[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.

[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.

[Popman]

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

[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).

[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.

[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.

[redfreedom]

Yes, someday the government might try to do all mentioned in the article. Maybe. I recall the Y2K doom and gloom crap.

Jan 01, 2000 came and past.

Cypress, Greece, Spain or whoever are desperate and raiding their citizens. This does not mean we will follow suit. With regards to socialism, we are just now going past the 50% mark. We still have hope and our 2nd Amendment should scare the hell out of any politician that tries it.

Personally, the tripe making up this article will not cause me any sleep loss.

[jy8z]

This is no joke folks. It is coming.

At the point they ask me for my precious metals I will give them plenty of another metal I own. I don't hink they'll like it though.

[Ken H]

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.

The Drug War took care of that long ago =>

The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.

Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.

http://en.wikipedia.org/wiki/Bank_Secrecy_Act

[umgud]

Just google cashless society. Serious people and institutions are promoting this and consider it a foregone conclusion.

[berdie]

later

[sport]

The next time the Democrats get control of the House, you can count on it happening. It was discussed in 2009 and the 2010 election interrupted it.

[gingerbread]

The problem is that government and union retirement funds have been depleted. They have to get that money from some one, and guess who that some one will be? Yep, all those people that saved their money through 401K. That’s the only place they can get that money. They can’t print any more dollars. I’m suspecting that along with all the 401K, the government will also make it illegal for any civilian to own gold or silver. That will also be confiscated.

[ConstantSkeptic]

It is coming.

Yeah. Yeah. The sky is falling and politicians are so stupid that they never want to be re-elected.

The politicians have 401(k)s. Their spouses have 401(k)s. The judges all have 401(k)s. Every constituent has a 401(k).

But some idiot of an economist thinks that politicians and judges are so frickin' stupid as to confiscate 401(k)s.

What. an. idiot.

[steve86]

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

True. Everything. In fact, permits will be required to attend religious services very soon. They will justify this on 1st Amendment grounds on the basis of "equal availability to everyone". Expect delays in getting your permit if you belong to a 'non-conforming' group (Traditional Catholic, evangelicals, etc.). You heard it here first.