Mover Mike

Update on Social Security as practiced by Chilean private accounts. Last week John Tierney wrote here about social security here in the US vs private accounts in Chile. We would be better off there! Some asked him about the risks of the market in Chile. He says in Place Your Bets the greater risk is in the US:

But there's also another kind of risk to consider, one that Chilean workers kept mentioning to me. The best part of their private accounts, they said, was that they'd put "la plata donde mis ojos la vean" - the money where my eyes can see it. They knew they might lose some of it in the stock market, but they preferred that to watching it all disappear into politicians' hands.

Amen to that! How can you trust politicians when they have squandered 5 million ounces of silver, rung up $8 Trillion in debt, trashed the dollar, and borrowed all the money in the Social Security trust fund replacing the money with IOU's.