America

LIKE CLOCKWORK: Pension plans to be looted nationwide as Congress okays institutional theft of funds

... Excerpt

(NaturalNews) On April 2, 2013, in an article entitled Economics 101: Production, coercion and theft, I wrote about the coming looting of pension plans, stating:


When societies approach collapse, coercion shifts to outright theft: Stealing money right out of your bank account, for example, like we recently witnessed in Cyprus. Government also routinely target pension funds and even private retirement accounts, attempting to keep itself afloat by any means necessary.


Just like clockwork, that looting of pension plans is now about to commence. "Congress could soon allow the benefits of current retirees to be cut as part of an agreement to address the fiscal distress confronting some of the nation's 1,400 multi-employer pension plans," writes Michael Fletcher of the Washington Post. [1] The Post continues:


"This proposal would devastate retirees and their surviving spouses," said Karen Friedman, executive vice president of the Pension Rights Center, a nonprofit group. "The proposal would also torpedo basic protections of the federal private pension law ... that states that once benefits are earned, they can't be cut back."


All the pension benefits that have been promised government retirees, in other words, are about to be stolen back from retirees.


This is precisely what I've long warned Natural News readers was coming. And this is merely the very beginning of the true destruction of the financial collapse headed our way. When the next market crash arrives, billions of dollars in retirement funds will be destroyed virtually overnight, and pension funds nationwide will be wiped out.

A "declaration of war" against the American worker

The fact that this wholesale theft of pension funds is now under way has not escaped union workers and retirees.


As WashPost also reports:


"This is nothing less than a declaration of war by Congress on American retirees," said R. Thomas Buffenbarger, international president of the International Association of Machinists and Aerospace Workers.


Indeed, "war" is exactly how most people are going to perceive this... especially when retirement checks are the primary source of income for many retirees who are just barely getting by.


For millions of Americans, when those checks stop coming, it spells instant financial disaster. Many won't be able to pay their mortgages or rent payments, and we are sadly going to see a massive wave of new American homeless coupled with a glut of vacant homes owned by banks teetering on financial collapse.


As pension funds are increasingly looted and stolen from retirees, more and more of America is going to resemble Detroit: a city that once shined with innovation but now -- thanks to outrageous corruption, taxation and the endless expansion of government -- has collapsed into third-world status that even lacks running water for many of its residents.


Back in 2013, I warned about all this in an article entitled "Production, Coercion and Theft."