Cashing in the retirement piggy bank

Posted on December 3, 2011 by

From Zero Hedge:

About a year ago, we discussed the very troubling moves by insolvent countries such as Ireland and Hungary to “raid” their pensions funds for various fungible purposes.. Today we add Portugal to the list of countries committing an MF Global type crime on a global scale: the Telegraph writes: “Portugal has raided €5.6bn (£4.8bn) of pension fund assets in a controversial scramble to meet its deficit targets.”

Yesterday Ireland and Hungary, today Portugal, tomorrow… the USA? Besides all of the money Geithner stole from FERS, of course. Social Security is already empty, but they might start in on IRAs and then 401(k)s. Maybe swap their contents with government bonds, like they did in Argentina.

Just for laughs, South Park on “The Importance of Saving Money