Chrysler - 2009
Story: The Obama Administration nationalizes the Chrysler corporation to avoid the corporation's bankruptcy, then hands ownership to the bondholders. Union bondholders get 100% of bond value, private bondholders are paid 10%. More from Sweetness and Light.
Significance: This theft of private assets with public funds was one of the first acts by President Obama after he took office. It ignored the law behind the bond contracts, and demonstrated the ability of a soft-tyranny.
Our Chrysler posts:
May 2, 2009 - Karl's Weekend Reading
May 14, 2009 - Karl's Weekend Reading
May 29, 2009 - DealerGate
June 2, 2009 - The "S" Word
September 5, 2009 - Not a Socialist - Another Dupe!
September 10, 2009 - Not a Socialist - The Red Scare Returns!
March 4, 2010 - GM, or Chrysler?
May 3, 2010 - Another Label
February 6, 2012 - Halftime in America
MF Global - 2011
Story: A former Democrat governor was head of this commodities brokerage firm in New Jersey. They bet over $1.6 billion of their customer's funds, a violation of law, on European bonds. The bets failed and MF Global shut its doors in October 2011.
Status: Some of the customer funds have been 'found,' but the trustee has not yet made the victims whole. Despite having the responsibility to reimburse the MF Global customers, and having the funds, the Chicago Mercantile Exchange has not done so. No one has been charged or has gone to jail.
Significance: The law is quite clear here. Those who actually accessed customer funds, and the CEO who is responsible for everything within the company, are known. The fact that no justice has been sought suggests that there is no rule of law. Will the law protect you from similar criminals at your bank?
Our MF Global Posts:
October 31, 2011 - Today's News
November 1, 2011 - MF Global
November 4, 2011 - When the Middle Class Gives Up
November 17, 2011 - Breaking: Ann Retires
December 24, 2011 - War with Britain. Again?
March 29, 2012 - Choices
August 16, 2012 - MF Global - No Criminal Charges
Cyprus - 2013
Story: Germany, which carries the European Union, was tired of the multiple bailouts of Cyprus. They were tired of the promises to reduce government spending and promises to behave like a responsible European Union member. Neither ever came.
By March 2013, Germany said enough. Cyprus turned to the only remaining funds in the country, the peoples' money. They froze all bank accounts and begun a series of discussions as to how much of the people's money would go toward the 'bail-in.' During the freeze, account holders were limited to small daily withdrawals, and foreign (Russian) account holders pulled their funds from bank branches elsewhere in Europe.
Status: Account holders lost over 40% of their savings.
Significance: This is change Obama can believe in. Cyprus was the first time in the modern West where a government has turned to citizens' savings as a source of funds. It shows that the only assets you possess are those that are in your direct control. The question going forward isn't "Will the government take my savings?" to "What percentage of my savings can the government take?"
Our Cyprus Posts:
March 17, 2013 - The Redistribution End Game
March 18, 2013 - Quote of the Day
March 19, 2013 - How Much Is Too Much?
March 19, 2013 - Big News Today
March 24, 2013 - The Cyprus Bungled Redistribution
March 26, 2013 - Quote of the Day
April 5, 2013 - Your Property. Is it?
Poland - 2013
Story: ZeroHedge reports the Polish government has confiscated 50% of all private pensions. They are calling it a "pension overhaul." Hat Owner, Ann Barnhardt, has a post comparing the Polish debt problem with the United States' problem. Read, and re-read.
Significance: Like Cyprus, governments nearing their totally predictable end-game are scrambling for cash to maintain the status quo. And when the pressure builds, they seek out piles of cash rather than cut the fat. Private pension funds in Poland, bank accounts in Cyprus.
So we ask again:
Are you connecting the dots?
Are you protecting what is yours?