[freeangel]

Ssssshhh—don’t give the obamathief any ideas

[FlingWingFlyer]

Coming soon to America! Socialism can’t survive without the government stealing other people’s money.

[LibFreeOrDie]

Private retirement acounts, piggy banks, money the tooth fairy gave your kid... It will never be enough for government.

[MichaelP]

Look out, it's coming our way, courtesy Obambi and the Rats!

They'll probably com after our 401Ks after that...

Mike

[FormerACLUmember]

Argentina did this recently and US Marxists, oops I meant democrat party “progessives,” have been threatening this for the last few years.

[UnbelievingScumOnTheOtherSide]

Seizing pension funds in Hungary or America just pushes the day of reckoning a few years down the road. In three to five years at the most, the seized capital is liquidated, the debt is worse and the governments won’t even be close to able to make the promised payouts in real value terms. In fact, they will have all long since defaulted and the currencies become worthless, even if the governments somehow survive. Fascism is the almost inevitable temporary fix.

[ClearCase_guy]

“I have seen the future — and it is Hungarian.” — apologies to Lincoln Steffens.

[Zakeet]

Never fear.

Most U.S. pension funds are heavily invested in Treasuries, state bonds and "blue chip" stocks like GM and Citibank.

All of that will become as worthless as Social Security by the time the Wee Wee and the Rats have worked their magic.

[taxtruth]

Americans are next.

[Lazamataz]

There appears to be a worldwide transfer of wealth from individuals to governments.

It's global.

[wac3rd]

We already paid.

[LostInBayport]

The government plan, while not nationalizing private pension funds outright as Argentina did in 2008, is expected to make it very difficult for the 18 funds offering pension services in Hungary to keep operating. Matolcsy said severe cuts will also be made in how much private funds can charge for fees and operating expenses.

Sounds like they were inspired by Obamacare...forcing everyone onto the public plan by forcing providers out of business and punishing those who resist.

I often wish that there is a very special back alley of Hell for the people who devise and implement these evil schemes.

[YankeeReb]

I know this is being floated in Washington. They’ll do to our IRAs and 401Ks what they did to Social Security.

[yefragetuwrabrumuy]

Note to all: Hungary is politically dominated by a political supermajority of the national *conservative* people’s party. The socialists have far less seats in their parliament.

So this looks to me as a situation of “conservatives” trying to preserve a socialist system that has failed, by looting private systems that are succeeding.

Sound familiar?

[seowulf]

Those people remaining in private schemes will become ineligible for public pensions -- a move that would effectively cost them 70 percent of their retirement payouts.

Even if it does cost them 70 percent they will probably come out ahead if they keep their private funds private.

That 70 percent will be inflated away to nothing by the time they collect it.