Greybeard at Pitchpull wrote about the state of his retirement and his various accounts.

He referenced Argentina’s history with its pension funds.

Back in 2008, the Argentine state took control of the country’s privately-managed pension funds in a drastic move to raise cash. Ambrose Evans-Pritchard in Telegraph.co.UK wrote:

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. I hope Paulson, Darling, and Lagarde tread with great care. I do not expect Steinbruck to tread with any care.

What do you think? Are our private funds next in line for theft?

BZ