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Re: Argentina to seize private pensions
These people have suffered a lot already. Imagine losing the better part of a decade of your life to one hyperinflation only to run straight into a second one. It's terrible. I have a client in Argentina, a larger company who ordered one of our products a year ago. They had to route their purchase through a "clearing agency" and the bank telexed payment to us required six months to clear. Six months. After the goods were shipped to them, a tiny error on the paperwork declaration resulted in their being assessed 80% of the value of this product in import duties. I hear Buenos Aires is a beautiful cosmopolitan city. -
Re: Argentina to seize private pensions
Sigh...Buenos Aires is one of my all-time favorite cities, having been there for both business and pleasure. Great steak, wine and tango!
I'd even thought about buying an apartment in Recoleta long-term to have as a retirement apartment. But looks like they are going to go through the wringer again. It's a shame -- the people are wonderful, but they have some terrible governments...
Of course, look who's talking....
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Re: Argentina to seize private pensions
They Bloody attacked us !!!!
...Not nice people !!!!!
MikeComment
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Re: Argentina to seize private pensions
Well,... just a few weeks ago, when Argentina and Brazil were talking about dropping the dollar from bilateral trade, some people rushed to proclaim the death of the dollar .... well it didn't happen ... the dollar is still in a pretty good shape ... you coulnd't say the same about Argentina and Brazil ;)Comment
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Re: Argentina to seize private pensions
wow, this is really awful. I can see the same slippery slope in the US.Comment
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Re: Argentina to seize private pensions
well it's a start.... time to cash it all in and move it elsewhereHouse Democrats contemplate abolishing 401(k) tax breaks
Under Ms. Ghilarducci's plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5% of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3% a year, adjusted for inflation.
The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated.Comment
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Re: Argentina to seize private pensions
It is ironic in a way because Jim Rogers wrote in Investment Biker that Argentina is unlikely to repeat its past mistakes (he wrote this in 1994!). Some countries it seems are incapable of learning from their mistakes.
I've never been bullish on Latin America. Its history always made me extremely wary.Comment
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Re: Argentina to seize private pensions
Pension plans have been butchered across the board. I feel for people who saved their whole lives and thought they had enough for retirement.
Think of the average British saver who has seen a possible 40-50 percent nominal drop in the price of his home, a 40 percent nominal drop in the value of his pension plan (linked to stocks on the FTSE) and also a 30 percent decline in the value of the currency on top of that!!!! - so what's the loss in real terms???:eek:
WOW!!! And investing in pensions was supposed to be the "smart" and "conservative" way to invest?
By comparison, my "gambling" strategies have lost me no money this year (in real terms). I've never invested a dime in any pension and will never do - because it isn't worth it just for the tax breaks (when there are other and better loopholes available).Comment
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Re: Argentina to seize private pensions
Yes, it is beginning to hurt HayekV. By the way, are you spreadbetting to leverage FX?Originally posted by hayekvindicated View PostComment
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Re: Argentina to seize private pensions
Yes because of tax reasons. But soon Ill close my positions and just move my money out of the UK to somewhere offshore where its safe.Originally posted by Chris View PostComment
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Re: Argentina to seize private pensions
Argentina's history is even sadder, I think its the only or one of the only economies to have been one of the world top 10 economies (pre 1930), just to collapse in later years. All of Latin America has a habit of repeating the same mistakes over and over. Argentina especially, they still hold on to Peronian style of government beliefs, as if he was their savior. When in fact he was anything but. I do feel "sorry" for them, but they just dont want to learn...Originally posted by hayekvindicated View Post
As for being bullish on Latin America, I agree with you on not being bullish on Latin America, not until they have a 30 year track records of improvement... and I dont see that anytime soon...Comment
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