Bail Ins and Taking Private Wealth

The new “twist” is that the entity – which could be a major bank, or it could be the public retirement system for an entire country – is not bailed out through using outside funds from the general public, even though the protection of the general public is the reason for the intervention. Instead, funds are taken from the inside, on an involuntary basis, from selected classes of private sector investors who are judged as having the ability to pay, and the costs of maintaining the viability of this entity for the “greater good” are thereby concentrated in a small part of the private sector.

Has already happened in Poland and Argentina, and they are talking about it in Canada. If you don’t think it can happen here do this, open your 401K statement and look at a picture of Obama, look at the 401K and look at a picture of Pelosi, look at the 401K and Harry Reid. Look at your …Hey it’s gone!