All the more reason to now demanding we return to coupon bonds.
We all know now that during the SOTU address, Obama did announce the MyIRA program, modeled after the Federal TSP program.
Obama’s MyRA Accounts—The Next Step Towards Government Seizure Of Precious Metals IRA Assets
Mark my words folks, this is coming.
No.
No f-ing way.
I’m starting to think my late Grandpa, who group up during the great depression, was right, the only place to keep your “Retirement savings” safe from crooked bankers and the government is to hide it under your mattress. (and he did to the tune of $60,000 when he passed away).
Mark my words folks, this is coming.
I agree with you it is coming, I saw the writing on the wall almost ten years ago now. The various trial balloons that sank like lead were the first salvo in softening up the public.
Now though they are desperate, they see the money in the accounts and they want it. The excuse that the Government created the means to have the accounts is enough of a pretext to say that the accounts are or at least should be under government control and direction.
Besides stealing the retirements from those smart or fortunate enough to have saved for their futures; confiscating control of them would mean that the government through the acquisition or control over all of the shares in public companies that are in the portfolios of these accounts would in effect complete the Feds complete control over the economy. No longer would their a be a separation of public and private. It would just be one thing; Government and Government owned and controlled corporations.
Think that can’t happen, look at the Chinese model of Capitalism. That’s exactly what they have...
I agree, that's why I never even considered paper PMs (hey, great oxymoron there!).
All the more reason to now demanding we return to coupon bonds.
Obamanation bump for later.....
This was the reason for the Patriot Act, TSA, DHS, NDAA, Fusion centers, domestic spying, militarization of the local police and the purchase of billion and billions of rounds of ammo. They were getting ready for the biggest heist in history. They plan on taking everything we have.
:: Mark my words folks, this is coming. ::
I believe I am on FR record in 2008 prognosticating that an Obamugabe administration will, eventually, convert all 401K.
It IS going to happen before he leaves; it is just too much “idle money” for them to ignore.
Since the 401 accounts are fairly new very few people have actually retired with them. It would be very easy for Congress to change the law to tax or to modify the savings plan.
"That's as good as money, sir. Those are I.O.U.'s. Go ahead and add it up, every cent's accounted for. "
.
We rolled our IRAs into tax free annuities, which are supposed to be safe from government reach. I’m calling my investment guy about this today.
This will give a lot of pissed off people an excuse to kill SOMEBODY!
ObamaCare set the precedent. If you don’t invest in a government approved retirement plan, you will be “taxed” accordingly.
Looks like Obama may cause a run on the banks and huge stock sell offs.
If Obama flips an executive order switch and institutes a mandatory surrender & conversion of personal retirement accounts to a MyRA type of account...it would not surprise me to see a temporary lockdown on bank safety deposit boxes.
Got to give the gubment auditors time to go thru the lockboxes to ferret out any cash or metals the ungrateful rabble have been trying to hide from confiscation.
This is the problem. Don't run anywhere. This is when it's time to fight...with force if necessary (and pretty damn well likely).
If they think it won't come to that, they're fools.