Big Heist in Argentina

[soulskier]

Well said Igor!

 

[Stanexpat]

I believe, people still own their retirement funds, so where is the seizure? Social Security Administration in the States is a US government agency. Does it steal pension money from poor Americans?

These funds are people's personal private accounts, this is a forced take-over by the government(you don't get a choice). What they will get in exchange are government bonds that will probably end up being worth only a fraction of what they had before the takeover(most of their savings will disappear).

Social Security is a government run program which is completely separate from any private retirement savings an individual has in the U.S.

If you get cable or satelite tv there check-out Bloomberg news today. The situation in Argentina is being heavily reported today.

What this all means is that the end is probably coming soon for the government there. This is a last ditch attempt to avoid an economic implosion.

Argentina: Sinking: Financial News - Yahoo! Finance

 

[citygirl]

Social Security & private pension funds are apples and oranges. This is a major issue & yes, I would say Stan is right in that this is pretty severe swing & probably will scare quite a few investors away...

PS - My understanding is that this is not a case of the gov't moving to stablize an unsteady system as the US gov't did with the banks.

 

[RWS]

As a lawyer (but an American one, not Argentine), I'd agree with Stan and City that, at least in accordance with principles of Anglo-American law, this take-over is a deprivation of vested, intangible property rights. Workers were allowed some freedom of investment, and that freedom has now been eliminated, the essential character of the investment has been changed.

 

[tangobob]

Some realism is needed here. In Great? Britain pension schemes have been destroyed, in the name of free enterprise.
Most final salary schemes are now closed, and the the UK government steals billions each year from those that are left.
I think you will find that as most schemes ( US and UK ) hold their savings in equities, and that the collapse of stock prices will mean all of us (who are still investing in pension schemes) are going to be worse off.

 

[Napoleon]

Again:

Is this subject to a vote in El Congreso?

 

[perry]

Some realism is needed here. In Great? Britain pension schemes have been destroyed, in the name of free enterprise.
Most final salary schemes are now closed, and the the UK government steals billions each year from those that are left.
I think you will find that as most schemes ( US and UK ) hold their savings in equities, and that the collapse of stock prices will mean all of us (who are still investing in pension schemes) are going to be worse off.

Very well said Tangobob and I for the life cannot understand the hysteria of some on this forum . I for one fully support the decisions of Christina Fernandez Kirchner

Privatising the Pension Funds 14 years ago has been a failed experiment in Argentina and the government has choosen to act to rescue workers and pènsioners . Many people living in the USA and Europe will wake up soon and find that all their pension funds are finished.

How come there was not such an outcry when the USA and European government have pledged trillions of dollars to rescue banks and corrupt businesses . What has happened on Wall Street is a absolute disgrace and many here have not condemmend their ruthless behaviour.

 

[Stanexpat]

Again:

Is this subject to a vote in El Congreso?

Yes, and there are going to be a lot of angry savers. Hopefully, they will pressure their representatives the Congress will show some back-bone like they finally did in the farmers strike, but I wouldn't count on it. They should start thinking about the election to be held next year.

If it doesn't pass and another scheme can't be devised the end for the K's may be very near unless drastic steps are taken.

 

[perry]

Quote:
Originally Posted by tangobob
Some realism is needed here. In Great? Britain pension schemes have been destroyed, in the name of free enterprise.
Most final salary schemes are now closed, and the the UK government steals billions each year from those that are left.
I think you will find that as most schemes ( US and UK ) hold their savings in equities, and that the collapse of stock prices will mean all of us (who are still investing in pension schemes) are going to be worse off.

Very well said Tangobob and I for the life cannot understand the hysteria of some on this forum . I for one fully support the decisions of Christina Fernandez Kirchner

Privatising the Pension Funds 14 years ago has been a failed experiment in Argentina and the government has choosen to act to rescue workers and pènsioners . Many people living in the USA and Europe will wake up soon and find that all their pension funds are finished.

How come there was not such an outcry when the USA and European government have pledged trillions of dollars to rescue banks and corrupt businesses . What has happened on Wall Street is a absolute disgrace and many here have not condemmend their ruthless behaviour.

 

[criswkh]

Being a land owner in the US, some places have started taking water rights from owners. Which means the government comes on your property and drills for water. In my opinion any countries government if given an opportunity can take away privatize property rights. All it takes is a major crisis to happen.