Posted on 01/26/2015 7:35:15 AM PST by reaganaut1
No excerpt allowed from Bloomberg, column here.
Some Freepers are worried about future confiscation of retirement accounts, but I wonder why it's more difficult for the government to confiscate my regular brokerage account at Fidelity than my IRA accounts there.
This really should not be a surprise. The American Welfare State (aka Socialism) is at the point where it can’t easily squeeze more income out of the population so it has to find some other pot of money to feed its social spending. So it will start taking savings. It has happened in a lot of other countries and Obama is trying to make it happen here too. 401Ks will be next.
Not Uncle Sam...Obama
I seldom make any progress arguing about economic policy with Obama supporters, but the one thing I have been able to get a few of them to acknowledge is that when the government deliberately sets out to devalue its currency through “quantitative easing” and deficit spending it is seizing wealth from any citizens who have savings in that currency.
Google “Teresa Ghilarducci”. She’s been out there plugging this idea for at least ten years.
Well, it only puts the inevitable bankruptcy of the welfare system off a few years. Eventually there will be no more real wealth to tap. The music stops and there’ll be a rush for too few chairs.
Not Uncle Sam...Obama
The demon from hell!
HA! Outsmarted them and burned through it all. Oh.......
They’ve been talking about this for several years now.
Leave your “penny jar” on the front porch, it will be picked up by either a representative from ACORN, or the SEIU.
RevRunt Shopton will be auditing the proceeds.
No gots...............
I'd love to see how much wealth that's been accumulated is being destroyed because Seniors are having to put their money into annuities and get reverse mortgages because their savings aren't paying any interest.
Bank Robber: Government official: Because that's where the money is.
This is the act of a gov’t in its last throes before complete currency/economic collapse.
They will confiscate all the savings of all the people as they go down.
Hahahahaha! Boy, are they gonna be disappointed!
The UniParty is going to gang-bang the Roth IRAs like a two-dollar whore. I've been telling people that for years.
It a matter of time before the Feds begin appropriating 401ks, replacing them with IOUs. I get the feeling they already consider 401ks their money.
“when the government deliberately sets out to devalue its currency through “quantitative easing” and deficit spending it is seizing wealth from any citizens who have savings in that currency.”
Absolutely agree.
That's how FedGov works. It probes the public for reaction. If negative, it floats the same story over and over until the public stops reacting. Then they strike, knowing the public is now desensitized.
Die and most all your remaining money will go to wealth redistribution, not your family.
If you are not in poverty you are also taxed to death.
One big circle of death regarding taxes.
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