Argentina’s government is going to steal the money from the very people who worked hard, lived frugally and saved money for retirement.
This is what treacherous, incompetent governments do…they use crisis like a financial collapse as a smokescreen for stealing more money from hard working, responsible citizens.
In the USA, Americans who worked hard, lived frugally, saved money and made wise investments, are being forced to bailout banks that made bad investment decisions. The people who lost billions are being rewarded with millions of dollars in bonuses and 9-digit salaries and a bailout of their companies at taxpayer expense. They will not lose their jobs either. Only in America….
The US government bought stakes in banks at our expense, when these socialist reforms by the Bush administration do not work we will have to bail out the government again. Imagine that – 8 years of a Republican President… Bush and we end up with Socialism in America.
In Argentina – the government decided they are nationalizing private retirement accounts of individuals to bail out the government because it is unable to pay it’s bills.
Can this happen in the US or Europe? If it does…Please cry for me Argentina…..
Argentine President Cristina Kirchner announced this week that her government intends to nationalize the country’s private pension system. If Congress approves this property grab, $30 billion in individually held retirement accounts — think 401(k)s — managed by private pension funds will become government property.
That the state could seize retirement savings no doubt seems outrageous to Americans. But it is a predictable development in a country where government intervention in the financial system is the norm. With Washington now expanding its role as guarantor in American banking, that’s something to think about.