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. In recent weeks I have noted five such attempts: Three situations concern private personal savings; two others refer to national funds.
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.
The Bulgarian government has come up with a similar idea. $300m of private early retirement savings was supposed to be transferred to the state pension scheme. The government gave way after trade unions protested and finally only about 20% of the original plans were implemented.
The article describes 3 other countries that are grabbing more individual retirement contributions.
This is exactly where the Democrats would take us.
The WikiLeaks debacle, corruption in Afghanistan and Obama administration regulation are all on the agenda as Rep. Darrell Issa prepares to take the helm of the top House committee tasked with watch-dogging Washington.
[…]”We need to start by asking a very fundamental question: Why hasn’t the economy created the private-sector jobs the president promised?” the memo said.
That hearing would call business leaders to testify about how government regulations are doing “harm to job-creation efforts.” The hearing falls in line with what Issa talked about Sunday, when he told “Fox News Sunday” that administration regulation is hurting American competitiveness.
According to the agenda, Issa also plans to hold hearings on the role played by mortgage giants Fannie Mae and Freddie Mac in the foreclosure crisis. For that, he intends to call the Federal Housing Administration chief to testify, along with non-government experts. Along those lines, Issa is planning a hearing examining the “failure” of another government panel to find out more about the financial crisis — he wants to dig into the work of the Financial Crisis Inquiry Commission, which he claims has done a “biased” and “highly partisan” job of looking for the root causes of the financial crisis.
Issa also plans to detour into foreign policy. According to the memo, he’ll hold a hearing on how to combat corruption in Afghanistan. He also plans a hearing on WikiLeaks, examining ways the federal government can plug the disclosure of more sensitive information in the future. He plans to call National Security Adviser Tom Donilon to testify.
Issa said on “Fox News Sunday” that Attorney General Eric Holder needs to either do more to crack down on the WikiLeaks document dumps or leave the administration.
House Democrats averted a messy leadership struggle, clearing the way for Maryland Rep. Steny Hoyer to become second in command of their new minority without a challenge from South Carolina Rep. James Clyburn.
Under an arrangement worked out in private, officials said late Friday that Clyburn would instead receive a new position, title unknown and duties undescribed, explicitly labeled the third-ranking post in leadership.
The maneuvering was described by Democratic officials after Speaker Nancy Pelosi, D-Calif., issued a vaguely worded statement saying she intends to nominate Clyburn to a new No. 3 post. The statement made no mention of Hoyer, and officials who filled in the details did so on condition of anonymity, saying they were not permitted to speak publicly about the matter.
Pelosi is assured of remaining Democratic party leader when the new Congress convenes in January under a Republican majority. She has drawn no opposition for the post even though several members of the rank and file have said they would prefer she step aside after historic election losses. The GOP gained at least 60 seats in midterm elections, more than enough to return to power after a four-year absence.
Nancy Pelosi thinks that she is an asset to Democrat Party:
WINTERY KNIGHT 