“I talked to my financial adviser. There is no way in hell any seizing of such assets will ever happen.”
There is no way the government will simply seize our retirement assets. Instead, they’d force us to trade them for credits in some new mandatory government plan.
See post 21.
and a few posts later I linked the actual transcripts.
The details are almost all ironed out.
There is a second scenario that is being overlooked. What would the tax revenue windfall for government be be should millions of Americans panic and strip their 401Ks before their time? This would stimulate tax revenues at all levels of government (Federal, State, etc).
The next issue for the people pulling their money would be what to do with it?
A distinction without a difference.
Government is force; raw, blind power at the point of a gun. NEVER underestimate what self-important people with power will do.
Stay locked and loaded, my friend.
Good observation. There are extreme left-wing people, who appear rational and well-educated, who want to do this kind of seizure and replacement with a mandatory government retirement plan. I heard this on a radio talk show. A woman from a far left-wing think tank in New York talked about a plan in which the government would seize private assets in IRAs and convert them into a government-back pension plan in which people receive a certain monthly payment (similar to social security.) The code word she used for seizure and conversion of assets was "annuitize" the IRA plans. So keep your ears tuned for that word "annuitize", which is the left-wing code word for an unconstitutional seizure of private assets which the government then replaces with an annuity paid in inflated, devalued dollars in the years ahead. "Annuitize" means seizure of private assets--it's as simple as that.
Extreme left-wing socialists hate 401K and IRA plans because they're controlled by the private sector and they reward people who work hard, use their God-given talents, live with personal responsibility, and make good investment decisions. Lefty socialists also hate the flexibility of self-directed IRAs, which allow people to invest in a wide range of assets, some of which are excellent hedges against the brutal inflation tax that the US government is now ramping up by keeping interest rates too low for too long and monetizing federal debt. Lefty socialists do not want US citizens to be able to buy retirement investments such as ETFs that invest in agricultural commodities, base metals, and precious metals, because these investments enable people to hedge against the growing inflation tax. Liberal socialists want all highly productive people to be taxed heavily to pay for socialist benefit programs, and they're extremely annoyed when high-income people partially escape the inflation tax by investing in commodity funds.
So watch out folks, and keep your ears tuned for that word "annuitize" and other code words that socialists use to cover up their radical and brutal plans to steal the retirement assets of millions of productive responsible Americans.