Posted on 01/13/2010 4:46:07 AM PST by moneyrunner
By forcing you to turn it all into a government run annuity - just like social security.
It has happened in other counties run by Leftists in power. Read the whole thing.
Glenn Reynolds has some links.
The government already has financial control of most of the "poor" through welfare payments and entitlement programs. The suspicion is growing that they are now going to try to capture control of the middle class whose primary financial assets are in their retirement plans.
(Excerpt) Read more at moneyrunner.blogspot.com ...
After the last year, they can have it!
Heh...alot of dead Congresscritters if they try this one.....might just set off the ‘ole CW2.
You’ll find a lot of retirement age people with the motivation to physically throw out any politician attempting this crap.
Ok they can have yours. Mine has some value.
Worldcom screwed my 401k years ago so Obama the Timid can’t steal steal it.
It is. And they wil take all other pension funds including the railroad and the unions before they are through. The railroad and union pension funds will be the last two they take because they will need the votes of union members and railroad workers until they consolatate theirpower[take complete control].
All they have to do is get rid of the tax advantages, and then go retro to collect. I suspect enough sheeple would go along with it that the dissenters could easily be rounded up.
“Heh...alot of dead Congresscritters if they try this one.....might just set off the ‘ole CW2.”
I agree 100%. They’d have to confiscate guns before they tried confiscating private retirement funds. Their means of confiscation will be high taxation.
I suspect you’re wrong!
People who worked hard enough to save for a meaningful retirement won’t stand for it!
I agree. That would provoke violence.
There’s what...4 trillion in 401k and IRAs. That’s cash. The moment it gets into Government Retirement Accounts by purchasing treasuries, the dems will get one big fat wad of money to spend. They’ll spend every bit of it AND add to the deficit at the same time. It’s what they do. They’re junkies.
Who needs congresscritters when you have the executive order?
Quoth the Forehead:
“Stroke of the pen, law of the land. Pretty cool!”
From: President of the United States Franklin Delano Roosevelt
To: The United States Congress
Dated: 5 April, 1933
Presidential Executive Order 6102
Forbidding the Hoarding of Gold Coin, Gold Bullion and Gold Certificates By virtue of the authority vested in me by Section 5(b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933, entitled
An Act to provide relief in the existing national emergency in banking, and for other purposes’,
in which amendatory Act Congress declared that a serious emergency exists,
I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section to do hereby prohibit the hoarding gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for carrying out the purposes of the order:
Section 1. For the purpose of this regulation, the term ‘hoarding” means the withdrawal and withholding of gold coin, gold bullion, and gold certificates from the recognized and customary channels of trade. The term “person” means any individual, partnership, association or corporation.
Section 2. All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion, and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, except the following:
(a) Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including gold prior to refining and stocks of gold in reasonable amounts for the usual trade requirements of owners mining and refining such gold.
(b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person; and gold coins having recognized special value to collectors of rare and unusual coins.
(c) Gold coin and bullion earmarked or held in trust for a recognized foreign government or foreign central bank or the Bank for International Settlements.
(d) Gold coin and bullion licensed for the other proper transactions (not involving hoarding) including gold coin and gold bullion imported for the re-export or held pending action on applications for export license.
Section 3. Until otherwise ordered any person becoming the owner of any gold coin, gold bullion, and gold certificates after April 28, 1933, shall within three days after receipt thereof, deliver the same in the manner prescribed in Section 2; unless such gold coin, gold bullion, and gold certificates are held for any of the purposes specified in paragraphs (a),(b) or (c) of Section 2; or unless such gold coin, gold bullion is held for purposes specified in paragraph (d) of Section 2 and the person holding it is, with respect to such gold coin or bullion, a licensee or applicant for license pending action thereon.
Section 4. Upon receipt of gold coin, gold bullion, or gold certificates delivered to it in accordance with Section 2 or 3, the Federal reserve bank or member bank will pay thereof an equivalent amount of any other form of coin or currency coined or issued under the laws of the Unites States.
Section 5. Member banks shall deliver alt gold coin, gold bullion, and gold certificates owned or received by them (other than as exempted under the provisions of Section 2) to the Federal reserve banks of there respective districts and receive credit or payment thereof.
Section 6. The Secretary of the Treasury, out of the sum made available to the President by Section 501 of the Act of March 9, 1933, will in all proper cases pay the reasonable costs of transportation of gold coin, gold bullion, and gold certificates delivered to a member bank or Federal reserve bank in accordance with Sections 2, 3, or 5 hereof, including the cost of insurance, protection, and such other incidental costs as may be necessary, upon production of satisfactory evidence of such costs. Voucher forms for this purpose may be procured from Federal reserve banks.
Section 7. In cases where the delivery of gold coin, gold bullion, or gold certificates by the owners thereof within the time set forth above will involve extraordinary hardship or difficulty, the Secretary of the Treasury may, in his discretion, extend the time within which such delivery must be made. Applications for such extensions must be made in writing under oath; addressed to the Secretary of the Treasury and filed with a Federal reserve bank. Each applications must state the date to which the extension is desired, the amount and location of the gold coin, gold bullion, and gold certificates in respect of which such application is made and the facts showing extension to be necessary to avoid extraordinary hardship or difficulty.
Section 8. The Secretary of the Treasury is hereby authorized and empowered to issue such further regulations as he may deem necessary to carry the purposes of this order and to issue licenses there under, through such officers or agencies as he may designate, including licenses permitting the Federal reserve banks and member banks of the Federal Reserve System, in return for an equivalent amount of other coin, currency or credit, to deliver, earmark or hold in trust gold coin or bullion to or for persons showing the need for same for any of the purposes specified in paragraphs (a), (c), and (d) of Section 2 of these regulations.
Section 9. Whoever willfully violates any provision of this Executive Order or these regulation or of any rule, regulation or license issued there under may be fined not more than $10,000, or,if a natural person may be imprisoned for not more than ten years or both; and any officer, director, or agent of any corporation who knowingly participates in any such violation may be punished by a like fine, imprisonment, or both.
This order and these regulations may be modified or revoked at any time.
Franklin D. Roosevelt
President of the United States of America
April 5, 1933
I wonder when this Congress will repeal the grteat advantages to Roth IRAs?
I still can’t believe they haven’t attacked that yet.
I hope your’re right, but I’m suprised at what people have put up with over the last 40 years.
Thread on Karl Denninger’s article of the same title:
http://www.freerepublic.com/focus/f-news/2424037/posts
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