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Tuesday, September 20, 2011
Stealing Our Super – I DARE You To Ignore This Now
My sincere apologies, dear reader.
I understand that you are probably a little concerned about the future for the economy right now.
If you own shares, then you are probably worried about last week’s bloodbath in global sharemarkets.
But I have a very important question to ask you.
It’s a bit of a reality check, I’m afraid.
Do you think your Superannuation “nest egg” is safe from the greedy hand of government?
In response to a question I put in Senate estimates, Treasury revealed that $64 billion of the difference between our gross debt and our net debt is made up of the cash and non-equity investments of the Future Fund. The Future Fund is there to cover the otherwise unfunded costs of public servants’ superannuation.
Geithner, who has already suspended a program that helps state and local government manage their finances, will begin to borrow from retirement funds for federal workers.
I dare you to ignore the fact that the US Government has been planning to steal their private citizens’ super too, since at least February 2010:
The plan, as sketched in the 43-page document, calls for the creation of something called “Guaranteed Retirement Accounts” (GRAs). Biden slyly shifts the onus for the idea through weasel words typical of the federal government: “Some have suggested the creation of Guaranteed Retirement Accounts (GRAs), which would give workers a simple way to invest a portion of their retirement savings in an account that was free of inflation and market risk, and in some versions under discussion, would guarantee a specified real return above the rate of inflation.”
Economy Minister Gyorgy Matolcsy announced the policy yesterday, escalating a government drive to bring 3 trillion forint ($14.6 billion) of privately managed pension assets under state control to reduce the budget deficit and public debt. Workers who opt against returning to the state system stand to lose 70 percent of their pension claim.
I dare you to ignore the fact that France began stealing their citizens’ super in late 2010 as well:
I dare you to ignore the fact that “Europe’s economic superstar”, the one EU nation that (like Australia) came through GFC1 with positive economic growth, began stealing their citizens’ super in May this year:
It appears moving backwards on pension reforms has become the thing to do on both sides of the Atlantic.
I dare you to ignore the fact that the Liberal Party of Australia quietly announced a new policy on June 3 this year – sneakily disguised as a helpful “reform” – that should make your hair stand on end:
Further relief for small business
The Coalition will relieve the red tape burden from Australia’s small businesses by giving them the option to remit the compulsory superannuation payments made on behalf of workers, directly to the ATO.
Small business will be given the option to remit superannuation payments to the ATO at the same time as they remit their PAYG payments.
I dare you to ignore the fact that “encouraging”, can very easily become “enforcing”.
I dare you to ignore the botched “school halls” program, and the white elephant NBN, as you ponder whether or not you really trust this government to wisely and prudently invest your super in Government infrastructure projects, and achieve a reasonable return on your money, when even so-called “experts” have doubts:
The government’s plan to use tax incentives to encourage superannuation funds to invest in new infrastructure could be thwarted by inadequate returns on projects and a reluctance by the states to take on project risk, experts say.
I dare you to ignore the fact that the government’s white elephant NBN is a(nother) Green-Labor thought bubble, drawn up on the back of Kevin Rudd’s in-flight napkin, with no cost/benefit analysis:
I dare you to ignore the fact that Bill Shorten, the Minister for Financial Services and Superannuation, already thinks of your super as a “significant nationalasset” … a kind of “sovereign wealth fund”:
This week marks 12 months exactly since the government announced plans to take compulsory superannuation from 9 per cent to 12 per cent.
… our superannuation savings place Australia fourth in the world. Its $1.3 trillion in funds under management through superannuation significantly boosts national savings and provides greater retirement security for millions of Australians. Superannuation is also a significant national asset because it strengthens our financial sector.
I dare you to ignore the fact that our government has guaranteed our banking sector using the promise of your future earnings as collateral, and that Moody’s ratings agency has put our government on notice that our banks are Too Big To Fail – just like in the USA, UK, and Europe:
I dare you to ignore the fact that the government’s carbon pricing scheme scam includes a new “independent” Clean Energy Finance Corporation (carbon bank) that will be permitted to borrow against future government revenue - your future tax dollars – in order to invest in “green” energy projects:
The $10 billion Clean Energy Finance Corporation will invest in businesses seeking funds to get innovative clean energy proposals and technologies off the ground. TheseGovernment-backed investments will deliver the financial capital needed to transform our economy.
A variety of funding tools will be used to support projects, including loans on commercial or concessional terms and equity investments.
The Corporation will be independent from the Government. The Government will appoint an independent Chair who will have appropriate banking or investment management experience.
I dare you to ignore international banking’s core philosophy, now rendered infamous by GFC1: “Privatise the profits … socialise the losses”.
I dare you to ignore the fact that another sharemarket collapse – like in 2008 – would be a perfect pretext for nanny-state, “Big Brother knows best”governments everywhere to step in and “safeguard your retirement”, by taking and “investing” your super in Government-approved “safe investments” … just like the US Government’s planned, doublespeak-titled “Guaranteed Retirement Accounts”.
I dare you to ignore the fact that this blog has documented in detail the wave of super confiscations that is already rolling around the Western world, and the clear evidence that both sides of Australian politics already have their own quiet, sneaky plans to do the same.
I dare you to not bother reading any of my many articles on this topic -