Skip to comments.Obama Begins Push to Confiscate IRA’s & 401k’s
Posted on 11/16/2012 11:45:13 PM PST by rocksandbroncs
It may be time to take the tax hit and withdraw funds from private retirement accounts before they are forced into long term T-bonds.
The Obama administration is reportedly quickly moving on plans to nationalize private 401k and IRA retirement accounts, and replace them with government sponsored annuities(aka Treasury bonds that the Treasury currently cant sell to anyone but the Fed).
National Seniors Council Director Robert Crone warns: This whole issue is moving forward very quickly. Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employees paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts.
(Excerpt) Read more at silverdoctors.com ...
Should have to take rifles out of our hands first here.
Executive orders are subject to judicial review and can be declared unconstitutional. The caveat being that someone has to bring suit in order for that review to occur.
Reporter: “Why do you rob banks?”
Willie Sutton: “That’s where the money is.”
Attacking Savings in any of its forms seems a natural to this Administration. Gotta have more to spread around.
Your words have iron in them.
but my initial response is this has to be fake or exaggerated.....They’ve been trotting this out since the ‘80’s. Was Jesse Jackson’s baby for years. I think you’d have heard a lot more of this if it is imminent.
Your 401K consists of a series of 1s and 0s on a computer backed up by your legal system.
After MF Global it’s evident that your legal system doesn’t give a damn about assets if they don’t belong to the right people.
Sell your 401K. Buy physical gold and silver and stand over them with a gun.
It isn't. I told a subcontractor to bill me more to cut profits. I'd rather it went there than to Obama.
If we continue with Boehner's leadership, you are probably correct. Boehner is going to huff and puff over Fiscal Cliff negotiations and then fold and allow higher taxes. He will lose and throw away conservative support and then the Democrats will win.
More fearmongering from bullion peddlers?Bingo!
Great advice! If one lives in a high tax state, cashing in the 401K is probably going to cost one close to 50% in taxes and penalties. That will require gold to double from current levels to break even on paper. If PM's drop by 50%, one will be out 75%..
If it were still America it would have to pass the House.
I never fell for the bait and simply saved money in my own accounts.
All of you have to keep in mind......if a plan is even mentioned in government circles, no matter what.....IT WILL EVENTUALLY BECOME LAW.
Executive orders are subject to judicial review and can be declared unconstitutional.
Have you looked at the “stacked” Supreme Court lately? Are these the judges you are speaking of?
What part of “the president has the power of kings” don’t you understand?
The percentage of “the people” who have significant private retirement savings is relatively small. We are the Kulaks. The who plan of the Marxist-Alinskys is to isolate us middle-class savers and small business owners and destroy us.
“The People” who will rise up will not be a large enough number to stop this. All that “rising up” will accomplish is to identify the kulaks and counter-revolutionaries so that their heads can roll.
It has been mentioned even before Bush was Prez - I still haven’t felt the need to liquidate my IRAs so I get a double benefit of having my cash and dining on government “cake”.
the “whole plan” not “who plan”
PMs will only drop when there is someplace BETTER to put the resource. There won’t be until Zero andhis minions are gone. He can rig elections but he can’t rig reality. Or “Money talks bullcrap walks”.
Exactly! Not confiscation. They are merely “guaranteeing” your retirement account. By making you put it all into T bills that the Fed buys...