I have been warning about this for years, yet I usually get nothing but blank stares in response - the exact same blank stares I got back when I said ObamaCare was most likely going to pass.
So how's that working out for Argentineans? Back in 2008, Argentina decided that it really didn't want to let the financial crisis go to waste. So the wealth redistributionists thought that this would be a great time to seize all private pension funds! Remember that? The government nationalized $30 billion worth of assets under the guise of "protecting" the people from the perils of a volatile capitalists system.
Less than two years later, what is the government doing with that private money that it has now seized? It is using those nationalized pension funds to finance its current spending. How do you like that? From what we can put together from the Spanish reports in La NaciÃ³n, the government is funding its overhead costs with billions from the guarantee fund for the nationalized pension system. So the government seizes these private pension funds and then "borrows" the money to cover its overhead costs, promising people that there funds will be there when they are ready to retire. Meanwhile, Argentina keeps spending and debt continues to rise. Sounds like a Ponzi scheme to me!
You do know, don't you, that at this very moment the Obama administration is conducting studies on the possibility of seizing or gaining control over your pension plans ... much like they did in Argentina. Just something to keep on your radar screen.
As I have been saying for eighteen months, we are under a rapidly-advancing communist coup, and the communists are serious.