Friday, October 24, 2008

Do you think Gordon might nationalise your pension ?

If you think this is to far fetched - its happening in Argentina today, again.

I refer you back to my post in Jan this year where I tried to frighten you all with the prospect of Gordon Brown nationalising the banks - I suspect I didn't go far enough...

To quote from my post 8Jan08:

    You can see the scene - Gordon Brown standing on the steps of No10 announcing he has just taken control of the banks in the national interest and that all our money is now guaranteed by the government ( something that it says on the bank notes anyway - and its a lie there also ) due to the current financial crisis. Some of the banks assets will be used to pay for the peoples services such as the NHS and police during the current crisis [really to pay public sector pensions] - but it will all be paid back, but just for the moment no one can withdraw more than £100/day from their bank. [ Do you think this is extreme ? Well its what happened in Argentina only a few years ago - remember Gordon Brown hasn't hesitated to spend £10Billion/year of future pensioners income fire hosing cash around an unreformed public sector ].

Its not that far off. If you think the cash restrictions won't come then I saw a serious article in the press yesterday forecasting the stock exchange having to be closed for weeks at a time to stabilise the system.


marksany said...

I wish they would nationalise my pension. It's been fubar'd by Gordo now, so I'd like to get what a teacher or doctor is going to get.

Or is that not what you meant?

Man in a Shed said...

The difference between your (and my) pensions, and theirs is that ours are funded. Theirs are not, but paid for out of current taxation.

If they Nationalise our pensions they will be stealing our money to pay for their current expenses.

You won't get what goldplated public sector workers get, as that's just unaffordable.

The current method of funding public pensions is already unsustainable for every pound you put in your pension pot, you are now having to pay an additional pound for public sector pensions - only those in the private sector pay twice. Thus is going to get much worse thanks to the massive expansion of the civil service and client state by Gordon Brown.

The Half-Blood Welshman said...

Given the appalling damage that the bank rescues and the resultant depression of their share prices, dragging down the whole stock market, will have done to the balance sheet of our already struggling pensions, I will be more surprised if they don't have to be nationalised.

I actually foresaw this problem last week (see here). On the plus side, it might lead to an intelligent revaluation of public sector pensions, and of pension provisions more generally, which Brown has been frantically putting off with his usual short-term thinking and indecisiveness for the last 10 years.

James Higham said...

He might not nationalize it - just steal it.