France has Now Grabbed Their People's Pension Funds to Give to Banks and Their Debt - Joining Hungary and Ireland -

Seems all over the world countries are grabbing their People's Pension and Retirement accounts, they pass the laws very fast and spring the surprise on their people.  France has just joined the fray of taking their people's retirement accounts to give to the banks and buy the countries bonds.  They have taken 36 Billion of people's Pension and retirement accounts.

portion from above link:

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.

I had posted last week about Hungary taking their people's pension funds.

Ireland too is talking about taking their people's pensions and giving it to the banks.

Portion from above link:

Fine Gael, Labour and Sinn Féin attacked the intention to use the National Pension Reserve Fund to help provide a further €10 billion in further capital for the banks. In total, the banks could end up getting another €35 billion if their losses are bigger than expected.


So, does everyone see what is happening around the world?

The banks come before the people!  The people's money of which they saved and worked all their lives for is being grabbed by the leaders of countries to give to the banks.  Besides people having to pay more in taxes and get less in wages.  In Ireland the people have to take a cut in the minimum wage for their "bailout".

I have no doubt there will be demonstrations in the European countries regarding what the governments are doing there.  

But I will say again, it is simply a matter of time before the U.S. government passes a bill that allows them to take everyone's Private IRA/Pension and 401Ks.  They have had committee meetings on it already, it has been discussed many times.  Remember Federal and State Government Pension funds all over the U.S., are under water right now.  If you think the government will not over reach their powers by stealing everyone's private retirement accounts, then you have not been paying attention to what has been happening with crazy laws being passed or about to be voted on.  


I am including the S 510 "Safe Food Bill" which has enough support to pass the Senate and House - which then effectively makes growing your own vegetables illegal and forget being able to purchase food/vegetables at a farmers market - as those will be wiped out and made illegal also.  Completely Crazy and Outrageous.   But it seems they are intent on passing the bill, even though people have been calling their elected officials, saying "don't pass it" they are standing by the bill.   This will then give Monsanto control of all of our food and seeds.  In fact under the S 510 bill, it will be illegal to save your own seeds.  


We are living in bizarre times and as you think it can't get more outrageous, it does.  


So, look around, pay attention and if you want to be assured you have your own retirement account to use as you want, I would advise talking to an accountant, find out all the penalties of liquidating your Private IRA/pension/401K and do what makes sense to you.  Is it better to take a "tax" hit now and save your retirement money or leave it where it is and let the government possibly grab it for debt and the banks?  When they do/if make the grab, it will be fast with no fore warning, IMO, just as the other countries have done.  People have not had the time to get their money out, once the decisions have been made around the world to take the Pension funds.  So you make the decision to what feels right to yourself, just pay attention and wake up to the desperation of countries.  


When/if it does happen in the U.S. - it will be... one moment, you have your own private retirement account to invest as you want and the next it will be under government control for the banks and debt due to giving Trillions to the banks.  


Ask the French now, Hungarians, Irish, Argentinians, if they expected this to happen to them - in that their government swooped in and took their retirement accounts for their banks and debt of the countries.   I would bet it came as a complete surprise.  


An Idea ..... for the December 7th - bank run - it should also be a Private retirement account run too and put the money into metals - which has been the best investment of the year so far anyway.  The tax of liquidating retirement funds, compared to the increase of metals for the year so far..... which is more?.......  considering silver is up over 46% for the year.... you make that decision!

Hungary is Following Argentina - Taking ALL PRIVATE IRA and Pension accounts to be Under Government Control! Don't think it will happen in the U.S.? The U.S. Govt. Has Already Discussed Taking Private IRAs/401Ks/Pension Plans and Putting them Under Government Control! It just hasn't happened Yet!

Hungary is Taking all of their Citizens Private Retirement and Pension Accounts to be used for the Government Debt.  They have had failed bond sales.  They are following what Argentina did in 2001, in taking their citizens private accounts.  Don't think it will happen in the U.S.?  Considering Congress has already had meetings on it,  the Fed is printing the money to buy the bonds..... IMO, it is just a matter of time.  But don't worry, it will be spun on all MSM that it will be a "Good thing" for the American People, because it will be a government guaranteed account.  (of course the U.S. government is good for it and handles money really well..... right?)

Hungary took the steps today without warning and announced they are taking all of their citizens IRA/Retirement/Pension accounts.  If the people do not opt into the government taking their account in full, then those people will LOSE 70% of the their Pension to the government of Hungary anyway!

Portion:

Hungary is giving its citizens an ultimatum: move your private-pension fund assets to the state or lose your state pension. 

Economy Minister Gyorgy Matolcsy announced the policy yesterday, escalating a government drive to bring 3 trillion forint ($14.6 billion) of privately managed pension assets under state control to reduce the budget deficit and public debt. Workers who opt against returning to the state system stand to lose 70 percent of their pension claim. 

“This is effectively a nationalization of private pension funds,” David Nemeth, an economist at ING Groep NV in Budapest, said in a phone interview. “It’s the nightmare scenario.”

Hungary, the most indebted eastern member of the EU, is following the example of Argentina, which in 2001 confiscated about $3.2 billion of pension savings before the country stopped servicing its debt. The government in Buenos Aires nationalized the $24 billion industry two years ago to compensate for falling tax revenue after a 2005 debt restructuring.

Will this eventually happen in the U.S.? If it does, I doubt there will be sufficient warning for everyone to liquidate their private retirement accounts before a grab is done.  The government can't say "We, are going to be doing this in 2 weeks from now".  Because there would be a run on the accounts and banks.  Just as the meeting they had was a quiet one in September and now the link to the government site about it, is not working.  When/if they decide to do it, I would expect it to be an immediate implementation of  policy, of course "for the betterment of the people", as we will be told.  I wonder how many people will agree with the Government controlling our retirement accounts would be better than being under our own control?  

UPDATE 11/29/10 - France and Ireland are Taking their People's Pension Funds now