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𝐓𝐢𝐦 𝐁𝐚𝐥𝐝𝐰𝐢𝐧's avatar

Joel writes: "Readers may recall the hoary adage, “it could never happen here!”". I wonder if that includes nationalization of private retirement accounts by Uncle Sam, similar to what Argentina did in 2008 (and Hungary in 2010)? There are trillions of dollars in these accounts for the taking. Uncle Sam has lots of debts to pay off. There's plenty of folks who don't have a fat 401K or IRA balance like you do, and could use more money in their pockets. The Feds want you to buy more bonds from them than you want to buy. Even if Uncle Same doesn't nationalize the accounts, I fully expect that some, if not all, of the "tax advantages" in IRAs and 401Ks will be reduced or eliminated in the near future as Uncle Sam's financial situation continues to deteriorate. Especially if the Democrats are in charge.

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John P Gallien's avatar

Just a quick note on you reference to Francisco d'Anconia of Atlas Shrugged. In a book entitled, "Essays on Ayn Rand's Atlas Shrugged", Tore Boeckmann makes the case that Francisco's character was, to some extent, patterned after Friedrich Schiller's character of Fiesco in the play "Genoese Conspiracy", but with important differences. More importantly, the playboy image of Francisco was just a ruse. Boeckmann goes on to write: "Francisco d'Anconia's real purpose--the purpose he disguises by affecting the playboy persona--is to go on strike against the altruist-collectivist society for his own selfish benefit" And later writes, "Francisco embodies the full theme of Atlas Shrugged: "The role of the mind in man's existence--and, as corollary, the demonstration of a new moral philosophy: the morality of rational self-interest."" At another point Boeckmann writes: "Francisco is on strike. Like the other strikers, he wants to remove from the altruist-collectivist society the benefits of the rational mind--in his particular case, the benefits both of his own mind and of the minds of his ancestors, who built his copper company. To prevent the company from being taken over by the looters, he must destroy it. His playboy persona, he says, "was a part that I had to play in order not to let the looters suspect me while I was destroying d'Anconia Copper in plain sight of the whole world"". Note: by looters, Boeckmann means the corrupt socialist governments and their sympathizers in the universities and business sector.

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