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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 1963247

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 intact by investing in gold, real estate, stocks or other vehicles. Since 2008, currency controls have been established, making it hard for citizens to get their money out of Argentina. This has happened during an inflation that outside economists estimate at greater than 25 percent per annum, while Argentina’s official inflation numbers were so low that the country recently became the first country ever to be censured by the IMF for under-reporting its inflation rate.

It can happen here... and current discussions in Washington (which go back several years) should give us pause. Going forward, this is a great way to reduce the debt.... on your backs, if it's your retirement investment.
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