But it can’t happen here
Poland seizes half of private pensions. From my cold dead hands.
Remember, I do this to entertain me, not you.
Uncle Pays the Bills
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September 10th, 2013 at 7:16 pm
Is it in your hands, or is it 1 and 0’s in a financial database somewhere?
September 11th, 2013 at 12:04 am
Pension?
What’s that?
Don’t you need to first have a job for that?
September 12th, 2013 at 7:38 am
Ah, Les, Les, Les, Les. The economist who does no research. Here’s what happened: Since 1999, Poland has FORCED its populace to invest in private pensions in lieu of some income taxes which in turn invest in the Warsaw exchange and in sovereign bonds. The Warsaw exchange is the biggest in Eastern Europe The Poles, easily the smartest people in Europe, realize that their boom is unsustainable and that if the bubble pops (Poland did not go into recession and their construction, engineering, and project management skills are in high demand in Germany and France), then those pensions will evaporate. Currently, the “private” pension are worth about $85 to $90 billion US dollars. By redeeming the public bond part of the pensions, they cut the Polish debt substantially (in other words, they had the money to pay their debts) without hurting the relatively powerful zloty. Only foreign institutional investors who want to play with Poland’s economy without any consequence (READ: Goldman Sachs) are pissed. Estonia, the Czech Republic and Hungary have all done the same thing. The Polish people can still invest in the pensions, but simply don’t have to do this in any mandatory form. Also, this action drops the income tax rate substantially. So, what looks like EVIL GOVERNEMENTZ is actually not. Keep trying, Les “Weimar Republic” Jones. Keep trying.