LAPD Charges Jaywalkers With $191 Fine In New Crackdown

Pedestrians should think twice before jaywalking in downtown L.A. — or they could walk away with a $191 fine.

During the busy holiday shopping season, the Los Angeles Police Department is ramping up a zero-tolerance policy for jaywalkers downtown, particularly the Historic Core area, as part of an effort to reduce accidents and prevent crime, officials said.

A citation won’t be cheap, now costing $191.

“This is about more than reducing accidents during the holidays,” said LAPD Lt. Paul Vernon. “This is about preventing thefts and robberies. Jaywalking is often done by thieves, purse snatchers and robbery suspects to target their victims.”

Vernon said such criminals often suddenly see a potential target and run across the road mid-block. To be better able to spot such suspects, the department wants to deter law-abiding citizens from such behavior, he said.

“We will be watching; that is the message we want to get out there,” Vernon said. Authorities said officers will paying particular attention to Spring and Main streets.

Read moreLAPD Charges Jaywalkers With $191 Fine In New Crackdown

Another Gulf Oil Rig Explosion Injures 3

NEW ORLEANS — Three people were injured — two badly burned — in an oil rig explosion Wednesday in Bayou Perot, La., WDSU in New Orleans reported.

The U.S. Coast Guard received a report at about 10:15 a.m. Central time, that three people were injured on the rig, which is roughly 20 miles south-southeast of New Orleans, Petty Officer Thomas Blue of the Coast Guard told the New Orleans Times-Picayune newspaper.

Read moreAnother Gulf Oil Rig Explosion Injures 3

BP Admits Using Synthetic Microbes in Gulf


Added:  1. December 2010

Mike Utsler, Chief Operating Officer of BP’s Gulf Coast Restoration, admits publicly “There is a new form of microbiology that is attacking this (oil) plume and using it as a food source”. This brief video snippet is taken from a Novermber 7, 2010 broadcast by BBC TWO entitled ‘Has the Oil Really Gone?’ by reporter Stephen Fry and can be seen in it’s entirety at http://www.bbc.co.uk/programmes/b00vy…

Notice how Utsler is cut off by his own people at BP immediately after stating this and the interview was abruptly ended.

To understand exactly what this synthetic genome “new form of Microbiology” is, go to:

THE GULF BLUE PLAGUE (BP)
http://worldvisionportal.org/wvpforum…

Scientists: Mercury Turns Male Ibis Birds Gay

Vaccines and amalgam fillings that are loaded with mercury, fluorinated drinking water like in the Russian gulags and the Nazi concentration camps to make people docile and infertile and anti-depressants like Prozac, whose main ingredient is also fluoride, …

The list of intentional contamination of the people goes on and on.

And now …

California Approves One Of The World’s Most Dangerous Cancer Chemicals As Pesticide:

It’s called methyl iodide, and even some chemists won’t go near it. It’s such a powerful and reliable carcinogen that researchers use it to induce cancer in lab animals.



Close bond: The white Ibis is one of the birds that is being badly affected by mercury in its diet, new research has shown

Water pollution is posing a threat to bird ­populations by causing males to mate with each other.

Scientists believe poisonous metal compounds entering the food chain can affect sexuality, causing a reduction in offspring.

They found that even relatively low levels of methylmercury in the diet of male white ibises caused the birds to pair up with each other, snubbing females.

As a result fewer females breed and fewer chicks are produced.

Methylmercury is a form of mercury – the metal which is liquid at room temperature and is better known as quicksilver. It has been seeping into groundwater from ­industry for years.

This is the first scientific study to show how the pollutant appears to alter sexual preference.

U.S. researcher Peter Frederick ­captured 160 young white ibises – a coastal wading bird – and gave them food laced with methylmercury.

The birds were split into four groups. One group ate food with 0.3? parts per ­million (ppm) methylmercury, which most U.S. states would regard as too high for human consumption.

A second group was fed 0.1 ppm, and the third 0.05 ppm, a low dose that wild birds would be exposed to frequently. The fourth group received food clear of the poison.

All three dosed groups had significantly more homosexual males than the control group. Male-male pairs courted, built nests together and paired off for several weeks.

Higher doses increased the effect, with 55 per cent of males in the 0.3 ppm group affected.

Overall, male-male mating was blamed for 81 per cent of unproductive nests in the dosed groups.

‘We knew mercury could depress their testosterone levels,’ explained Dr Frederick.

‘But we didn’t expect this. In the worst-case scenario, the production of young would fall by 50 per cent.’ Other birds would probably be similarly affected, he said.

However, Dr Frederick, of the Florida University, and fellow researcher Nilmini Jayasena, of the Peradeniya University, Sri Lanka, admitted it was far from clear if methylmercury could be linked to similar effects in mammals.

Read moreScientists: Mercury Turns Male Ibis Birds Gay

Nigeria Will Charges Against Dick Cheney in Bribery Scandal

Dec. 1 (Bloomberg) — Nigeria will file charges against former U.S. Vice President Dick Cheney and officials from five foreign companies including Halliburton Co. over a $180 million bribery scandal, a prosecutor at the anti-graft agency said.

Indictments will be lodged in a Nigerian court “in the next three days,” Godwin Obla, prosecuting counsel at the Economic and Financial Crimes Commission, said in an interview today at his office in Abuja, the capital. An arrest warrant for Cheney “will be issued and transmitted through Interpol,” the world’s biggest international police organization, he said.

Peter Long, Cheney’s spokesman, said he couldn’t immediately comment when contacted today and said he would respond later to an e-mailed request for comment.

Obla said charges will be filed against current and former chief executive officers of Halliburton, including Cheney, who was CEO from 1995 to 2000, and its former unit KBR Inc., based in Houston, Texas; Technip SA, Europe’s second-largest oilfield- services provider; Eni SpA, Italy’s biggest oil company; and Saipem Construction Co., a unit of Eni. Obla didn’t identify the former officials whom he said held office when the alleged bribes were paid.

Last week, Nigeria arrested at least 23 officials from companies including Halliburton, Saipem, Technip and a former subsidiary of Panalpina Welttransport Holding AG in connection with alleged illegal payments to Nigerian officials. Those detained were all freed on bail on Nov. 29.

Read moreNigeria Will Charges Against Dick Cheney in Bribery Scandal

Federal Reserve to Name Recipients of $3.3 Trillion in Aid During Crisis

Dec. 01 (Bloomberg) — The Federal Reserve, under orders from Congress, plans today to identify recipients of $3.3 trillion in emergency aid the central bank provided as it fought the worst financial crisis since the Great Depression.

The Fed intends to post the data on its website at midday in Washington to comply with a provision in July’s Dodd-Frank law overhauling financial regulation. The information spans six loan programs as well as currency swaps with other central banks, purchases of mortgage-backed securities and the rescues of Bear Stearns Cos. and American International Group Inc.

The disclosures may heighten political scrutiny of the central bank already at its most intense in three decades. The Fed’s Nov. 3 decision to add $600 billion of monetary stimulus has met with backlash from top Republicans in Congress, who said in a Nov. 17 letter to Chairman Ben S. Bernanke that the action risks inflation and asset-price bubbles.

“It is quite conceivable it is going to stir up the political pot,” said Ward McCarthy, chief financial economist at Jefferies & Co. Inc. in New York. “But political criticism isn’t going to prevent them from doing what they need to do. An important part of being a Fed official is to understand whatever you do is going to come under scrutiny.”

Read moreFederal Reserve to Name Recipients of $3.3 Trillion in Aid During Crisis

Top Ten Lies About Unconstitutional Senate Bill 510

(NaturalNews) The Food Safety Modernization Act looks like it’s headed to become law. It’s being hailed as a “breakthrough” achievement in food safety, and it would hand vast new powers and funding to the FDA so that it can clean up the food supply and protect all Americans from food-borne pathogens.

There’s just one problem with all this: It’s all a big lie.

Here are the ten biggest lies that have been promoted about S.510 by the U.S. Congress, the food industry giants and the mainstream media:

Lie #1 – Most deaths from food poisoning are caused by fresh produce

Here’s a whopper the mainstream media won’t dare report: Out of the 1,809 people who die in America every year from food-borne pathogens (CDC estimate), only a fraction die from the manufacturer’s contamination of fresh produce. By far the majority of food poisoning is caused by the consumption of spoiled processed foods, dead foods and animal-human transmission of pathogens.

For example, one of the largest food-borne killers according to the CDC is Toxoplasma gondii, a disease that people acquire from cat feces coming into contact with their food, which can happen right in their own homes (http://www.cdc.gov/ncidod/eid/Vol5n…). Salmonella poisoning accounts for 553 deaths a year. As a reference for relative risk, over 42,000 people die each year from road accidents in the USA, meaning driving a car has a roughly 7600% higher chance of killing you than eating fresh produce. (http://www.driveandstayalive.com/in…)

In terms of food-borne illness, many of the deaths come from things like spoiled tomato sauce, spoiled canned foods and spoiled pasteurized milk. S 510, of course, does absolutely nothing to address these food contamination deaths, since those foods are considered “sterilized” at the time of sale.

Lie #2 – Under S.510, the FDA would only recall products it knows to be contaminated

Not true. S.510 merely requires the FDA to have “reason to believe” a food is contaminated. So right there, that means all raw milk will be targeted by the FDA because even without conducting any scientific tests at all, the FDA can say it has “reason to believe” the milk is contaminated merely because it is raw.

In other words, the FDA no longer needs science to outlaw a food product. It merely needs an opinion.

Is this “reason to believe” section really true? Yep, and here’s how it was amended:

SEC. 208. ADMINISTRATIVE DETENTION OF FOOD.
23 (a) IN GENERAL. – Section 304(h)(1)(A) (21 U.S.C.24 334(h)(1)(A)) is amended by
(1) striking ”credible evidence or information indicating” and inserting ”reason to believe”;
(http://frwebgate.access.gpo.gov/cgi…)

In other words, in negotiating this bill, the U.S. Senate removed the requirement that the FDA needed “credible evidence” in order to recall a product and, instead, replaced that with the FDA only needing “reason to believe.”

It is utterly amazing that the U.S. Congress would give the FDA to conduct large-scale product recalls and even imprison people based entirely on what the agency “has reason to believe.”

Last time I checked, the FDA held some pretty bizarre (if not downright moronic) beliefs, including this jaw-dropping whopper: The FDA literally believes that there is no food, no herb, no vitamin or supplement that has any ability to prevent disease of any kind. They don’t even believe limes can prevent scurvy, and you’d have to nutritionally illiterate to believe that.

Read moreTop Ten Lies About Unconstitutional Senate Bill 510

List of Traitor Senators Who Passed the Unconstitutional S. 510 Food Safety Modernization Act

U.S. Senate Roll Call Votes 111th Congress – 2nd Session

as compiled through Senate LIS by the Senate Bill Clerk under the direction of the Secretary of the Senate

Vote Summary

Question: On Passage of the Bill (S. 510 as Amended )
Vote Number: 257 Vote Date: November 30, 2010, 10:09 AM
Required For Majority: 1/2 Vote Result: Bill Passed
Measure Number: S. 510 (FDA Food Safety Modernization Act )
Measure Title: A bill to amend the Federal Food, Drug, and Cosmetic Act with respect to the safety of the food supply.
Vote Counts: YEAs 73
NAYs 25
Not Voting 2
Vote Summary By Senator Name By Vote Position By Home State

Alphabetical by Senator Name

Akaka (D-HI), Yea
Alexander (R-TN), Yea
Barrasso (R-WY), Nay
Baucus (D-MT), Yea
Bayh (D-IN), Yea
Begich (D-AK), Yea
Bennet (D-CO), Yea
Bennett (R-UT), Nay
Bingaman (D-NM), Yea
Bond (R-MO), Not Voting
Boxer (D-CA), Yea
Brown (D-OH), Yea
Brown (R-MA), Yea
Brownback (R-KS), Not Voting
Bunning (R-KY), Nay
Burr (R-NC), Yea
Cantwell (D-WA), Yea
Cardin (D-MD), Yea
Carper (D-DE), Yea
Casey (D-PA), Yea
Chambliss (R-GA), Nay
Coburn (R-OK), Nay
Cochran (R-MS), Nay
Collins (R-ME), Yea
Conrad (D-ND), Yea
Coons (D-DE), Yea
Corker (R-TN), Nay
Cornyn (R-TX), Nay
Crapo (R-ID), Nay
DeMint (R-SC), Nay
Dodd (D-CT), Yea
Dorgan (D-ND), Yea
Durbin (D-IL), Yea
Ensign (R-NV), Nay
Enzi (R-WY), Yea
Feingold (D-WI), Yea
Feinstein (D-CA), Yea
Franken (D-MN), Yea
Gillibrand (D-NY), Yea
Graham (R-SC), Nay
Grassley (R-IA), Yea
Gregg (R-NH), Yea
Hagan (D-NC), Yea
Harkin (D-IA), Yea
Hatch (R-UT), Nay
Hutchison (R-TX), Nay
Inhofe (R-OK), Nay
Inouye (D-HI), Yea
Isakson (R-GA), Nay
Johanns (R-NE), Yea
Johnson (D-SD), Yea
Kerry (D-MA), Yea
Kirk (R-IL), Yea
Klobuchar (D-MN), Yea
Kohl (D-WI), Yea
Kyl (R-AZ), Nay
Landrieu (D-LA), Yea
Lautenberg (D-NJ), Yea
Leahy (D-VT), Yea
LeMieux (R-FL), Yea
Levin (D-MI), Yea
Lieberman (ID-CT), Yea
Lincoln (D-AR), Yea
Lugar (R-IN), Yea
Manchin (D-WV), Yea
McCain (R-AZ), Nay
McCaskill (D-MO), Yea
McConnell (R-KY), Nay
Menendez (D-NJ), Yea
Merkley (D-OR), Yea
Mikulski (D-MD), Yea
Murkowski (R-AK), Yea
Murray (D-WA), Yea
Nelson (D-FL), Yea
Nelson (D-NE), Yea
Pryor (D-AR), Yea
Reed (D-RI), Yea
Reid (D-NV), Yea
Risch (R-ID), Nay
Roberts (R-KS), Nay
Rockefeller (D-WV), Yea
Sanders (I-VT), Yea
Schumer (D-NY), Yea
Sessions (R-AL), Nay
Shaheen (D-NH), Yea
Shelby (R-AL), Nay
Snowe (R-ME), Yea
Specter (D-PA), Yea
Stabenow (D-MI), Yea
Tester (D-MT), Yea
Thune (R-SD), Nay
Udall (D-CO), Yea
Udall (D-NM), Yea
Vitter (R-LA), Yea
Voinovich (R-OH), Yea
Warner (D-VA), Yea
Webb (D-VA), Yea
Whitehouse (D-RI), Yea
Wicker (R-MS), Nay
Wyden (D-OR), Yea
Vote Summary By Senator Name By Vote Position By Home State

Grouped By Vote Position

YEAs —73
Akaka (D-HI)
Alexander (R-TN)
Baucus (D-MT)
Bayh (D-IN)
Begich (D-AK)
Bennet (D-CO)
Bingaman (D-NM)
Boxer (D-CA)
Brown (D-OH)
Brown (R-MA)
Burr (R-NC)
Cantwell (D-WA)
Cardin (D-MD)
Carper (D-DE)
Casey (D-PA)
Collins (R-ME)
Conrad (D-ND)
Coons (D-DE)
Dodd (D-CT)
Dorgan (D-ND)
Durbin (D-IL)
Enzi (R-WY)
Feingold (D-WI)
Feinstein (D-CA)
Franken (D-MN)
Gillibrand (D-NY)
Grassley (R-IA)
Gregg (R-NH)
Hagan (D-NC)
Harkin (D-IA)
Inouye (D-HI)
Johanns (R-NE)
Johnson (D-SD)
Kerry (D-MA)
Kirk (R-IL)
Klobuchar (D-MN)
Kohl (D-WI)
Landrieu (D-LA)
Lautenberg (D-NJ)
LeMieux (R-FL)
Leahy (D-VT)
Levin (D-MI)
Lieberman (ID-CT)
Lincoln (D-AR)
Lugar (R-IN)
Manchin (D-WV)
McCaskill (D-MO)
Menendez (D-NJ)
Merkley (D-OR)
Mikulski (D-MD)
Murkowski (R-AK)
Murray (D-WA)
Nelson (D-FL)
Nelson (D-NE)
Pryor (D-AR)
Reed (D-RI)
Reid (D-NV)
Rockefeller (D-WV)
Sanders (I-VT)
Schumer (D-NY)
Shaheen (D-NH)
Snowe (R-ME)
Specter (D-PA)
Stabenow (D-MI)
Tester (D-MT)
Udall (D-CO)
Udall (D-NM)
Vitter (R-LA)
Voinovich (R-OH)
Warner (D-VA)
Webb (D-VA)
Whitehouse (D-RI)
Wyden (D-OR)
NAYs —25
Barrasso (R-WY)
Bennett (R-UT)
Bunning (R-KY)
Chambliss (R-GA)
Coburn (R-OK)
Cochran (R-MS)
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
Ensign (R-NV)
Graham (R-SC)
Hatch (R-UT)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
Kyl (R-AZ)
McCain (R-AZ)
McConnell (R-KY)
Risch (R-ID)
Roberts (R-KS)
Sessions (R-AL)
Shelby (R-AL)
Thune (R-SD)
Wicker (R-MS)
Not Voting – 2
Bond (R-MO) Brownback (R-KS)
Vote Summary By Senator Name By Vote Position By Home State

Grouped by Home State

Alabama: Sessions (R-AL), Nay Shelby (R-AL), Nay
Alaska: Begich (D-AK), Yea Murkowski (R-AK), Yea
Arizona: Kyl (R-AZ), Nay McCain (R-AZ), Nay
Arkansas: Lincoln (D-AR), Yea Pryor (D-AR), Yea
California: Boxer (D-CA), Yea Feinstein (D-CA), Yea
Colorado: Bennet (D-CO), Yea Udall (D-CO), Yea
Connecticut: Dodd (D-CT), Yea Lieberman (ID-CT), Yea
Delaware: Carper (D-DE), Yea Coons (D-DE), Yea
Florida: LeMieux (R-FL), Yea Nelson (D-FL), Yea
Georgia: Chambliss (R-GA), Nay Isakson (R-GA), Nay
Hawaii: Akaka (D-HI), Yea Inouye (D-HI), Yea
Idaho: Crapo (R-ID), Nay Risch (R-ID), Nay
Illinois: Durbin (D-IL), Yea Kirk (R-IL), Yea
Indiana: Bayh (D-IN), Yea Lugar (R-IN), Yea
Iowa: Grassley (R-IA), Yea Harkin (D-IA), Yea
Kansas: Brownback (R-KS), Not Voting Roberts (R-KS), Nay
Kentucky: Bunning (R-KY), Nay McConnell (R-KY), Nay
Louisiana: Landrieu (D-LA), Yea Vitter (R-LA), Yea
Maine: Collins (R-ME), Yea Snowe (R-ME), Yea
Maryland: Cardin (D-MD), Yea Mikulski (D-MD), Yea
Massachusetts: Brown (R-MA), Yea Kerry (D-MA), Yea
Michigan: Levin (D-MI), Yea Stabenow (D-MI), Yea
Minnesota: Franken (D-MN), Yea Klobuchar (D-MN), Yea
Mississippi: Cochran (R-MS), Nay Wicker (R-MS), Nay
Missouri: Bond (R-MO), Not Voting McCaskill (D-MO), Yea
Montana: Baucus (D-MT), Yea Tester (D-MT), Yea
Nebraska: Johanns (R-NE), Yea Nelson (D-NE), Yea
Nevada: Ensign (R-NV), Nay Reid (D-NV), Yea
New Hampshire: Gregg (R-NH), Yea Shaheen (D-NH), Yea
New Jersey: Lautenberg (D-NJ), Yea Menendez (D-NJ), Yea
New Mexico: Bingaman (D-NM), Yea Udall (D-NM), Yea
New York: Gillibrand (D-NY), Yea Schumer (D-NY), Yea
North Carolina: Burr (R-NC), Yea Hagan (D-NC), Yea
North Dakota: Conrad (D-ND), Yea Dorgan (D-ND), Yea
Ohio: Brown (D-OH), Yea Voinovich (R-OH), Yea
Oklahoma: Coburn (R-OK), Nay Inhofe (R-OK), Nay
Oregon: Merkley (D-OR), Yea Wyden (D-OR), Yea
Pennsylvania: Casey (D-PA), Yea Specter (D-PA), Yea
Rhode Island: Reed (D-RI), Yea Whitehouse (D-RI), Yea
South Carolina: DeMint (R-SC), Nay Graham (R-SC), Nay
South Dakota: Johnson (D-SD), Yea Thune (R-SD), Nay
Tennessee: Alexander (R-TN), Yea Corker (R-TN), Nay
Texas: Cornyn (R-TX), Nay Hutchison (R-TX), Nay
Utah: Bennett (R-UT), Nay Hatch (R-UT), Nay
Vermont: Leahy (D-VT), Yea Sanders (I-VT), Yea
Virginia: Warner (D-VA), Yea Webb (D-VA), Yea
Washington: Cantwell (D-WA), Yea Murray (D-WA), Yea
West Virginia: Manchin (D-WV), Yea Rockefeller (D-WV), Yea
Wisconsin: Feingold (D-WI), Yea Kohl (D-WI), Yea
Wyoming: Barrasso (R-WY), Nay Enzi (R-WY), Yea
Vote Summary By Senator Name By Vote Position By Home State

Source: United States Senate

Don’t miss:

Codex alimentarius is here:

In the US:

Urgent call to action on unconstitutional Senate Bill 510 Food Safety Modernization Act

In the wake of S.510 Fake food safety … it won’t be a matter of what’s for dinner … but will we have dinner?

List of Bribed US Senators To Support Senate Bill S. 510 (‘Food Safety Modernization Act’)

Unconstitutional Senate Bill S. 510 Vote Delayed Until After Thanksgiving

Senate Bill S. 510 Food Safety Modernization Act Vote Imminent: Outlaws Gardening And Saving Seeds

US Senate bill 3767 seeks to put dietary supplement makers in prison for ten years (for telling the truth)

RED ALERT: Dr. Rima E. Laibow On The Food Safety Bill (S 510): This Bill Eliminates All Local Farming, Organic Farmers and Garden Farmers:

“This bill is the triumph of agri-bills”

“It is the industrialization tool for the entire US food supply”

“It brings all of Codex standards and guidelines into implementation”

“This bill means that no farmer can safe seed”

“If it does pass, you and I, our children, our loved ones will suffer and we will die”

In the EU:

Medicinal Herbs Will Disappear in EU, Big Pharma Wins

EU Legislation Puts An End To Herbal Medicine As We Know It

US Senate Approves S. 510 Food Safety Modernization Act, Biggest Food-Safety Overhaul in 70 Years

Nov. 30 (Bloomberg) — The biggest U.S. food-safety overhaul in more than 70 years won Senate passage as lawmakers sought to curb food-borne illnesses that cost the nation an estimated $152 billion a year.

The U.S. Food and Drug Administration would gain more power to police food companies under the bill that passed today in a 73-25 vote. The measure, backed by the food industry, public- health groups and consumer advocates, adds inspections and lets the FDA force recalls, rather than relying on companies to voluntarily remove contaminated foods from store shelves.

The bill had awaited a full Senate vote since winning unanimous approval a year ago by the Health, Education, Labor and Pensions Committee. It was prompted partly by recalls of cookie dough, spinach, jalapenos and salmonella-tainted peanuts that killed at least nine people and sickened more than 700 in 2008 and 2009.

“It’s shocking to think that the last comprehensive overhaul of the food-safety system was in 1938,” Senator Tom Harkin, an Iowa Democrat who heads the health committee, said in debating the legislation this month. “Food safety has too often become a hit-or-miss gamble. That is frightening, and it’s unacceptable.”

Read moreUS Senate Approves S. 510 Food Safety Modernization Act, Biggest Food-Safety Overhaul in 70 Years

EU: Contagion May Force Euro Leaders to Expand Arsenal to Counter Debt Crisis

See also:

Ireland Bailout Fails To Calm Nervy Markets – Prof. Nouriel Roubini Tells Portugal To Seek Bailout, Spain ‘Too Big To Bail Out’


Dec 1 (Bloomberg) — Investors’ no-confidence vote in the aid package for Ireland may force European policy makers to expand their arsenal to fight the debt crisis threatening to tear the euro apart.

Options outlined by economists at Societe Generale SA and Barclays Capital include: Boosting the 750 billion-euro ($975 billion) temporary rescue fund or turning it into an asset- buying program; cutting interest rates on bailout loans; issuing joint bonds for the 16 euro nations or flooding the economy with cash from the European Central Bank.

All would be unprecedented, and none of Europe’s political leaders — dominated by German Chancellor Angela Merkel — has indicated the steps are being considered. Earlier this year, they struggled to cobble together the measures that investors and economists now say are proving inadequate to safeguard the euro and keep speculators at bay.

“You’ve had repeated interventions, but the markets are still selling in response,” said Andrew Balls, London-based head of European portfolio management at Pacific Investment Management Co., which runs the world’s biggest bond fund. “Policy makers have to move beyond a country-by-country approach and think about the system-wide challenges.”

Read moreEU: Contagion May Force Euro Leaders to Expand Arsenal to Counter Debt Crisis

Hungary Nationalizes Private Pension Funds

“It’s unprecedented in Europe that a government is threatening to kick its own citizens out of the state pension system,” Zoltan Torok, a Budapest-based economist at Raiffeisen Bank International AG.

“This is open blackmail,” Julianna Baba, president of the Stabilitas Penztarszovetseg, which groups private pension funds, said in a phone interview today. “It’s a rigged deal.”

George Carlin would say: “They are coming for your f$$$ing retirement money!”

WTF!


Hungary Follows Argentina in Pension-Fund Ultimatum, `Nightmare’ for Some

Hungary is giving its citizens an ultimatum: move your private-pension fund assets to the state or lose your state pension.

Economy Minister Gyorgy Matolcsy announced the policy yesterday, escalating a government drive to bring 3 trillion forint ($14.6 billion) of privately managed pension assets under state control to reduce the budget deficit and public debt. Workers who opt against returning to the state system stand to lose 70 percent of their pension claim.

“This is effectively a nationalization of private pension funds,” David Nemeth, an economist at ING Groep NV in Budapest, said in a phone interview. “It’s the nightmare scenario.”

Hungary is rolling back pension changes implemented more than a decade ago as countries from Poland to Lithuania find themselves squeezed by policies designed to limit long-term liabilities by shifting workers into private funds. Now the cost is swelling debt and deficit levels at a time when the European Union is demanding greater fiscal discipline.

Hungary, the most indebted eastern member of the EU, is following the example of Argentina, which in 2001 confiscated about $3.2 billion of pension savings before the country stopped servicing its debt. The government in Buenos Aires nationalized the $24 billion industry two years ago to compensate for falling tax revenue after a 2005 debt restructuring.

Read moreHungary Nationalizes Private Pension Funds