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
America
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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."
END
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.
Bix Weir
America. 