Everyone’s 401(k) and IRA do not have any CASH in them.
To get any money at all, the SHARES will have to be sold on the OPEN MARKET to be liquidated.
If the government is THAT STUPID, we’re DOOMED.................
Oh have no fear. They will just transfer ownership. They do no best after all.
No shares have to be sold. The ownership of those shares will be transferred.
“If the government is THAT STUPID, we’re DOOMED.................”
ummmm..........yea
We’re doomed.
They would just pass a wealth tax or 401K tax that you would have to pay on your balance. They would think this will force people to spend it helping the economy and creating jobs.
the majority of it is mere accounting sleight of hand...
make no mistake though, if they can steal the paper, they will, as it ultimately represents power/control...
I have been tracking this since last may-2009- when Argentina stole all the private retirement accounts over a weekend. It was over $68 BILLION dollars. Union & public sector pensions were not touched.
People had the money on Friday night- & it was all gone electronically on Monday AM.
They were told “ they must sacrifice their savings for the good of the country” which was failing, the same as the USA is today. No apologies—money gone-=-you lose.
IF/WHEN NObama tries this, it will tank the stock market- possibly as low as 500 points when finished.
The value of industries & ‘blue chip’ companies will tank, also.
That will be the death knell to the American economy. It also may be the trigger for total chaos & uprising by the American people.
Today, if you have a private retirement account, it can be left to your heirs.
This scheme by NObama doesn’t leave your heirs a single thing. It gets to stay in the Government accounts.
This is all another gigantic wealth transfer. For over 35 years, people were told to save more money & open a 401, etc. Now0 they are in the target zone for a total ripoff.
Next question: if all that money is confiscated—what are they going to charge you for the taxes owed on same???
NObama is doing his best to destroy this country.
Let’s see the Liberals try to talk their way out of this.