‘Kiss your pension fund goodbye’? Economist warns government could seize 401(k)s

Economic Collapse News ^ | 25 May 2015 | Andrew Moran

[SkyPilot]

The United States government could start seizing 401(k) plans, says one economist who believes a recent Supreme Court ruling sets the stage for Washington to initiate any such plans.

Economist Martin Armstrong published a blog post Monday that took a look at the recent Tibble v. Edison case. The court concluded that employers have an obligation to protect their workers’ 401(k) plans from mutual funds that provide deplorable returns. Armstrong thinks this could give the federal government the arsenal to begin seizing private funds and take companies to court if mutual funds perform poorly. This comes as the Obama administration has attempted to battle Wall Street brokers who peddle certain retirement investments that may prove to be a conflict of interest.

Here is what Armstrong, who reportedly predicted the ’87 crash and 1990s Russian economic collapse, wrote in his article:

“This comes just in time for then the next step is government to seize private funds and prosecute employers who choose badly a fund manager. This fits perfectly just in time for the Obama administration’s next assault as they prepare a landmark change of its own by issuing rules requiring that financial advisers put the interest of customers ahead of their own. This creates a very gray area wide enough to justify public seizure of pension funds under management.”

He added: “Between the court ruling and the Obama administration’s push for stronger fiduciary rules send a strong message that government can much easier seize the pension fund management industry of course to ‘protect the consumer.'”

[SkyPilot]

Retirements are already in a crisis. If governments begin to seize your 401(k) accounts the crisis will only be exacerbated.

Cash will be eliminated very soon, perhaps sooner than anyone imagined. Already, withdrawls of cash (even a few thousands) will be reported to the authorities by the banks and your every move will be closely monitored.

They will tie everything to your "cooperation." Your healthcare access, your Social Security, your taxes, your employment....everything.

You will be issued worthless "bonds" and all 401Ks and IRAs will virtually disappear. I believe the next logical step will be a repeat of FDRs 1933 Executive Order that outlawed "hording" gold - which meant all ownership, possession, and transfership of even 1 ounce of gold.

This is no joke folks. It is coming.

[SkyPilot]

This info from the article is also dead on, and signals the end of cash as well as penson fund seizure:

______________________________________

In recent years, financial institutions, central banks and governments worldwide have imposed stricter deposit/withdrawal measures and classifications on customers. Here is a list of some questionable practices and newsworthy events in the past couple of years:

◾Bank deposits may soon be classified as paper investments and not money.

◾JPMorgan Chase has begun to restrict the use of cash in various markets and here.

◾Spain imposed a tax on savings accounts.

◾Swiss Bank blocked a pension fund from withdrawing its cash.

◾Six major banks were fined $6 billion after it was discovered they manipulated currency market.

[Publius]

Here is Armstrong's original article.

[dfwgator]

You’ll have Civil War II if that happens.

[Genoa]

Numismatists were allowed to keep their collections. ;-)

[Theo]

And when the headline says “government,” they mean bureaucrats and politicians, people with names.

Those trying to take our money will have names, and their efforts can be stopped.

[SkyPilot]

Thanks. I'll read that link.

The complete Anti-Christ system is almost in place.....

[SkyPilot]

Numismatists were allowed to keep their collections. ;-)

I am sure Dictator Obama cares about numismatists and their collections. Perhaps his Decree will give them 2 months to turn over all their gold instead instead of one.

[usconservative]

You’ll have Civil War II if that happens.

Civil War? I'm thinking more of a complete, outright Revolution complete with tar, feathers and rope in the spirit of our Founding Fathers.

[Popman]

They better hurry up because in the early fall of 2016 the market will crash trying to get Hillary in the WH...

[SkyPilot]

The crisis will be more than civil war - we are facing a global meltdown.

[SkyPilot]

They better hurry up because in the early fall of 2016 the market will crash

Or earlier.

The won't let the "crisis go to waste" either way.

[Labyrinthos]

This is no joke folks. It is coming.

I would expect nothing less from a publication that sells on economic doom and gloom.

[Lurkina.n.Learnin]

I would like to see some other “economists” taker on this.

Martin A. Armstrong
http://en.wikipedia.org/wiki/Martin_A._Armstrong

[familyop]

"The court concluded that employers have an obligation to protect their workers’ 401(k) plans from mutual funds that provide deplorable returns."

Investments that pay have been getting more scarce. It will be much worse, after the Fed raises the rate. Interest rate increases tend to be viral. Then, the vicious circle (business activity slows, layoffs, stocks go down, less revenues, bond collapse, then 'round and 'round).

[johniegrad]

Once a year someone always posts on this topic as though it is news. This same stuff has been talked about for at least the past ten years.

[gingerbread]

Truth be told, this started during the Clinton administration. His idea was to expropriate the last two years of everyone’s 401. This move would immediately give the government a shot in the arm, and lower the debt. Because of the political fall out it would cause, this idea was shelved. Now, because of the 18 trillion dollars in debt, the OBAMA administration wants to revive this plan. But instead of just taking the last two years, they’ll take it all, and the government will give all 401 owners a GOVERNMENT IOU. The government will return the money in “DRIBS” and “DRABS”, just like Social Security. So when these 401 owners reach retirement, they’ll get their Social Security AND what the government decides to give for their 401. This is to equalize every body, because those that didn’t have a 401 will get to dip their beak on the money the people that had the smarts to save their money. SEE NOW EVERY BODY IS EQUAL.

[RoadGumby]

Well then, double down on your contributions!!

Let the Good-Times-Stock-Market roll.

[familyop]

Yep. Not only riots, but armed, laid off government employees rioting. [Nearly none of them trained to be soldiers and every one a sovereign chief.] After the sporadic and peculiarly random-patterned interlocking fire in suburbs quickly depletes huge stores of ammunition, it might not be all that uncommon to see a hungry, snarling former planning office administrator gnawing on the skull of a former public school administrator (zombies).

[RedHeeler]

Hecky durn- who’da thought such a constrained noose, would ever strangle the tax based working class slaves? Oh well- perhaps the world wide devastation, won’t be that bad.