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Argentina To Raid Pension Funds In Desperate Search For Cash
Money Week
Thursday, October 23, 2008
The credit crisis could be about to claim its biggest victim so far. It started with subprime borrowers, moved on to banks and has now progressed on to whole countries. Iceland has already virtually thrown in the towel, and now Argentina has returned to the verge of bankruptcy.
In fact, things have now got so bad that the state has decided to take over $29bn of the country’s privately managed pension funds to get its hands on some cash. This is being presented as an emergency move to meet financing costs that have soared as commodity prices have tumbled.
In a breathtaking piece of bravado, President Cristina Kirchner said the proposal would “protect” retirees from the global financial crisis, according to Bloomberg, while denying she was trying to “grab the cash” to pay off debt or to finance new programmes or projects. Pull the other one. The last time Argentina sought to tap into workers’ savings was just before that 2001 default.
For now, the funds being targeted are ‘just’ retirement accounts, but the entire $97bn pool of private pensions contains a lot of juicy and much-needed hard currency. Understandably, this hasn’t gone down at all well in the money markets. “It’s the final of many nails in the coffin from an institutional investor perspective,” said Bill Rudman at WestLB Mellon Asset Management. “Argentina is disappearing into irrelevance”.
It’s all a classic sign that the de-coupling concept – whereby some areas of the planet remain unaffected by the woes of the rest of the world – is as big a load of junk as all those Argentine bonds. At least the country’s track record means it’s been shut out of international capital markets, so that even the most gullible lenders should have avoided loading up on its dodgy debt.
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19 Responses to “Argentina To Raid Pension Funds In Desperate Search For Cash”
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October 23rd, 2008 at 11:27 am
Did you ever think that the hatred of Jews that seems to be happening now was planned for us to believe?
October 23rd, 2008 at 12:15 pm
This Eternal Jew is
the root of the problem
October 23rd, 2008 at 1:51 pm
Friend of mine was a Brazilian Fed when they looted the banks. Put troops on the streets, closed the banks, told people they were fighting rebels or some BS, then robbed the people. Gee, are we not putting fed troops in a city near you? Bank holiday anyone? Say goodbye to what it left of your 401K.
Jason
October 23rd, 2008 at 1:51 pm
People have some bizarre scap goats! I think they should consider weight obsession. Buenos Aires is one of the most weight obsessed places in the world. It also has one of the highest incidences of anorexia. Western Europe is weight obsessed! Japan actually has gone so far as measure its citizens waists! (Can it get any more bizarre!) The more people are distracted by their scales, the more than can be manipulated by guilt over something as normal as eating, the more control the kleptocrats at the top have!!!! Certainly a more reasonable explanation than constantly bashing Jewish people!
October 23rd, 2008 at 2:40 pm
Don’t cry for me Argentina……..
October 23rd, 2008 at 2:42 pm
Actually, the most weight obsessed people are, or turn into, women with either bulimia or anorexia. The kicker is that overweight people tend not to be weight obsessed for some odd reason. You’d think they would.
October 23rd, 2008 at 2:46 pm
Jew, nor greek nor scythian, nor male nor female, all are one in christ. If you know what christ actually means.
October 23rd, 2008 at 2:48 pm
One minute they go from being jew obsessed to black obsessed so they surely get the trade off.
October 23rd, 2008 at 2:55 pm
You Americans and the corporate mass media are so myopic to such an extreme that you are stupid.
Argentina takes over a $29B pension fund and you make funny jokes.
While just yesterday, your Wachovia Bank, recently swallowed by Wells Fargo, lost $23.9B. One company.
I look forward to the day when the U.S. Empire collapses on its own crud.
October 23rd, 2008 at 4:25 pm
Argentina is protecting its sovereignty from the dead system. For those who actually WANT to have a country, that might actually be a good idea.
“Bloomberg” is a joke. Both the man and his news service.
The “privately managed” fund was trying to loot and pillage Argentina, and they put a stop to it because they actually like their country. They would rather HAVE a country than be part of a fascist’s World Bank dystopia.
Just like Iceland, they are not intimidated by Gordon Brown’s NWO dictum.
http://www.larouchepac.com/new.....rence.html
October 23rd, 2008 at 6:34 pm
Your going to start seeing people using there last few dollars they have to buy that bullet with whoever it is that STEALS those dollars from those who earned them dollars to bail out whom? the RICH and Bankers,same people, who basically caused this financial crises. Your going to see an uprising throughout this country as well as every country against there governments for there laundering and taking money out of us who honestly put it away for OUR own rainy day,NOT Big business or Governments. Power and Money are 2 things in this world people are going to learn to HATE,even more if they haven’t already! Why don’t they just admit things, and say we are heading into a depression. then let us all hold those responsible who stole from retirement accounts even like Enron. We need to bring back being shot by firing squads again for these thieves in Government to understand,they steal from the people, will have there justice again. When will people in the military wake up and see that there being used and Brain controlled by men such as Bush and standing to protect us from the wrong enemies. There right here at home, running our country! Why don;t they see this? Because of the HUGE cash incentives those in the Military get for serving. Those dollars one day will be worth no more than the paper its written on! then what are you going to do? Move your Family’s into the Bunk Houses or barracks? Time we as a people wake up and know when we’re being used and manipulated. Your instinct should be telling us all things just aren’t right! Then why allow them to tell us what we WILL DO? We voted them into office. If the people are unhappy, its time WE fire them impeach them or remove them from office,whatever it is we have to do to get this country back on track! we need RESPECT put back into the stars and stripes again on our American Flag. The flag is looking like its taking a Beating again when you look at that flag. Our Fathers would be turning over in there Graves to know we allowed this Government overtake this country many fought and died to protect once upon a time. Where’s the Pride? I think it went out when political gain came into play!
October 23rd, 2008 at 6:40 pm
i can see this going on in USA down the road !!!!!!!!!! the filthy thiefs will steal from their own mother !!!!!!!
http://www.youtube.com/watch?v=nWyQOh64Qy8
October 23rd, 2008 at 9:01 pm
#13- It’s already happening in the USA. Social Security System has been raided & left with IOU’s. The current stockmarket retirement investing scam has left 401k retirement plans busted. Me thinks the Argentine Gov’t learned from the USA. We have the worlds best criminals setting the examle for the world to follow!
October 24th, 2008 at 12:04 am
i highly recomend a documentary called “the take” re argentna. it’s excellent
October 24th, 2008 at 2:32 am
This is propaganda by the financial elite. Here is the real story:
http://larouchepac.com/news/20.....priva.html
October 26th, 2008 at 1:10 pm
remember the argentina currency crisis? looks like there gonna get fucked again.
October 26th, 2008 at 1:23 pm
Damn she is hot!
I am talking about Cristina Kirchner.
Another M.I.L.F like Palin.
October 26th, 2008 at 7:37 pm
THE FACT IS THAT ARGENTINA IS JUST DOING WHAT THE US GOVERNMENT HAS BEEN DOING FOR DECADES TO THE PEOPLE HERE. SOCIAL SECURITY ALONE CAN TAKE CARE OF OUR RETIREMENT,HEALTH INSURANCE AND OUR HOUSING PROBLEMS! GUESS WHAT? THEY HAVE BEEN STEALING THAT SHIT FOR A LONG TIME. MEDICAID AND MEDICARE IS NOW BEIGN STOLEN BY THESE PRIVATE COMPANIES USING THE STATES NAME(WITH PERMISSION) TO LOOT THESE PROGRAMS AS WELL!! IT’S ALL BULLSHIT!!
SOCIAL SECURITY=LOOTED
MEDICAID AND MEDICARE=LOOTED
STATE AND CITY AND OR COUNTY TAXES=THEY LIVE OF THAT
FEDERAL TAXES= PAY YOU MASTERS!!
October 26th, 2008 at 7:39 pm
TiredFarmer Says:
October 23rd, 2008 at 9:01 pm
#13- It’s already happening in the USA. Social Security System has been raided & left with IOU’s. The current stockmarket retirement investing scam has left 401k retirement plans busted. Me thinks the Argentine Gov’t learned from the USA. We have the worlds best criminals setting the examle for the world to follow!
SHIT! I WROTE THIS BEFORE I SAW WHAT YOU WROTE! WEIRD.