Time to clean out your 401k and IRA

[onwebcam]

US Departments of Labor and Treasury Schedule Hearing on Confiscation of Private Retirement Accounts

"I don’t like speaking in tabloid-style terms, but the unstated agenda of these hearings, as I understand it, is to push for the US government to eventually nationalize (confiscate) all assets in private Individual Retirement Accounts (IRAs) and 401K plans!

"The US government is desperate to get its hands on private assets to help cover soaring budget deficits and debts, and this is simply the largest and easiest piggy bank that could be seized. The Investment Company Institute estimates that at the end of 2008 that there were $3.613 trillion of assets in IRAs and $2.350 trillion of assets in 401K plans."



The US government plan is to eventually take ownership of all assets in IRAs and 401K accounts and replace them with US government “Treasury Retirement Bonds.” In the October 2008 hearings, it was proposed that these bonds pay a 3% interest rate. Another major change is that, upon retirement, the individual’s retirement account would be converted into an annuity. Once the individual is deceased, the individual’s heirs would not inherit anything (similar to what happens now with Social Security “accounts”)."

http://news.coinupdate.com/us-depart...accounts-0431/

[Eric]

Originally Posted by onwebcam

US Departments of Labor and Treasury Schedule Hearing on Confiscation of Private Retirement Accounts

"I don?t like speaking in tabloid-style terms, but the unstated agenda of these hearings, as I understand it, is to push for the US government to eventually nationalize (confiscate) all assets in private Individual Retirement Accounts (IRAs) and 401K plans!

"The US government is desperate to get its hands on private assets to help cover soaring budget deficits and debts, and this is simply the largest and easiest piggy bank that could be seized. The Investment Company Institute estimates that at the end of 2008 that there were $3.613 trillion of assets in IRAs and $2.350 trillion of assets in 401K plans."



The US government plan is to eventually take ownership of all assets in IRAs and 401K accounts and replace them with US government ?Treasury Retirement Bonds.? In the October 2008 hearings, it was proposed that these bonds pay a 3% interest rate. Another major change is that, upon retirement, the individual?s retirement account would be converted into an annuity. Once the individual is deceased, the individual?s heirs would not inherit anything (similar to what happens now with Social Security ?accounts?)."

http://news.coinupdate.com/us-depart...accounts-0431/

You, I, and the entire world knows this will never happen. Why people even write about it is beyond me.

[epitome]

The citizens of this (and every other) country will take a lot of stuff on the chin but I think most would draw the line here and politicians know that.

[Ethersync]

This has been talked about for awhile now. It's not so much confiscation of your 401k, but rather rolling that money into some sort of tax free Treasury Bond retirement account. If the rest of the world stops buying our bonds, and that has been the trend, I would not be surprised if this happens. It would most likely start as an optional program and if that raises enough money it may stay as that.

[onwebcam]

Originally Posted by Eric

You, I, and the entire world knows this will never happen. Why people even write about it is beyond me.

I bet people in the 30's never thought they would take their gold and give them pieces of paper either..

[The Demon]

Originally Posted by Ethersync

This has been talked about for awhile now. It's not so much confiscation of your 401k, but rather rolling that money into some sort of tax free Treasury Bond retirement account. If the rest of the world stops buying our bonds, and that has been the trend, I would not be surprised if this happens. It would most likely start as an optional program and if that raises enough money it may stay as that.

If and when the rest of the world stops buying our bonds, we'll get hyperinflation and this is the least of our concerns.

[u-Bob]

The Belgian Government did something similar a couple of years ago.

[FreeHugeMovies]

stupid post and article

[PornMD]

Funny - for some reason the gov't dipping into social security which we're all MANDATED to pay has become a non-issue compared to the things people guess they might do. I don't have a retirement account because I can make much better money with my money otherwise and I've heard enough horror stories about people's retirement accounts taking a beating with the stock market plunge.

[Ethersync]

Originally Posted by The Demon

If and when the rest of the world stops buying our bonds, we'll get hyperinflation and this is the least of our concerns.

That would be deflationary most likely unless the government just cranks up the dollar printing press and we buy all our bonds from ourselves. That would would be suicide though. I do think some sort of dollar devaluation may be in play, but, unlike G.D. 1.0 when we had a gold standard, that is hard to do with a free floating fiat currency. Especially when ~80% of the world's debt is dollar denominated (thus propping up demand for the dollar).

[DBS.US]

Originally Posted by onwebcam

I bet people in the 30's never thought they would take their gold and give them pieces of paper either..

Most people don't even know what your talking about.