-
Even the Europeans Rethink the Welfare State
April 21, 2013 | 4 comments
-
ObamaCare for Everyone Except Obama’s Appointees
March 8, 2013 | 3 comments
-
The Sensitive Saudis: They Want Democracy for Everyone Else
March 5, 2013 | 3 comments
-
Remember, There Is No Spending Problem!
February 26, 2013 | 1 comment
-
Another Useful Reminder that Communism was Loathsome
February 24, 2013 | 16 comments
The Spectacle Blog
I want to believe that it can’t happen here. But … I’m starting to wonder. Argentina pioneered the large-scale theft of private pension assets for political purposes. Now it is happening all over Europe. Jan Iwanik of the Adam Smith Institute writes:
People’s retirement savings are a convenient source of revenue for governments that don’t want to reduce spending or make privatizations. As most pension schemes in Europe are organised by the state, European ministers of finance have a facilitated access to the savings accumulated there, and it is only logical that they try to get a hold of this money for their own ends. In recent weeks I have noted five such attempts: Three situations concern private personal savings; two others refer to national funds.
The most striking example is Hungary, where last month the government made the citizens an offer they could not refuse. They could either remit their individual retirement savings to the state, or lose the right to the basic state pension (but still have an obligation to pay contributions for it). In this extortionate way, the government wants to gain control over $14bn of individual retirement savings.
With Uncle Sam’s finances deeply in the red, and growing worse every day, one can imagine an eventual congressional attempt to grab private financial assets in one form or another. Hopefully not, but eternal vigilance surely is called for!
View all comments (19) | Leave a comment
More Blog Posts by Doug Bandow
http://spectator.org/blog/2011/01/04/stealing-peoples-pensions
Follow us:
ADVERTISEMENT
SPONSORED LINKS
FLASHBACK TO: 1995
-
Pope Culture
A man of faith in a godless age is hitting Americans where it hurts.
-
Why the GOP Does Not, Like, Totally Suck
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
-
Dames at Sea
-
In the Absence of Guns
In Britain, defending your property can get you life.
-
The Metaphysical Martini
-
Counting the Costs of Clintonism
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
-
Chuck McHagel
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
-
The Legacy of Old John and Mother Fresh-Roasted
-
It’s the Best Time of the Year
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
-
The Bush Crack-Up
Was the President done in by the economy, or by the politics of the economy?
Clip of the Day
ADVERTISEMENT
gracejhenry| 1.4.11 @ 4:32AM
Interesting article! Best place to find coupons during holidays for free is "Printapons" I would recommend them
Have you considered| 1.4.11 @ 8:18AM
I think I read an article recently that this is already underway here in the US. Guaranteed Annuities or some such, where you fork over your 401k to the feds for a guaranteed payment for as long as you live. Soothes out the volatility of the market dontchaknow.
Curly Smith| 1.4.11 @ 8:47AM
Q: Why did Congress rob the IRAs?
A: Because that's where the money is.
I can envision a Death Tax measure where estates are required to reimburse the Government for Medicare and Social Security benefits in excess of what the recipient contributed. It would pass with broad bipartisan support to "save Social Security and Medicare" and the public would understand the necessity of the new Ponzi scheme. Of course Congress would just steal the money like they always do but the can would be kicked a decade down the road.
David W| 1.4.11 @ 8:50AM
I made the comment recently that had the democrats maintained control of the House that there would have been an attempt during the next two years to allow the government to somehow gain access to the 401k and Roth/conventional IRAs. I would not be surprised that for those retirement funds that had pre-tax advantages that these democratic thiefs would have required a surcharge of some kind to allow us to "share the wealth" with those who are saving anything towards retirement
I was also thinking if that were to happen what would/should be the response of us citizens. I don't think using the ballot box to vote them out would be sufficient (if they ignore the will of the people, the courts, and even Congress what other answer is there??).
John W.| 1.4.11 @ 12:40PM
Rope. Tree. Bureaucrat/Politician.
Some assembly required.
james wilson| 1.4.11 @ 1:12PM
I, fortunately, with much foresight, am penniless and have no pension to rob. But I will act as if I do no less.
POed Lib| 1.4.11 @ 2:23PM
Does the author imply that this has not already happened? Dear Leader George W. Bush stole billions from the SS trust fund, and left a bunch of worthless paper "I owe you" notes in return. This is the kind of moronic stupidity conservatives are so good at. They ignore clear examples of their own criminality, in return for pointing out modest misdemeanors which others perpetrate.
SPINNY| 1.4.11 @ 2:52PM
You observation, while true, is in no way an argument. Most Conservatives (if not all) were absolutely appaulled by GWB's economic policies. But your snarky partisan remark overlooks the fact that Pres. Bush did, in fact, attempt to initiate some degree of Social Security reform. Not surprisingly, his attempt was summarily defeated by the DEMOCRATS in Congress. Let's not forget that shall we? In any event, even if Bush could be rightfully criticized for his profligate spending policies in general, how could one possibly use this as an argument in favor of the wide-scale coercion and kleptocracy of the Obama Administration? If you disapprove of what Mr. Bush did (and you obviously do) how can you in any way favor the policies of Mr. Obama? Why not show some intellectual consistency by also standing against the worst "Statist" inclinations of the current Administration. Perhaps it's because you are nothing more than a bitter leftist hack?
POed Lib| 1.4.11 @ 3:02PM
You mean that, since Bush did not complete the destruction of SS, he is somehow NOT a thief of historic proportions, a fascist to rival Franco, and a moron beloved by other feeble minded morons? I certainly do not imply that.
Bush, single-handedly, increased teh debt from 5 trillion to 11 trillion. One moron who did this, all by himself.
SPINNY| 1.4.11 @ 4:25PM
Well, just as I suspected. Your remarks are not only snarky but but histrionic in the extreme. Whatever my opinion of President Bush (or President Obama for that matter), likening him to a Fascist is evidence of a bitterness on your part that makes rational dialogue virtually impossible. I'll just conclude by urging you to take a deep breath and consider what real Fascism has wrought. Throwing around that word as cheaply as you do is a deeply wounding insult to the people who have had to actually live (and die) under such regimes. You should be ashamed of yourself. You need help. Now why don't you bugger off to the Daily Kos or the Huffington Post where you can luxuriate in your own misguided self-rightousness and faux outrage YOU PHONY!
JinEugene| 1.4.11 @ 9:01PM
I don't know where you get the idea that either President Bush had anything to do with "stealing billions from the SS trust fund". It was Roosevelt who originally set up Social Security on a "pay-as-you-go" basis, also known as a "Ponzi scheme". During the 80's, the taxes were raised beyond the level needed to cover current payments, build up a surplus. The surplus was promptly "borrowed", by the US government. There isn't anything left to steal, and there hasn't been for decades.
PattyMor| 1.4.11 @ 3:42PM
Well, Tom Harkin has introduced legislation to steal IRA's & 401K's (I'm not sure about the private pensions). Dont't think for a minute if the Dems still had the power, they would pass the 'law". We have already started reducing our plans. I no longer trust the government.
danny| 1.4.11 @ 4:31PM
confiscated or inflated away either way gone is gone. can you say gold?
e cowan| 1.4.11 @ 8:40PM
I remember hearing a lady calling the Rush Limbaugh program, a few months ago, and talking about the Fed's threat to take over about half of people's 401K money. I can't recall the details but I hope someone does have some information about this. It sounds like stealing private pensions is already being considered for the USA
MarkJ| 1.5.11 @ 10:04AM
Politicians trying to steal people's pensions in a country with a Second Amendment?
Not smart.
Maui| 1.5.11 @ 8:16PM
Remember the panic when the markets crashed? Remember how people reacted when they lost 30-40% of the 401k/IRA value? Now, consider how people would react if the value dropped by 50-60%. They would be easily convinced to participate in the following scam. In September, communist Theresa Ghilarducci had meetings at the Dept. of Labor regarding the conversion of IRAs to "defined benefit plans" - ie Social Security Part 2. People would tell themselves "at least I will get something". They are already having trouble peddling US debt. You don't think the Democrats are eyeing the $4T in IRA accounts and slobbering? It would give them more control over the people, it would make everyone equally poor, and it would keep the Ponzi scheme running a bit longer. I told myself when this started in Europe, I was cashing out the 401k before laws were enacted to prevent it. Time is growing short. Look up "Corralito Argentina".
jontie| 2.1.11 @ 7:41PM
'the large-scale theft of private pension assets for political purposes is happening all over Europe'.
Right. Where did you get this? I'd be interested because as a European, I haven't noticed that my private pension is being stolen, yet in America you already know about this. You guys are really way too smart. Here in sleepy Europe we've got to wake up and smell the coffee.