Posted on 09/01/2010 5:56:28 PM PDT by Orange1998
On August 26, the US Department of Labor issued a news release It lists the agenda for the joint hearings being held with the Department of Treasury September 14-15, 2010 on what is euphemistically called “lifetime income options for retirement plans.” The hearings are being conducted by the Labor Department’s Employee Benefits Security Administration.
I don’t like speaking in tabloid-style terms, but the unstated agenda of these hearings, as I understand it, is to push for the US government to eventually nationalize (confiscate) all assets in private Individual Retirement Accounts (IRAs) and 401K plans!
The US government is desperate to get its hands on private assets to help cover soaring budget deficits and debts, and this is simply the largest and easiest piggy bank that could be seized. The Investment Company Institute estimates that at the end of 2008 that there were $3.613 trillion of assets in IRAs and $2.350 trillion of assets in 401K plans.
For more than the past ten years, I have warned readers that the US government was eventually going to go after private retirement accounts. I considered that as the most important reason to avoid establishing precious metals IRAs. Very few other writers (Ron Holland being one) have picked up on this issue as early as I did. In fact, the mainstream media pretty much ignored the subject even after a House Committee held hearings on the issue in October 2008.
Obviously, an outright seizure of assets would meet stiff resistance from the public. So the confiscation will never be described as such by government officials. Expect to see terms such as “retirement income protection” thrown around. It is highly likely that such a program would be implemented in steps to help overcome public opposition.
The US government plan is to eventually take ownership of all assets in IRAs and 401K accounts and replace them with US government “Treasury Retirement Bonds.” In the October 2008 hearings, it was proposed that these bonds pay a 3% interest rate. Another major change is that, upon retirement, the individual’s retirement account would be converted into an annuity. Once the individual is deceased, the individual’s heirs would not inherit anything (similar to what happens now with Social Security “accounts”).
EXCERPT
http://news.coinupdate.com/us-departments-of-labor-and-treasury-schedule-hearing-on-confiscation-of-private-retirement-accounts-0431/
The issue here is whether the Dept. of Labor is proposing rules to confiscate your 401(k) and/or IRA.
They aren't. If you believe they are doing so, please cite the specific portion of this document in which they propose that:
Do you have another comment or question about this specific issue, or are you going to go off on another tangential rant?
What possible interest would I have?
I don't have anything to do with the financial services industry, other than when they buy software from my employer.
You made the accusation. It's time for you to back it up, or shut up.
You ignore the main issue.
Fiat money.
Can’t plan a retirement with fiat money BECAUSE fiat money HAS TO BE CONSTANTLY INFLATED.
If you want to solve a problem, find the source. If you ignore the source, the problem WILL remain.
You are the one defending annuities as a sound retirement plan.
I am saying you ignore the danger of ONLY getting 3% on US dollars for a retirement plan.
Ignore away. But quit pretending that the Dept of Labor cares ONE STINKING BIT about the lives of Americans and their ability to provide for their futures.
We KNOW better.
Nope, I addressed the subject of this thread:
US Departments of Labor and Treasury Schedule Hearing on Confiscation of Private Retirement Accounts
This was your posting. I shouldn't have to remind you of it.
I've pointed you back to the original RFI from the Dept. of Labor. They are not proposing anything close. This article is just a marketing ploy to buy what the author is selling.
I guess I shouldn't be surprised when you insisted on going off on another tangential rant. I'm disappointed, but not surprised.
If you wish to remain ignorant of the issue, so be it. Yep, just only focus on the article and try your darnedest to get people to follow like good little sheep the fat cat bureaucrats that feed like leeches off of the taxpayers.
YOU can trust the government has NO intention of doing harm to Americans lives and money. Ignore the Deathcare, ignore the holding up of insolvent banks at the cost increased taxes and of Americans losing their homes, the off-shoring of American jobs and the destruction of the middle class.
YOU can trust these bastards, you go ahead and do so.
No wonder that you can only point to the article like a paid stooge.
> “You buy an annuity from a PRIVATE company, not the government.”
.
So effin’ what?
How many bondholders and preferred stock owners got raped when Obama gave their assets to the unions in the GM takeover?
Private doesn’t mean squat if it’s not a hard intrinsic in your hand.
.
> “What possible interest would I have?”
Defense of your air-headed ideology, just like all the other fiat friends here.
Fiat money is a criminal scheme to defraud the earning class of the fruits of their labor, and nothing else.
As I posted in another response, the reason Obama got away with it is because the biggest GM bondholders chose to fight in court, instead of mobilizing their beneficiaries.
The biggest GM bondholders? Pension plans, both public and private. Had they enlisted these employees to lobby Congress to stop the rape of their pension fund, it would have been stopped in its tracks. Unfortunately, the pension plan managers thought they could stop it in court. The next time, they'll know better.
Private doesn’t mean squat if it’s not a hard intrinsic in your hand.
Ah, I see. You're shilling for hard money, just like TruthConquers, and the author of the original article.
You're nothing but a couple of astroturfers, aren't you?
Ah, now I know you are a hard-money astroturfer. That explains a lot. Do you think you might be able to boost demand and increase the value of your treasure if you scare people?
I'm not defending anything. I'm simply pointing out the absurdity of the claims made in the subject of this thread and the article that is linked. I find it really interesting that once I did so, I'm getting attacked for all kinds of things that I didn't even say. I guess the truth hurts.
I really don't care what you think of monetary policy. If you want to bury all your assets in the backyard, more power to you. The only person that you'll hurt is yourself, and any family you might have.
But, the Dept. of Labor doesn't make monetary policy. They aren't proposing to confiscate your 401(k), either. Claiming they are doing so is an outright fabrication, and anyone that repeats it should be ashamed of themselves. But, as usual, people like that have no shame.
Wow, this is amusing. I debunk the article that started this thread, and I'm a "paid stooge"? Someone would be really stupid to pay me for that.
I won't bother with the rest of your usual tangential rant, except to note that I now understand: you're just here to shill for hard money and foment panic, like the original author of the article. If your writing was a little more coherent, I'd wonder if you were the author, but I think that's unlikely.
The value of my “treasure” has quadrupled in recent years; Doubled just since the end of 2006.
I don’t need to scare anybody; Bernanke seems to want to do it of his own accord.
Meanwhile retirement funds over which we have little or no control have been cut in half or worse in the same period.
Only a crininal, or aspiring criminal could support fiat these days.
You haven’t debunked anything; you’ve only stated your looney opinion, and proven that you are a shameless shill for fiat crime.
They will do it
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