Looters Ascendant: They're Coming For Your Retirement Money, As Well
Read this piece from Boortz's Wednesday column on the Mighty Kenyan's plan to steal your 401(k) retirement account...uhh, I mean "provide you with a lifetime retirement income":
I've been telling you about this for a while now. This, to me, is one of the most dangerous schemes currently slithering through the crevices and dark spots of the Imperial Federal Government in Washington. What am I talking about? What I believe to be plans by the Obama administration to, in effect, seize your retirement funds and use them to finance their deficit spending. Remember ... there are more than $3 trillion dollars sitting out there in individual retirement, IRA and 401K plans. Politicians just can't stand the idea of this much money sitting out there in private investments ... out of the grasp of politicians.
So .... Something needs to be done. And sure enough, something is going to be done. The Treasury Department and the Department of Labor were going to start taking comments on ways to promote the idea converting 401(k) savings and IRAs into annuities or other steady payment streams. Well, you can finally take a look at this document for yourself:
Request for Information Regarding Lifetime Income Options for Participants
***
...Earlier this week I told you of a story from the investment press which stated that investors now look at blue chip stocks like Coca Cola as better and safer investments than U.S. Government treasury certificates. China has signaled that it is not in the mood to buy many more U.S. government securities. This is how we finance our debt! If investors and other nations won't voluntary finance our debt, what does our government do? Well, our government does what governments always do. Fall back on its unique ability to use force to accomplish its goals. There's a problem here. We aren't going to force China to buy more Treasuries ... so where is the force to be applied? YOU, that's where.
The government is talking about some form of "lifetime income distribution" and "lifetime stream of income." (Isn't this what Social Security was supposed to do?) But just HOW does the government provide this "lifetime" income? Simple ... by FORCING you to take all or a portion of your retirement funds and invest them where China won't go; invest them where private international investors no longer want to go; invest them in Treasury Certificates. Oh yeah ... they'll probably come up with some fancy new name for some fancy new type of T-bill ... but the goal and the effect will be the same. You'll see your money seized by government and used to finance the insane spending plans of politicians .. Democrat and Republican...
Here's the ZeroHedge post on the topic.
And here's the Denninger column from last month that broke the story, with our commentary:
Along with the Evans-Pritchard piece cited in Denninger's article, see also this article from US News & World Report from October, 2008, and a related USNWR article from January, 2009.
Best to run the numbers on a cash-out, unless you like the answers to these questions:
- Would you take a promissory note from a bankrupt?
- What if that bankrupt takes your money via the FedGov pistol in his hands and leaves you a promissory note in "exchange"?
Do you understand yet?
posted by Concerned American | 4:35 AM
7 Comments:
All assets are vulnerable. Anything of value that can be traced to you is on the table for the government to sieze in the name of "national security" or the "peoples need". Hide evreything of value, barter,deal in cash with no reciepts, trade your labor for goods and services. Liquidate into goods with a shelf life and value,no matter what the political landscape holds in store for us. Whats the worst that can happen? You will have an abundance of durable goods,ammo and food, so you won't have to procure some for a while. Big deal. The alternative sucks! No food,ammo or durable goods to be had under any circumstances. Common sense must prevail,to survive. Knuck.
Sounds like ForniKalia writ large.
It's often been said that what Forniakaila does, the rest of the nation soon follows. In this case, see what happens to a bankrupt state and the chits it hands out in lieu of cash payments. Continue to follow that story, then apply it to the nation & see what an unmitigated disaster it would be.
I guess if that ever comes to pass, I would cash out my meager retirement and purchase hard goods (guns, ammo, silver, food storage. . . .).
One of my favorite sayings adapted from my teenage hippie years was from an underground comix, The Fabulous Furry Freak Brothers, "_______ will get you through times of no money better then money will get you through times of no ________."
B Woodman
III-per
When I point this out to people, I feel like a guy standing by the lifeboat on a sinking ship, trying to get the attention of people at a party in the main ballroom, who are having a hilarious time, and can't be bothered. That water looks cold.
It's hard to believe that I'm sitting here pondering totally withdrawing my 401k at the cost of 50% of the value JUST to keep the feds from getting their hands on the other 50%.
Eric
III
Eric:
You are not the only one.
Both with that contemplation and that sense of disbelief.
If ever there was a "national trigger" that would have a chance of waking the slumbering sheep, a broadbased confiscation of 401k funds might be it. Some of the most dense among us might actually realize they're being robbed!
When they do this, will it be time for dead pigs? For they sure as hell WON'T be able to do this without "Law Enforcement" supporting them. Or is ANY Mere Citizen still harboring the notion that "Law Enforcement" is on THEIR side?
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