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URL:  http://boards.fool.com/just-remember-in-2008-argentina-was-in-deep-30531069.aspx

Subject:  Re: Obama's Secret Plan to Steal Your 401k Date:  2/7/2013  9:12 PM
Author:  wzambon Number:  1858437 of 2015822

Just remember.....

In 2008, Argentina was in deep debt and couldn't sell its bonds, so the government mandated that $24 billion in private pensions would be taken over by the government. They "invested" (read "stole") the money thus purloined in Argentinian debt instruments. Over the course of the next five years, the Argentine currency fell by more than 36 percent versus the U.S. dollar…and the Argentine bond yields have risen causing a decline in the value of the bonds. A double whammy.

The effect of all this was to devastate the value of private pensions and to remove the citizens’ chance to keep their capital i