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Argentina seizes pension funds to pay debts. Who’s next?
Asheron
Posts: 1,229 Forumite
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.
It is a foretaste of what may happen across the world as governments discover that tax revenue, and discover that the bond markets are unwilling to plug the gap.
The G7 states are already acquiring an unhealthy taste for the arbitrary seizure of private property, I notice.
Here is a link from La Nacion and another from El Pais for Spanish speakers:
So, 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?
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/5504137/Argentina_seizes_pension_funds_to_pay_debts_Whos_next/
The Argentine state is taking control of the country’s privately-managed pension funds in a drastic move to raise cash.
It is a foretaste of what may happen across the world as governments discover that tax revenue, and discover that the bond markets are unwilling to plug the gap.
The G7 states are already acquiring an unhealthy taste for the arbitrary seizure of private property, I notice.
Here is a link from La Nacion and another from El Pais for Spanish speakers:
So, 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?
http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/5504137/Argentina_seizes_pension_funds_to_pay_debts_Whos_next/
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Comments
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no tienes ni puta idea tio0
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Bullion gold, vaulted in Switzerland, is the back stop position.
Quite likely, IMHO, that HMG will seize private assets from citizens in return for a Perpetual paying a 2% coupon or there about.
"Unfortunately, peoples savings and pension funds are the easiest thing for the State to purloin when it needs additional funds."0 -
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amcluesent wrote: »Bullion gold, vaulted in Switzerland, is the back stop position.
Quite likely, IMHO, that HMG will seize private assets from citizens in return for a Perpetual paying a 2% coupon or there about.
"Unfortunately, peoples savings and pension funds are the easiest thing for the State to purloin when it needs additional funds."
Hehe what do you think Brown would call it?
'2% Equality Stock'? '2% Fairness Loan'?“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
Is this old news ?0
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The simplest thing for the UK Government to do would be to change the risk rules on pensions to force more assets into Gilts. I have maintained for several years that this will happen and nothing in recent events has changed my mind.
Already your annuity must be invested (effectively) in Gilts.0 -
The simplest thing for the UK Government to do would be to change the risk rules on pensions to force more assets into Gilts. I have maintained for several years that this will happen and nothing in recent events has changed my mind.
Already your annuity must be invested (effectively) in Gilts.
Only when you reach 75, and I believe that even this restriction will be rescinded in time. The UK is moving more towards de-regulation in private pensions than towards stricter regulations, so I'm not sure where all this fear is coming from?
If people are really concerned they can always use ISAs or buy a few Gold Sovs each month."I can hear you whisperin', children, so I know you're down there. I can feel myself gettin' awful mad. I'm out of patience, children. I'm coming to find you now." - Harry Powell, Night of the Hunter, 1955.0 -
A friend of mine told me she remembers when the police came into their house, broke open their safe, and confiscated the money within, in another government money grab.
So it's hardly something new there, this sounds rather pleasant in comparison.0 -
Sounds like we should all be getting into BTL instead eh? (and gold of course)
(Oh, and not all of us.... we need somebody to actually pay rent)
<runs for cover0
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