When the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in Americans’ retirement accounts. It seems that day may be finally drawing near.
So writes Michael Krieger (http://libertyblitzkrieg.com) in edited excerpts from his original article* entitled It’s Coming: The Government Wants to “Help Manage” Retirement Accounts.
This article is presented compliments of www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) and www.munKNEE.com (Your Key to Making Money!) and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.[Make sure you also read these other articles on the subject of possible future government involvement in your retirement accounts:
- The Government May Soon Force You to Include U.S. Treasuries In Your IRA and/or 401(k) Plan
- Will U.S. Gov’t Eventually Mandate that ‘x’ % of IRA/401K Funds Be In Treasuries?
- Is Your IRA or 401K a Target of Government Appropriation?
- How Safe Is Your Retirement Money from the Government’s Grasp?
- Americans: Here’s How to Protect Your Retirement Assets From Coming Gov’t “Confiscation”
- Beware! “Retirement USA” Program Would Be First Step Towards Government Confiscation of Retirement Dollars]
Krieger provides the following excerpts from Bloomberg [Full article here]:
The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings [of which $3.5 trillion of that was in 401(k) plans], a move that would be the agency’s first foray into consumer investments….
The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion.
The Securities and Exchange Commission and the Department of Labor are the main regulators of U.S. retirement savings vehicles and funds. However, the consumer bureau — established by the 2010 Dodd-Frank Act — sees itself as a potential catalyst for promoting a coherent policy across the government, the people said.
[Interestingly,] The retirement savings industry generally has little to do with the CFPB because the SEC is the main investment regulator, said Ianthe Zabel, an ICI spokeswoman.
Editor’s Note: The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.
There are huge amounts of money in the IRA ($3.5 trillion) and 401(k) ($5.1 trillion) retirement plans in the U.S. (another $9.9 trillion in assets held elsewhere) according to a recent Investment Company Institute study which makes it very tempting for government to try and get at it. [While] the government may, or may not, tax the money, they may force you to include a sizable percentage of the retirement assets in your IRA and/or 401(k) in U.S. Treasury securities, which may be among the worst investments in the years ahead as interest rates go up and price inflation eats away at the buying power of those IOUs. [Let me explain.] Words: 802
The notion of government raiding personal retirement accounts for funds may seem extreme…but other governments have done it. Argentina did in 2008, Ireland has indicated it might [and the U.S. might well do so as it’s] financial crisis worsens. This article puts forth reasons why it is possible they would undertake such a grab or ‘confiscation’ of your retirement accounts and how they likely would go about implementing such an event. Words: 700
Will the laws and rules in place to protect individuals in their attempt to set something aside for retirement be safeguarded by the representatives elected to advocate for them in Washington? Will the principles and moral integrity of the political class keep them from appropriating the trillions of dollars held in 401k’s and IRA’s? I’m not so sure! Words: 1207
Hank Paulson, the Goldman Sachs bankster/US Treasury Secretary, who deregulated the financial system, caused a world crisis that wrecked the world financial system is writing in the New York Times urging that the mess he caused be fixed by taking away from working Americans the Social Security and Medicare for which they have paid in earmarked taxes all their working lives. Wall Street’s approach to the poor has always been to drive them deeper into the ground. Words: 777
Mandatory IRAs as proposed by the Obama Administration is just the 1st step in stealth nationalization and forced investment of our retirement benefits to support the treasury debt market! [As such,] every American with substantial retirement assets must [begin now to] protect themselves from having to become buyers of last resort for US treasury obligations. [Let me explain.] Words: 6349
The Obama administration is “taking the first steps to confiscate retirement dollars,” according to Dr. Jerome Corsi who predicts that the end result will be retirees with 401(k) plans holding near-worthless government debt “that will be paid off in a devalued currency worth … pennies on the dollar.” Words: 839
“If one believes that the deployment of Guaranteed Retirement Accounts are reasonably probable”, Blasi maintains that “then the remaining action item in such a scenario would be to coax the public into personally assuming the debt the rest of the world was refusing to accept,” and asks: “If the beliefs of many regarding activities conducted by ‘The President’s Working Group on Financial Markets’ (Plunge Protection Team) are sound, could not this same entity be utilized for such theoretical events as those described? Frankly, the possibility that such an initiative might be needed to rescue the Treasury market does add an additional, and considerable, threat to the equity markets.” Words: 1052
I have an IRA. How can I invest in gold and silver? It is quite easy! Yes, I am talking about actual physical gold and silver, not “paper” gold, or certificates, or paper promises. Words: 621
Some physical gold, silver, platinum and palladium bullion assets, in addition to traditional paper assets, can be part of your Individual Retirement Account (IRA) or Roth account and they can be bought and sold with no tax consequence until you move money out of the account. [This short articles reveals just what bullion assets can, and cannot, be included.] Words: 573
Many investors are concerned about what will happen to the future of their 401K, IRA, or other tax-sheltered account and, as such, are looking for safe-havens for their long term savings and retirement money. Fortunately for gold/silver buyers, there is good news. Current rules allow investors to…actually own physical gold/silver coins (or bars) in your retirement accounts. [Let’s take a look at] how it works. Words: 1022