Tuesday, November 30, 2010

EU Central Banks Encourage Savers To Stuff Mattresses

Paris – French central banking authorities joined a continental trend of taking peoples' retirement funds for the purpose of buying treasury bonds.

Widespread rioting in major cities such as Paris and Lyons has followed.

Asset managers will have a chance to get billions of Euros in mandates in the next few months for the FRR, or French reserve pension fund following a parliamentary action to use the fund's assets to pay off the national debt accrued by the welfare system.

Hungary and Ireland have made similar moves. Irish workers have to endure a reduction in the minimum wage in support of the rememedy approved by that nation's parliament.

Fine Gael Labour and Sinn Fein attacked the stated intentions to use the National Pension Reserve Fund to help provide a further 10 billion Euros in further capital for the banks, which could expand to 35 billion if their losses are biggger than expected.

U.S. Congressional committees have studied similar remedies in connection with seizing Private IRA/Pension and 401K's. Many money managers are counseling their clients to pay the early withdrawal penalties, take their retirement funds out of the programs and buy precious metals while they still are able to make the move.

Analysts are predicting a turbulent time in the coming months due to swiftly rising food prices brought on by unseasonable drought throughout the temperate world. Light harvests of wheat has led to hundreds of percent increases in the prices of staple supplies.

One cannot help but notice that, like their sisters who participated in the bread riots of the French Revolution ("Let them eat cake." - Marie Antoinette), the women take to the forefront of the barricade lines while the men use them as a shield from behind which they are free to take careful aim and throw cobblestones and other debris at the gendarmes.

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