The Adam Smith Institute Blog
European nations begin seizing private pensions
Hungary, Poland, and three other nations take over citizens’ pension money to make up government budget shortfalls.
By Jan Iwanik, Guest blogger / January 2, 2011
People’s retirement savings are a convenient source of revenue for governments that don’t want to reduce spending or make privatizations. As most pension schemes in Europe are organised by the state, European ministers of finance have a facilitated access to the savings accumulated there, and it is only logical that they try to get a hold of this money for their own ends. In recent weeks I have noted five such attempts: Three situations concern private personal savings; two others refer to national funds.
There’s a huge difference. The Europeans are weenies, and they aren’t armed. Our forefathers knew what they (the forefathers) were doing with the Second Amendment.
What's worth noting is that I believe "private pensions" are not the norm in most socialist countries. I don't think most people in those places have anything equivalent to a U.S. 401(k) plan.