"That's as good as money, sir. Those are I.O.U.'s. Go ahead and add it up, every cent's accounted for."
Posted on 02/12/2014 6:38:41 PM PST by DeaconBenjamin
"That's as good as money, sir. Those are I.O.U.'s. Go ahead and add it up, every cent's accounted for."
I have a FRiend whose children tell her “Ask nully, he knows everything!”
I don’t, but still...
As demonstrated by lottery winners everywhere.
The EU bankers and politicians know the quickest way to end up naked and dismembered swinging from a lamp post is try to end the welfare state. They absolutely can not stop spending; their lives depend on it.
Middle class Germans probably won't riot when their pension funds are "rolled into government securities." 40 year old Greek, Spanish and Italian pensioners and government employees absolutely will burn their cities to the ground if the checks stop.
That's a fiction that banks want you believe. But, the legality of the matter is that once you give money to the bank, it is literally, as a matter of law, the bank's money, not your money. It has always been that way.
Thanks for posting.
I subscribe to two non-statist financial sites/magazines that have been advising to get your money out of banks NOW and don’t look back.
Also, safety deposit boxes. Get a floor safe - one commenter said his safe is located under his pit bull’s dog house.
As Obama’s spending orgy sinks America deeper into financial turmoil, he is about to turn Uncle Sam’s acute funding crisis into YOUR problem.
In fact, Obama’s Treasury and Labor Departments just held outrageous, executive branch hearings on nationalization of retirement accounts, and they are actively looking for the opportunity to ram this asset grab through.
Your nest egg is in their cross-hairs; you know, to “protect you” from losing your own money.
Congressional heavyweights such as Rep. George Miller (D-CA) have already held hearings on “merging” 401(k)s, IRAs, and other tax-advantaged private savings programs into the failed Social Security program.
Here’s what is going on.
The cash-strapped Obama Administration’s unofficial 401(k) nationalization czar is utopian New School for Social Research academic Teresa Ghilarducci — who was dubbed by U.S. News and World Report as “the most dangerous woman in America” after she appeared before Congress to testify in favor of government seizing 401(k)s and other retirement assets.
The “Most Dangerous Woman in America”
Who Helped Obama Rip Off GM Bond Holders
Now Wants YOUR Retirement Money!
Following her Congressional testimony at a 2008 hearing to begin ending 401(k) and IRA tax advantages, Ghilarducci admitted on conservative talk show host Wilbur Kirby’s KVI 570 show in Seattle the truth about the left’s scheme for gaining control of private retirement accounts:
“I’m just rearranging the tax breaks that are available now for the 401(k)s and spreading [here she paused briefly to consider her words] spreading the wealth...”
Why? Major state pension funds, state governments, and the entire federal entitlement program structure are on the verge of collapse and in need of bailouts due to collapsing tax revenues.
In addition to the Congressional hearings referenced above — and an “automatic IRA” bill introduced in August by Senator John Kerry (D-MA) — Obama bureaucrats are working furiously on new regulations (CFR, Part 1, RIN 1545-BJ04) to “herd” unsuspecting 401(k)/IRA holders’ money into government-approved “investments,” such as federal government debt. The “mainstream media” have totally blown off this story.
Lee Bellinger, Publisher
Independent Living
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