pension funds

Portugal raiding pension funds could be sign of things to come in U.S

Friday, December 09, 2011 by: J. D. Heyes
Tags: Portugal, pension funds, austerity

eTrust Pro Certified

Most Viewed Articles
Popular on Facebook
Malaysia Airlines Flight 370 now clearly a government cover-up: All evidence contradicts official story
White House admits staging fake vaccination operation to gather DNA from the public
10 other companies that use the same Subway yoga mat chemical in their buns
High-dose vitamin C injections shown to annihilate cancer
Irrefutable proof we are all being sprayed with poison: 571 tons of toxic lead 'chemtrailed' into America's skies every year
EXCLUSIVE: Natural News tests flu vaccine for heavy metals, finds 25,000 times higher mercury level than EPA limit for water
Truvia sweetener a powerful pesticide; scientists shocked as fruit flies die in less than a week from eating GMO-derived erythritol
Senator who attacked Doctor Oz over dietary supplements received over $146,000 in campaign contributions from Big Pharma mega-retailer and Monsanto
Global warming data FAKED by government to fit climate change fictions
U.S. treating meat with ammonia, bleach and antibiotics to kill the '24-hour sickness'
HOAX confirmed: Michelle Obama 'GMOs for children' campaign a parody of modern agricultural politics
Ben and Jerry's switches to non-GMO, Fair Trade ice cream ingredients
Battle for humanity nearly lost: global food supply deliberately engineered to end life, not nourish it
Diet soda, aspartame linked to premature deaths in women
Cannabis kicks Lyme disease to the curb
Elliot Rodger, like nearly all young killers, was taking psychiatric drugs (Xanax)
Harvard research links fluoridated water to ADHD, mental disorders
Right to farm being stripped from Americans: Michigan to criminalize small family farms with chickens, goats, honey bees and more
Delicious
(NaturalNews) There is a saying that epitomizes the dangers of surrendering too much of your independence: "Those who giveth can also taketh away." With that in mind, it should come as no surprise that in Portugal - and, most likely, a number of other nations in the months and years to come - state-provided pension funds are no longer safe from the government's all-powerful reach.

As the country continues to drown in a sea of red ink caused by generations of politicians pandering to generations of over-demanding citizens punch-drunk from too many trips to the public winery, the Portuguese Cabinet agreed this week to transfer the assets from four of the country's biggest banks to the government treasury, in order to "bridge" a yawning budget gap that threatens to bankrupt the nation.

Portuguese government officials "assured" the European Union that the transfer of the life savings of Portuguese citizens would only be a one-time occurrence, but in saying so they ignored the fact that, in 2010, they balanced the government's books "by shifting three pension plans from Portugal Telecom on to the public social security system" and are liabilities that "don't count yet."

Some of the people's advocates have already begun to speak out. "This can't be seen as a future revenue stream in any way," said Raoul Ruperal from Open Europe.

As bad as it sounds for Portugal - and raiding the retirement funds of millions of Portuguese is bad, that couldn't happen in the U.S., right?

But it has already happened.

Do you remember last summer when lawmakers were haggling over whether or not to raise the debt ceiling? While lawmakers dithered over how much more hock to put the country into, the Obama administration authorized Treasury in May to "tap federal retiree programs to help fund operations," one report said.

In a letter to congressional leaders, Treasury Secretary Timothy Geithner said he would place "new investments in both the Civil Service Retirement and Disability Fund (CSRDF) and the Thrift Savings Plan G Fund, which is invested in federal securities." He said retirees would be "unaffected" by the transfer of their pension funds. A news search for stories reporting that Treasury had paid back those funds found nothing, by the way.

Sources:

http://www.federaltimes.com/article/20110516...

http://www.washingtonpost.com/business/econo...

http://www.telegraph.co.uk/finance/financial...

Join over four million monthly readers. Your privacy is protected. Unsubscribe at any time.
comments powered by Disqus
Take Action: Support NaturalNews.com by linking back to this article from your website

Permalink to this article:

Embed article link: (copy HTML code below):

Reprinting this article:
Non-commercial use OK, cite NaturalNews.com with clickable link.

Follow Natural News on Facebook, Twitter, Google Plus, and Pinterest

Advertise with NaturalNews...

Support NaturalNews Sponsors:

Advertise with NaturalNews...

GET SHOW DETAILS
+ a FREE GIFT

Sign up for the FREE Natural News Email Newsletter

Receive breaking news on GMOs, vaccines, fluoride, radiation protection, natural cures, food safety alerts and interviews with the world's top experts on natural health and more.

Join over 7 million monthly readers of NaturalNews.com, the internet's No. 1 natural health news site. (Source: Alexa.com)

Your email address *

Please enter the code you see above*

No Thanks

Already have it and love it!

Natural News supports and helps fund these organizations:

* Required. Once you click submit, we will send you an email asking you to confirm your free registration. Your privacy is assured and your information is kept confidential. You may unsubscribe at anytime.