When all the money is gone, what do you think they will steal next?

Thievery 101 – Banks Stealing Pensions Worldwide?

Taxpayers, senior citizens, and everyone who is even near approaching retirement are facing their own Waterloo. Bondholders are going to be competing with the pension beneficiaries for scarce government resources on the local, state, and federal level for there is just not enough money to pay everyone their due. Already Social Security is failing the elderly by not keeping up with inflation, but that is just a whiff of what is yet to come.

Big U.S. cities and counties are being put in a headlock by unfunded public pensions as they face a $574 billion funding gap. The gap at the municipal level would be in addition to $3,000 billion (3 trillion) in unfunded liabilities already estimated for state-run pensions, according to research from the Kellogg School of Management at Northwestern University and the University of Rochester. The financial demands of unfunded pension promises come as state and local governments grapple with years of falling tax revenue related to the recession.

The government has to do something so they will probably do what they do best—steal from the common man and give it to the rich. Until the very end when the system just collapses in on itself, we will see evermore-desperate plans to save the sinking ship. Actually, according to some, it is really not a rescue attempt but just efforts to give the “rats” more time to abandon ship, leave the country, get into gold, build underground shelters, and have more fun at everyone else’s expense.

Paul Joseph Watson over at Info Wars is saying that Americans should be prepared to see their government seize the private 401(k) pensions of millions of its citizens while enforcing an additional five percent payroll tax as part of a new bailout program that will empower the Social Security Administration to redistribute pension funds in a frightening example of big government gone wild and desperate. Desperate times demand desperate answers but there are limits to everything—or are there?

Link:
http://theintelhub.com/2010/10/15/thievery-101-banks-stealing-pensions-worldwide/