“Sovereigns may save themselves at the expense of citizens. Poland has withdrawn $37 billion in government holdings from national pension funds to pay down sovereign debt. Its markets dropped 4.8% the day the news hit. Given relative GDP size, a similar take here would be north of $1 trillion and laws have been prepared to bail-in major banks. Many cities already are bankrupt and pension funds are at risk as pensioneers and bond holders battle over the remains. Those who buy the official narrative are riding in a ticker-tape parade on which Central Banks are showering confetti. When the dreamers awake, they will be looking at a demonic jack-o-lantern.”

http://seekingalpha.com/article/1679952-rebalance-to-buffer-crises

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