Headline August 19, 2016/ ''' LATINS : *HAPPY GO LUCKY!* -WELL=WELL '''



PRESIDENT OF COLOMBIA,  JUAN MANUEL SANTOS  - in every likelihood, could be a perfect candidate for Nobel Peace prize.

The FARC,  -these horrid murderers,    have massacred  Colombians, kidnapped them for ransom,  sold  cocaine  on a grand scale   and committed other crimes-

In the course of war- In which perhaps well over 220,000  people died 

A friend describes a younger Mr. Santos as a  ''Cyborg'', programmed  in childhood to become president. Neither telegenic nor eloquent in public, he seems more comfortable among bankers than peasants.

He often stumbles when explaining to Colombians how peace can transform their lives. If history is any guide, Unpopular is the peacemaker. The World Students Society wishes the great people of Colombia their best.

And In Argentina, all seem determined to erasing Kirchner cult, as the new president puts his predecessor in her place:

Wedged behind the Casa Rosada, Argentina's presidential palace, the Museo del Bicentenario    -the centenary museum tells the story of the country's since the revolution against Spanish rule in 1810. 
Until recently, half of the floorspace was devoted to exhibit about-

Cristina Fernandez de Kirchner, who was president when she opened the museum in 2011, and her late husband, Nestor Kirchner, who preceded her in office. On display were Kirchner's trademark  loafers and a football shirt emblazoned with the legend   '' 100% K''.

Founding fathers like  Domingo Sarimento, Argentina's seventh president, ''were practically non-existent''  says Lucino  de  Privitellio, director of cultural programmes at the Casa Rosada     

Argentines, will not soon put back the symbols that Mr. Macri is taking down. Ms Fernandez and her coterie have been at the centre of corruption scandals since she left office.

*On June 14th Jose Lopez, a former public works minister, was caught by police hurling nearly $9 million in cash over the wall of a convent, apparently intending to bury it on the convent's gardens. Ms Fernandez says this has nothing to do with her*-

But nearly 64% of Argentines doubt that, according to a recent poll. No one has written a musical about Ms Fernandez, but she is no danger of being forgotten. For sure...............

And with that, I turn once again,  to these great and  *happiest people in the world*  the Latin Americans, who understand  that   ''Fiestas are just so much more fun.'' 

And it bears worth repeating that the  *pension problem is severe*. Although the population is ageing, only 45%  of the Latin American workers contribute to any kind of pension scheme, says The Inter-American Development Bank [IDB]/

In the  1990s, at the urging of neoliberal economists, many countries wound down their traditional  pay-as-you-go pension systems. Instead, they switched to a system of fully funded individual pension accounts, managed by private pension funds known as  AFPS in Spanish.

In this scheme, workers eventually receive a pension depending on the value of their investment.

There are good reasons for the  switch. The old systems were often mismanaged. But the new ones hadn't worked as intended: few workers contribute enough to get a pension.

''The AFPS have failed,'' says Santiago Levy of the  IDB. He favours a small universal pension funded by an earmarked consumption tax, augmented by voluntary schemes. 

The regions low propensity to save has historical roots. Generations of Latin Americans have seen their governments wipe out their savings either through inflation or simply by confiscating them.

That is why so much capital has flown the region over the past half century. Argentina is a notorious example. Its new president, Mauricio Maori, has tried to bring capital back by declaring amnesty.

For people who repatriate undeclared foreign savings. Among the first to reveal their foreign nest-eggs were several of his ministers. As Mr. Levy stresses, another factor in low savings is the prevalence of informal jobs.

*Underground employers seldom enroll their staff in pensions plans*. 

Some economists argue that Latin Americans have developed their own common-sense instruments of saving. They invest in building their own houses and in educating their children. 

They trust their rental income and family solidarity and provide for them in old age. But this kind of saving does not result in capital that the financial system can turn into productive investment.

Awkwardly, nobody really knows whether higher savings are a consequence or a cause of higher growth [they may well be both].

Some Latin Americans might thus object that the  IDB  is putting the cart  [higher savings]  before the horse [faster growth]. No matter. 

Better banks, better pensions, more prudent governments and more financial literacy would help the region in both good times and bad, even if they mean fewer fiestas.

With respectful dedication to the Leaders, Students, Professors and Teachers, Schools, Colleges, Universities  of Latin America. 

See`Ya all on !WOW!   -the World Students Society and  !E-WOW!    -the Ecosystem 2011.  

''' Support !WOW!  For A Stronger`Future '''

Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless


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