Fed is turning into a giant Hoover vacuum cleaner for assets and property of the middle class, and, the move is so large as to be effectively permanent. Most of 300,000,000 people will be poor soon, and, history has never dealt well with large populations of poor people. Will the middle class survive through the end of THIS year with the current administrations draconian ‘solutions’?
Moving state pensions into Social Security should stand anyones’ hair on end. Does not the middle class understand and see that it is being cleaned out systematically?
Worldwide pensions are steadily collapsing, and world trade (shipping) continues to sink...recovery is imaginary as of now in spite of fairy-tale US media assertions.
In the US, www.pensiontsunami.com has daily info on the general course of US pensions...have a look. Looks to me the govt. wants to grab them while they have some value to be gleaned for transfer to the banks and other financial priorities. SS is only full of IOUs. If pension assets are absorbed, they will be transferred forthwith and the IOUs in SS will expand exponentially. We will never know where the assets went as govt. is accounting for nothing now.
Don’t forget that HR 3200 calls for taxpayer funding of private union pensions and health care. The UAW and SEIU will be the beneficiaries of guaranteed funding that comes directly from us.
Well, if they go after private 401k’s and IRA’s they better move like lightning. Because as soon as this train starts to roll you will see a sell off of the market that will make last fall look like a minor bump in the road.
Personally I will redeem every penny, convert it to precious metals and foreign currency and let the bastards come at me if they want it.