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 ...
Get out of debt and lay in bullets, beans and band-aids.
“Suggest you buy silver or gold instead of mattress stuffing with it. You will at least have some intrinsic value, then.”
Don’t think that Obama has not considered following FDR’s lead.
The Federal War on Gold, Part 3
by Jacob G. Hornberger, Posted January 19, 2007
Part 1 | Part 2 | Part 3
It is impossible to overstate the significance of the Franklin Roosevelt administration’s confiscation of gold and its nullification of gold clauses in contracts. It is one of the most sordid episodes in American history. To get an accurate sense of Roosevelt’s actions, it would not be inappropriate to compare what he did with the domestic economic policies of a later 20th-century ruler, Cuba’s socialist president, Fidel Castro.
On April 5, 1933, newly inaugurated President Roosevelt issued Executive Order 6102, which prohibited the “hoarding” of gold by U.S. citizens. Americans were required to turn their gold holdings over to the federal government at the prevailing price of $20.67 per ounce.
Good observation. There are extreme left-wing people, who appear rational and well-educated, who want to do this kind of seizure and replacement with a mandatory government retirement plan. I heard this on a radio talk show. A woman from a far left-wing think tank in New York talked about a plan in which the government would seize private assets in IRAs and convert them into a government-back pension plan in which people receive a certain monthly payment (similar to social security.) The code word she used for seizure and conversion of assets was "annuitize" the IRA plans. So keep your ears tuned for that word "annuitize", which is the left-wing code word for an unconstitutional seizure of private assets which the government then replaces with an annuity paid in inflated, devalued dollars in the years ahead. "Annuitize" means seizure of private assets--it's as simple as that.
Extreme left-wing socialists hate 401K and IRA plans because they're controlled by the private sector and they reward people who work hard, use their God-given talents, live with personal responsibility, and make good investment decisions. Lefty socialists also hate the flexibility of self-directed IRAs, which allow people to invest in a wide range of assets, some of which are excellent hedges against the brutal inflation tax that the US government is now ramping up by keeping interest rates too low for too long and monetizing federal debt. Lefty socialists do not want US citizens to be able to buy retirement investments such as ETFs that invest in agricultural commodities, base metals, and precious metals, because these investments enable people to hedge against the growing inflation tax. Liberal socialists want all highly productive people to be taxed heavily to pay for socialist benefit programs, and they're extremely annoyed when high-income people partially escape the inflation tax by investing in commodity funds.
So watch out folks, and keep your ears tuned for that word "annuitize" and other code words that socialists use to cover up their radical and brutal plans to steal the retirement assets of millions of productive responsible Americans.
>> “leaving the administration with doing this by executive fiat.” <<
.
Can’t be done that way.
Executive orders affect only the actions of federal employees. They are essentially memos from the boss.
You keep throwing accusations at me simply because I won’t bloviate on here about what I’m going to do or not do. I wasn’t calling you a blowhard, but if the shoe fits, slap that puppy on. You truly need some reading comprehension lessons, and need to learn to keep your emotions in check so they don’t override what little common sense that you may have.
I agree that expenditures of all sorts need to be cut including SS and Medicare, but listen to the sqealing that’s already coming from that sector. I’m against raising the debt ceiling. I’m also standing by what I wrote previously. I didn’t say that it was fair or not. I merely made an observation about what will happen, and it will be 100% accurate.
“I agree that expenditures of all sorts need to be cut including SS and Medicare, but listen to the sqealing that’s already coming from that sector. I’m against raising the debt ceiling. I’m also standing by what I wrote previously. I didn’t say that it was fair or not. I merely made an observation about what will happen, and it will be 100% accurate.”
The funding mechanism for SS/Medicare is fundamentally the same - present taxpayers. If you actually owned your federal pension, it would be equally unconstitutional - but since you don’t, there is no hue and cry from the federal sector now. You have been assured by the federal government that you will be taken care of.
The private sector has no such assurance, on the the assurance of paying for the promises the federal government makes to federal workers.
So, if the federal government takes private sector pension funds, it actually WILL be unconstitutional. Private sector citizens will complain, and they will revolt violently, this is unlike the federal sector employees, who are too complacent and non-productive to care, as long as “someone promised” to take care of them.
You can also bet that there will be no complaint from federal employees - whose continued prosperity depends upon the raping and pillaging of productive citizenry if and when private funds are confiscated - because they will be the recipients.
I will be 100% correct (if it happens), because there is nothing a federal employee would not do to a productive citizen/enterprise to protect their own benefits at the expense of someone who was part of the productive economy.
I doubt it will happen though - it’s too easy to print money and devalue productive citizens hard work, so that’s what they will do.
However, it is instructive that you answered my question on whether you (a presumed Fed Employee/retiree) support a debt limit increase - you responded in typical federal employee fashion - by pointing to someone else that needs to have their benefits cut, and by continuing to whine jealously at those who actually earn what they have.
I’m sorry if it seems like I’m picking on you personally - I’m not - the squealing on SS and Medicare is equally evident in the Federal employment sector. I don’t expect anyone to admit it, but even an average Fed Employee can figure out what happens if the debt ceiling is not raised. You know it’s not good for you, perhaps to a greater degree than it is bad for everyone else.
I’m not a federal employee retired or otherwise. Excepting my three years regular army I’ve never worked for the feds nor plan to.
No one complains until their ox is gored. That’s my point, and that’s human nature.
I didn’t whine about anything. I suggest that you read some articles on the public’s attitude about cuts. Everyone agrees that cuts need to be made, but no one wants their stuff cut. Once again, human nature, which is obviously something you know nothing about.
I also responded that I’m against raising the debt ceiling. You apparently need some reading comprehension classes to replace your incorrect assumptions, ignorance about human nature and your preference for insults.
Please provide an example of “some here” to support your little dig at other FReepers.
Keep slinging the insults, idiot. Easy to do behind the safety of your keyboard. It's amazing how you keep slapping at others while simultaneously pretending to hold the higher ground. Are you a liberal by chance?
Fact is, I ain't going to stand for this country turning into the next USSR. If you want to stand by and watch, go ahead. I'm going to fight it at every step, and to the death if necessary. And I'm not going to hide my intentions. You're either going to take a stand or you're not - which is it?
LOL! You are a blowhard. I knew it, but thought I’d let you bloviate on and prove it. Good one.
As far as being a liberal, losing control of one’s emotions, and calling names is what liberals do.
By the way, hero, what steps have you taken to “fight it at every step”? Blather on the internet about what a badass you are? I can see you now. The first time the cops or the feebs stop by to visit with you after one of your bloviating sessions you’ll curl up into the fetal position, stick your thumb in your mouth and commense to sniveling. Pound sand, lightweight. I’ve seen the elephant and you’ve done dick.
Get lost little hero.
“You apparently need some reading comprehension classes to replace your incorrect assumptions, ignorance about human nature and your preference for insults.”
That’s why I stated my assumptions, in case they were incorrect - giving you an opportunity to respond.
If you were Army, then you should be better attuned to an actual insult. I wasn’t insulting you. There would be little doubt I was doing so if I did.
You want to come down to eastern Tennessee and spout your BS, moron? You’re a real tough guy on the internet. It’s time to step up from mommy’s basement and face the world.
Put up or shut up, a%%hole!
This issue is really very simple. The government is, by all classic standards, bankrupt. They are completely strapped for cash and will look anywhere and everywhere to get it. The first to be raided will be the “lowest hanging fruit”, i.e. - those funds which will produce the least howling among the victims. The government will work its way up the line from there. Once they mark their money target, creation of a plausible LSM-friendly “rationale” for seizing it will pose far less of a problemn than the squabbling about how it will be apportioned out to all the connected and vested interests.
Agreed. Has there been riots in the street over abortion (killing of unborn)? Or taking a decade to find bin laden? Or an imposter taking position in the WH?
Life will go on just as it always has in the U.S. and the Dems will confiscate 401ks until your average every day american is prepared to SHOOT to KILL any federal law enforcement officer from doing so.
(which of course wont happen)
Cant you take it to another thread?? Or just step in the ring and get it over already. Sheesh.
Federal Employee pension funds are no different than the SS Trust Fund it is play money. There is no trust fund it is all tick marks on a ledger.
Current retirees are paid from the general fund just like the SS pensioners. The country is already broke they just won’t admit it until no one will buy the Fed’s bonds.
Optimists buy gold. Pessimists buy brass and lead.
Sorry. Just got a little sick of having insults slung my way with every post from this guy. The man can't disagree without calling you some name or another.
It's kind of disheartening to see freepers trying to justify just letting the government walk in and steal the fruit of their labor time and again. I mean, at some point, you've got to stand up and say 'enough'. I've watched this stuff for 50 years, and I'm ready to stand up. I would think that a few more of y'all would be willing to take a stand as well, but perhaps I'm mistaken.
They’re going to take our money again aren’t they?
And they’ll give us some speech about helping the poor. :(
And nothing is going to stop them. :(:(:(
Before you disagree, I’d remind you that they took our Healthcare against our wills and smiled while doing it.
So what is going to stop them this time? :(:(:(
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