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Obama step closer to seizing retirement accounts
WND ^ | 28 Jan 14 | Jerome R. Corsi

Posted on 02/14/2014 5:48:59 AM PST by SkyPilot

Edited on 02/16/2014 3:46:37 AM PST by Admin Moderator. [history]

When you hear, “Hello, I’m from the federal government and I want to help you manage your retirement savings,” the best advice is to run away, as fast as you can.


(Excerpt) Read more at wnd.com ...


TOPICS: Business/Economy; Extended News; Government; News/Current Events
KEYWORDS: 401k; confiscation; ira; myra; obama; retirement
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"In January 2013, the U.S. Consumer Financial Protection Bureau suggested it should play a role in helping Americans manage the $19.4 trillion they have put into retirement savings."

We all know now that during the SOTU address, Obama did announce the MyIRA program, modeled after the Federal TSP program.

Obama’s MyRA Accounts—The Next Step Towards Government Seizure Of Precious Metals IRA Assets

Mark my words folks, this is coming.

1 posted on 02/14/2014 5:49:00 AM PST by SkyPilot
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To: SkyPilot
Been drawing down my Retirement accounts - penalties be damned.
The future is now.
2 posted on 02/14/2014 5:51:51 AM PST by Psalm 73 ("Gentlemen, you can't fight in here - this is the War Room".)
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To: SkyPilot

No.

No f-ing way.


3 posted on 02/14/2014 5:53:34 AM PST by LiveFreeOrDie2001 (Elections have consequences - NOW LOOK what we have to deal with...)
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To: SkyPilot

I’m starting to think my late Grandpa, who group up during the great depression, was right, the only place to keep your “Retirement savings” safe from crooked bankers and the government is to hide it under your mattress. (and he did to the tune of $60,000 when he passed away).


4 posted on 02/14/2014 5:54:48 AM PST by apillar
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To: LiveFreeOrDie2001

Yeah... file under gun seizure, indefinitely staying in office, a few other intolerable grievances.


5 posted on 02/14/2014 5:58:08 AM PST by Crazieman (Are you naive enough to think VOTING will fix this entrenched system?)
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To: SkyPilot

Mark my words folks, this is coming.


I agree with you it is coming, I saw the writing on the wall almost ten years ago now. The various trial balloons that sank like lead were the first salvo in softening up the public.

Now though they are desperate, they see the money in the accounts and they want it. The excuse that the Government created the means to have the accounts is enough of a pretext to say that the accounts are or at least should be under government control and direction.

Besides stealing the retirements from those smart or fortunate enough to have saved for their futures; confiscating control of them would mean that the government through the acquisition or control over all of the shares in public companies that are in the portfolios of these accounts would in effect complete the Feds complete control over the economy. No longer would their a be a separation of public and private. It would just be one thing; Government and Government owned and controlled corporations.

Think that can’t happen, look at the Chinese model of Capitalism. That’s exactly what they have...


6 posted on 02/14/2014 6:00:48 AM PST by The Working Man
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To: SkyPilot
"Mark my words folks, this is coming."

I agree, that's why I never even considered paper PMs (hey, great oxymoron there!).

7 posted on 02/14/2014 6:01:53 AM PST by Mich Patriot (PITCH BLACK is the new "transparent")
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To: SkyPilot
demanding a certain percentage of individual retirement savings must be invested in U.S. Treasury bonds, it is a first step in that direction. ...

All the more reason to now demanding we return to coupon bonds.


8 posted on 02/14/2014 6:03:33 AM PST by C210N (When people fear government there is tyranny; when government fears people there is liberty)
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To: apillar

The modern 401K was the brain child of Ted Beena, who exploited an I intended consequence of 1978 law that congress passed whose intention was to limit the amount of money wealthy executives could squirrel away in retirement accounts. But here is the problem - we have many more people retiring than joining the workforce in the next few years, and many of those retiring have no savings. Plus, those who do have retirement accounts are dependent on the markets not crashing, which I think they will. Stocks are currently 53% overpriced based on ten year averages and the Fed has poisoned the markets with imaginary money. This fantasy world cannot go on forever. A crisis can ensue very quickly, and Obama is getting ready to exploit it. I can see it happening right now. The plan is to force everyone to shift funds into bonds and the Government has instantly acquired Trillions.


9 posted on 02/14/2014 6:07:07 AM PST by SkyPilot
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To: SkyPilot

Obamanation bump for later.....


10 posted on 02/14/2014 6:10:52 AM PST by indthkr
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To: SkyPilot

This was the reason for the Patriot Act, TSA, DHS, NDAA, Fusion centers, domestic spying, militarization of the local police and the purchase of billion and billions of rounds of ammo. They were getting ready for the biggest heist in history. They plan on taking everything we have.


11 posted on 02/14/2014 6:12:04 AM PST by Count of Monte Fisto (The foundation of modern society is the denial of reality.)
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To: The Working Man
As soon as I see the word "annuity" in the same paragraph as "retirement savings" I have a vision of where this is going. The feds will encourage people to save, maybe even adding a little to their savings. Then when one retires, they'll get their retirement check back, but as an annuity. That means that when one dies, that asset is gone.

I live in an area where these are a lot of older retirees who've been comfortable up until now. A lot of them have gone in to annuities with decent payments to keep the money coming in, as interest rates on their savings are near zero. Their kids and grandkids are in for a surprise when the old folks pass on...that annuity means the life savings are gone.

This all seems like a not to subtle maneuver to stop all but the most wealthy from transfering wealth to the next generation.

12 posted on 02/14/2014 6:19:35 AM PST by grania
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To: SkyPilot

:: Mark my words folks, this is coming. ::

I believe I am on FR record in 2008 prognosticating that an Obamugabe administration will, eventually, convert all 401K.

It IS going to happen before he leaves; it is just too much “idle money” for them to ignore.


13 posted on 02/14/2014 6:22:00 AM PST by Cletus.D.Yokel (Catastrophic Anthropogenic Climate Alterations: The acronym defines the science.)
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To: SkyPilot

Since the 401 accounts are fairly new very few people have actually retired with them. It would be very easy for Congress to change the law to tax or to modify the savings plan.


14 posted on 02/14/2014 6:25:26 AM PST by CodeToad (When ignorance rules a person's decision they are resorting to superstition.)
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To: LiveFreeOrDie2001

I’ve said that one of the scariest scenes I’ve seen in a movie is the first 10 minutes of Inglorious Basterds. It shows a guy in a place much like mine that, even that far off the grid, is not out of the net cast by the government.

Only it is not a Jewish family that is under our house.


15 posted on 02/14/2014 6:25:36 AM PST by cuban leaf
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To: Psalm 73

I yanked mine in 2008, the day after 0bama was elected. The money went into home improvements and starting my business.


16 posted on 02/14/2014 6:26:59 AM PST by EBH ( The Day of the Patriot has arrived.)
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To: C210N

I sell bonds. I can get you coupon bonds. Perhaps you mean the return to physical bearer bonds? The last were issued in 1981 or 1982. There are some still out there that had super long maturities.


17 posted on 02/14/2014 6:31:34 AM PST by DCBryan1 (No realli, moose bytes can be quite nasti!!)
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To: SkyPilot

"That's as good as money, sir. Those are I.O.U.'s. Go ahead and add it up, every cent's accounted for. "

18 posted on 02/14/2014 6:34:28 AM PST by dfwgator
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To: Count of Monte Fisto
Almost all financial transactions today, from getting paid by your employer, to purchasing, to insurance, to bill paying take place electronically.

I will go out on a limb here: the Government tracks each and every single electronic financial transaction. I am not saying they have detailed records on everyone at every single moment in time, but just as every phone conversation is now logged, so are financial transactions.

19 posted on 02/14/2014 6:34:29 AM PST by SkyPilot
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To: Count of Monte Fisto
As to 401Ks and IRAs - the government requires you to report those. What do people thing they Government do with that data? Throw it in the circular file? No. They require you to report them so they can take them if they want them.
20 posted on 02/14/2014 6:35:42 AM PST by SkyPilot
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To: Psalm 73

Another possibility is to find a gov’t averse IRA management firm that deals in gold IRAs.

I know of one that is telling clients “off the record” that any attempt to seize the holdings will be met with legal stalling maneuvers while they ship the physical metal to their clients out the back door.


21 posted on 02/14/2014 6:37:22 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: SkyPilot
If this happens - then I no longer live in a nation of laws. As such I will consider it my moral duty to seek vengeance any way I see fit.
22 posted on 02/14/2014 6:38:26 AM PST by USMA '71 ((Re-elect no one!))
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To: SkyPilot

.


23 posted on 02/14/2014 6:39:51 AM PST by skinkinthegrass (The end move in politics is always to pick up a gun..0'Caligula / 0'Reid / 0'Pelosi)
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To: SkyPilot

We rolled our IRAs into tax free annuities, which are supposed to be safe from government reach. I’m calling my investment guy about this today.


24 posted on 02/14/2014 6:42:23 AM PST by FrdmLvr ("WE ARE ALL OSAMA, 0BAMA!" al-Qaeda terrorists who breached the American compound in Benghazi)
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Comment #25 Removed by Moderator

To: grania

My dad got an annuity for my mom, to have as a source of funds for charities when my mom passed away. Except my mom lived too long - and the annuity expired before she did - but only by a year or two. I don’t know that much about it, but it sounded like it was a huge payment up front. And then no payments for 20+ years, and then once it reached maturity, in order to keep it at 80% of the original value my mom would have put a fairly big payment in again, but that would have only lasted for a year or something.

Sounded like a scam to me.


26 posted on 02/14/2014 6:43:58 AM PST by 21twelve (http://www.freerepublic.com/focus/f-news/2185147/posts 2013 is 1933 REBORN)
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Comment #27 Removed by Moderator

To: MrB
"....any attempt to seize the holdings will be met with legal stalling maneuvers...."

I know they mean well, but after seeing an unconstitutional Gun Control bill passed in a "blink of an eye" in the dead of night here in Konnecticut, Obozo could surely sqash any "legal maneuver" that gets in his way.
No? Has a Republican-controlled House prevented him from legislating from the White House?
The courts are just as spineless.

28 posted on 02/14/2014 6:46:40 AM PST by Psalm 73 ("Gentlemen, you can't fight in here - this is the War Room".)
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To: EBH
I yanked mine in 2008, the day after 0bama was elected. The money went into home improvements and starting my business.

A friend did almost the same thing.

29 posted on 02/14/2014 6:48:10 AM PST by SkyPilot
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To: grania
Annuities that are set up right are great for people who do not want to hassle with stocks, bonds etc. IRAs are just that, INDIVIDUAL, they were not meant to be passed on to your beneficiaries. If someone wants to leave some of their wealth to their children, the best way to do that is to purchase whole life insurance before you retire. When you pass away, the beneficiaries get the money TAX FREE. With an IRA, the beneficiaries have to pay tax and a good portion of what is left gets swiped by the government.
However, those who are informed (most are not) will know they can "rollover" an inherited IRA to your own account. The IRS recalculates the annual required distribution based on the new owners age. Effectively managed inherited IRAs can last several generations, that is if they don't get stolen by the regime.
30 posted on 02/14/2014 6:49:14 AM PST by UnRuley1
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To: dfwgator
That's about it.

People don't realize the government already has them by the short hairs on this one.

31 posted on 02/14/2014 6:49:16 AM PST by SkyPilot
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To: Cletus.D.Yokel
I believe I am on FR record in 2008 prognosticating that an Obamugabe administration will, eventually, convert all 401K. It IS going to happen before he leaves; it is just too much “idle money” for them to ignore.

I only came to this realization in the last couple of months.

I too, thought it was the stuff of the Black Helicopter crowd.

No longer. I am telling people it is going to happen.

32 posted on 02/14/2014 6:50:39 AM PST by SkyPilot
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To: SkyPilot

This will give a lot of pissed off people an excuse to kill SOMEBODY!


33 posted on 02/14/2014 6:51:58 AM PST by Renegade
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To: USMA '71

I’m with you 100% Time to organize!


34 posted on 02/14/2014 6:55:51 AM PST by Renegade
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To: C210N
All the more reason to now demanding we return to coupon bonds

The fundamental defects of paper as money (rather than as a symbol of, or receipt for, money) cannot be fixed.

35 posted on 02/14/2014 7:02:02 AM PST by Jim Noble (When strong, avoid them. Attack their weaknesses. Emerge to their surprise. E)
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To: SkyPilot

They were talking about this before the election in 2008.

The next market drop where folks lose a portion of their retirement investments will be the trigger to confiscate them.

This legislation has been fermenting on someone’s desk now for a long time.


36 posted on 02/14/2014 7:05:11 AM PST by EBH ( The Day of the Patriot has arrived.)
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To: UnRuley1
If someone wants to leave some of their wealth to their children, the best way to do that is to purchase whole life insurance before you retire.

Whole life policies are the worst possible life insurance you could purchase. Hint: Think Term life insurance. The difference in premium between the two can then be invested in mutual finds or DRIPs (if you have the acumen for stocks)

37 posted on 02/14/2014 7:17:42 AM PST by Go Gordon (Barack McGreevey Obama)
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To: apillar

When our aunt passed away in January last year, we found $160,000 in $20 bills neatly tucked into ziplock bags under some afghans in her bureau drawer. She had over a million in investments as well. Something to be said for that generation.


38 posted on 02/14/2014 7:18:10 AM PST by FrdmLvr ("WE ARE ALL OSAMA, 0BAMA!" al-Qaeda terrorists who breached the American compound in Benghazi)
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ObamaCare set the precedent. If you don’t invest in a government approved retirement plan, you will be “taxed” accordingly.


39 posted on 02/14/2014 7:20:38 AM PST by TruthBeforeAll
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To: EBH
I've bled mine dry keeping food on the table and a roof over my head during an extended period of unemployment while the captains of my industry successfully begged congress for more and more and ever more H-1Bs because they couldn't, just couldn't, find me and hundreds of thousands of Americans like me.
40 posted on 02/14/2014 7:23:00 AM PST by null and void (<--- unwilling cattle-car passenger on the bullet train to serfdom)
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To: null and void

I’m sorry to hear that man. I know when I am an interviewer, if the candidate is H1B it is NO SALE for me. I always give American’s preference (in defiance of HR). I share some of your plight as well as I drained a couple smaller retirement funds just keeping the mortgage paid, the bellies at least somewhat full and the lights on. It’s rough out here while the whitehut and the talking heads lie to me everyday telling us how great the economy is.


41 posted on 02/14/2014 7:42:36 AM PST by Ghost of SVR4 (So many are so hopelessly dependent on the government that they will fight to protect it.)
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To: Ghost of SVR4

OTOH, my 3-D printer arrives next month. Let me know if you need any parts printed...


42 posted on 02/14/2014 7:50:36 AM PST by null and void (<--- unwilling cattle-car passenger on the bullet train to serfdom)
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To: PatriotGirl827

bookmark for later


43 posted on 02/14/2014 8:03:52 AM PST by PatriotGirl827 (O Mary, conceived without sin, pray for us who have recourse to thee)
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To: SkyPilot

Looks like Obama may cause a run on the banks and huge stock sell offs.


44 posted on 02/14/2014 8:27:52 AM PST by Vaduz
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To: SkyPilot

If Obama flips an executive order switch and institutes a mandatory surrender & conversion of personal retirement accounts to a MyRA type of account...it would not surprise me to see a temporary lockdown on bank safety deposit boxes.

Got to give the gubment auditors time to go thru the lockboxes to ferret out any cash or metals the ungrateful rabble have been trying to hide from confiscation.


45 posted on 02/14/2014 9:02:04 AM PST by moovova
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To: SkyPilot
When you hear, “Hello, I’m from the federal government and I want to help you manage your retirement savings,” the best advice is to run away, as fast as you can.

This is the problem. Don't run anywhere. This is when it's time to fight...with force if necessary (and pretty damn well likely).

46 posted on 02/14/2014 9:05:15 AM PST by Fedupwithit (Your opinion: It's all yours....don't expect me to listen to it, or even acknowledge it..)
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To: Cletus.D.Yokel
The only way it doesn't happen is if we (the conservative backbone of this country) make the 2014 elections the bloodbath that it should be, for Dems and RINOs alike.

If this happens, then every decison made by the remaining survivors make them think that much harder..

47 posted on 02/14/2014 9:09:25 AM PST by Fedupwithit (Your opinion: It's all yours....don't expect me to listen to it, or even acknowledge it..)
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To: UnRuley1

The worst way to pass money is whole life. The best way is a family blind trust.


48 posted on 02/14/2014 9:10:42 AM PST by CodeToad (When ignorance rules a person's decision they are resorting to superstition.)
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To: Go Gordon
Whole life is permanent insurance. It is also where you can store wealth. We are using it for our Bank on yourself plan. It builds cash value that we can borrow from ourselves and repay with interest back into the plan to continue to build the cash value. The key is to repay the loan with interest, this supercharges the accumulation of cash. The IRS has limitations on how much you can put into one of these plans (modified endowment), the way around it is to borrow and repay with interest in addition to yearly premiums.
The goal is to build it up so at retirement, we will have a TAX FREE source of income, by borrowing our own money from the plan. At death, the loan is repaid by the insurance which is always the same or greater than the cash value. Anything remaining will go to the beneficiary. Again, you have to do your research on these. There is a place for term AND whole life if you know what you are doing.
49 posted on 02/14/2014 9:11:43 AM PST by UnRuley1
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To: CodeToad
You have to do your research on whole life policies. I use mine to accumulate cash which I can borrow and repay with interest to build up the cash value. And later at retirement I can borrow the money as a TAX FREE source of income. At death, the loan is repaid by the insurance and any money left, goes to my beneficiary. (say I borrowed $800,000 of $1,000,000 cash value, the $200,000 left of insurance benefit goes to my beneficiary)
YES YOU CAN USE IT TO PASS MONEY ON TAX FREE!! DO more research!! Look up Pamela Yellen "BANK on YOURSELF".
50 posted on 02/14/2014 9:17:18 AM PST by UnRuley1
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