BOB CHAPMAN ON THE RIOTS IN GREECE 12-15-2010
Video Of Greek Riot Violence:
And to think that six months ago images of rioters throwing gasoline bombs at the police were enough to get Waddell and Reed to sell 20 ES contracts...
All you Americans out there that do not believe your government will move in on your pension plans just take a look at these facts. In 1997, the UK's Labor government abolished the dividend tax credit for pension funds, which cost pensioners $157 billion.
Just last month the French Parliament agreed to transfer assets of the French pension fund from equities to cash and government bonds.
In Ireland, their PM agreed to take half of the National Pension Reserve fund of $16.5 billion and apply it to the IMF-EU bank bailout. These funds are to be used as a backup to the bank rescue package.
Recently Hungary announced the nationalization of assets and contributions into the country's supplementary "private pension scheme." The funds will go into government bonds to help meet the budget deficit targets of its IMF-EU bailout.
In 2008, Argentina set the precedent, when $30 billion of assets in the country's ten "private" pension funds, were nationalized.
Estonia has cut state contributions into private sector pension schemes, while Poland is considering similar action.
These events are not fantasy, but reality. The UK government is currently eyeing the pension assets of the Royal Mail of some $30 billion. In England, it is believed a government guarantee would be next to worthless and a partial default on pensions and welfare are inevitable. England is close to broke having bailed out its banks.
