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Message
re: Gov't seizing 401K money
Posted on 3/20/13 at 11:31 am to LSURussian
Posted on 3/20/13 at 11:31 am to LSURussian
quote:
Ah...so that's where this nonsense is coming from.
No Hungary, Argentina and France have all done massive overhauls and Argentina flat out seized private retirement accounts. It is happening in other places around the world and has been proposed here in the states a few times already. The notion that it warrants our attention and should be watched closely is not a conspiracy theory, it is prudent.
Russian your usually an informative poster but on this your just not informed, have you not read about what is happening in Cyprus either? I would keep my eye on this if I were you.
Posted on 3/20/13 at 12:19 pm to rsande2
quote:So, did they seize private individuals retirement savings accounts? No, they didn't.
No Hungary, Argentina and France have all done massive overhauls
quote:You need to read up on why that was done. It did not involve "private retirement accounts." It involved some, but not all, of government insured corporate pension plans which were going bankrupt due to market losses on those funds' investments during the 2008 stock market crash.
and Argentina flat out seized private retirement accounts.
The government took over those plan's assets and guaranteed the pensions of the members of the plans.
quote:Yes, I am.
Russian your usually an informative poster
quote:Yes, I am. It is YOU who is making up your own facts.
but on this your just not informed
quote:Of course. I know more about Cyprus than you do. I know the annual GDP of Cyprus is less than one quarter's profit of Apple Corporation.
have you not read about what is happening in Cyprus either?
I also know the idea of taxing bank deposits was the EU's attempt to punish Russia for using Cypriot banks as money laundering ATM's for Russian oligarchs. The amount of Russian oligarch money in Cypriot banks is 3 times more than the annual GDP of the entire country of Cyprus.
Why do you think Putin and his oligarch cronies got so involved in trying to bail out the Cypriot government? It wasn't because the Russians are kindhearted. It's because if the deposit tax had been passed (it wasn't by a 36-0 vote of the Cypriot parliament) Russian oligarchs would have lost over $3 billion of their money in the Cypriot banks. It was the EU's way of telling Russia since they helped break Cyprus' banks, they were going to help pay to fix them. The Cypriot parliament members likely were visited by some flat-head Russian mafia types explaining why it would be in the parliament's best interest to vote down the deposit tax.
It is YOU who needs to get familiar with what is really happening in Cyprus.
I will not post in this thread again unless it is moved to the Poli Board. A thread like this is more political than it is finance related. I've RA'd to have it moved to the Poli Board. We don't need to muddy this board with political discussions. I hope others will also request it be moved.
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