The AP is lauding the victory in Argentina for a president whose recovery plan features increased government spending by nationalizing private pensions. The French Revolution cam on the heels of the government seizing the tontines to pay for Versaille and other extravagant projects.
A tontines is pension insurance means, wherein a group of people of the same age join together and make monthly contributions. The agreement is people do not withdraw from the fund until they reach a certain age, say 50 years old. Well, from 20 to fifty, many contributors die, leaving enough money for survivors to live on. It was all voluntary. A fund builds up. The state stole it leaving elders bereft of old age security.
Here we go again.
Monday, October 24, 2011
Solution: Nationalize Pensions
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