Skip to comments.Watch Out! Feds Could Seize Your Private Retirement Savings
Posted on 05/22/2011 5:04:36 AM PDT by KeyLargo
Newsmax Watch Out! Feds Could Seize Your Private Retirement Savings Saturday, May 21, 2011 04:58 PM
By: Greg Brown
How long before Uncle Sam hits private pensions to balance the public budget? Its quickly becoming a reasonable question to ask.
Treasury Secretary Timothy Geithner is ringing alarm bells across Washington, D.C., warning of a disastrous outcome if an agreement to raise the debt ceiling is not made soon. A default would call into question, for the first time, the full faith and credit of the U.S. Pensions, Federal Government, Debt Ceiling, Retirementgovernment, Geithner wrote in a letter Friday to Sen. Michael Bennet, D-Colo.
After weeks of such warnings, the United States has hit its $1.43 trillion debt ceiling hard. In response, GOP leaders have demanded cuts in federal spending equal to any increase in the limit while maintaining a strong line against tax increases.
(Excerpt) Read more at newsmax.com ...
Potentially, the deal on Roth IRAs could be undone, too."
This has been done in other countries.
I believe the House will prevent such a move from taking place through the legislative route, leaving the administration with doing this by executive fiat.
I do not believe that would happen unless Obama gets re-elected and does not have to face the voters again.
Here is a clue for you: there is no way in hell we can pay for all the "unfunded liabilities" we have signed up for. I think the bill now is $40 Trillion.
'First they came for the Jews....and I said nothing because I wasn't a Jew. Then they came for the..........'
"A foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines."
Ralph Waldo Emerson
(1803 - 1882)
What a cool way to start a civil war. And believe me, this WOULD cause a war. If it weren’t for the horrors of war, it’d be almost fun plinking ‘rats off like they’re ducks on a pond.
Deliberate, deliberate, deliberate
Watch Out! Feds Could Seize Your Private Retirement Savings
I have had such a problem with the bank teller where I do my checking, first off its just a Wells Fargo branch store in a Walmart, in a small town.
So I see the same tellers week after week, and every one of them try a repetitious spiel of trying to get me to open a savings account.
And they just will not stop, I have literally had to cash my weekly check elsewhere because I am afraid I may just tell them adamantly what I think.
I believe only a minimal amount of money should be in a bank right now.
I talked to my financial adviser. There is no way in hell any seizing of such assets will ever happen. It won’t even get into committee. It would essentially shutdown every financial investment company.
Taxation? That’s another story.
Essentially social security was gutted for the last 40 years.
IRAs will be gutted by a VAT. Count on it. Means testing, everything. Why people couldn’t/can’t see this coming is somewhat of a mystery. One only has to look at history to see how this will play out. What makes this “interesting” is that in other countries who experienced “debt crisis” those who held dollars, marks or swiss francs were OK, relatively speaking.
If they do that there will be blood in the streets.
Geithner has already seized the bonds that back federal employee retirements. Just a matter of time until he gets yours.
“It cant happen here, you might say. But it has happened in plenty of indebted countries, such as Argentina and Hungary, and it just happened last week in Ireland. Hungary seized $14 billion from private pensions, reported The Christian Science Monitor, while Bulgaria and Poland demanded partial government control of private savings.”
I warned a friend of my about this over a year ago and he laughed...
Can’t wait to see what he has to say now...
This really isn’t news, they have been planning this since the Day the Marxist Muslim Man Child was elected. Almost everything the Administration has done since it’s inception has been to DESTROY what is left of This Country. This has been in the works for a very long time. Hell it has been introduced in the House a Few times already.
The Adam Smith Institute Blog
European nations begin seizing private pensions
Hungary, Poland, and three other nations take over citizens’ pension money to make up government budget shortfalls.
By Jan Iwanik, Guest blogger / January 2, 2011
Peoples retirement savings are a convenient source of revenue for governments that dont want to reduce spending or make privatizations. As most pension schemes in Europe are organised by the state, European ministers of finance have a facilitated access to the savings accumulated there, and it is only logical that they try to get a hold of this money for their own ends. In recent weeks I have noted five such attempts: Three situations concern private personal savings; two others refer to national funds.
Just realize this is not a new conversation going on in our rulers chambers.
Much of this was being discussed back in 2008 just before the ‘crisis’ hit. It was one of the main reasons I took my money, paid the penalty and pulled it out of any type of government ‘tax-free’ anything the day after the election.
They were writing this stuff then, they’ve had 4 years or more to work on perfecting it to not miss anything.
We talk about our unborn already being in tax debt, but somehow never think about our government taking their future tax earnings from our retirement accounts ...now. The whole idea behind this tax deferred stuff was you would be in a low tax bracket at distribution time too. So instead of a 30-35% bracket you may be down in a 15-20% bracket.
If the government decided to claim their tax money today, they would take it at the higher tax rate. But your overall earnings would be cut by 50% or more. You not only lose 35%, but you also lose the earning power of that money.
“Black says it’s likely any attempt by the U.S. government to seize private retirement accounts would be preceded by a cataclysmic economic event similar to the 2008 financial crisis, only worse. This time, lawmakers will respond by changing investment law that may force retirement account holders to invest a portion of their savings in, say, 30-year Treasury notes.
Some lawmakers are onto this, however. Rep. Michele Bachmann, R-Minn., has recently criticized such efforts in a letter to the Obama administration warning against attempts to confiscate Americans’ retirement accounts.”
There’s a huge difference. The Europeans are weenies, and they aren’t armed. Our forefathers knew what they (the forefathers) were doing with the Second Amendment.
I believe what they did in Ireland was force a certain percentage of private pensions, both 401K and company funded, to be invested in governments bonds. So, if they confiscate your 401k, at least they’ll leave pile of IOUs. So instead of privatizing Social Security, they made private savings into 401ks.
Yup. While the public retirements are being raped the govt will be cheered on. Then when it’s their turn, it will suddenly be unconstitutional, immoral, time for revolution, etc.