Posted on 05/01/2013 5:21:22 AM PDT by SeekAndFind
The National Deficit, along with the lack of demand for Treasury Bonds, leaves the government with no other option!
And what you don’t know can hurt you!
Goldworth Financial first uncovered the early blueprint of our government’s plot to seize retirement accounts in early 2009. Since that time, we have come up with 10 Basic Questions that people have about this issue:
1. Who’s behind the plot to confiscate retirement accounts?
The government takeover of private retirement accounts is a concept first drawn up by Teresa Ghilarducci, who was funded by the White House, the Ford Foundation, and the Rockefeller Foundation. President Obama’s 2008 presidential run proposed the “Automatic IRA,” which has now evolved into Ghilarducci’s “Guarantee Retirement Accounts (GRA‘s)” concept.
2. Why does the Government want to seize Private Retirement accounts?
They need it! China and other buyers of US Treasury (our debt) Bonds have stopped buying. The Federal Reserve reports that it is now forced to fill China’s role, and is buying over 61% of our Treasury Bonds.
3. Have there been any public hearings? If so, who’s involved?
There have been numerous hearings between the Internal Revenue Service (IRS) and the Labor and Treasury Departments. The topic discussed is known as the “Lifetime Income Option-Annuity Income Stream.” Here is the role that each is playing:
4. What workers’ unions are in favor of Nationalized Retirement Accounts?
Believe it or not, the SEIC, CIO & AFL are all in favor! The proposal for this is being discussed as “Re-Imagining pensions.” These workers’ unions are all in favor of “Universal Secure and Adequate (USA)” retirement for all.
John Adler, the Retirement Security Campaign Director of the SEIU, said: “We really don’t favor individual accounts as the way to go.” He went on to say: “Instead, we favor a pooled investment approach.”
John Adler also mentioned Teresa Ghirladucci’s Guarantee Retirement Accounts (GRA). Adler said, “Ghirladucci’s recent proposal of state-sponsored plans is worthy of consideration.”
5. Okay, so unions are in favor of De-Privatizing retirement accounts. But government can’t just take our money, can they?
Yes! Unfortunately, they can! Here’s a recent snapshot of recent headlines in leading newspapers:
If Government “borrows” money they have NO Intention of paying back, wouldn’t you call that stealing/confiscation?
6. Is Obama involved in the plot to seize retirement accounts, and if so, how will they do it?
Proof can be found in the Obama Administration’s 256-page FY 2013 Budget Proposal, the revival of his 2008 presidential run’s “Automatic IRA.” It has now evolved into two proposals: Secure Choice Pension and Government Retirement Accounts (GRA’s).
Some of the proposed “features” are:
7.Okay, Government will turn my Retirement Account into a GRA, which will function as “longevity annuities.” But what’s in the annuity, and what kind of returns will I get?
According to Teresa Ghirladucci, the originator of GRA’s, the estimated return on your money will be 3%. It will NOT keep up with government-reported inflation, let alone TRUE/REAL Inflation.
The Government-run annuity will contain U.S. Treasury Bonds, Treasury Notes and Treasury Bills- everything China no longer buys.
The Treasury Department is so desperate to find new buyers, they recently announced that “taxpayers will now have another savings option-the ability to use their refunds to purchase U.S Savings Bonds without having to open an account with the Treasury; even if the tax payer doesn’t have a bank account.”
Citigroup analyst Hans Lorenzen said: “U.S regulators are essentially forcing banks to buy up government debt-While that helps Government Issue more and more debt, the strategy could ultimately explode if the government isn’t able to make the bond payment, leaving the holders of the bonds with toxic debt.”
Yes, through GRA’s, you will be holding our government’s toxic debt!
8. What States, Senate Bills and politicians are in favor of this new Socialistic program?
Sponsor: Rep Neal, Richard E. [MA-D]
Sen. Jeff Bingaman [NM-D] -September 2011
Rep Blumenauer, Earl [OR-D] – 2/16/2012
Rep Crowley, Joseph [NY-D] – 4/19/2012
Rep Deutch, Theodore E. [FL-D] – 3/29/2012
Rep Himes, James A. [CT-D] – 5/7/2012
Rep Honda, Michael M. [CA-D] – 2/28/2012
Rep Larson, John B. [CT-D] – 4/19/2012
Rep Lewis, John [GA-D] – 4/19/2012
Rep McGovern, James P. [MA-D] – 2/28/2012
Rep Pascrell, Bill, Jr. [NJ-D] – 4/19/2012
Rep Rangel, Charles B. [NY-D] – 3/20/2012
Rep Schwartz, Allyson Y. [PA-D] – 4/19/2012
Rep Stark, Fortney Pete [CA-D] – 2/28/2012
Rep Thompson, Mike [CA-D] – 4/19/2012
Rep Tierney, John F. [MA-D] – 8/2/2012
Rep Tsongas, Niki [MA-D] – 4/25/2012
Other related proposed legislation:
SB1234, introduced by California Congressman Kevin De Leon. It’s known as the “Golden State Retirement Trust.” This bill is based on GRA’s.
On May 6, 2012, Lauren Schmitz, a research analyst at the Barnard L Schwartz Center for Economic Analyst (SCEPA), introduced HB5337. SCEPA is the very same institution where Teresa Ghularducci originated the GRA concept. This Connecticut Bill is also based on GRA’s.
9. I don’t like the idea of GRA’s, so can I just pay the early withdrawal penalty and tax, and pull everything out of my retirement account?
No! The Government has already thought of that. On May 18, 2011, Herb Kohl (D-WI) and Mike Enzi (R-WY) introduced “S1020-Saving Enhancement by Alleviating Leakage in 401k Savings Accounts, “AKA: Seal Savings Accounts. This bill will restrict you from accessing your money. In fact, you won’t even be able to borrow from it.
Food for thought - When a country is neck-deep in debt, and has nobody to borrow from, recent history has shown us that indebted Governments steal their citizens’ wealth! Countries such as Belgium, Poland, Hungary, France, Argentina, Bolivia and Ireland have already seized private retirement accounts.
10. Has any organization attempted to Stop the De-Privatization & Seizure of Retirement Accounts?
The American Society of Pension Professional (ASPPA) has started a petition: “Save my 401k, protect my piggy-Tell Congress: Step Away From my 401k“; unfortunately, this only addresses a small portion of the Government takeover of retirement accounts.
The National Senior Council (NSC) is running its own petition: “Save your Private Retirement Savings -sign the Petition Against Obama’s New National Retirement Accounts”
Whether or not these petitions stop Obama & BIG Government… we can only hope! Remember, President Obama CAN bypass congress by enacting an Executive Order. To date, President Obama has enacted over 115 Executive Orders! Many believe he will enact Executive Order for his gun agenda.
If you have read Goldworth Financial’s previous reporting on the De-Privatization & Seizure of Retirement Accounts, WHY are you waiting for the OFFICIAL government announcement: “To Protect You and for the Good of Our Country, we are Nationalizing Private retirement accounts”? By then, it will be too late to do anything about it!
It’s the old “Frog in a Boiling Pot of Water” they turn up the heat, in stages.
One recent example of a Government Confiscation in the name of “Tax” is the recent Cyprus money grab. Much like our Government did in 1933, Cyprus declared a Bank Holiday, which blocked people from accessing what was left of their savings.
IF the Supreme Court’s ruling on Obamacare didn’t wake you, it should! The ruling will simply be used as case law, when government “herds” everyone into Nationalized Retirement Accounts.
You have worked Long and Hard for your money. Taxes will take a portion, inflation will take a portion… Don’t Allow Government to Take the Rest! Government money is Only a Note, a government promise; tangible Gold & Silver are Constitutional Money.
Much like Eminent Domain, most assets can be “Taken-Over” by the government.
Certain Gold categories have been Exempt from Previous Federal Recalls.
Remember, the election is over! Obama doesn’t have to play nice, he’s not concern about a re-election.
Educate yourself before the “worst case” Scenario.
This action, if implemented, would in essence be a declaration of war by the takers against the makers. Working people may not like the idea of theft of their lifetime retirement savings. This could be the tipping point that starts the next revolution.
Well the vast majority of people in this country have abandoned the concept of private property rights so when it happens they will deserve it. They just thought the government would leave theirs alone while taking from the rich.
I thought then that he was crazy, because to take other people's money would be theft.
Right?
I’m well aquainted with incrementalism.
My point is that some increments are a bridge too far and will be met with unexpected reaction.
Funds will be deposited into a pooled GRA.
Wonder what bills will be passed in the summer months when onbody is looking at 3:00am.
“Not to change the subject, “
Then you go on to change the subject. You are a one trick pony that is incapable of doing anything other than simply parroting the same thing over and over and over and over and over and over. Yet, you fail to EVER propose a solution and try to hijack other important subjects to your nebulious claim.
“•Government will automatically deduct 5%-6% out of your earnings. Those funds will be deposited into a pooled GRA”
I would call BS on this and would say that it is impossible, that the people would never allow it, then I remember last July when John Roberts decided that forcing me to purchase a product from a private company was now constitutional and I remember that everything is now on the table and the people still don’t care.
Jesus had it right: "Render unto Caesar what is Caesar's." That includes tax-deferred accounts, government bonds, public pensions, and even the Federal Reserve Notes in one's wallet. One's assets need to be elsewhere, if one wishes to shelter them from the coming storm.
bttt
Whah.
I proposed solutions about 5 times already.
I have not been too specific, because that puts the solution ahead of the problem.
That is to say, trying to propose a solution before we even agree what the problem is.
But I’ve proposed solutions.
I however think you’re not really interested in solutions. Just interested in selling stuff made elsewhere, in America.
No?
“I proposed solutions about 5 times already.”
No you haven’t.
“I have not been too specific,”
Here you admit that you haven’t. You make the same blanket statements and that is all. In fact, you even made that general statement on this thread, when in fact if this thread’s topic comes to fruition it will further create a jobs problem in this country. If capital is confiscated, then business expansion will be severly hampered.
So, rather than say something along the lines of “we’ve already outsourced too many jobs and this policy would make it even worse.” You paste your tired generalities AGAIN.
I’ve walked you into a solution previously and yet you still fail to utilize your intellect to add value to FR.
Seems like everyone’s focused on the military cuts, but this morning’s local Fox affiliate brought up the fact that Obama’s new budget includes a plan to go after retirement savings, so I think it appropriate to remind everyone of this piece from last year.
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