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
BACK INTO THE CLOSET: Why U.S. reporters are not allowed to write about rainbow events in nations where being gay is still condemned
Depopulation test run? 75% of children who received vaccines in Mexican town now dead or hospitalized
A family destroyed: Six-month-old dies after clinic injects baby with 13 vaccines at once without mother's informed consent
Biologist explains how marijuana causes tumor cells to commit suicide
Companies begin planting microchips under employees' skin
BAM! Chipotle goes 100% non-GMO; flatly rejecting the biotech industry and its toxic food ingredients
ECONOMIC SLAVERY FOR ALL: While we were distracted with the Confederate flag flap, Congress quietly forfeited our entire economic future via fast-track trade authority
INVESTIGATION: Three days before Dr. Bradstreet was found dead in a river, U.S. govt. agents raided his research facility to seize a breakthrough cancer treatment called GcMAF
NJ cops bust teenagers shoveling snow without a permit
Chemotherapy kills cancer patients faster than no treatment at all
McDonald's in global profit free fall as people everywhere increasingly reject chemically-altered toxic fast food
March Against Monsanto explodes globally... World citizens stage massive protests across 38 countries, 428 cities... mainstream media pretends it never happened
Italian court rules mercury and aluminum in vaccines cause autism: US media continues total blackout of medical truth
The 21 curious questions we're never allowed to ask about vaccines
SCOTUS same-sex marriage decision may have just legalized the concealed carry of loaded firearms across all 50 states, nullifying gun laws everywhere
Orthorexia Nervosa - New mental disorder aimed at people who insist on eating a clean diet
Vicious attack on Dr. Oz actually waged by biotech mafia; plot to destroy Oz launched after episode on glyphosate toxicity went viral
Nearly every mass shooting in the last 20 years shares one surprising thing? and it's not guns
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...

Explore more on Portugal by searching on GoodGopher.com, the search engine for truth seekers.
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

Colloidal Silver

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.