Hungary is Following Argentina - Taking ALL PRIVATE IRA and Pension accounts to be Under Government Control! Don't think it will happen in the U.S.? The U.S. Govt. Has Already Discussed Taking Private IRAs/401Ks/Pension Plans and Putting them Under Government Control! It just hasn't happened Yet!

Hungary is Taking all of their Citizens Private Retirement and Pension Accounts to be used for the Government Debt.  They have had failed bond sales.  They are following what Argentina did in 2001, in taking their citizens private accounts.  Don't think it will happen in the U.S.?  Considering Congress has already had meetings on it,  the Fed is printing the money to buy the bonds..... IMO, it is just a matter of time.  But don't worry, it will be spun on all MSM that it will be a "Good thing" for the American People, because it will be a government guaranteed account.  (of course the U.S. government is good for it and handles money really well..... right?)

Hungary took the steps today without warning and announced they are taking all of their citizens IRA/Retirement/Pension accounts.  If the people do not opt into the government taking their account in full, then those people will LOSE 70% of the their Pension to the government of Hungary anyway!

Portion:

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. 

“This is effectively a nationalization of private pension funds,” David Nemeth, an economist at ING Groep NV in Budapest, said in a phone interview. “It’s the nightmare scenario.”

Hungary, the most indebted eastern member of the EU, is following the example of Argentina, which in 2001 confiscated about $3.2 billion of pension savings before the country stopped servicing its debt. The government in Buenos Aires nationalized the $24 billion industry two years ago to compensate for falling tax revenue after a 2005 debt restructuring.

Will this eventually happen in the U.S.? If it does, I doubt there will be sufficient warning for everyone to liquidate their private retirement accounts before a grab is done.  The government can't say "We, are going to be doing this in 2 weeks from now".  Because there would be a run on the accounts and banks.  Just as the meeting they had was a quiet one in September and now the link to the government site about it, is not working.  When/if they decide to do it, I would expect it to be an immediate implementation of  policy, of course "for the betterment of the people", as we will be told.  I wonder how many people will agree with the Government controlling our retirement accounts would be better than being under our own control?  

UPDATE 11/29/10 - France and Ireland are Taking their People's Pension Funds now