Hungary Follows Argentina in `Nightmare' Pension-Fund Ultimatum

This should be very disturbing in light of the public musing about retirement tax accounts.

Jim

Jim,

The drive towards self preservation within a dying monetary system could very well lead to similar demands from government sponsored, “carrot on a stick” programs in the U.S. Smart money, a student of the writing on the wall, invests relative to contingencies rather than reactions to real-time events.

Eric

Hungary is giving its citizens an ultimatum: move your private-pension fund assets to the state or lose your state pension.

Economy Minister Gyorgy Matolcsy announced the policy yesterday, escalating a government drive to bring 3 trillion forint ($14.6 billion) of privately managed pension assets under state control to reduce the budget deficit and public debt. Workers who opt against returning to the state system stand to lose 70 percent of their pension claim.

Source: bloomberg.com