Let’s see that could be Spain, Portugal, Greece or India or Japan, actually any number of governments around the globe. Why it could even be the good ole USA. It could be any of many countries who have tried to spend their way out of this long, long depression but it was Poland –this time.
From Zero Hedge: Poland Confiscates Half of Private Pension Funds to “Cut” Sovereign Debt Load.
US jobs numbers came out this yesterday and the unemployment rate dropped a tenth of a percent. Big whoop. Never mind the unemployment rate, the labor participation rate is at the lowest point in 35 years! As Rick Santelli says,
“these people are not buying cars, or houses they’re existing on entitlements or welfare, but you can’t hide them forever!”
Remember the promise of the stimulus package way back in Feb of 2009? Let us spend all this money ($787 Billion) and we’ll quickly jump-start the economy and save between 900,000 to 2.3 million jobs.
–and then QE2 (more of the same, which had the same effect as printing money; $600 billion this time)
–and then Operation Twist in which the FED exchanged expiring short-term notes for long-term notes (kicking the can) and stepped up buying MBSs or mortgage-backed securities (more bad debt from banks)
–and then QE3 in which the FED agreed to buy $40 billion in MBSs and $45 billion per month until either jobs improved substantially
–and now QE4, just an extension of QW3 but only until unemployment dropped below 6.5% (todays number was 7.3%)
How far away is the United States from private pension confiscation? Why start a war? Because it’s a great distraction and it’s good for the economy.
Aloha, Mikie ~just a blogger (fightin’ like a girl)