would you rob first, teachers or teamsters?
Teachers have already been robbed in my state. Bill Richardson let some Wall Street cronies manage the teachers retirement fund, and it was plundered around the time of thee last financial crisis.
Dammit, it was a trick question...you are correct, the teachers pension money has already been spent on coke, hookers and the Hamptons. Have fun with the teamsters!
Unions don't like it when their threats are not only thrown back at them, but backed up. The Teamsters will fold if the police state is unleashed upon them.
In many locations (possibly all?) they have no choice - the contribution is mandatory. And it's gone ...
'Teachers' have done a helluva lot more harm to the country (especially over the last 60 years) than Teamsters.
At least when a package is delivered off a truck, it doesn't arrive dumber than it was when it left.
Just pass a law to make thievery legal.
Now, roll over and let me pat your belly....
and they said elections don't matter!!! oh, wait...
The Greeks really did a great job electing politicians who will look out for them this time around, didn't they? Oh well, there's always Golden Dawn to try next.
this time, it's different!
It's a leftist Gov now, No Moar Protests. Although it would be fun to watch the new populist gov use the state police force to beat them down.
Similar to installing Obama and his merry band of "progressives". Wars haven't stopped but Code Pink is still yelling at Dick Cheney. How many protests against actions in Libya, Syria, etc. Where are all those Berliner activists?
Si vis pacem, para bellum
Waiting for an Athens Spring.
But they were just elected into power by popular vote? I'm still waiting for the war protests to come back to the US, Obama put an end to all that.
No better sheep than leftists.
Just the tip.
Troika Horse Jockies. Yanis is looking more and more sinister.
This story never gets old!
http://www.strategic-culture.org/news/2015/01/29/a-soros-trojan-horse-in...
Just this once, lets put the finance people in charge of clothing design, and the clothing designers in charge of finance. Just to see what happens.
Handsome devils! Looks like Christine finally gave 'em the key to the executive wardrobe :-)
Oh and this...Ben Stiller and Owen Wilson at the Valentino 2015 Paris fashion show (really):
https://www.youtube.com/watch?v=aRNwGimhok4
I believe everyone knew it would happen!
Scrapping the bottom of the barrel now. What's next? Sweep everyone that still has a bank account clean?
Oh I know...Raise taxes!
Next is sending soldiers to houses to search the sofa for change
and pizza
Good thing Greeks own lots of boats so they can lose the Barbaric relics. Confiscation of all wealth is definitely in the cards.
Don't forget they are soon going to start "cross checking triangular transactions" and hiring tourists to find coffee shop tax cheats.
Im sure that the police unions will have no issue with this at all /sarc
Where is that tiny cadre of former generals that have the vision, know-how, charisma, friends and the constitution to do the right thing for us?
The union bosses will tell them there's nothing to worry about: they have an IOU from the government.
I am finally beginning to understand the benefits of military coups.
cornholed
Que Golden Dawn
The T-shirt wearing chain smokers of Greece have been betrayed, again.
My admiration for Iceland only continues to grow.
The Greek people are Neanderthals in t-shirts and push carts.
You people don't deserve a country of your own.
The important part is that when you shoot all the bankers you need to keep a cool head. I know everyone wants to let them have it Scarface-style, but you can't do it that way. Makes you just look blood-thirsty and crazy.
Just let them know it's nothing personal. They just need to die to clear the decks and send an important message to others. You wish it didn't need to come to this and that you hope there's no hard feelings about the whole thing.
Then, cold as ice, you do the double-tap to the back of the head.
Can a Greek be shamed into action.
I hope so.
This is pathetic display of supremacy, US style.
Greek nationalism is just a slogan for the Neanderthals swinging on olive trees.
Gee, you would think governments the world over were working from the same playbook. /sarc
"From each acording to their ability...," to the government agent in front of you.
Long olive oil based lubricants.
The Greeks can use the money they save from not paying their taxes to cover the shortfall from not receiving their pensions.
That's right. The Greeks are getting their money up front when they don't pay taxes.
I always liked your level-headed clear-thinking style. When I read a comment like that I get this feeling like..."You know, he's right. I think everything's going to be OK. We should all take a breath and slow down. We're getting too worked up over this stuff."
Coming soon to an IRA or 401k near you. If in doubt Google MyIRA and see what that's all about.
Yeah I the Government has destroyed enough savings already.
The irony is that Greece is exactly what the USA SHOULD look like now.
Indeed...it still can however.
I would be VERY wary of State and muni debt here. The Attorney General appears to have orchestrated an attack on the State of Missouri. We'll zee now tornado season is shaping up here soon enough....
If you have a company sponsered 401k take out as big as a loan as they will allow. You can stash the cash and you pay yourself back tax free interest. Use the money to buy real shit and put some in your mattress.
Your money in public pensions funds can be plundered at any time. Besides, interest rates are going negative anyway. Better to buy gold and have it in your possession at all times. Fiat currencies will collapse sooner or later anyway.
"your money..."
unless you hold it in your hand, its not "yours"
Ukraine will give them to Putin for gas and Putin will bailout Greece. There, fixed.
And the EU will bless the transaction to perpetuate the EU fraud and the EU gas delivery.
The Chinese might move in there.
Only after their pipeline is finished.
These clowns really do make Golden Dawn look good.
I would think Greece will start to break apart here. This sounds like an "Athens thing."
Ten plus billion for Ukraine is pretty darn impressive.
Europe will have to start turning over their gold to the IMF if they want to get bailed out of their bailout.
That is a MASSIVE amount of gold should that come to pass.
One struggles to name a decent, honest government anywhere on this planet.
Found two already: Tsipras in Greece, Maduro in Venezuela.
That's because any honest government devolves into a dishonest one. Most just start out dishonest.
Iceland
FTA: "The massive irony of this bill is the bill enables greek deposits to be fully invested in Greek sovereign bonds... which Tsipras and Varoufakis both admitted today is 'unsustainable' and 'will never be repaid.' "
In my day we called it the lie told by the thief to the victim.
The Greek people are so lazy.
How lazy?
So lazy that they cannot dress themselves.
They only know how to wear t-shits.
The men have no idea how to wear a tie or tuck in a shirt.
A disgrace to the European Union.
Wouldn't they have to where shirts, nice clothes, and clean garments if they all work in Restaurants, Cafe's, Bars, and Hotels??
I know they are big in Shipping and Fishing.
Its economy mainly comprises the service sector (85.0%) and industry (12.0%), while agriculture makes up 3.0% of the national economic output.[108] Tourism. merchant shipping (at 16.2%[110] of the world's total capacity, the Greek merchant marine is the largest in the world[110]), while the country is also a considerable agricultural producer (including fisheries) within the union.
The typical Greek wears a cig or cigar stained t-shirt, shorts, and flip flops.
Hangs out at the beach scratching his hairy ass waiting for his government check.
These people don't deserve a country.
I'm not a Scientist or Mathematician, but...
I wonder if the State of the Greek Male could be related to a function or correlation to:
- High Price Cost of Living
- High Cost, Corrupt, University Degrees not worth HS Degree
- High Cost Housing
- Loss of Integrity, Pride, Honesty... for whatever reason high taxes, contempt for government, apathy for Greek Future
They are probably family oriented similar to US People, but not as Corporate, Militant, or Driven for Loyalty and Patriarchy for a Career.
I just wonder if Greece will be the USA in another year.
I see a lot of foul mouthed locals here, dressed down, cigarettes, women as aggressive and foul as a man, clearly a "Low" Culture is present nearing 20% or more in this small city in the middle of nowhere. Yeah we get baggy pants. I saw a guy lose his pants passing through a store doorway last year. Poor white Trash? I'm not sure they started out that way, but I see signs of people coming from out of state.
So yeah. USA is Greece.
Is there a will to prevent USA being Greece or to address the Decline of our Society? NO. We have plenty of smart people in the USA. But there is no collective will for change.
The WILL is for Status Quo. The Trend is steep decline in all categories. Except promotion of Incompetents, Control of Media, and re-election of corrupt federal officials... which are expanding.
Have you been to DC recently.
It's become a hell hole around the Verizon Center.
Reminded me of the 3rd world.
Trashy people everywhere, with the smell of Socialism in the air.
No one around you has an honest job doing anything important.
How things have changed in DC.
Home of the feminist, queer, and minority.
How things have changed in DC.
Home of the feminist, queer, and minority.
That population shift is the DC benefit to flyover country.
I guess I don't know DC area other than in passing.
DC is very odd from top to bottom.
I guess the congress people have parties like every night with those that raise funds and lobby them. AIPAC probably included. If you have a Defense Corporation of any real power you have offices near DC and hit the part circuit too. Of course the Dems and the Repubs party together. Then when elections put the other guys in office they all agree to not investigate or press charges or... even to change the direction of the Budget very much.
But walk around DC and you see a totally different population that are just small guys.
All we gotta do is vote for Syriza and kick back, they'll take care of everything!
which proves once again:
if you don't hold it, you don't own it
This is not a surprise, and it shouldn't be.
Notice how NO ONE from the previous "corrupt" government has been indicted or prosecuted?
Let alone any bankster or GS principal who helped create the mess.
Now it all starts to collapse and it won't matter if you deserve that pension or not.
Greeks have another failing government and they deserve it.
Wont happen here
/s
Anybody stupid enough to trust a government to give them anything for "free" deserves to have all their wealth seized by said government.
no sympathy
When you have no wealth then you have nothing to lose and can only gain that which is "seized" from someone else.
This is your government. This is the NWO. This is the NWO attacking and killing you. What you gonna do sucker?
I like the way it feels up my but.
Can I have some more please.
The US is waiting to see if Greece can get away with it.
If they can, then your 401(k), 403(b), etc. will be subject to gov "investment".
(For your own good, of course)
"The US is waiting to see if Greece can get away with it."
No need to wait. Greece is not unique in this matter. Hungary, Poland, Argentina and possibly some other countries have already done it.
You overlook the biggest pension plunderer of all-- Russia.
There must be a lesson in how Russia is getting away with it because Putin still enjoys an 80%+ approval from the very people he screwed.
"You overlook the biggest pension plunderer of all-- Russia."
In the case of Russia, the plunderer was "Harvard Mafia." Russian government was only a façade.
Which western government has not raided everything that is not tied down?
Listen Z/H has done a Sterling job in bringing to us the economic and political realities OUT THERE, however, the actual state of affairs are mucho Worserererer than anyone can imagine.
So bad that WAR is the Cabal's only Escape route.
With enemies like the IMF, Wall Street, the US gov, and crony capitalists, who needs an external enemy? How about a war on the aforementioned enemies?
YES. Not only Western Govt. China in the early years of development have raided pension funds thru their provincial governments. Pile this on top of forced property acquisition (the savings of the traditional Chinese families) and you have what it is today...a trust deficit with the Chinese Govt by their People
Other "glamor' nations do the same like Singapore where it is now a current hot issue. (Only that the form is different). Beneath the glitters lie a shallow economy that EM financial advisors are packaging into snake oils for the Muppets.
How is this different from what Ireland or Spain have already done ?
The fools. Instead of targeting the enemy IMF, EU banks, and EU oligarchs, Greece cannibalizes itself.
THE FOOLS!
This is exactly what the Troika wants to happen!
...so that they can pay pensions and public sector salaries for the next couple of months till Grexit, at which point the drachma denominated pension funds will swell up by <insert your own estimate for drachma devaluation here>%
Betcha Syriza was a poison pill, passed as "hope and change" in order to discourage other EU countries from straying too far to the left side...
I know that sounds paranoid and cynical, but, fuck me ! This new Greek party is either the dumbest ever or the shrewdest...
That Greek party isn't dumb but the people that voted for them certainly are.
They are similar to many in the US who will vote for anyone who will keep the "free stuff" coming.
In 1999, on signing Gramm-Leach-Bliley into law, Clinton said, “This is a day we can celebrate as an American day” and that ” the Glass-Steagall law is no longer appropriate for the economy in which we live” and “today what we are doing is modernizing the financial services industry, tearing down these antiquated laws and granting banks significant new authority” and “This is a very good day for the United States.”
Columbia Journalism Review, Bill Clinton on Deregulation
"We hang the petty thieves and appoint the great ones to public office." ~ Aesop
Two quotes that pretty much sum up our current predicaments....
Sowing the seeds of our current predicaments indeed.
Let this be a lesson to anyone who thinks you can successfully guarantee to pay someone in the future more than you can actually afford to pay them in the present and never have it backfire on you.
Fuckin' dum-dums.
Well luckily I live in Merika. My social security is safe from gov't borrowing
Dijsselbloem will call this another blueprint...
Coming soon to the United States. 401ks, 401bs, pensions....POOF.... and it's gone.
Greece could never follow Iceland's exxmple .. the Icelandic people are tough .. perhaps because they are fairly remote and self reliance and independence or necessary for survival .. geography does in fact matter .. in any event .. you will never hear this from a US or Greek politician ..
When Iceland’s President Olafur Ragnar Grimmson was asked whether or not other countries – Europe in particular – would succeed with Iceland’s “let the banks fail” policy, he stated the following:
'
'
'
Wow. Grimmson's sure not a team player, now is he.
(Said in my best, mealy-mouthed, sanctimonious, know-better, finger-wagging, long-nosed, patronizing tone of HIllary…)
•?•
V-V
'
'
'
Wow. Grimmson's sure not a team player, now is he.
(Said in my best, mealy-mouthed, sanctimonious, know-better, finger-wagging, long-nosed, patronizing tone of HIllary…)
•?•
V-V
Obviously, "people in enlightened democracies" are few and far between.
Trial ballon...coming to all western countries soon.
Just more, more, more socialist propaganda.
The money in the Greek government pension funds is mostly the loot that they defrauded the bond holders and banks out of after they fraudulently entered the Euro zone.
Therefore using the Greek government pension funds to repay the Greek government debt is entirely justified, it is simply returning the stolen loot to its rightful owners.
Watch when they do this in the EU next , then the US. The great RESET is coming.
I am thoroughly enjoying the shit-show in Greece. Especially after all the sunshine and rainbow talk how the socialist were going to "fight the power"...LMFAO. They ARE the power. The Greek people never wanted to leave the euro. They're getting what the asked for. Party is over... Time to clean up the mess.
Winning so hard, 24/7. I love Greece.
Of course it is coming to the USA as well. Beta / Trial Balloon for the ultimet "Immanentiaze the Eschaton" Black Swan Event of the planet's history.
Zombiegheddon reset.
Completely Off Topic:
Suspicious fires destroy Sharpton financial records - twice