The global dragnet for private citizen's money traces its root post-global financial crisis to Argentina. President Cristina Fernandez de Kirchner's government made a grab for the nation's private pensions in 2008. The confiscation was to keep up with debt payments and stave off a sovereign default.
Earlier this year, Cyprus was co-erced by the IMF into adopting the bail-in model effectively destroying its banking sector and throwing the economy into depression.
Now Poland has joined the elite club of confiscating private assets.
"WARSAW, Sept 4 (Reuters) - Poland said on Wednesday it will transfer to the state many of the assets held by private pension funds, slashing public debt but putting in doubt the future of the multi-billion-euro funds, many of them foreign-owned..."
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http://www.reuters.com/a...04?feedType=RSS&
With the G20 intent on getting every dime it can, one can only wonder where capital will hide. The ancient method of burying treasure seems the only way out.
"Leaders of the world’s major economies are planning a co-ordinated crackdown on people and corporations that evade taxes and shortchange public coffers.
The Group of 20 countries agreed to share tax records by 2015 as part of a pledge to crack down on individual tax cheats and global corporations that use complicated arrangements aimed at paying as little tax as possible..."
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http://www.theglobeandma...y-2015/article14173942/