Looking forward to that pension, were ya?

[dixiegrrrrl]

France joins other countries who have taken people's pension money to pay the banksters.

The USA will be facing this also.

France seizes €36bn of pension assets

Asset managers will have the chance to get billions of euros in mandates in the next few months for the €36bn Fonds de Réserve pour les Retraites (FRR), the French reserve pension fund, after the French parliament last week passed a law to use its assets to pay off the debts of France’s welfare system.

NOTE
The move reflects a willingness by governments to use long-term assets to fill short-term deficits,
including:
Ireland’s announcement last week that it would use the country’s €24bn National Pensions Reserve Fund “to support the exchequer’s funding programme”
and
Hungary’s bid to claw $15bn of private pension funds back to the state system.

http://www.efinancialnews.com/story/2010-11-29/france-seizes-euro-36bn-of-pension-assets

[phasma ex machina]

1. Bankster royalty beats their masses back down to serfdom. nt

[Lasher]

2. Thanks dixiegrrrrl

:kick: & R

[Chulanowa]

3. I have a solution!

[dixiegrrrrl]

4. Very nice, organic, energy saving solution, too!

[spin]

5. That may actually happen in Europe... (n/t)

[Angry Dragon]

7. "Off with their heads!!"

[saras]

8. Whatever works...

I think it's exactly what America needs. The most sensible suggestion about what we should do with our bankers that I've seen since the theft started.

[Chulanowa]

9. Don't use the S-word!

That goddamned woodchuck infestation has finally abated for the winter.

[jdlh8894]

6. Isn't this the reason Hoffa was never found? n/t

[barb162]

10. Bankers are in cahoots with goverments across the world

How it got this way, I'm not really sure but I think a lot of it has to do with deregulation, just like in the US, and a lot of corruption.

[LiberalFighter]

11. Will the French citizens stand for this?

[upi402]

12. Dilemma: Withdraw our pensions and take a hit?

I think my union only lets us borrow. I'd cash it in and take a tax hit if I could. 85% is better than zip.

[dixiegrrrrl]

13. There are loopholes you can use.

depends on what kind of pension/retirement you have, how old you are,and what you are taking it out for.

but, yes, overall, 85% in the hand is worth a whole more than zip, and zip it will be when the economy crashes.
If you take some of it out this year, and some in Jan, you can split the tax bill.
think of the taxes and penalties as being the employer's part of the money you got for free.

right now the market is still ( artificially ) ok, so depending on what your pension is invested in......

[Taitertots]

14. Sounds like the social security "trust fund"

At least they are honest enough to call it like it is. We lie to ourselves that we actually have something saved.