Argentina grabs private pension funds (Is this the future of America if we run out of cash?)

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

“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.

“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.

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.

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.

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....

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.

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