Argentina continues to serve as an example to the rest of the world of how "developed" countries are likely to behave as tax revenues dry up and public clamoring for benefits increases.Argentina seizes pension funds to pay debts. Who's next?
by Ambrose Evans-Pritchard, the Telegraph
Here is a warning to us all. The Argentine state is taking control of the country’s privately-managed pension funds in a drastic move to raise cash.
It is a foretaste of what may happen across the world as governments discover that tax revenue, and discover that the bond markets are unwilling to plug the gap...
Remain calm. All is well. The DJIA is at 11,000. Spending more makes you wealthier and the Fed has everything under control.