In the us they have to be watched....like a hawk. I don't trust the corporate banks and even we had to bail them out when the economy collapsed.

Yes and Australia is heavily regulated compared to the US. Hey is linking countrys that don't function the same at all.

Or just eliminate social security based on the fact it's a government run ponzi scheme...i.e. pay back old investors with money from new investors, and the gov't uses the money it gets however else it wants in the mean time. Only difference is you have no choice but to contribute to SS.

How about no forced investments? Let people have their money and do with it as they please.

Social security shouldn't exist at all. The money put in does not appreciate, it depreciates. Stop stealing my money so I can invest it and grow it myself.

for every winner there are 2 losers and the banks(the bank allways wins) so have fun with alot of homeless old people dieng in the streets...

Actually, time hasnt proven this train of thought. Look up US savings accounts. Money needs to be set aside just like your 401k and CD's (which you do yourself).

I'm not going to go through and respond extensively, because these two capture the problem with what you've posted (and I see you've been "banned" right now, so it's not like there'll be further discussion in the short term).

2. What does that have to do with anything? We're talking about Australia's system, Glass-Steagal doesn't apply in Australia anyway. We have our own laws. And what I've been saying is that America needs to reinstate the kinds of protections Glass-Steagal gave, which were what prevented the tanking of your economy.

3. I don't think you understand. They manage the superannuation accounts while they're working, not at the end when they retire. And it's not a massively hands-on process, it's more like making a series of decisions (usually with extensive advice from professionals) on where the money is invested. And if you don't want risk, you invest it in safe-but-low-return options. You could probably even just not invest it at all, if that was your choice (although I don't know the details of the law regarding that). But the point is, there's really no notable risk of companies stealing your super. The worst would be fees, and if the fees were exorbitant and you weren't informed up front, you'd be able to sue to get the money back easily... and that's why the super funds don't do it (because if they did, they'd face both civil and criminal penalties).

And again, I'm going to point out that you're arguing in favour of the current system in America, where governments have direct control... if they suck at regulating, they're going to suck even more at actually running the system.

No  its not. Australia is much higher on the economic freedom index.

Total Freedom

http://www.heritage.org/index/visualize?countries=australia|unitedstates&src=country

Business Freedom

http://www.heritage.org/index/visualize?countries=australia|unitedstates&src=country

One of Australia's benefits is that small businesses are not over-regulated out of existence.

What makes a corporation in the U.S different from one in Australia that makes you trust them less?