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Argentina grabs private pension funds (Is this the future of America if we run out of cash?)
American Thinker ^ | 04/14/2010 | Thomas Lifson

Posted on 04/14/2010 8:50:15 AM PDT by SeekAndFind

April 14, 2010

Argentina grabs private pension funds

Thomas Lifson

In a move sure to be observed by other cash-pressed governments, Argentina has seized control of privately-managed pension funds. Ambrose Evans-Pritchard writes in the UK Telegraph:

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. [...]

Here is a link from La Nacion and another from El Pais for Spanish speakers....

... over $29bn of Argentine civic savings are to be used as a funding kitty for the populist antics of President Cristina Kirchner. This has been dressed up as an anti-corruption and efficiency move. Aren't they always?

Americans are already being softened up for a Value Added Tax, being told it is "inevitable." The fact is that America's federal government has expanded its take from the rest of the economy, and will soon be grabbing more of its citizens' wealth. Is a grab of pension funds inconceivable here? Or is that part of the change that Obama promised?

Hat tip: Bryan Demko


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; News/Current Events
KEYWORDS: argentina; pensionfunds

1 posted on 04/14/2010 8:50:15 AM PDT by SeekAndFind
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To: SeekAndFind
When Obama takes over the banks...

They already are into your kid's pockets via student loans...

2 posted on 04/14/2010 8:53:41 AM PDT by Sacajaweau (What)
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To: SeekAndFind

But they will pay you back. Honest. Maybe. In pesos.


3 posted on 04/14/2010 8:54:25 AM PDT by mainsail that
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To: SeekAndFind

I’m pretty sure they already take the money we pay in for Social Security and use it elsewhere. Isn’t that about the same?


4 posted on 04/14/2010 8:54:55 AM PDT by TribalPrincess2U (demonicRATS... taxes, pain and slow death. Is this what you want?)
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To: Sacajaweau
You are correct. The best way to not be beholden to them is to pay cash for your education.

Taking retirement funds is outrageous. Of course, it hits the middle class the hardest since these are the folks who have saved their whole lives for their "golden years." If this happens, "golden years" will be "gold plated rust ball years."

5 posted on 04/14/2010 8:56:29 AM PDT by mlocher (USA is a sovereign nation)
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To: Travis McGee

Can you ping Feral to this one?


6 posted on 04/14/2010 8:58:06 AM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: SeekAndFind

This is a certainty for America if we fool around and leave Democrats in charge after 2010 and 2012. Our socialists are no smarter or ethical than socialist thugs elsewhere.


7 posted on 04/14/2010 8:58:43 AM PDT by pallis
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To: SeekAndFind

There are already plans drafted to tax/fee high-end IRAs and pensions, as that kind of money pile is UNFAIR if in private hands.


8 posted on 04/14/2010 8:59:16 AM PDT by NativeNewYorker (Freepin' Jew Boy)
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To: SeekAndFind

old news


9 posted on 04/14/2010 8:59:20 AM PDT by cowtowney
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To: SeekAndFind

Not if,but, when. It won’t be long.


10 posted on 04/14/2010 9:00:23 AM PDT by sport
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To: SeekAndFind

hell yes!

This will not be the FIRST time someone has mentioned doing something with your 401K

You KNOW they are eyeing it.

Never let the government ‘hold’ your money. These idiotic ‘health savings accounts’ are the same stupidity. Set a pile of money aside, that you cant use for anything, and if you get sick, we will let you spend it. If you dont get sick we will keep it....and we’ll set up a big bureaucracy to manage the program too....

Who the hell thinks THAT is a great idea?


11 posted on 04/14/2010 9:00:26 AM PDT by Mr. K (This administration IS WEARING OUT MY CAPSLOCK KEY!)
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To: TribalPrincess2U
I’m pretty sure they already take the money we pay in for Social Security and use it elsewhere. Isn’t that about the same?

What about the lock box they've been talking about ?
12 posted on 04/14/2010 9:01:22 AM PDT by SeekAndFind
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To: Peanut Gallery

Ping


13 posted on 04/14/2010 9:01:57 AM PDT by Professional Engineer (Conservative States of America has a nice ring to it.)
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To: SeekAndFind

This was posted yesterday and someone noticed the article was dated November 2008.


14 posted on 04/14/2010 9:03:49 AM PDT by C19fan
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To: SeekAndFind
One alternative maneuver is to
discontinue the laws supporting
the Tax Deferred status of these funds,

treating them as current income
and hence taxed at current rates.

Watch for this maneuver if the
marginal rate for income taxes
is cranked up to >50% to
capture the sudden “windfall” profits

15 posted on 04/14/2010 9:08:36 AM PDT by HangnJudge
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To: C19fan

Which article? If you clicked on the link I provided from the American Thinker, it is dated April 14,2010.

See here :

http://www.americanthinker.com/blog/2010/04/argentina_grabs_private_pensio.html


16 posted on 04/14/2010 9:08:43 AM PDT by SeekAndFind
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To: SeekAndFind

If you click the link to the Telegraph article it was dated Nov. 2009.


17 posted on 04/14/2010 9:09:25 AM PDT by C19fan
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To: SeekAndFind
Be prepared. It IS coming.

Read, understand, remember, act.

Surviving in Argentina

18 posted on 04/14/2010 9:14:53 AM PDT by Bloody Sam Roberts (An armed man is a citizen. An unarmed man is a subject.)
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To: SeekAndFind

It’s our future, and I’d say near term.
They won’t wait until they run out of cash.


19 posted on 04/14/2010 9:16:47 AM PDT by brownsfan (The average American: Uninformed, and unconcerned.)
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To: SeekAndFind
Isn't that really what the greedy little snakes have done with social security already? Time we got every last slimeball socialist/elitists out of our government and our White House.
20 posted on 04/14/2010 9:18:25 AM PDT by Bitsy
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To: pallis

“This is a certainty for America if we fool around and leave Democrats in charge after 2010 and 2012. Our socialists are no smarter or ethical than socialist thugs elsewhere.”

It’s going to take more than that. The Republican whores we have in office now would do the same thing, for the most part. We need to get conservatives through the primaries, and into office.


21 posted on 04/14/2010 9:19:21 AM PDT by brownsfan (The average American: Uninformed, and unconcerned.)
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To: brownsfan

“It’s going to take more than that. The Republican whores we have in office now would do the same thing, for the most part. We need to get conservatives through the primaries, and into office.”

True, keeping with the reality that we have a two party system, and trying to punish Republicans with third party candidates will only keep the Democrats in power. The 2010 and 2012 elections aren’t just battles, they are going to decide the war. Of course we want conservative candidates in the Republican Party, but as it stands, even the Republican “whores” are better than the radical, Democratic Party, ...most times. Beat the whores in the primaries, like you said, but beating Democrat control is essential.


22 posted on 04/14/2010 9:44:05 AM PDT by pallis
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To: NativeNewYorker

I’m invested in tax-free munis. My trigger point at which I flee to parts known only to me and renounce my citizenship will be when the Congress begins debate on taxing heretofore tax free financial instruments. At that point there won’t much left to be loyal to.


23 posted on 04/14/2010 9:46:08 AM PDT by Neville72 (uist)
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To: Lurker; FerFAL308

Argentina Ping


24 posted on 04/14/2010 9:46:11 AM PDT by Travis McGee (---www.EnemiesForeignAndDomestic.com---)
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To: pallis

Agreed.


25 posted on 04/14/2010 9:52:30 AM PDT by brownsfan (The average American: Uninformed, and unconcerned.)
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To: Neville72

Uh, that’s already started. The “Build America” Bonds are designed to end tax-free muni issuance.


26 posted on 04/14/2010 9:58:21 AM PDT by NativeNewYorker (Freepin' Jew Boy)
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To: SeekAndFind
I'm delighted about the VAT. My liberal co-workers scoff when I tell them that Obama's health care will result in higher and more taxes for all of us, for they truly believe, "Oh no, the RICH will pay. Obama will make the RICH pay."

When that VAT hits the liquor aisle, Obama voters will be the first ones freaking out. Just wait. Nothing like the ability to say "I told you so" within six months of the initial warning.

27 posted on 04/14/2010 10:11:31 AM PDT by A_perfect_lady (If one racist Tea-Partier proves all conservatives hate, what do 500 Muslim suicide bombers prove?)
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To: SeekAndFind

back in the late 80’s someone with Jesse Jackson’s RainbowPUSH outfit added up all the cash that was sitting out there in people’s 401K accounts and they all started to salivate. Ever since then the idea of expropriating it for investment in “public goods” has been percolating through the Democrat Party.

Another idea they are trying out in Argentina is allowing the laid-off workers from closed factories to come back in as squatters and just expropriate the place away from it’s former owners. Then they put it back into production as a “workers cooperative”. Coming soon to a rust belt city near you....


28 posted on 04/14/2010 11:16:56 AM PDT by Buckeye McFrog
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To: A_perfect_lady

Oh please do and if you ever need some ideas of what things cost in VAT countries...look at my posts in VAT threads or message me and I can give you some prices of routine everyday things that should scare the pants off of them.


29 posted on 04/15/2010 2:08:23 AM PDT by riri
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