General Augusto Jose Ramon Pinochet Ugarte, military dictator of Chile, lends his assent to the privatization of his nation’s social security system.  No longer will social security be an unfunded, “Ponzi scheme,” in which there is no investment—taxes paid in are immediately paid out to recipients.  Instead six private investment companies will manage individual accounts.

       Postscript: Nearly a quarter century later, privatization turned out to be a bonanza, as the privatized system was yielding an annualized return of 10.9% return, as opposed to the anemic four percent realized before.

       [added 10/10/2020]