“The government is not discussing the confiscation of these deposits, heaven forbid,”
Putin told the VTB Capital annual investment forum last week in Moscow during an exchange with an investor who challenged him over pension reform. This is in response to a controversial move that has some viewing it as the first step in dismantling funded pension contributions.
You should pay careful attention to this because it’s from the same playbook our government will use. Naturally (heaven forbid) they won’t call it confiscation, it will be protection. The government is going to protect deposits in private pension funds.
“We should guarantee the deposits in private pension funds, … guarantee their safe-keeping, security and the effectiveness of their use – three very important criteria. I don’t want cheated depositors to appear in our country again,” Putin said.
This is not too different from what we’re likely to hear in the USA. The National Seniors Council warns that the Obama administration under the guise that Americans are not saving as much for their retirement as they could be (a j-o-b would help, prez) so the administration should set up a government-sponsored program administered by the Pension Benefit Guaranty Corp. (PBGC). BTW as of Nov, 2012 PBGC was running at a $34 billion deficit (think California, Illinois or Hawaii -take your pick).
A representative of Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. That’s right you know a government guaranteed pension is just one of the rights guaranteed by the 1948 Human Rights Initiative -or something like that. But that’s just he crowd on the left confusing those human rights with natural, God-given inalienable rights yet again.
Maybe the old Serta Perfect Sleeper has another way to give you a better night’s sleep.
Aloha, Mikie ~just a blogger (fightin’ like a girl)