The Countdown to the Nationalization of Retirement Savings Has Begun

International Man ^ | 02/05/2014 | Nick Giambruno

[Track9]

If you like your retirement account, you can keep it.

[Dilbert San Diego]

Question — If the government were able to nationalize all retirement savings tomorrow, wouldn’t there be unintended severe consequences, such as a stock market crash? If trillions were flowing from stocks into government bonds, wouldn’t such action tank the stock market, creating other severe problems? Or have Obama and his boys NOT thought all of this through?

[null and void]

Good thing I just ran out of savings...

[Sacajaweau]

that's what ss is.....and just like Medicare...the government is the legal heir...

The government wants control of ALL your funds.

[apillar]

This is also why I'm leery to invest in anything specifically labeled a retirement account or pension. You are probably better off simply investing your money in some type of general investment with the intention of using it for retirement, you will lose the tax deferment that retirement accounts provide, but on the other hand, you gain the ability to withdrawal or move around your investments without jumping through all the tax hoops that are required by retirement accounts.

[tomkat]

.. Retirement Savings ..

       

[forgotten man]

Unintended severe consequences do not apply to 0bama. Although his economic policies have been tried and have had severe unintended consequences throughout history, nobody as smart as 0bama has ever had a chance to try them again. /s

[4Liberty]

[Alex Murphy]

PFL

[jdege]

If this passes, I’m going to have to find another job, so I can roll my 401k into an IRA, where I have more control over where I put it.

And then as soon as I can, move the funds from there into something that’s harder to steal.

[griswold3]

Your money does not belong to you. It is the governments. They only allow you to use it.
Think Cyprus.

[grumpygresh]

Forced conversions would also cause a widespread panic; bank account withdrawals, panic stock selling etc.
Of course, they know this and they are waiting for the right time to pull the trigger.
The government/corporate elites need enough time to get their offshore compounds hardened.

[Buckeye McFrog]

There will be more than a few people ready and willing to accept a “guaranteed benefit” from Super-Duper-Social Security. Especially if the stock market continues to tank.

[I want the USA back]

It was obvious to me from the first moment that this was a cleverly disguised way of government controlling IRA’s.

They will find a way to take money from those who earn it legally, and give it to those who vote democrat. It will be a different rate of interest, a different withdrawal “penalty”, or something else. I know how these people think.

[PGR88]

How many Americans live paycheck-to-paycheck? How many have zero net worth? How many have no plans for the future except receiving their Soc. Sec. checks, foodstamps and Medicare?

The answer: A LOT.

I expect at least 50%, probably many more, of Americans would not mind the Government looting private retirement and bank accounts if it was proposed as the only way to keep government checks coming.

[Faith65]

bfl

[PieterCasparzen]

Question — If the government were able to nationalize all retirement savings tomorrow, wouldn’t there be unintended severe consequences, such as a stock market crash? If trillions were flowing from stocks into government bonds, wouldn’t such action tank the stock market, creating other severe problems? Or have Obama and his boys NOT thought all of this through?

No, because underlying stock portfolios would not have to be sold.

It would merely (?) be changing who controls how your 401k/IRA is managed, i.e., what it is invested in. As a sheeple, you're not capable of managing your own investments, so government, working at the behest and at the direction of international banking will decide where they need your capital, and they'll invest it there. Of course, you'll have no say in the operations of the businesses they invest in.

Eventually, like Social Security (which is technically a separate benefits plan and not part of government spending), there would be a gradual merger of the value of those accounts into other, and then general, government funds and obligations.

At the end of the day, anyone stupid enough to have a 401k/IRA account would simply have to be content with receiving a check from the government when they retire; the amount would be determined by the government.

Meanwhile, financial elites sitting atop this new world order do not have the bulk of their assets in IRAs/401Ks.

The elites have tax avoidance schemes on a much grander scale than IRA/401k, i.e., placing millions/billions in stock portfolios inside tax-exempt foundations in order to avoid most capital gains and inheritance taxes in perpetuity, while working on projects that profit the elites - in perpetuity, with no more funding required, as the investment income is used to fund the foundation operations. The limits on contributions to IRA/401k make them "little people" schemes.

It's quite funny that even the minions of new world order, like university professors, union folks, various operatives and intelligence folks, etc., all are thrown in with the rest of the sheeple from a legislative and financial perspective. New world order elites subscribe without any hesitation to the credo that once in a while it's necessary to kick the man below you off the ladder, even though he was instrumental in helping you climb the ladder.

[I want the USA back]

First of all, they want to do this. They’re busy figuring out a way to confiscate money, while disguising it in flowery language and complex rules.

Don’t doubt me.

[Wuli]

population growth, needed for the ponzi scheme known as Social Security in this era of baby boom generation retirees, is not keeping pace with Social Security needs for more new active payrol tax contributors, which is, and will continue to cause Social Security benefit payment outflows to exceed payroll tax receipts and that requires Social Security to demand cash from the Treasury for IOUs (Treasury notes) stuffed in the Social Security “trust fund”, which requires more borrowing and/or more taxes, or both to pay for those IOUs

thus Obama has come up with his MyRA, which, just like Social Security, leaves nothing in the MyRA “trust fund” by U.S. Treasury Notes, gives the actual cash to the general fund, and sets up future debt and/or tax requiremnets that will be needed to come up with the cash to pay for the actual MyRA payouts in the future

in other words, just like Social Security, the MyRA is another plan to get more money for the general fund now, leaving more debt that will have to covered in the future to pay back to individuals what they assumed we had “saved” in the MyRA “trust fund” -

its another way to spend the money now ON THE GOVERMENT and when you retire don’t worry your kids and grand kids will be left with the debts to pay for your retirement