Posts Tagged ‘Hungary’
January 4th, 2011 at 11:55 pm
European Governments Attempt to Solve Entitlement Crisis … By Stealing Private Pensions
Posted by Print

But it couldn’t happen here. Writing on the online version of the Christian Science Monitor, the Adam Smith Institute’s Jan Iwanik lays out the contemptible plan being used throughout Europe to keep state finances out of the red:

People’s retirement savings are a convenient source of revenue for governments that don’t want to reduce spending or make privatizations. As most pension schemes in Europe are organised by the state, European ministers of finance have a facilitated access to the savings accumulated there, and it is only logical that they try to get a hold of this money for their own ends …

The most striking example is Hungary, where last month the government made the citizens an offer they could not refuse. They could either remit their individual retirement savings to the state, or lose the right to the basic state pension (but still have an obligation to pay contributions for it). In this extortionate way, the government wants to gain control over $14bn of individual retirement savings.

Iwanik then goes on to delineate similar, though less severe plans, in Bulgaria, Poland, Ireland, and France.

Mussolini once summed up his theory of totalitarianism as “All within the state, nothing outside the state, nothing against the state.” Welcome to the millennial version of that philosophy. Who would have thought that Europe’s next generation of fascists would be wearing green eyeshades instead of brown shirts?