A local judge ruled a few weeks ago that all GM pensions are no longer good. What you are about to read is happening all across
I have been concerned about this for years. Your pensions CAN BE robbed when they are in company hands. Heck, the government can (unlawfully) take your pensions. People should not be dependent on pensions or social security. Social security was never intended to totally support you in your retirement years. It was meant to be a crutch only. Your retirement should be in something tangible like gold, silver, real estate, etc. Stocks (may as well go to Vegas) or anything paper can be gone with a key entry. Pay attention!!
So we've been waiting to see how the new "Bail-In" plan will roll out in the USA ever since we saw it happen in Cypress. Now we've got our answer!
Judge: Detroit Pensions Can Be Cut in Bankruptcy
"U.S. Bankruptcy Judge Steven Rhodes ruled today that Detroit is eligible to file for Chapter 9 bankruptcy protection. That ruling clears the way for the city, the largest ever to declare bankruptcy, to restructure its $18 billion in debt. And, in a move that's sure to be closely watched by other struggling municipal governments, Rhodes ruled that the city's public-sector pensions could be reduced as part of that restructuring. Rhodes said in a summary of his ruling that Michigan's state constitutional protections for pensions "do not apply to the federal bankruptcy court."
So what's the big deal?
This: In the "Bankruptcy Reform Act of 2005" the banksters got the US Congress to pass a law classifying repos and derivatives as secured assets with "super-priority" in bankruptcy. Pensions are classified as unsecured assets so the pensioners are paid AFTER the banksters. Basically, the current assets in the Pension Accounts will be used to payoff the Banksters derivative cons.
That my friends...is the new Bail-In!
Will the People of Detroit take this lying down?
I doubt it. They will not accept losing everything they worked for their whole lives to these thieving robber barons. They will take to the streets with "modern day torches & pitchforks"...as we all should.
Lock your doors Banksters...Let the Revolution Begin!
May the Road you choose be the Right Road.