The Parasites of Western Economy, Part 10: Greedy politicians overpaid with our tax money.

The Parasites of Western Economy, Part 10: Greedy politicians overpaid with our tax money.

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No. 162).

A nation is built up by people with the same purpose, espousing same values in life. They stake a territory, protect its border, set up rules to operate the nation to their desired aims. It has happened many times in the past, some strong group of people may organize themselves to capture the ruling positions of the nation through violence or through terrorizing the population.

To avoid recurrence of violence and terror accompanying each regime change, most Western, truely democratic, nations now have decided to have their sets of rules above any rulers and call those rules the Constitution of the Nation.

The rulers of each nation are required to uphold its Constitution to every of its letters. The Constitution also specifies who are the citizens of the nation and how the rulers are elected by the citizens of the nation. Only such elected rulers are called constitutionally legitimate representatives and only them can form and operate the government.

#parasite, #government, #politician, #entitlement, #pension, #abuse, #elected office, #tax money,

The Parasites of Western Economy, Part 10: Greedy politicians overpaid with our tax money.

1. Protectors of Constitutions turning into abusers.

Few countries anticipated that it is their own elected representatives that would become corrupt and manipulate the system to entrench themselves with privileges and benefits not envisaged by the authors of their Constitutions.

Power tends to corrupt and absolute power corrupts absolutely.
Lord Acton

Power corrupts, absolute power corrupts absolutely, and I found that out when I was Attorney General in Massachusetts.
Edward Brooke

It is said that power corrupts, but actually it’s more true that power attracts the corruptible. The sane are usually attracted by other things than power.
David Brin

2. Representatives of each nation abuse the trust of their electors and exploit every loopholes in their respective national constitution to entrench their own priviledge.

Most national constitutions do not specify the setting for entitlements of elected representatives or the methods to prevent them getting rich at the expense their nations.

So the representatives increase their own salaries, eligibility, trade favours to their future donors/employers and can even set up their (Clintons styled) Foundations to pressure constituents and those to be affected by their decisions to donate to their foundations !

3. Shameless calls for acceptance of dual citizenship for parliamentarians.

Some Politicians even make shameless proposal for acceptance of Dual Citizenship for Parliament Representative. The advocates may have thought that citizens were fools [1-9].

Australia bans it, Israel bans it, Russia bans it, these economically small countries are doing well. On the other hand, after the failure by Nixon’s administration in US courts to ban dual citizenship in USA [10., 14], that once great country is now heading for trouble. Dannish people are not impressed with USA [15].

4. Travel for serving politicians.

Politicians really enjoy having their travel paid by tax payers Some have his dogs driven around by government cars [15, 16]. Some enjoys helicopter rides [17-22]. Any Australian senator is allowed to net $1040 a week from the excess allowance, supplementing his/her base salary of $199,040, The Daily Telegraph reported [21b].

5. Hush money for sexual misconducts by politicians.

Politicians can even have funds for hush money [23-26]!

6. Lifetime travel for retired Australian politicians axed by Prime Minister Turnbull.

Current Australian Prime Minister Malcome Turnbull is now much hated by Australian politicians for axing their Lifetime Gold Pass for travel. Turnbull is thus a PM who wants to lead by examples. Australians should salute him [27-29].

7. Politicians with questionable campaign money.

Australian MP Dastyari does not think that his campaign fund is contributed by a foreigner [30-32]! Victorian (Australia) State Premier D. Andrew does not think that there is a problem of MP on his side campaigned with tax money [33-35]!

8. Former Prime Ministers using “Former PM” priviledge while working for foreign governments/companies.

There is nothing wrong with a former PM of a country who subsequently wants to work for another country but he should relinquish all priviledge granted to a former PM to save the dignity of the first country. It looks terrible for the first country if its former PM lined up and queue for favor from any other country [36-46].

9. Huge pensions for politicians

UK politicians extort huge pensions on tax payers [47]. Australian politicians require ordinary male working people to work until they get 70 years old before they get entitled to their pension payments. On the other hand, Australian politicians only need to serve 2 elected terms to be entitled for their life pension after turning 55 after finishing the second elected term [48].

10. The ultimate safeguard for American system.

American system has placed an ultimate safeguard against abuse by rulers in its Second Amendment to its Constitution. It is to be used as a guarantee for the ultimate revolt against oppressive government:

“A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed. “

This is to prevent the ruling government plus congress of the day from walking into the lounge rooms of Americans and impose a tea tax. However, even this 2nd Amendment is now under constant attack by the elected democratic representatives in their quest for absolute powers and own entrenchment.

11. Conclusions.

Every citizen has to be vigilant and be active in politics. Only by doing so he can avoid being a tax donkey provider for those unhelpful politicians who turn tax money into honey pots for their greedy ones.

It is also now a question whether people with no net contribution to the economy should be allowed to stand for elected office?

References:

DUAL CITIZENSHIP BAN

[1]. https://www.sbs.com.au/news/coalition-rejects-call-for-referendum-to-repeal-dual-citizenship-ban

[2]. https://www.afr.com/news/politics/national/call-for-referendum-over-dual-citizenship-mess-after-high-court-rulings-20180509-h0zuo2

[3]. http://mobile.abc.net.au/news/2017-07-28/section-44-of-constitution-switched-to-evil-writes-annabel-crabb/8754776

[4]. http://mobile.abc.net.au/news/2017-10-27/high-court-citizenship-ruling-health-check-for-our-democracy/9094214

[5]. https://www.timesofisrael.com/five-new-knesset-members-renounce-foreign-citizenship/
(“While Israelis may hold dual citizenship, a Basic Law passed in 1958 states that Knesset members cannot pledge allegiance as parliamentarians unless their foreign citizenship has been revoked under the laws of that country.”)

[6]. https://www.counterpunch.org/2015/01/23/dual-citizens-in-congress-2/

[7]. https://richardedmondson.net/2017/12/08/do-you-hold-dual-citizenship-you-can-serve-in-congress-but-not-the-israeli-knesset/

[8]. https://www.breitbart.com/london/2018/08/14/100000-turkish-immigrants-could-be-stripped-of-austrian-dual-citizenship/

[9]. http://www.thecitizen.co.tz/News/MP-pushes-for-dual-citizenship-to-draw-more-investments/1840340-3950840-nsr3o0z/index.html

[10]. https://en.wikipedia.org/wiki/Afroyim_v._Rusk

[11]. https://en.wikipedia.org/wiki/Schneider_v._Rusk

[12]. https://caselaw.findlaw.com/us-supreme-court/369/367.html

[13]. https://en.wikipedia.org/wiki/Kawakita_v._United_States

[14]. https://travel.state.gov/content/travel/en/legal/travel-legal-considerations/Advice-about-Possible-Loss-of-US-Nationality-Dual-Nationality/Dual-Nationality.html

[15]. https://vikinglifeblog.wordpress.com/2018/08/19/fox-news-took-a-shot-at-denmark-denmark-fired-back/

Chauffeured car for dogs
[15]. http://mobile.abc.net.au/news/2016-10-27/minister-apologises-for-using-taxpayer-money-to-chauffeur-dogs/7969838?pfmredir=sm

[16]. https://au.news.yahoo.com/victorian-minister-uses-chauffeur-driven-car-to-transport-dogs-33018097.html

HELICOPTER TRIPS AUSTRALIAN VERSUS AMERICAN
[17]. http://mobile.abc.net.au/news/2015-07-15/bronwyn-bishop-spends-5000-dollars-80km-charter-flight/6622134?pfmredir=sm

[18]. https://www.theguardian.com/australia-news/2015/jul/16/bronwyn-bishop-agrees-to-pay-back-cost-of-5000-helicopter-trip

[18b]. http://www.dailymail.co.uk/news/article-3179300/I-want-apologise-Australian-people-error-judgment-say-sorry-feel-ve-let-Bronwyn-Bishop.html

[19]. https://www.buzzfeed.com/joshtaylor/this-politician-charged-taxpayers-to-fly-family-to-her-50th

[20]. https://www.news.com.au/national/politics/the-10-most-outrageous-things-pollies-have-spent-our-money-on/news-story/254c2cb0858b56fb89ed65f547bee3f0

Eight new lights have been set up in the inner-north suburb of Braddon featuring both male and female same-sex couples. The lights function like any standard pedestrian crossing signal.

…. The installation costs amounted to $5,500 with a considerable proportion involving setup costs.

[20b]. https://mobile.abc.net.au/news/2018-11-26/same-sex-street-lights-signal-intersectional-push-for-diversity/10554126

Statistics on the percentage of the population that are homosexual and lesbian
…. “Number of homosexuals in Australia Nationwide statistics–1.2% of adults identify as homosexual or lesbian. * 1.6% of adult men identified as homosexual and 0.8% of women as lesbian. * 1.4% of women and 0.9% of men said they were bisexual. Source: The 2003 ‘Sex in Australia’ survey of 20,000 people, with a special weighting to Sydney’s homosexual centre. Conducted by the Australian Research Centre in Sex, Health & Society(ARCSHS) at La Trobe University. Published in Australian & NZ Journal of Public Health, Vol 27 No 2 2003 ISSN 1326 0200.” (saltshakers.org.au/issues/homosexuality/199-statistics-homosexuality)…

[20c].https://carm.org/percent-population-homosexual

[21]. http://mobile.abc.net.au/news/2018-05-21/nt-government-scraps-taxpayer-travel-reporting-requirements/9782014?pfmredir=sm

[21b]. http://www.dailymail.co.uk/news/article-5474865/Greens-senator-Lee-Rhiannon-benefits-travel-entitlements.html

[22]. https://www.nj.com/politics/index.ssf/2018/05/unlike_christie_murphy_isnt_slapping_you_with_big.html

SEX WITH OFFICE SUBORDINATES SILENCED BY PUBLIC MONEY

[23]. https://nypost.com/2017/11/21/shut-down-the-politicians-sex-scandal-hush-funds/

[24]. https://www.nbcnews.com/news/us-news/dennis-hastert-wants-sex-abuse-accuser-return-hush-money-n709116

[25]. https://www.washingtonpost.com/politics/how-congress-plays-by-different-rules-on-sexual-harassment-and-misconduct/2017/10/26/2b9a8412-b80c-11e7-9e58-e6288544af98_story.html?utm_term=.f6de0d8ece85

[25b]. https://alethonews.wordpress.com/2017/12/24/protecting-the-sex-abusers-u-s-congress-in-search-of-an-unspoken-bordello/

[26]. http://www.dailymail.co.uk/news/article-3102662/It-sex-Law-enforcement-sources-say-Dennis-Hastert-hush-money-scandal-sexual-misconduct-male-student-years-high-school-wrestling-coach.html

[27]. https://www.legislation.gov.au/Details/C2004B01478

[28]. https://www.ausbt.com.au/government-axes-lifetime-free-flights-for-former-politicians

[29]. https://www.news.com.au/finance/money/foreign-minister-bob-carrs-wife-helena-has-cost-taxpayers-120000-in-six-months-on-overseas-trips/news-story/b4da807688f39a95eedd14928af6754d

[30]. https://www.theguardian.com/australia-news/2017/jun/05/sam-dastyari-contradicted-south-china-sea-policy-a-day-after-chinese-donors-alleged-threat

[31]. https://www.nytimes.com/2017/12/12/world/australia/sam-dastyari-resigns-china.html

[32]. https://www.news.com.au/finance/business/political-donations-highlight-growing-concerns-over-chinese-influence-in-australia/news-story/4dd02ea4f22f7a42a187cd930d5275a5

And money from tax payers

[33]. https://www.canberratimes.com.au/national/victoria/red-shirts-andrews-digs-in-20180720-p4zsnz.html

[34]. https://www.3aw.com.au/police-consider-formal-investigation-into-labors-red-shirts-scheme/

[35]. http://mobile.abc.net.au/news/2018-07-20/daniel-andrews-should-face-questions-over-misuse-of-funds/10016510?pfmredir=sm

[36]. https://www.smh.com.au/politics/federal/foreign-interference-laws-chinese-russian-state-media-will-have-to-declare-as-foreign-agents-20171206-gzzyol.html

[37]. https://www.crikey.com.au/2005/11/09/paul-keating-sets-the-record-straight-on-his-piggery-play/

[38]. https://www.heraldsun.com.au/news/foreign-minister-kevin-rudds-1-million-power-trip/news-story/53f83e53ef72935ca6e9b120f4e30218

[39]. https://www.smh.com.au/world/china-criticism-grows-over-australian-foreign-interference-stance-20171211-h02in1.html

[40]. http://mobile.abc.net.au/news/2018-05-05/why-is-rudd-using-weibo-to-slam-turnbulls-china-policies/9726756?pfmredir=sm

[41]. http://www.dailymail.co.uk/news/article-5136643/Kevin-Rudd-calls-Malcolm-Turnbull-step-down.html

[42]. https://www.afr.com/news/politics/world/diplomats-frozen-out-kevin-rudds-curious-meeting-with-donor-chau-chak-wing-20180524-h10ho8

[43]. https://www.smh.com.au/politics/federal/kevin-rudd-quietly-met-chau-chak-wing-in-china-20180524-p4zh99.html

[44]. https://www.smh.com.au/politics/federal/labor-has-a-cancer-growing-in-it-that-must-be-cut-out-20180218-p4z0q4.html

[44b]. https://alethonews.com/2018/07/16/washington-dc-charged-as-foreign-agent/

[45]. https://clivehamilton.com/?p=1007

[46]. http://newsroom.uts.edu.au/news/2014/04/bob-carr-lead-new-uts-australia-china-institute

[47]. https://hat4uk.wordpress.com/2018/08/11/the-saturday-essay-forget-parties-the-uk-government-classes-represent-an-obese-pig-on-the-back-of-every-citizen/

]48]. https://www.smh.com.au/national/full-list-of-federal-mps-entitlements-20090521-bh0v.html

Many US Presidents get rich after being in office

[49]. https://exposingmodernmugwumps.com/2018/10/08/you-cant-get-rich-in-politics-unless-youre-a-crook/

government does not exist to serve them (the people); it exists to enslave them

[50]. https://straightlinelogic.com/2018/10/08/the-people-give-the-orders-and-the-government-obeys-by-jeff-thomas/

Do you think that when I or any other senator makes a political speech, has it printed, should charge the printing of that speech and the mailing of that speech to the taxpayers? Do you think, for example, when I or any other Senator makes a trip to his home State to make a purely political speech that the cost of that trip should be charged to the taxpayers? Do you think when a Senator makes political broadcasts or political television broadcasts, radio or television, that the expense of those broadcasts should be charged to the taxpayers? Well I know what your answer is. It’s the same answer that audiences give me whenever I discuss this particular problem: The answer is no. The taxpayers shouldn’t be required to finance items which are not official business but which are primarily political business.[51]

[51]. https://en.m.wikiquote.org/wiki/Richard_Nixon

RELATED MONEY Blogs

The-parasites-of-western-economy-part-6b-robbers-of-pension-money-in-australia posted

The-parasites-of-western-economy-part-9-over-chargers-for-unfamiliar-types-of-service posted

The-parasites-of-western-economy-part-8-body-corporate-robbing-owners-of-low-cost-dwellings posted

The-parasites-of-western-economy-part-7-providers-of-invented-inefficient-service-from-tax-money posted

The Parasites of Western Economy, Part 6: Robbers of pension money in Australia. posted on 02 May 2018 ,

The Parasites of Western Economy, Part 5: Company Asset Strippers and Conspirators posted on 13 August 2017 ,

The Parasites of Western Economy, Part 4: Scammers who entrap acquaintants into being guarantors for his loans. posted on 22 July 2017 ,

, posted on 10 Jun 2017 ,

, posted on 17 April 2017 ,

Latest polymeraust100dollars Money Blogs

,, , Cashless bartering for survival, Federal Reserve Bank charges undeserved fees to Americans., A satirical guide to signs of an impending crash for small investors, Your fiat money (Part 2), Your fiat money, Bankers given outrageous incomes by their boards, Signs pointing to an impending crash for small investors,Bankers earn more than interest margin on secured loans, Can most pension funds last?, … all

Latest Social Issues Blogs
, , , ,

divider43.jpg

polymeraust100dollars

Click here for my other blogs on SURVIVAL

SUBSCRIPTION: [RSS – Posts], [RSS – Comments]

MENU: [Contents][Blog Image of Contents ][Archives ] [About]

The Parasites of Western Economy, Part 6B: Robbers of pension money in Australia.

 

The Parasites of Western Economy, Part 6B: Robbers of pension money in Australia

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No. 151 ).

#parasite, #Royal Commission, #misconduct, #Banks, #Financial Service Industry, #pension, #superannuation, fee gouging, #fee for no service,

The Parasites of Western Economy, Part 6b: Robbers of pension money in Australia.

This is a continuing and update of the original blog The Parasites of Western Economy, Part 6: Robbers of pension money in Australia.

There is currently a national scandal in Australia about the robbery of pension funds of retirees by Banking and Financial Service Sector.

1. Preparation ground work for the Grand Robbery.

1. Non profit Superannuation (Pension) Associations such as NML (National Mutual Life Association), MLC (Mutual Life Corporation), AMP (Australian Mutual Providence Society) have been justly or unjustly dissolved, bought off around 1998 giving capital accumulated or generations to existing members and management.

This is just like dissolving all Catholic Churches to give their huge cash value to existing members and their leaders. Would you think of that as an immoral robbery by existing members and management of the heritage intended not only for them but also for other future members?

From then on, there are only for profits superannuation fund managers.

2. Next. the Australian government made laws forcing all working people to have compulsory superannuation contributions.

3. Banks and entities with unknown reputation are licensed to manage superannuation funds for everyone.

4. Government makes auditing requirements such that it is uneconomical for individual to manage his own superannuation fund.

2. Count Dracula operating the captive blood bank.

With such system already set up, ordinary people have to rely on banks and entities with unknown reputation. These organizations then play the rough game in gouging the savings placed in superannuation funds.

The charges for managing superannuation from these organizations are [1]:

1.Entry and exit fees of 5% chargeable when you join them and when you leave them (it is a captive market). If you decide to let someone else manage your fund, you will lose another 5% again. If you change the manager every year then you will lose 5% every year on top of all other fees.

How can they justify taking 5% of your hard-earned money just for opening the book?

2. Yearly management fees: This may be at around 3% of your money while your money may earn only 2% from investment on the Share Market. So you may end up with a loss of 1% every year!

How can they justify that level of fees given that owner’s instruction to them is only invest according to the Share Market Index, or alternatively only invest in Government bonds?

3. An Australian feature is that the fund managers advise their clients (when and on what?). There have been advice fees of $1000 per annum even to clients whose deaths the managers have known for more than 10 years [11,34,35].

Why don’t those thieves charging fees for no service go to jail like any smaller time pick-pockets? [12,13]

3. A national scandal of robbery of retirees.

There is no wonder why bankers (meaning the CEO of the banks, not the ordinary bank tellers) are given outrageous incomes [14] while retirees keep getting poorer and poorer [15-19].

4. It has now been confirmed.

After the Royal Commission for inquiry into banking and financial service, it has been found that

a. Since the establishment of Compulsory Superannuation (to be run by private organizations for the public at large), by the Keating government in 1992 the superannuation fund managers have collectively gouged 700 Billions dollars in fees from superannuation account owners [27, 28, 29, 30, 31].

b. In to the top 20 OECD countries, superannuation contributors in those countries collect after their retirements periodic payouts equal to 62% of their working incomes [32]. With the same contributions and conditions [33], superannuation contributors in Australia collect after their retirements periodic payouts equal to only 42% of their working incomes [32], although Australia has the third largest pension fund assets in the World [34].

c. The difference is caused by the gouging of their funds by excessive fees by superannuation fund managers [35, 36, 37, 38, 39].

d. When compared to top 20 OECD countries, Australian superannuation scheme looks scandalous and is a nightmare while Norwegian sovereign fund scheme looks like a dream [41].

5. Conclusions.

People with incomes (working people) have go back to their age old practice:

a. People should buy real estate or gold to store wealth while they have income and keep the gold in safe place to store their accumulated wealth [40].

b. Do NOT TRUST ANYBODY with your retirement saving: This includes family members such as parents, children, spouse, brothers, sisters, acquaintances. This is also the rules by the government of the running of superannuation funds: Do not use your retirement fund for lending, borrowing for investments.

c. Only you care for your retirement. No one else does.

References:

[1]. https://www.superguide.com.au/boost-your-superannuation/comparing-super-funds-10-fees-charges-need-know

[2]. https://www.theguardian.com/australia-news/live/2018/apr/23/banking-royal-commission-anz-amp-nab-evidence-live

[3]. https://www.smh.com.au/politics/federal/how-scott-morrison-changed-his-tune-on-the-banking-royal-commission-20180420-p4zaoa.html

[4]. http://mobile.abc.net.au/news/2018-04-16/banking-royal-commission-financial-planners/9662166

[5]. https://www.smh.com.au/business/banking-and-finance/cba-charged-client-fees-for-10-years-after-death-20180419-p4zag1.html

[6]. https://www.theguardian.com/australia-news/2018/apr/23/banking-royal-commission-amp-advice-led-to-loss-of-quarter-of-mans-superannuation

[7]. http://www.abc.net.au/news/2018-04-30/amp-chairperson-catherine-brenner-steps-down/9709874

[8]. https://financialservices.royalcommission.gov.au/public-hearings/Pages/round-2-hearings.aspx

[9]. https://www.minterellison.com/articles/fee-for-no-service-case-studies-at-the-royal-commission

[10]. http://www.afr.com/business/banking-and-finance/financial-services/amp-orders-white-wash-report-for-asic-20180417-h0yvlj

[11]. http://www.abc.net.au/news/2018-04-19/cba-charged-fees-to-customers-who-had-died-commission-hears/9675922

[12]. http://www.abc.net.au/news/2018-04-20/corporate-crooks-set-to-face-tougher-penalties/9677792

[13]. http://www.abc.net.au/news/2018-04-20/banking-royal-commission-financial-advisers-coalition-labor/9679008

[14]. https://survivaltricks.wordpress.com/2016/12/22/bankers-given-outrageous-incomes-by-their-boards/

[15]. http://theconversation.com/the-financial-services-royal-commission-highlights-the-vulnerability-of-many-older-australians-93359

[16]. https://www.investopedia.com/articles/retirement/111216/where-retirees-are-falling-short-living-standard.asp

[17]. http://articles.latimes.com/2013/may/17/business/la-fi-mo-retirees-standard-living-20130517

[18]. http://www.abc.net.au/news/2017-05-23/super-incentives-to-downsize-home-could-leave-retirees-worse-off/8550874

[19]. https://www.corelogic.com.au/news/retirees-downsizing-good-theory-doesnt-appear-make-fiscal-sense-practice#.WukVHZq-mUk

[20]. http://www.thisismoney.co.uk/money/pensions/article-4967930/Pensions-rip-fees.html

[21]. https://www.9news.com.au/royal-commission

[22]. https://www.theguardian.com/australia-news/live/2018/apr/23/banking-royal-commission-anz-amp-nab-evidence-live

[23]. https://www.ageuk.org.uk/information-advice/money-legal/pensions/pension-scams/

[24]. https://theorangefiles.hu/nationalization-of-private-pension-funds/https://www.reuters.com/article/hungary-pensions-idUSL6N0TG2MP20141127

[25]. https://www.telegraph.co.uk/finance/personalfinance/investing/11726158/Exposed-the-rip-off-investment-advisers-who-cost-British-expats-billions.html

[26]. https://daehee.com/steinhoff-scandal/

[27]. https://www.theguardian.com/business/grogonomics/2018/jun/03/super-funds-treat-customers-with-contempt-thats-putting-it-lightly

[28]. https://www.theaustralian.com.au/news/inquirer/royal-commission-should-not-overlook-super-funds-skulduggery/news-story/d5a60be1332e7522273491401db1f5e7

[29]. http://www.abc.net.au/news/2018-05-29/superannuation-report-says-retiree-nest-eggs-are-being-diluted/9809306

[30]. http://www.abc.net.au/news/2018-04-30/the-banks-the-government-and-the-half-trillion-dollar-super-grab/9709114

[31]. https://www.afr.com/news/politics/national/banking-royal-commission-the-remarkable-hypocrisy-of-amp-20180420-h0z14g

[32]. https://data.oecd.org/pension/net-pension-replacement-rates.htm

[33]. https://data.oecd.org/pension/gross-pension-wealth.htm#indicator-chart

[34]. https://www.austrade.gov.au/News/Economic-analysis/australia-has-the-third-largest-pension-fund-assets-in-the-world

[35]. http://www.abc.net.au/news/2018-04-16/banking-royal-commission-financial-planners/9662166

[36]. https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-499-financial-advice-fees-for-no-service/

[37]. https://www.afr.com/business/banking-and-finance/financial-services/cba-cops-asic-penalty-for-fee-for-no-advice-scandal-20180413-h0ypn8

[38]. https://www.dailytelegraph.com.au/news/national/cba-gold-medallist-for-fees-for-no-service-inquiry/video/d65fffd9ccaf04877a3c80a329d246cb

[39]. http://mobile.abc.net.au/news/2018-05-29/superannuation-report-says-retiree-nest-eggs-are-being-diluted/9809306

[40]. https://survivaltricks.wordpress.com/2017/04/28/gold-for-storing-wealth/

[41]. https://money.cnn.com/2017/09/19/investing/norway-pension-fund-trillion-dollars/

[42]. https://www.moneymanagement.com.au/news/financial-planning/has-demutualisation-experiment-paid-dividends

[43]. http://www.afr.com/opinion/columnists/the-curse-of-amp-20180419-h0z0nf

MORE BANKRUPTCY HAPPENING TO AMERICAN RETIREES

[44]. https://us-issues.com/2018/08/13/bankruptcy-soars-as-the-country-grapples-with-an-unprecedented-debt-problem/

[45]. https://money.usnews.com/investing/news/articles/2018-08-24/australia-inquiry-finds-pension-funds-broke-rules

[46]. http://mobile.abc.net.au/news/2018-08-20/banking-royal-commission-superannuation-fees-boost-bank-bonuses/10137904?pfmredir=sm

A HIGH ART OF ROBBERY: COMPENSATING A VICTIM USING HIS OWN MONEY.

[47]. http://www.abc.net.au/radio/programs/pm/royal-commission-ioof-used-member-funds-to-pay-own-compensation/10107966
(Royal Commission: IOOF used members’ funds to pay its own compensation. How do you like someone using YOUR OWN money (kept by him on your behalf) to compensate you for his misdeed?)

IOOF members compensated themselves, Hodge says

[48]. http://mobile.abc.net.au/news/2018-08-10/banking-royal-commission-superannuation-live-blog/10104990?pfmredir=sm

[49]. https://www.afr.com/personal-finance/superannuation-and-smsfs/ioof-failed-members-with-raid-reserve-expert-20180814-h13yn7

[50]. http://mobile.abc.net.au/news/2018-08-16/amp-to-pay-back-customers27-fees/10129660?pfmredir=sm

LENDING SUPERANNUATION FUND TO BANKS FOR HALF THE GOING RATE

[51]. http://bfcsa.com.au/index.php/entry/bfcsa-save-our-super-ioof-calls-out-rivals-on-cash-plays

(about 2.2 per cent. However three IOOF super cash funds achieved average annual returns of 1.3 per cent in that time, according to respected super analyst SuperRatings)

PAID PAUL BY MISTAKES SO HAVE TO ROB PETER TO RECOVER MONEY

[52]. https://thenewdaily.com.au/money/finance-news/2018/08/10/royal-commission-ioof/

VERTICAL INTEGRATION OF BANK, STOCK BROKING, SUPERANNUATION MANAGEMENT CAUSES CONFLICTS

[53]. https://www.superreview.com.au/news/superannuation/are-member-best-interests-compromised-vertical-integration

EVEN STAFF MEMBERS HAVE TO STAND UP AGAINST MANAGEMENTS

[54]. http://www.dailymail.co.uk/wires/aap/article-5940079/IOOF-staff-refuse-implement-fee-hikes.html

AUST SUPERANNUATION MANAGEMENT IS WORLD’S BEST GRAVY TRAIN

[55]. https://www.9news.com.au/national/2018/08/06/11/08/banking-royal-commission-superannuation-nab-day-one

FEES/COMMISION TO ADVISORS

[56]. https://m.nasdaq.com/article/australias-ioof-gains-from-no-strings-attached-fee-for-advisers-20180807-00004

LESSON TO BE LEARNT

[57]. https://www.adviserratings.com.au/news/royal-commission-learnings-from-the-super-hearings/

[58]. https://www.afr.com/business/banking-and-finance/royal-commission-will-drive-more-change-for-financial-planners-20180414-h0ys84

[59]. http://mobile.abc.net.au/news/2017-12-04/verrender-banking-royal-commission-could-be-superannuation-sting/9221798?pfmredir=sm

CHARGING Life Insurance premiums to dead people

[60]. https://www.sbs.com.au/news/amp-charged-dead-people-for-life-insurance

[61]. http://mobile.abc.net.au/news/2018-09-17/amp-charges-dead-customers-for-life-insurance/10255978?pfmredir=sm

Australian banking inquiry: Misconduct ‘driven by greed’

[62]. https://www.bbc.com/news/world-australia-45674716

The Australian bank customers who lost everything

[63]. https://www.bbc.com/news/world-australia-44478508

Banking royal commission interim report released; blames greed for misconduct

[64]. http://mobile.abc.net.au/news/2018-09-28/banking-royal-commission-interim-report-kenneth-hayne/10315908

[65]. https://straightlinelogic.com/2018/10/08/with-corruption-like-this-its-no-wonder-so-many-pension-funds-are-insolvent-by-simon-black/

Dividend swindling:

[66]. https://www.nytimes.com/2018/10/05/business/denmark-skat-tax-scandal.html?ref=oembed

[67]. https://mobile.abc.net.au/news/2018-11-14/superannuation-rosy-picture-not-full-story/10495692

MALAYSIA COMPETING WITH AUSTRALIA

[68]. http://www.fcpablog.com/blog/2018/11/2/1mdb-is-a-nutty-story-heres-why.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+fcpablog%2FsLbh+%28The+FCPA+Blog%29

[68]. https://riggedgame.blog/2018/11/06/1mdb-is-a-nutty-story-heres-why/

RELATED MONEY Blogs

moneyd20.jpg

, posted on 17 April 2017 ,

, posted on 07 May 2017 ,

, posted on 10 Jun 2017 ,

The Parasites of Western Economy, Part 5: Company Asset Strippers and Conspirators posted on 13 August 2017 ,

moneyd20.jpg

Latest MONEY Blogs

, , , , Cashless bartering for survival, Federal Reserve Bank charges undeserved fees to Americans., A satirical guide to signs of an impending crash for small investors, Your fiat money (Part 2), Your fiat money, Bankers given outrageous incomes by their boards, Signs pointing to an impending crash for small investors,Bankers earn more than interest margin on secured loans, Can most pension funds last?, … all

Click here for my other blogs on divider43.jpgSURVIVAL

divider43.jpg

polymeraust100dollars

Click here go to Divider63D400 Home Page (Navigation-Survival-How To-Money).

SUBSCRIPTION: [RSS – Posts], [RSS – Comments]

MENU: [Contents][Blog Image of Contents ][Archives ] [About]

 

Blog image of Contents page of Money

Looking after your money.

These are the contents of MONEY sub-page re-organized in book order for coherent reading.

Blog image of this page

DETECTING COUNTERFEIT CURRENCY

Detecting Counterfeit Currency, US dollars, posted on July 15, 2016

Hologram

Detecting counterfeit currency, Australian dollars., posted on November 15, 2016

fineprint50dollar

Detecting counterfeit currency, Australian notes with transparent stripes., posted on August 10 2017,

polymer 5 dollars transparent stripe

Fiat Money is just institutionalized scams.

KarlMagn

Fiat Money is just institutionalized scams, Part 2: Reinterpreting official narratives.

KarlMagn

fiatmoneyc60.jpg

,posted on 01 Mar, 2017

fiatmoneyc60.jpg

fiatmoneyc60.jpg

gov finance

Hologram

Miseries-unleashed-by-push-for-cashless-trading, posted August 22, 2017

Negative interest rate is not new, posted December 4 2016,

polymeraust100dollars

Cashless and negative interest go hand in hand, posted December 10, 2016

crystalballc70.jpg

Why do people buy Treasury Bonds with Negative Interests ? posted 2019 Aug 16,

crystalballc70.jpg

fiatmoneyc60.jpg

Real life lessons on national economics.posted on September 12, 2018

The next fall of US dollars after their rejection by Shanghai Cooperation Organization. posted on 2019/11/07

It is not GDP, it is the service to the population that counts.

Hologram

, posted on 17 April 2017 ,

, posted on 07 May 2017 ,

, posted on 10 Jun 2017 ,

The Parasites of Western Economy, Part 4: Scammers who entrap acquaintances into being guarantors for their loans. posted on 22 July 2017 ,

moneyd20.jpg

The Parasites of Western Economy, Part 5: Company Asset Strippers and Conspirators posted on 13 August 2017 ,

moneyd20.jpg

The Parasites of Western Economy, Part 6: Robbers of pension money in Australia posted on 02 May 2018 ,

moneyd20.jpg

The Parasites of Western Economy, Part 6B: Robbers of pension money in Australia. posted on 16 July 2018 ,

moneyd20.jpg

The Parasites of Western Economy, Part 7: Providers of invented inefficient service from tax money posted on 18 May 2018 ,

moneyd20.jpg

The parasites-of-western-economy-part-8-body-corporate-robbing-owners-of-low-cost-dwellings posted on 05 June 2018 ,

moneyd20.jpg

The Parasites of Western Economy, Part 9: Over-chargers-for-unfamiliar-types-of-service posted on 04 July 2018 ,

moneyd20.jpg

The-parasites-of-western-economy-part-10: Greedy-politicians-overpaid-with-our-tax-money posted on 21 August 2018 ,

moneyd20.jpg

EARNING OF BANKS

, posted on December 15, 2016

polymeraust100dollars

, posted on November 30, 2016

polymeraust100dollars

Collapse of online banking is not a remote risk., posted on November 20, 2016

polymeraust100dollars

Gold for storing wealth. posted on 28 April 2017

Gold Slab of 37.5g in Vietnam

Bitcoins-tulips-sparkling-diamonds-fiat-moneys-and-gold/ posted on 24 Jan 2018

Hologram

crystal ball

posted on November 20, 2018

Stay calm when they go bankrupt. posted on July 20, 2019

KarlMagn

Stay calm when the Stock Markets crash. posted on 2019 July 26

crystalcrash2c70.jpg

Signs pointing to an impending crash for small investors, posted on December 16, 2016

crystalball2c70.jpg

Avoid-buying-zombie-floats-on-the-stock-exchanges posted on October 20, 2017

The Futures and Derivatives Markets (Part 1).

crystalball2c70.jpg

The Futures and Derivatives Markets, Part 2: Rigging the indices to win

crystalball2c70.jpg

Government may be behind bubble markets posted on February 12, 2018

crystalballc70.jpg

SURVIVAL WITHOUT CASH

SUBSCRIPTION: [RSS – Posts], [RSS – Comments]

MENU: [Contents][Blog Image of Contents ][Archives ] [About]

The Parasites of Western Economy, Part 6: Robbers of pension money in Australia.

The Parasites of Western Economy, Part 6: Robbers of pension money in Australia

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No.129).

#parasite, #Royal Commission, #misconduct, #Banks, #Financial Service Industry, #pension, #superannuation.

The Parasites of Western Economy, Part 6: Robbers of pension money in Australia.

There is currently a national scandal in Australia about the robbery of pension funds of retirees by Banking and Financial Service Sector.

1. Preparation ground work for the Grand Robbery.

1. Non profit Superannuation (Pension) Associations such as NML (National Mutual Life Association), MLC (Mutual Life Corporation), AMP (Australian Mutual Providence Society) have been justly or unjustly dissolved, bought off around 1998 giving capital accumulated or generations to existing members and management.

This is just like dissolving all Catholic Churches to give their huge cash value to existing members and their leaders. Would you think of that as an immoral robbery by existing members and management of the heritage intended not only for them but also for other future members?

From then on, there are only for profits superannuation fund managers.

2. Next. the Australian government made laws forcing all working people to have compulsory superannuation contributions.

3. Banks and entities with unknown reputation are licensed to manage superannuation funds for everyone.

4. Government makes auditing requirements such that it is uneconomical for individual to manage his own superannuation fund.

2. Count Dracula operating the captive blood bank.

With such system already set up, ordinary people have to rely on banks and entities with unknown reputation. These organizations then play the rough game in gouging the savings placed in superannuation funds.

The charges for managing superannuation from these organizations are [1]:

1.Entry and exit fees of 5% chargeable when you join them and when you leave them (it is a captive market). If you decide to let someone else manage your fund, you will lose another 5% again. If you change the manager every year then you will lose 5% every year on top of all other fees.

How can they justify taking 5% of your hard-earned money just for opening the book?

2. Yearly management fees: This may be at around 3% of your money while your money may earn only 2% from investment on the Share Market. So you may end up with a loss of 1% every year!

How can they justify that level of fees given that owner’s instruction to them is only invest according to the Share Market Index, or alternatively only invest in Government bonds?

3. An Australian feature is that the fund managers advise their clients (when and on what?). There have been advice fees of $1000 per annum even to clients whose deaths the managers have known for more than 10 years [11].

Why don’t those thieves charging fees for no service go to jail like any smaller time pick-pockets? [12,13]

3. A national scandal of robbery of retirees.

There is no wonder why bankers (meaning the CEO of the banks, not the ordinary bank tellers) are given outrageous incomes [14] while retirees keep getting poorer and poorer [15-19].

References:

[1]. https://www.superguide.com.au/boost-your-superannuation/comparing-super-funds-10-fees-charges-need-know

[2]. https://www.theguardian.com/australia-news/live/2018/apr/23/banking-royal-commission-anz-amp-nab-evidence-live

[3]. https://www.smh.com.au/politics/federal/how-scott-morrison-changed-his-tune-on-the-banking-royal-commission-20180420-p4zaoa.html

[4]. http://mobile.abc.net.au/news/2018-04-16/banking-royal-commission-financial-planners/9662166

[5]. https://www.smh.com.au/business/banking-and-finance/cba-charged-client-fees-for-10-years-after-death-20180419-p4zag1.html

[6]. https://www.theguardian.com/australia-news/2018/apr/23/banking-royal-commission-amp-advice-led-to-loss-of-quarter-of-mans-superannuation

[7]. http://www.abc.net.au/news/2018-04-30/amp-chairperson-catherine-brenner-steps-down/9709874

[8]. https://financialservices.royalcommission.gov.au/public-hearings/Pages/round-2-hearings.aspx

[9]. https://www.minterellison.com/articles/fee-for-no-service-case-studies-at-the-royal-commission

[10]. http://www.afr.com/business/banking-and-finance/financial-services/amp-orders-white-wash-report-for-asic-20180417-h0yvlj

[11]. http://www.abc.net.au/news/2018-04-19/cba-charged-fees-to-customers-who-had-died-commission-hears/9675922

[12]. http://www.abc.net.au/news/2018-04-20/corporate-crooks-set-to-face-tougher-penalties/9677792

[13]. http://www.abc.net.au/news/2018-04-20/banking-royal-commission-financial-advisers-coalition-labor/9679008

[14]. https://survivaltricks.wordpress.com/2016/12/22/bankers-given-outrageous-incomes-by-their-boards/

[15]. http://theconversation.com/the-financial-services-royal-commission-highlights-the-vulnerability-of-many-older-australians-93359

[16]. https://www.investopedia.com/articles/retirement/111216/where-retirees-are-falling-short-living-standard.asp

[17]. http://articles.latimes.com/2013/may/17/business/la-fi-mo-retirees-standard-living-20130517

[18]. http://www.abc.net.au/news/2017-05-23/super-incentives-to-downsize-home-could-leave-retirees-worse-off/8550874

[19]. https://www.corelogic.com.au/news/retirees-downsizing-good-theory-doesnt-appear-make-fiscal-sense-practice#.WukVHZq-mUk

Added after 06 June 2018:

[20]. http://www.thisismoney.co.uk/money/pensions/article-4967930/Pensions-rip-fees.html

[21]. https://www.9news.com.au/royal-commission

[22]. https://www.theguardian.com/australia-news/live/2018/apr/23/banking-royal-commission-anz-amp-nab-evidence-live

[23]. https://www.ageuk.org.uk/information-advice/money-legal/pensions/pension-scams/

[24]. https://theorangefiles.hu/nationalization-of-private-pension-funds/https://www.reuters.com/article/hungary-pensions-idUSL6N0TG2MP20141127

[25]. https://www.telegraph.co.uk/finance/personalfinance/investing/11726158/Exposed-the-rip-off-investment-advisers-who-cost-British-expats-billions.html

[26]. https://daehee.com/steinhoff-scandal/

[27]. http://www.abc.net.au/news/2018-04-16/banking-royal-commission-financial-planners/9662166

[28]. https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-499-financial-advice-fees-for-no-service/

[29]. https://startsat60.com/money/fat-cat-super-funds-are-gouging-super-returns-is-yours-one

[30]. http://mobile.abc.net.au/news/2016-10-20/banks-accused-of-gouging-super-customers/7948950

[31]. http://morningmail.org/gouging-banks-mamma-mia-go/

[32]. https://www.superguide.com.au/boost-your-superannuation/comparing-super-funds-check-out-the-cheapest-funds

RISING BANKRUPCY OF PENSIONERS

[33]. http://theeconomiccollapseblog.com/archives/bankrupt-america-bankruptcy-soars-as-the-country-grapples-with-an-unprecedented-debt-problem

RELATED MONEY Blogs

, posted on 16 July 2018,

moneyd20.jpg

, posted on 17 April 2017 ,

, posted on 07 May 2017 ,

, posted on 10 Jun 2017 ,

The Parasites of Western Economy, Part 5: Company Asset Strippers and Conspirators posted on 13 August 2017 ,

moneyd20.jpg

Latest MONEY Blogs

, , , , , , Cashless bartering for survival, Federal Reserve Bank charges undeserved fees to Americans., A satirical guide to signs of an impending crash for small investors, Your fiat money (Part 2), Your fiat money, Bankers given outrageous incomes by their boards, Signs pointing to an impending crash for small investors,Bankers earn more than interest margin on secured loans, Can most pension funds last?, … all

Click here for my other blogs on SURVIVAL

Click here to go toHome Page (Navigation-Survival-How To-Money).


SUBSCRIPTION: [RSS – Posts], [RSS – Comments]

MENU: [Contents][Blog Image of Contents ][Archives ] [About]

Can most pension funds last?

Can most pension funds last?

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No.38).

When a pension fund with legislated rates of pay out operates in a negative interest environment, its fund is bound to be depleted.

You have to ask how can it have money to pay out at the legislated (high positive) rates. It can only do that if it is injected with government printed fiat money or if it has an ever-expanding number of subscribers (a type of Ponzi scheme).

The stop on payouts by Dallas police fire pension board is no surprise. It is only the tip of the iceberg.

In general, negative interest rates have revealed the unsustainability of many pension plans with legislated rates of payout.

References (augmented after 09 April 2017)

[1]. Dallas police fire pension board ends run, bank stops 154m withdrawals. http://www.dallasnews.com/news/dallas-city-hall/2016/12/08/dallas-police-fire-pension-board-ends-run-bank-stops-154m-withdrawals, 18 Dec 2016.
[2]. Wkchild, Warning: US ponzi-retirement-market in big trouble, protect with precious metals – SRSRocco Report by Steve St. Angelo, sentinelblog.com, https://sentinelblog.com/2017/03/30/warning-u-s-ponzi-retirement-market-in-big-trouble-protect-with-precious-metals/, 30 March 2017.
[3]. SRSRocco, Warning: US ponzi-retirement-market in big trouble, protect with precious metals – SRSRocco Report by Steve St. Angelo, Economy, Precious Metals, https://srsroccoreport.com/warning-u-s-ponzi-retirement-market-in-big-trouble-protect-with-precious-metals/, 28 Mar 2017.
[4]. The next crisis is the mother of all counter party risks part1, US issues, https://us-issues.com/2017/04/09/the-next-crisis-is-the-mother-of-all-counter-party-risks-part-1/, 09 April 2017.

Augmented after 2017 June 11:

[5]. https://us-issues.com/2017/06/11/how-gold-can-rescue-pensions/.

[6]. https://news.sky.com/story/revealed-carillion-collapsed-with-5bn-of-financial-liabilities-11213303

[7]. https://straightlinelogic.com/2018/01/20/another-ponzi-exposed-as-long-term-care-insurers-double-premiums-to-stave-off-losses-by-tyler-durden/

[8]. http://us-issues.com/2018/02/05/illinois-debt-crisis-foreshadows-americas-financial-future/

[9]. https://www.msn.com/en-us/money/retirement/an-obscure-court-decision-against-a-rhode-island-towns-police-officers-and-firefighters-could-be-a-warning-sign-for-social-security/ar-BBIQf5o?li=BBnb7Kz

[10]. https://straightlinelogic.com/2018/04/21/the-war-between-public-pensioners-and-tax-donkeys-is-heating-up-by-charles-hugh-smith/

[11]. https://www.oftwominds.com/blogapr18/pensioners-tax-donkeys4-18.html

[12]. https://www.silver-phoenix500.com/article/social-security-deterioration

Added after 2018 July 07:

[13]. https://www.armstrongeconomics.com/international-news/britain/collapse-of-socialism-end-of-pensions/

[14]. http://www.wirepoints.com/illinois-state-pensions-overpromised-not-underfunded-wirepoints-special-report/

[15]. https://www.silver-phoenix500.com/article/another-way-looking-pension-crisis-%E2%80%9C-stealth-mortgage-your-house%E2%80%9D

[16]. https://us-issues.com/2018/08/13/bankruptcy-soars-as-the-country-grapples-with-an-unprecedented-debt-problem/

[17]. https://straightlinelogic.com/2018/10/08/with-corruption-like-this-its-no-wonder-so-many-pension-funds-are-insolvent-by-simon-black/

[18]. https://mobile.abc.net.au/news/2018-11-14/superannuation-rosy-picture-not-full-story/10495692

[19]. https://us-issues.com/2019/01/20/pension-fund-problem-just-got-much-worse/

[20]. Why some Japanese pensioners want to go to jail, https://www.bbc.com/news/stories-47033704

[21]. https://nationandstate.com/2020/04/28/why-illinois-is-broke-109881-public-employees-with-100000-paychecks-cost-taxpayers-14b/

 

Our auditors discovered 110,000 public employees and retirees who earned more than $100,000 last year.
We found tree trimmers in Chicago making $106,663; nurses at state corrections earning up to $277,100; junior college presidents making $491,095; university doctors earning up to $2 million; and 111 small town managers who out-earned every governor of the 50 states ($202,000).

Illinois Governor J.B. Pritzker wants to hike the income tax during a recession. The proposal would change the state constitution to allow for a progressive income tax…

Last week, Illinois State Senate President Don Harmon wrote a letter to Congress asking for a $40 billion bailout. $10 billion in bailout would be used for pension plan solvency.

This week, U.S. Senate Leader Mitch McConnell suggested another path, “I would certainly be in favor of allowing states to use the
bankruptcy route.” McConnell specifically mentioned Illinois along with Connecticut, California, and New York.

[22]. https://survivaltricks.wordpress.com/2020/07/14/gary-shilling-the-social-securitys-funding-crisis-has-arrived/

RELATED MONEY blogs

Gold for storing wealth, posted on 28 April 2017

, posted September 22, 2017

Hologram

A satirical guide to signs of an impending crash for small investors, Your fiat money (Part 2), Your fiat money, Bankers given outrageous incomes by their boards, Signs pointing to an impending crash for small investors,Bankers earn more than interest margin on secured loans, Can most pension funds last?

Click here for my other blogs on polymeraust100dollarsMONEY

Click here go to Divider63D400Home Page (Navigation-Survival-How To-Money).

SUBSCRIPTION: [RSS – Posts], [RSS – Comments]

MENU: [Contents][Blog Image of Contents ][Archives ] [About]