Posted on 05/22/2011 5:04:36 AM PDT by KeyLargo
Newsmax Watch Out! Feds Could Seize Your Private Retirement Savings Saturday, May 21, 2011 04:58 PM
By: Greg Brown
How long before Uncle Sam hits private pensions to balance the public budget? It’s quickly becoming a reasonable question to ask.
Treasury Secretary Timothy Geithner is ringing alarm bells across Washington, D.C., warning of a disastrous outcome if an agreement to raise the debt ceiling is not made soon. “A default would call into question, for the first time, the full faith and credit of the U.S. Pensions, Federal Government, Debt Ceiling, Retirementgovernment,” Geithner wrote in a letter Friday to Sen. Michael Bennet, D-Colo.
After weeks of such warnings, the United States has hit its $1.43 trillion debt ceiling hard. In response, GOP leaders have demanded cuts in federal spending equal to any increase in the limit while maintaining a strong line against tax increases.
(Excerpt) Read more at newsmax.com ...
I concur.
I don't have any retirement fund so I wouldn't be 'personally or directly' affected. But that's besides the point, it's that 'principle' thingy. So if Barry's 'Money Gestapo' started to seize private funds, then that's it. Time for every American to Lock and Load.
*** If it weren’t for the horrors of war, it’d be almost fun plinking ‘rats off like they’re ducks on a pond. ***
Yep. As they say, War Is Hell. However, I'm old enough that I've pretty much did all I want to, except retire to Montana (friggen Libs have bought up all the land now). So what I and other 'old timers' would be doing would be pretty much for our Grandchildren -- Saving The Republic for them.(1) And as I tell my wife -- it seems like almost daily now -- 'When the SHTF, just give me a High Perch and enough water and rifle ammo for a week.' Then if I've made it through that, everything else would be a bonus.
(1) A few months back I met a fellow 'older' conservative at a family party. We talked politics and what's 'possibly pending'. As I told him when we were all leaving, 'I have one more Good Fight left in me. He nodded in agreement.
[clarification: I do not advocate violence. But I will not quietly cede the USA to Communists.]
Time for me to empty my savings and put the money under a mattress. Won’t earn any interest, but then again, the Feds can’t take it.
Pizz on you, Obama. You ain’t touching my hard-earned money.
We now hold the House. After Nov 2012, we will hold the Senate and Presidency unless the RINOs prevail. A fix is in sight. Next step would be federal prosecution of the DC Entitlement Class.
They already are, it’s called Inflation. Germany -1923- in a few short months ones lifetime savings wouldn’t buy a postage stamp!
As one freeper commented, ".. this just happened last week in Ireland..!"
As Congress squares off over a debt ceiling vote, the Treasury is scrambling to find cash in the couch cushions. One of the ways it will scare up extra money is by putting off saving for the retirements of federal workers — in effect, short-term “borrowing” from public pension funds.
Inflation is already here
by Brad Schaeffer
Meanwhile the average American is being squeezed ever more by rising prices and diminishing real value of their savings. The Fed and their enablers in the Federal City will have much to answer for in the years ahead. “What’s happening in Washington now is destroying the class of people who save an invest,” said investment guru Jim Rogers. “All the people who did the right thing are earning that much money right now. That’s not how the system is supposed to work.”
But that is how the overrated minds running the Fed and the Treasury, neither of whom has ever run a private business feel how the system should work. They seem utterly incapable of understanding that the past predicts the future…until it doesn’t. By the time we realize the world has changed and the old school approach is just that, it may be too late.
http://biggovernment.com/bschaeffer/2011/05/14/inflation-is-already-here/
For those who say it can't happen here......Yea right, and I poop unicorns..
If IRA holders take advantage of the provisions that allow them to purchase illiquid assets like property or investments in private companies, then the account becomes impossible to liquidate prematurely. Of course the investments must be carefully chosen, but the only issue then becomes finding a custodian willing to approve the transactions.
I use my own Roth to hold venture capital investments, none of which have any tangible value at the moment, but all of which hold great promise. These assets literally cannot be liquidated. Take that and smoke it, tax grubbers!
‘What a cool way to start a civil war....”
Indeed it will. And if it starts, ‘twould be best to complete it. No liberals left standing, breathing, or taxing.
I'm convinced that this wouldn't even cause a demonstration of any size.
We take a beating and wait for more in this country. We have kids to raise, jobs to work at and lies to believe.
May 17, 2011
The U.S. Government Will Steal Your Retirement Money as a Revenue Source to Pay Down the U.S. Debt
U.S. Government Hit Its $14.294 Trillion Debt Limit on May 16, 2011, But the Good News for the Feds Is That Retirement Plan Assets Returned to Record Levels for a Total of $17.5 Trillion in 2010, More Than Enough to Cover the National Debt
Spencer’s Benefits Reports
May 17, 2011
Retirement assets in the United States grew by 9% in 2010, from $16.0 trillion in 2009 to $17.5 trillion in 2010, according to the 2011 Investment Company Fact Book published by the Investment Company Institute (ICI). The $17.5 trillion breaks down as follows:
$4.5 trillion was in defined contribution plans (401(k), 403(b), 457, Keogh, and other employer-sponsored plans);
$8.3 trillion was in “other plans” (defined benefit, government plans, fixed and variable annuities, etc.); and
$4.7 trillion was in individual retirement accounts.
Defined contribution plans have grown from $1.717 trillion in 1995 to $4.525 trillion in 2010, which represents the most assets held by defined contribution plans since $4.444 trillion was held in 2007. Of the $4.525 trillion, $3.056 trillion is held by 401(k) plans, $939 billion is held by 403(b) and 457 plans, and $530 billion is held by other defined contribution plans without 401(k) features (Keogh, profit-sharing, thrift-savings, stock bonus, and money purchase plans).
http://globalslaves.blogspot.com/2011/05/u.html
So what you are saying is that if they seize them, they don't have to pay you very much for them.
Since when have pesky things like laws and that ratty old piece of paper known as the Constitution meant anything when it comes to the government wanting to seize our money? If Congress refuses to defund 0bama's efforts to implement an unconstitutional health care law and cut any real spending, what makes you think it will do anything when 0bama starts seizing private savings accounts?
They will issue waivers for selected groups and individuals.
In God I trust; in gov I distrust.
Not a problem...I’m just saying, that’s what they do, they are tasked with getting a certain number of accounts.
That truck you drive, wouldn’t have anything to load in it if *someone* wasn’t out there selling it.
Well then most americans aren’t american. As for me, I’m not gonna run my mouth on an open forum about what I’m going to do or not do if something happens. I’ll leave that to the blowhards.
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