"ALL CAPS IN DEFENSE OF LIBERTY IS NO VICE."

Saturday, September 07, 2013

NEWS FROM THE GLOBAL ECONOMY FRONT

From Zero Hedge on September 6, 2013:
Poland Confiscates Half Of Private Pension Funds To "Cut" Sovereign Debt Load

While the world was glued to the developments in the Mediterranean in the past week, Poland took a page straight out of Rahm Emanuel's playbook and in order to not let a crisis go to waste, announced quietly that it would transfer to the state - i.e., confiscate - the bulk of assets owned by the country's private pension funds (many of them owned by such foreign firms as PIMCO parent Allianz, AXA, Generali, ING and Aviva), without offering any compensation. In effect, the state just nationalized roughly half of the private sector pension fund assets, although it had a more politically correct name for it: pension overhaul....
Such is the harvest of profligate government spending accompanied by profligate government borrowing.

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