Skip to comments.Obama step closer to seizing retirement accounts
Posted on 02/14/2014 5:48:59 AM PST by SkyPilotEdited 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 ...
We all know now that during the SOTU address, Obama did announce the MyIRA program, modeled after the Federal TSP program.
Mark my words folks, this is coming.
No f-ing way.
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).
Yeah... file under gun seizure, indefinitely staying in office, a few other intolerable grievances.
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...
I agree, that's why I never even considered paper PMs (hey, great oxymoron there!).
All the more reason to now demanding we return to coupon bonds.
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.
Obamanation bump for later.....
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.
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.
:: 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.
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.
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.
I yanked mine in 2008, the day after 0bama was elected. The money went into home improvements and starting my business.
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.
"That's as good as money, sir. Those are I.O.U.'s. Go ahead and add it up, every cent's accounted for. "
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.
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