Free Republic

Debt Crises: What a sorry spectacle to watch Greeks rioting in the streets in reaction to austerity measures. As if tantrums can change reality. It's Exhibit A of how socialism infantilizes citizens. The only cure is free markets. As Greece's legislature heads for a vote Wednesday to cut the size of its government by $40 billion in exchange for the last $17 billion of a $156 billion International Monetary Fund bailout on July 3, the world's television screens are flooded with images of young "indignantes" calling a riotous 48 hour-strike in Athens. Steeped in socialism for decades, these Greeks see...

Pensions: Nearly 30 years ago, on the very day Ronald Reagan was sworn in as U.S. president, Chile became the first nation to privatize its social security system. Three decades hence, it has surpassed all expectations. Decades ago, Chile's then-military dictatorship shuddered at a proposal from then-Labor Minister Jose Pinera to privatize Chile's liability-laden pension system. The military men argued that the public was too ignorant to manage its own affairs and only government's firm hand could be trusted to provide. Pinera explained that the pension liabilities the government then couldn't pay were not only perfectly payable, but could be...