"Dangerous Precedent": Argentina Grabs Pension Funds

[Philosophizer]

Originally Posted by GregW

My question is how anyone could trust the private sector with their retirement funds. The government would give only 3% but it would be 3% over inflation and your money would never disappear down some black hole of financial mismanagement. I assume the government, if left alone, will try to take my money and run. I also assume the private sector will do this no matter what I do. I never wanted an IRA invested in the "market" I just wanted an S& L account that paid a bit above inflation. Now I have to wait a long time to recover my paper losses. The bastards took my money and ran. They are no different from your local pickpocket.

It's not about trusting the crooks on wall street. I don't trust them any more than a power hungry bureaucrat. It's about doing your own researching, investing your own money as you see fit, and ignoring the noise pollution coming out of the mouths of the bureaucrats and fat cats. It's about liberty and personal accountablity.

[fred psimas]

So since the bailout i have done some research. Let me get this straight. The federal Reserve is a privately owned corperation. If the government needs money thay ask the federal reserve for money. The fed reserve ask the Treasurey/ Mint to print it. The fed Reserve receives the money for the cost of printing it and exchanges it to the Fed Gov for a Treasurey note. Then the Fed Reserve collects x% of interest on the note from the Fed Gov/ taxpayer until the treasurey note is sold to China for more cash. Then the Fed reserve returns any extra money they made over their expenses to the US Treasurey. But the Fed Reserve is not audited. Hmmm...this seems not so Kosher to me.

[Philip T]

Originally Posted by fred psimas

Hmmm...this seems not so Kosher to me.

yes, indeed.

Welcome to situation awareness.

[evilnewbie]

And this is why socialism never works... its a system that is totally dependent on THIEVERY... once you cannot steal anymore from another group, you are always on the lookout for another group to steal... if you have no more groups to steal from, you go bankrupt... socialism can never ever exist for long... but people are more blinded by the handouts it gives instead of the irreparable harm it causes to everyone else and the country...

[gwynedd1]

Originally Posted by fred psimas

So since the bailout i have done some research. Let me get this straight. The federal Reserve is a privately owned corperation. If the government needs money thay ask the federal reserve for money. The fed reserve ask the Treasurey/ Mint to print it. The fed Reserve receives the money for the cost of printing it and exchanges it to the Fed Gov for a Treasurey note. Then the Fed Reserve collects x% of interest on the note from the Fed Gov/ taxpayer until the treasurey note is sold to China for more cash. Then the Fed reserve returns any extra money they made over their expenses to the US Treasurey. But the Fed Reserve is not audited. Hmmm...this seems not so Kosher to me.

Hi fred psimas,

You are on the road to recovery. A few points:

1. Selling bonds to china does not raise cash. The Fed can create as much cash as it likes. It sells bond to suck money out of the market to resist inflation.

2. The scam is not at the Federal Reserve. Its the Federal Reserve system. Banks create most of the money when they "loan" it. The banks are on the hook for the liability they create next to the loan asset but as long as they have collateral, it is risk free. So they get to create money and charge interest on it. I see people jump up and down about the national debt at 10 trillion but say nothing about bank created 45 trillion which unlike government debt, collects interest(that cannot be paid without more debt, aka perpetual debt). However their greed exceeded even this as they allowed their own system of collateral valuation to jump the rails.
Now that they broke their greed feeding machine by sucking so hard on the hose to their swagging bellies full of middle class stew, they want this abused staving animal to drag the sled out of the ditch by Christmas.

The banking system is one of the most corrupt hives of grift and swindle the world has ever known.

[wanneroo]

Originally Posted by evilnewbie

And this is why socialism never works... its a system that is totally dependent on THIEVERY... once you cannot steal anymore from another group, you are always on the lookout for another group to steal... if you have no more groups to steal from, you go bankrupt... socialism can never ever exist for long... but people are more blinded by the handouts it gives instead of the irreparable harm it causes to everyone else and the country...

That is why we are in the trouble we are in.

It's the collapse of the entitlement system and the ponzi scheme that it is. All the other nonsense is just symptoms of the problem.

You can't pay people to be unproductive then tax the hell out of the ones that are.