The Irish debacle has taken a new turn today, with their Finance Minister announcing plans to steal .6% of the capital in the PRIVATE Retirement system each year, for 4 years to fund a new Pork Project.
While this is only .6% per year, on the capital under management in the private retirement system, it sets a precedence, where by the new government will rob from the those who saved, so they can give away that money away in the future for a new project.
The Politicians have no shame, and the Bankers appear to have them completely bought and paid for. There is no excuse for direct transfer of capital.
It is stealing from the private sector, to fund public largeness, nothing more, nothing less. This type of action is what you would expect just before a shattering of public confidence in the monetary system they exist in.
I love how they try to sell this robbery of retirement savings, as a decrease in Taxes. It appears that the Irish will have to fight for their independence from their own politicians, before they can fight for their independence from the Euro bankers.
From the jobs initiative release:
The various tax reduction and additional expenditure measures which I am announcing today will be funded by way of a temporary levy on funded pension schemes and personal pension plans. I propose that the levy will apply at a rate of 0.6% to the capital value of assets under management in pension funds established in the State.
It will apply for a period of 4 years commencing this year and is intended to raise about €470 million in each of those years. The levy will not apply to pension funds established here and providing services and benefits solely to non-resident employers and members. Further details regarding the proposed application of the levy are set out in the Summary of Initiative Measures.
By TIMO SOINI
When I had the honor of leading the True Finn Party to electoral victory in
April, we made a solemn promise to oppose the bailouts of euro-zone member
states. Europe is suffering from the economic gangrene of insolvency-both
public and private. Unless we amputate that which cannot be saved, we risk
poisoning the whole body.
To understand the real nature and purpose of the bailouts, we first have to
understand who really benefits from them.
& from the FT
On Greece, Mr Liikanen said progress reports this month would show whether
its reform programme was slipping. Finland’s experience showed the
importance of structural changes as well as fiscal controls. “In Greece this
is difficult because there are a lot of vested interests, but changes need
to be made.”
Mr Liikanen argued, however, that events of the past few years had “somehow,
not been easy for us to understand”. Although Finland’s economy slumped in
2009 following the collapse of Lehman Brothers, its banking system remained
solid and growth returned swiftly. People found it hard to see the relevance
of the crisis over public finances in countries such as Greece or Portugal.
“We have to explain that if you don’t contain this sovereign crisis it may
rebound and hit us again in Finland. You have to stop the fire from burning
houses before it gets to here. Explaining all these issues, and why we have
to act also on behalf of the other euro area countries, has been very
To me, it appears that the Fin’s have decided to be the adult in Europe, and say to the Super Senior Bankers. Hair Cuts are coming. Get ready for IT. The Euro currency is going to be volatile this summer, until the PIG’s leave. The Euro (FXE) vs Pound (FXB) will be an interesting cross this summer, as the stress is spread out between the different Euro Union members.