We are truly blessed and have much to be thankful for, which is why I had to turn off my computer during the holiday after catching wind of the story off Bloomberg that Hungary Follows Argentina in Pension Fund Ultimatum seizing pension assets. Please note how this news was released Thanksgiving day, yes readers Thanksgiving day. Gotta love the thugs in power and the mainstream media that obeys their every word. According to the Bloomberg piece;
'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.”
Remember that back in 2001 the Argentine government seized private pension plans replacing the funds with government bonds which they then defaulted upon. As if that was not enough of an insult the crooks came back yet again in 2008 and took over privately managed pension plans. Can' t make this stuff up I tell ya'. What was that phrase I once heard? Oh yeah... "fool me once shame on you, fool me twice shame on me."
Obviously, the government in Argentina was monitoring sales of pitchforks in the aftermath of pillaging the pensions and not observing any appreciable spike in sales decided it was A-okay to yet again loot the public purse. If only the Argentines would get as interested in these types of matters as they do with futbol but I digress.
Is there a pitchfork to pension ratio?
Well it seems governments are over the planet have noticed the apathy in Argentina and are now all tripping all over themselves to tap this new source of free funds. We all know Ireland's problems and how their government has sold them down the river. Only a fool, or a bought and paid for shill on CNBC would deny that, yet not content with that the thugs in power there are now looking to loot the Irish public pension plans.
The hits keep on coming as this morning we received the news out of France that the French government is seizing 36 billion in pension assets. I would counsel the French government to remember that, while you can debate as to whom the guillotine was invented by, rest assured it was brought mainstream by the people of France against their ruling masters during the French Revolution. This little fact seems lost among the ruling elite there.
What a way to come back from a fantastic holiday!
Actually I refuse to be brought down! I will ignore this news and shall turn on the gang at CNBC to find out which holiday retailer I should buy as this economy has without question recovered. Better yet, how much Spiders (ticker SPY) to load up on during this dip!
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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