“This whole issue is moving forward very quickly,” warns Crone. “Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account.”
If employers had to enroll all employees in a pension plan, it would come off the top of employees salaries and further depress disposable incomes so much so that many would quit work and go on welfare.
As for forcing individuals with retirement accounts to buy gov treasuries or gov accounts, I think that scenario is still unlikely. This would cause panic withdrawals and would precipitate a financial collapse. Argentina nationalized retirement accounts and their market lost 40%. Argentina is a relatively small economy, so the world markets would not notice. But if this happened in the US, I don’t think there could be any question of a collapse.
Argentina nationalized retirement accounts and their market lost 40%. “””
Argentina told it’s citizens that the country was bankrupt and that ‘everyone’ had to help the country.
Of course, ‘everyone’ did NOT include UNION pensions or PUBLIC EMPLOYEES pensions. Only private companies & private citizens’ money.
Now, less than 3 years later, after that confiscation, Argentina is very close to bankruptcy again.