Government take over of pensions/retirement accounts...add Bolivia to the list

I originally wrote about government take over of retirement accounts in Argentina and Hungary here. I left out one country:

Bolivia.

From the article:

Thirteen years ago, Bolivia privatized its pension funds after a state-run system collapsed.

That sentence reminds me of the definition of insanity: Doing the same thing over and expecting different results.

The outbreak of pension nationalization in Latin America has lead the finance minister in Peru to try to introduce legislation that will make it illegal for future presidents of Peru to nationalize private pensions. Silly man....does he actually believe a law would stop a politician?