Argentina seizes pension funds to pay debts. Who's next?

Telegraph ^ | October 21st, 2008 | Ambrose Evans-Pritchard:

[george76]

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.

Should we worry about our pensions?

It is a foretaste of what may happen across the world as governments discover that tax revenue, and discover that the bond markets are unwilling to plug the gap. The G7 states are already acquiring an unhealthy taste for the arbitrary seizure of private property.

My fear is that governments in the US, Britain, and Europe will display similar reflexes. Indeed, they have already done so. The forced-feeding of banks with fresh capital – whether they want it or not – and the seizure of the Fannie/Freddie mortgage giants before they were in fact in trouble (in order to prevent a Chinese buying strike of US bonds and prevent a spike in US mortgage rates), shows that private property can be co-opted – or eliminated – with little due process if that is required to serve the collective welfare. This is a slippery slope.

[444Flyer]

“Could this be where SEIU’s Andy Stern is headed? Bank on it if he is not indicted. He has been backing this marxist robbery plan for a long time and wants to head it up.”

Whoah! That would make sense.

3/23/10

“Unions Want to Take Over Your 401(k)”

http://www.freerepublic.com/focus/f-news/2478122/posts