A must-read article appeared over the weekend in Investor's Business Daily, demonstrating the incredible success of social security privatization in Chile thirty years ago Sunday. The author, Monica Showalter (full disclosure: a friend of mine), interviewed the architect of the privatization, Jose Pinera, who self-consciously planned the date to be May 1st, the traditional celebration day of world communism. He knew that his work was going to truly empower workers, and it did. No longer dependent on government for their retirement security, Chileans have far more dignity and security in their old age pensions than do Americans.  Monica privately pointed out to me a number of important htings not in the article:Most important thing to mention that hasn't been mentioned: It cost NOTHING. All it required was making implicit debts implicit - from the unfounded liability - and you don't have to pay all of it because savers pay themselves in stead of government. You're gonna have...(Read Full Post)