Argentina grabs private pension funds (Is this the future of America if we run out of cash?)

American Thinker ^ | 04/14/2010 | Thomas Lifson

[SeekAndFind]

April 14, 2010

Argentina grabs private pension funds

Thomas Lifson

In a move sure to be observed by other cash-pressed governments, Argentina has seized control of privately-managed pension funds. Ambrose Evans-Pritchard writes in the UK Telegraph:

Here is a warning to us all. The Argentine state is taking control of the country's privately-managed pension funds in a drastic move to raise cash. [...]

Here is a link from La Nacion and another from El Pais for Spanish speakers....

... over $29bn of Argentine civic savings are to be used as a funding kitty for the populist antics of President Cristina Kirchner. This has been dressed up as an anti-corruption and efficiency move. Aren't they always?

Americans are already being softened up for a Value Added Tax, being told it is "inevitable." The fact is that America's federal government has expanded its take from the rest of the economy, and will soon be grabbing more of its citizens' wealth. Is a grab of pension funds inconceivable here? Or is that part of the change that Obama promised?

Hat tip: Bryan Demko

[Sacajaweau]

When Obama takes over the banks...

They already are into your kid's pockets via student loans...

[mainsail that]

But they will pay you back. Honest. Maybe. In pesos.

[TribalPrincess2U]

I’m pretty sure they already take the money we pay in for Social Security and use it elsewhere. Isn’t that about the same?

[mlocher]

You are correct. The best way to not be beholden to them is to pay cash for your education.

Taking retirement funds is outrageous. Of course, it hits the middle class the hardest since these are the folks who have saved their whole lives for their "golden years." If this happens, "golden years" will be "gold plated rust ball years."

[Lurker]

Can you ping Feral to this one?

[pallis]

This is a certainty for America if we fool around and leave Democrats in charge after 2010 and 2012. Our socialists are no smarter or ethical than socialist thugs elsewhere.

[NativeNewYorker]

There are already plans drafted to tax/fee high-end IRAs and pensions, as that kind of money pile is UNFAIR if in private hands.

[cowtowney]

old news

[sport]

Not if,but, when. It won’t be long.

[Mr. K]

hell yes!

This will not be the FIRST time someone has mentioned doing something with your 401K

You KNOW they are eyeing it.

Never let the government ‘hold’ your money. These idiotic ‘health savings accounts’ are the same stupidity. Set a pile of money aside, that you cant use for anything, and if you get sick, we will let you spend it. If you dont get sick we will keep it....and we’ll set up a big bureaucracy to manage the program too....

Who the hell thinks THAT is a great idea?

[SeekAndFind]

I’m pretty sure they already take the money we pay in for Social Security and use it elsewhere. Isn’t that about the same?

What about the lock box they've been talking about ?

[Professional Engineer]

Ping

[C19fan]

This was posted yesterday and someone noticed the article was dated November 2008.

[HangnJudge]

One alternative maneuver is to
discontinue the laws supporting
the Tax Deferred status of these funds,

treating them as current income
and hence taxed at current rates.

Watch for this maneuver if the
marginal rate for income taxes
is cranked up to >50% to
capture the sudden “windfall” profits

[SeekAndFind]

Which article? If you clicked on the link I provided from the American Thinker, it is dated April 14,2010.

See here :

http://www.americanthinker.com/blog/2010/04/argentina_grabs_private_pensio.html

[C19fan]

If you click the link to the Telegraph article it was dated Nov. 2009.

[Bloody Sam Roberts]

Be prepared. It IS coming.

Read, understand, remember, act.

Surviving in Argentina

[brownsfan]

It’s our future, and I’d say near term.
They won’t wait until they run out of cash.

[Bitsy]

Isn't that really what the greedy little snakes have done with social security already? Time we got every last slimeball socialist/elitists out of our government and our White House.