Don't Let It Happen Here

European nations have begun seizing private pensions to pay government debts. I don't think that American politicians are quite so bold, but they may well be twice as sly. As Robert Prechter has noted time and again, politicians don't need to actually "seize" our pensions and IRAs to gain use of our money. All they need do is to require that a certain percentage (all?) of Americans' pension and IRA money be "invested" in "riskless" US government treasury bonds. Why? Not for politicians' benefit, of course, but to "protect" Americans from "greedy" Wall Street speculators who have turned the stock and bond markets into a crap shoot.

Do this, extend the normal retirement age to 70 or beyond, and dramatically increase early withdrawal penalties, and, voila, our money is now their's. Sound like a crazy idea? Like something that couldn't happen here? Maybe, but isn't the above scenario exactly what politicians have done with the Social Security "trust fund"? Of course it is. Fool me once, shame on you, fool me twice....


Instapundit has some thoughts regarding these European governments' actions:

IF THIS HAPPENED HERE, I HOPE THAT POLITICIANS WOULD BE SWINGING FROM LAMPPOSTS.

And this time, not metaphorical lampposts, either.

Sounds a little radical coming from Glenn Reynolds, but hey, lessor crimes have spawned revolutions before.