Friday, January 7, 2011

Are We Six Months Behind Europe? A Year?

Because you may want to start emptying out your 401k and stuffing your mattress.  The "European nations begin seizing private pensions"  (h/t to Junior Deputy Accountant).
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.
And I'll mercilessly rip off JDA for the QoTD:
Good thing we live in America where our government doesn't do things like that. Instead, they keep interest rates artificially low so the bankers can eat gold-plated turkey sandwiches while Grandma is eating Alpo. God bless America!!
Remember, this is going on all over the world.  It has happened in Argentina already.  If we're six months to a year behind Europe, that's how long you have to empty out your 401k and put it someplace where the grabbers can't get it.

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