Argentina trying to seize pension assets

Argentina wants to seize private pension assets to prop up their disastrous government finances, which have been devastated by socialist policies. Just what you need to solve the problems of a socialist economy - more socialism.

http://online.wsj.com/article/SB122567336191591913.html

Mrs. Kirchner defended her decision to seize the pension assets by asserting that the market is too risky for retirement savings, and that the returns earned by private-sector fund managers are not adequate. That's quite a claim considering that the average annual return of Argentina's private-sector pension managers over the past 14 years is 13.9%. But it is even more absurd if one compares the private-sector returns to those of the government's pay-as-you-go social security system over four decades.

If we're not careful, that could happen here.