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Guest Post: US Government Seizes Pension Funds, Invades Pakistan
Submitted by Simon Black of Sovereign Man
US Government Seizes Pension Funds, Invades Pakistan
There are certain times in life when a man is faced with overwhelming
adversity… times when he has no reason to adhere to society’s norms
anymore. It is in these instances that the true quality of his
character comes shining through.
One of these situations is when he’s broke. Dead, flat broke. Some
people, even when staring deep into their own financial abyss, still
hold to their moral principles, honor their obligations, and keep their
word.
For others, the boundaries of morality are quickly blurred into
shades of gray, and things like fraud, thievery, and deception become
perfectly legitimate tactics in their minds.
Speaking of broke, faced with what is tantamount to the official
insolvency of the United States of America, policymakers have opted to
seize funds from the retirement accounts of public sector workers in
order to keep the government running.
Wow. America’s leaders are willing to engage in cannibalistic
thievery in order to continue funding government operations. I wonder
what sorts of operations are so important that they are willing to steal
from their own people in order to finance? Any ideas?
Apparently, starting a shooting war in Pakistan was at the top of their list.
In the most insulting, disingenuous display of insensitivity and lack
of regard following such a momentous financial decision, the US Defense
Department decided to send helicopters into western Pakistan in a
search for more ghosts. Pakistani military fired on the choppers, and
the choppers fired back.
Seems like a good use of confiscated funds, no?
Never fear, though, the cracker jack squad of politicians in the
112th Congress is clearly hard at work, spending all of their time and
attention at resolving the debt crisis and budget troubles.
Rep. Sheila Jackson-Lee of Texas, for example, proved to America that
she’s focused like a laser beam when she introduced bill HJ Res. 64 on
Friday afternoon. What exactly is HJ Res 64? It’s a resolution to express support for designating September 2011 as Gospel Music Heritage Month.
The similarities to Nero playing his fiddle are all too obvious.
Adding injury to insult as it were, Ms. Jackson-Lee followed up HJ Res 64 with the introduction of HR 1900,
yet another bill to give TSA sweeping powers over “surface
transportation” such as train stations and bus terminals. Now you can be
molested in planes, trains, and automobiles. Coming soon: shopping
malls!
Not to be outdone by Ms. Jackson-Lee, Senator Barbara Boxer just introduced Senate res 177
to designate May 15th through May 21st 2011 as “National Public Works
Week.” Wait a sec… that’s this week! Well what are we waiting for,
comrades!?! Grab a shovel, there’s dams to build!
To cap things off, President Obama is getting ready for his highly
publicized trip to Ireland next week where he will visit the ancestral
home of his great great great grandfather, a small town called
Moneygall.
About 298 people live in Moneygall. The town has swelled for the last
two months as US Secret Service agents and the President’s
administrative entourage have descended upon the town to prepare for his
visit. Important issues must be tended to… such as, “what kind of beer
will the President drink?”
I couldn’t even begin to estimate what the cost of this trip will be
to US taxpayers… but somehow I doubt it’s worth a single penny of seized
funds.
Like I said, there are certain times in life where a person’s true
nature comes shining through. The government is telling us here that,
even when faced with insolvency, it will happily confiscate any source
of capital it can, and then continue squandering it all on useless
folly.
It really leaves me wondering when people are going to wake up and say to themselves, “Enough is enough!”
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power without competence
+1. And look at the blond haired adoring dweeb behind him.
Is Obama holding up a urine sample there?
See??? Look!!! This PROVES I was born in Hawaii!
I think he has his hands in his pants...
it more looks like the priest of da vinci code....I told you obama was in the big cult. which i assume will just be a group of dudes sitting around....dreaming of the architect whilst wanking over a biscuit someone will be eating in end...
the queen is visiting the land of ireland now...i guess the elite are carving up the place after ravaging it like a group of...twats...
as my internet {comcast} is quite frustrating today.... i am sure when the time comes the internet will be taken from us and repalced with certain "approved" content
Who do you think encouraged Microsoft to buy Skype (at any price)?
All is currently filtered anyway.
Only UK and China filter the internet content more than the USA.
Have no fear, USA will reach #1 shortly.
I wish people would stop all the nonsense over the internet kill mechanism and think it through. The internet is a major source of revenue, not only for major corporations, but millions of small businesses, banks, and the government itself.
The government can't shut down the internet, though they are dying to tax the living shit out of it.
Currently, there are fortunes being made on the internet and the .gov haven't yet figured out how to capture all that cash, but they are working on it. It was created by government, and there's no turning back from it now, no matter how unruly it becomes.
You are not looking at the big picture. They need to save the Post Office where they can monitor all communications. This is too difficult to do on the Internet.
Umm. Not to burst your bubble or anything but it is easier today to monitor everything than it was back in the days of snail mail, copper wire, and tape drives. Everything is recorded and stored. Disk space is cheap. Server space is cheap. CPU cycles are cheap.
Here is just one example:
http://srlabs.de/research/decrypting_gsm/.
Why does fedgov need revenue, when they can just steal from other places until congress cries "Uncle!", and raises the debt ceiling?
As for the rest of entities you note, their failure is a political mandate to "Save Them!"
When choosing between power and revenue, power will win every time, as winning power increases opportunities to extract further revenue from whatever other sources are left, until they too are bankrupt.
Basically, government is a downward spiral of destructionism created to ensure a need for more government. To believe that anyone within it cares about others' revenue streams (sans the crony "capitalists" who are already part of the governing system) is a laughable concept.
While the net is very decentralized, and impossible to control, it relies upon very centralized core routers already under government control. While individuals could work around this by making a shared mesh network of all of our wifi routers (avoiding public networks completely), I'm sure this will be deemed terrorist activity.
It would very VERY easy to shut down the internet.
They strong-arm the primary service providers. That's all there is to it. 99% of mainstream internet activity would go dead.
Your last paragraph is so true. It's left me with a rather deep, uncomfortable, and disconcerting feeling.
That's EXACTLY why they WANT to have "kill-power" over the internet.
It's the newest and only bastion of something resembling freedom.
They'll both have power to kill it, and tax it. By getting control over it, and deciding whether it lives or dies, the power to tax it comes easier than ever.
tin pot
If stupidity was gravity, what would Sheila Jackson-Lee be?
A very dense, racist idiot?
I'm not going for the set-up.
A singularity. See, you can finesse the setup.
I thought about going with quantum singularity, but I thought it might sound to Trek-ish.
It's a thought experiment.. not my fault that infinitely dense objects are devoid of light.
Sheila Jackson-Levity?
A quasar?
Paging Dr. Reinhardt.. Paging Dr. Hans Reinhardt..
singularity?
A short indian from Hollywood.
(Red Dwarf Star)
They stole our money to hand over to failed companies like AIG, Citibank, and GM.. Why are we surprised when they steal our money again?
Personally I fear for our retirement accounts. There's like what over $10 trillion in there?
yeah but they can't exactly liquidate those accounts, now can they?
Borrow against them and hand them over to bankers, probably
I guess the ChairSatan could buy them for freshly inked bills.
And the difference is.........?
The gubmint could nationalize the pension funds and use the money to prop up Social Security which is basically what Argentina did a few years back.
You are darn right to be fearful of losing your retirement account. Average Americans have no jobs, income or savings. The USG can't get the money through the tax system. The only unprotected pool of money is retirement accounts. Say goodbye to the Roth and IRA. They could just pass a law removing tax protection for any IRA unless it is in treasuries. Simple as that.
Everytime this happens, the first thing a bankrupt country does is attack pensions and retirement savings (Argentia).
Same happened in Sweden aswell.
Don't cry for me, Argentina...
Our leaders have no shame. No shame at all.
God save us if they do. It's the only thing holding the country together right now.
You mean YOUR leaders.
Shameless? Well, that's what you get when you try to choose mine.
.gov strikes again!
Can I just go back to sleep, and one of you just wake me up when our national nightmare is over? Appreciate it, thanks.
I am having a glass of red with my breakfast. This may become the norm for awhile.
Blood: It's not just for breakfast anymore.
First thing this morning, I finished off the drink that was half gone when I passed out last night. It seemed like a waste to not keep right on going from there.
I'm a light drinker. As soon as it gets light I start drinking.
Ahh, the spirit of fello ZHers. God (or whatever deity or non-deity) bless alcohol.
Group hug.
I've been tryin to lay off the jug & stick to beer, I find it damn near impossible. All the shenanigan's will drive a man to drink..
I only drink beer when I have to drive. Or am driving. Or out of bourbon. Or fishing. Or it's hot out.
I use to have a rule to never drink till the sun went down. Someone much wiser than myself once pointed out that the sun is always down somewhere.
AA is for quitters.
duplicate
And why wouldn't you? After all...
You can't drink all day if you don't start in the morning.
the US Defense Department decided to send helicopters into western Pakistan in a search for more ghosts. Pakistani military fired on the choppers, and the choppers fired back.
Anybody got a link to this story? I haven't heard of this til now.
there's a link on drudge Ham.
http://english.aljazeera.net/news/asia/2011/05/201151761419677992.html
http://www.bloomberg.com/news/2011-05-17/pakistan-troops-clash-with-nato-helicopters-in-afghanistan-border-region.html
Thats Pakistan for you. Fire on some of our helicopters while at the same time returning the wreckage of the sekret helicopter. I've seen people with dual nature problems but it is amazing to see it in a nation state.
You must remember the billions in FRN's they get from us.........
When money(worthless fiat) is concerned, hell being at war and co-operating w/ each other just sounds like the norm.
BTW, what EXACTLY is the norm anymore?
The Paki's knew the helicopters weren't filled with BennieBux because the U.S. has been stiffing them for a while.
That's why they started shooting.
I've seen people with dual nature problems but it is amazing to see it in a nation state.
Some nations bomb civilian populations in other countries to help make them "free."
Fills you with all kinds of confidence, huh?
by Sami Zubeiri Sami Zubeiri– Thu May 12, 6:55 am ETISLAMABAD (AFP) – Pakistan on Thursday opened a 330-megawatt nuclear power plant built with China, saying Beijing had been contracted to construct two more reactors in a bid to ease a crippling energy shortage.
The plant is at Chashma in central Punjab province, where a Chinese-aided power plant of similar capacity is already operational.
http://news.yahoo.com/s/afp/20110512/sc_afp/pakistanchinatradenuclearenergy
A Chinese made nuclear power plant placed in Pakistan.
That is proof god has a sense of humor.
The time would be ripe for a US-derived "accident" to halt that Chinese reactor.
Nothing too huge, just enough to cause a meltdown.
Just blow it up and blame Al Qaeda. The lame stream media and sheeple will believe it without question. They ate up the Osama raid swill without any questions.
Maybe if you weren't attributing human emotions to an abstract collective known as a political body, it wouldn't seem so amazing.
There is more than a single person exerting power and influence in Pakistan right now. Each one of them operating in their own self interest, which is primarily to retain and extend their power. To believe that everyone is on the same page is to misunderstand why they seek power.
Oh, and your "dual nature problems" also provides rationale for even further invasions as it paints the place as unstable. Which is exactly what the elite want, for this is why wars are deemed "necessary." Meanwhile, the instability is orchestrated from both sides.
It's nothing but a giant chess-board, and we are nothing but pawns.
Ms. Jackson-Lee. You know, the nation went to hell as soon as we let those pall mall smoking, birkenstock wearing bra burning let's make a TV channel dedicated to the unending misery of women man hating bitches into the drivers seat.
Hyphenated last names cannot be trusted. The stink of old world royalty and inflated sense of self.
And while we're at it, don't trust a man with two first names. Like gingers, they have no soul.
Jackson-Lee was the one who cried racism because NOAA gave all the hurricanes white names. She represents her district very well
Lol, next one is hurricane La-a!
For those scratching their heads it sounds like Lah-dash-ah “cuz the dash don't be silent”! And yes I'm surrious, it was in the news.
How about hurricane Shi-thead.
Jackson Lee is an unadulterated racist idiot.
She only gets re-elected because her district is majority Black.
Sort of funny/ironic to be labeling a black woman a "racist" that has the name of two CONFEDERATE generals...
naaa. it's easy.
Her last name is of two confederate generals. That there is concrete proof she cannot possibly be racist.
Cannot argue with that logic.
http://www.fredoneverything.net/Jared.shtml
Her district is in Houston and you are correct with your statement. I don't know which word has more power; racist - yes idiot - yes. Just one more: Traitor - yes
DP, sorry.
picking on Gingers...thats pretty low.
It really leaves me wondering when people are going to wake up and say to themselves, “Enough is enough!”
Whatever. There are still a lot of benefits to living in the empire. It may not all be gravy - in fact a lot of it is shitty - but people aren't about to take to the streets protesting anytime soon.
babe, you are running on borrowed money and time. They are both about to run out.
Yes, when will enough be enough?
I'm done, had it, through, no allegiance to this ponzi lie of a country.
What a grand lie has been constructed, what a fantastic illusional space of perception, delusion of choice, wrapped in the iron fist of the hegemony of the oligarchy, the barbed wire of the kleptocracy, the padded room of baboons wrapped in linens and technological trinkets of distraction and slavery.
"Would you like fries with that?"
"There's an app for that."
"Can you hear me now?"
"Hold the pickles, hold the lettuce - special orders don't upset us."
"Choose your ad experience."
"I Voted."
"Someone in 2012."
And a very merry unbirthday to all...
Aww come on - Have a Coke and a smile! Dig for Victory!
Careless talk costs Lives!
Everyone is bitching about what is going on , but how many of you have stopped paying taxes ?
Listen carefully, and you can hear them all rattling their cage bars in morse.
I would answer that question but Damn, I don't know where to start, they're, they're gonna, um, they'll triangulate on this position really soon.
http://www.youtube.com/watch?v=uCEeAn6_QJo - Ænema [uncut version - hq - fullscreen]
You first. Let me know how it works out.
I'll stick to accumulating PMs.
Me!!!!! Though not voluntarily, I'm an unemployed ex self -employed thats too crazy to apply for welfare but not on enough drugs to qualify for disability. Translation, I'm f?€k*d!
Perhaps I did, but tmosley gave me hell for it.
What's the code for raised hand. *^^* -- (ß∂∂).
Loosely translated, been off income tax since... well, a long time.
Just 2 of the many things that both the left and right column of Sock Puppets proclaimed could/would not happen on the many modalities of mainstream news mimicry passing as genuine journalism (ABC, NBC, CBS, Fox, CNN, MSNBCs, CNBsC) or the more 'serious' (but proxified propagandists, nonetheless) outlets such as NPR, PBS, The New York Times/Lies/Crimes, The Wall Street Journal/Scandal/Blather, etc.
"But, but...it's not really happening," they will say.
They will say this about pensions/401(k)s. "It's just a temporary stop gag measure."
That's what they'll say. And it may fade from the headlines and pass for a while (or maybe not).
Soon enough, it will be here to stay. Not just these 2 things, but many, many more "unthinkable" things, or so we were told.
If George Carlin had been given the sermon, I would have far more motivated to attend my congregation growing up.
I don't mind the profanity that is mere language he uses to emphasize or accentuate certain points.
It's far more profane to tout lies and tow the government's line of bullshit, cloaked under the veil of the alleged sacrosanct and the religious.
Truth needs to be a religion. Then we can all be free.
The American Dream, USA Inc. George CarlinAlthough it's totally absurd for the gummit to be using pension "funds" to pay operating costs, and definitely a "crime" of some sort or another (legal or not), I'm just not mustering up much anger about it. I consider the fact that I have never been offered any kind of pension options in my various private-sector jobs, and never had the opportunity to experience either the job security or clear delineation of duties so common to public sector positions.
I haven't been paid significantly better than my public sector acquaintences either.
So...yeah, it sucks and it's wrong, but it's really hard to cry for someone else's potential hardship after the two decades I've just lived through.
Money gaul?
Other people's money and a lot of damned gall.
Good missive Mr Black.
Simon Black, good read. I hate to tell ya, but coming to ZH to enunciate propriety related to public sector employees & retirees is a waste of time. You would be better received if you suggested public sector pension funds be used for direct rebates to the "private" sector just like in Greece, Ireland & Portugal. Once more your readers are reminded that you don't write for acceptance, which is why you're read Simon. At least by me.
I do wish more would see that the same banks that have taken trillions in home equity are the same ones going after the pension of public union employees, using congress and oval office as their proxy.
At the end of the day who are the bondholders the US government is trying to protect in case of default? At this point I only see the Federal Reserve and Primary Dealers. Let them experience the default.
The same fuck nuts that put a gun to the head of congress in 2008 to start the Bailout QE Train are the same fuck nuts putting a gun to the head of pensioners. Exorbitant pensions or not, this is yet another case of the few being enriched at the expense of the many.
Divide and conquer is an age-old way of winning indeed. It's easy to get reds and blues all worked up about part of the budget that is miniscule to the heart of the problem.
Lew Rockwell said it best (even though he doesn't agree with government pensions) - "Though this is only involving public pensions for the moment, rest assured that this is the first small step in tyranny that will sooner than later be followed by the United States government announcing that it will either start taxing private retirement funds like 401Ks and IRAs or demand that private retirement funds set aside a small portion of their capital to purchase government bonds in order to pay down the federal debt.
The government gave, and the government will taketh away."
Fuck the bondholders. Fuck the primary dealer. Fuck the red blue dividing line.
I can hire half of the working class to kill the other half - Jay Gould
Judge Napalitano made a great point last night on Freedom Watch and, in fact, I have seen the prosecution of this crime in the private sector in my stomping grounds.
Owner of the company has employees and a definied pension program, times get tough, and bills need to be paid. Mr. Owner simply "borrows" from pension funds/401K match, etc. to pay the bills.
Ass pounding prison time...but then again the government can do it. THe laws are indeed to protect them from us.
Horse cunts. Nothing but a bunch of fucking horse cunts playing most of us like a fucking game. But no no, Reds will say this is good, while the blues wouldn't dare stand in the way of the bailouts.
Left right left right. Jesus fucking Mohammed. Could I be dropped off here please? FUCKKKKKKK!!!!!!!!!!!!!!!
Fight amongst yourselves plebes.
Yes indeed. The rule of law does not apply to those that apply it in the current context. No wonder rape, pillage & plunder is the order of the day from those that govern while the governed resort to: Fuck the other guy all ya want, just don't take a slice of my pie. It's all punk assed flufferism
Yep, ahh sweet cannibalism..
Im actually quite happy to see this. This is the class of entitlement workers and their unions representing them that blew up this economy and then strangled this country have finally got what is coming to them for their greedy deeds.
I usually dont have hard ons for anyone but corrupt bankers of wall street and their political lackey's, but these fucking city/state/federal park workers that make 180K per yr plus benfits is a sign of the "black swan"
Im as prepared as I'll ever be for whats coming, lets get reeeeeaaaady to RUUUUUUUMBLE!!!
I am not fond of the size, (in)efficiency, bloated-ness, or other very real maladies of the modern government, as it is a drag on truly productive labor/capital/innovation.
However, with respect to pensions/retirement accounts, and the rest...I believe there's a saying:
It appears their retirement is all in trusts/annuities...says mutual funds, but they are trusts regulated by the Comptroller of Currency instead of the SEC.
https://www.tsp.gov/investmentfunds/fundsoverview/fundManagement.shtml
TSP is the 401Kish component to the FERS retirement system. Bruce Krasting gets his hands on some of the CBO reports concerning the combined FERS CSRS system data. I bet there are some terrific data sets to be mined here in the quest to better ascertain the real effects of switching large public sector retirement plans from defined benefit to the 401 mix and the real vs projected costing.
Back to the thread, the CSRS component is a classic public defined benefit pension plan (better funded than many states & localities) with actual accounts that can and are being tapped. The FERS/TSP system didn't come into being until the late 80's and the CSRS employees are still being worked through the system. If memory serves there is about 70B in the combined CSRS/FERS account to strip to be replaced with a bit of that splendid ZERO coupon treaserve trash.
One of the governments self accessible discount windows at 0%. No wonder DSK thought the chicks were for free. French socialism marriage with TBTF capitalism reflected in general OECD operations.
Understood.
Maybe I'm over emphasizing the word "replicate" in its structure. I'd love to see Bruce to do an article on this as its going to be a hot topic going forward.
Indeed, I'd also love to see Bruce work this, and no, you're not overemphasizing, I'm just being me. If I recall both Bruce & I looked at it, discovered the data sets are hopelessly intermingled at CBO level and the project would need a quality research asst to get the raw then stretch & spindle it properly. Agreed that this is gonna be hot. Assessing & dealing with trillions in future flows is worthy of the effort no doubt.
"Indeed, I'd also love to see Bruce work this, and no, you're not overemphasizing, I'm just being me."
I have the same problem my brutha ;-)
Ya, I know. It's one of the reasons we converse, beyond you being such a fabulous junk magnet. :D Ahh, I remember the last rash of junk n runners like is was just a couple of months ago. Like you, when I put the stamp on it, it's obvious who stamped it. There is a reason it's called Fight Club among the old timers.
"It's one of the reasons we converse, beyond you being such a fabulous junk magnet."
ROTFL!!!
You should try it!... I live completely rent free in at least two of their heads right now and the best part for me is, they know it ;-)
"There is a reason it's called Fight Club among the old timers."
Dats a fact my friend, throw down or leave town...LOL.
Oh, I have and do. Enjoy the fun and easy coins of monk like free rent as ya can (You've no doubt found that it even comes in all sorts of formats. Fresh, frozen, smoke-able/ed, power drink, freeze dried, recycled and more) Fact remains that it is all instigation. ;-)
...then they legalized many drugs and prostitution, and we all shut the fuck up as the empire fell to pieces.
I honestly believe there won't be a revolution: there's a formula to be applied. bread + circus = stability of the masses.
Take away some of the bread, add a little more circus, and you'll still maintain the docility of the proles.
We'll be seeing a lot more of the circus part of it...
I was just hoping not to see it in Congress.
"congress is just like a circus, except with more clowns"
The unions didn't give a damn when TARP was passed. Not a peep from them until some of their benefits were cut then they came out with the knives. When the Tea Party was protesting TARP, it was the union thugs who came out to clash with the Tea Party to support the government goons.
$180K? What agency do you work with? I know several agencies that hire people from the best schools. While their classmates went on to join Wall Street and screw the public, these employees are still GS-10s and love their work. They settled for less, both for the quality of the work and the promise of a secure future.
If you went to work for GM with a high school education, you enjoyed decades of outrageous benefits and the government bailed you out from the excesses of your union decisions. You will get your pension, but the government workers won't. Not everybody is a postal worker you know. Almost everybody has been victimized by this situation.
http://www.usatoday.com/printedition/news/20091211/1afedpay11_st.art.htm
I've worked with these people before. Trust me, they are certainly not that bright. Why do you think the government needs to hire an army of contractors that get paid $500/hr? The people making $100,000 don't know how to do their jobs and can't be fired.
... annnnnd it's gone.
Ha! +1000
This line is for Bank Customers only.
Last year we were shooting into Pakistan, killing Pak citizens, and they were blowing up our fuel convoys. The war between US and Pak started while ago. Good point though, at that time we weren't so demonstrably broke.
Broke? This party is just starting. Next stop: private pensions.
Break out the Cristal! Put it on Turbo's tab.
Pakistan is obeying each and every stupid demand America is asking for. On the hope that sooner this Giant will collapse. Even they agreed to be a part of the dead Osama Drama.
I have woken up everyday for many decades saying enough is enough.
Hasn't seemed to make any difference
dey tuk r money
When framed in that manner, the government stealing money almost sounds wrong. But I know that it is not. TV has explained this to me.
pretty sure Arnold Swartzhshenaggar's marriage is on the rocks too
housekeeper and maid were one and the same!
We have to be patriotic and pay our fair share. I'm thinking of stopping my 401K contributions and using the money to buy gold and silver on the dip. Guns, ammo, and dried food doesn't sound bad either.
sun
IF your just starting, your way behind the crew here.
I've already bought. If I stop my contributions, I can buy more. I have plenty of guns, ammo, and dried food too. I figure we will eventually go through an Argentina style collapse, but it will be worse due to our inner cities. They have been fed and housed by the government for generations. Add in a mix of fatherless families, guns, and drugs and you have a nuclear bomb ready to go off.
Good call, that.
Don't neglect a way to purify water, or have a hand pumped well. You can't get enough of it, let alone store all you need.
I live near a river. It's easy to filter the water and then boil it.
So, you say the government modified its fiduciary duties to the shareholders on short notice eh? ;-)
It is their own fault.
They trusted a government.
It depends on what the definition "fiduciary" is. - BHO (Slick Willy taught me this trick."
Prez: "Hey this beer looks kinda like piss."
Blond guy behind him: "Yes, drink it bitch, drink it..."
+1 lol literally exactly what I imagined was happening.
how can it be "stolen"..when each dollar has their names/titles on it?....it does say "note"...and i have a hard time seeing a clear line of ownership, a side from the names written on these notes.
How's the golf in Ireland this time of year?
i'd like to join the club, and hit him over the head with it!
You are in violation of penal code blah blah blah point blah blah two. Wishing to hit the president over the head with a club. Please report to your FEMA cell without delay.
Question for anyone who knows more than the casual details of "why this can't possibly happen:"
Since 401Ks are a huge pot of money which the government has some legal claim to (it's not taxed yet), I'd imagine at some point the pull toward this is going to be irresistable.
Also, I'd imagine that there is a plan for execution sitting in Timmey's locked file drawer, possibly penned by Ben (wasn't there some ZH article about this).
What are the odds this will happen? When might it happen? What would the mechanism be?
Really curious about this...
This type of news is going to start bank runs, and even more 401k pullouts.
If they are not careful, the Sheeple may even wake up.
again look at it backwards, the pullers will be encoraged to take money from IRA's and invest it in........the stock market, just b/4 the crash to 400 starts, after all this top has to be distributed to somebody.
The money in retirement funds are already invested in stocks and bonds. It'll just be a big circle jerk except the government will tax you at 30% before you can reinvest it. The smart ones will use it to buy precious metals and essentials.
Maybe I'm just a paranoid tin foiler, but I have noticed that every single bank I pass on my daily commute has had construction going on for the past 5 weeks.
I paid it no mind for the 2 branches closest to my house for the first couple of weeks. But the work crews have been there for far longer than a simple decorative facelift would take--this I know because I'm in commercial construction. I've noticed it more and more lately.
Perhaps they do intend to crash it, and know that bank runs will be forthcoming. Maybe the construction maintanence and improvements to the buildings are more than just cosmetic.
Awesome. A trapdoor at each teller-booth that opens to an alligator pit.
"I'm sorry, sir, but you can't withdraw more than $40 in cash today."
"What the hell? That's MY MONEY! Let me talk to the manager!"
"The manager is busy, sir." <bzzt>
"Aiieee!!!"
Good question Fiat. I think you will see an attempt to tax assets by adding a form to the 1040 where you list them, and pay a tax based on the assets you list. The balances in 401ks and IRAs will be easy for the IRS to verify.
True, but that would be the demise of retirement accounts, which means the demise of Wall Street. People will "spend" all of their money on precious metals and other tangigle assets that the government cannot so easily verify except with a shovel
Well it's a one-time, non-renewable resource. If you're about to default, you're going to do extreme things.
Is it really the demise of Wall Street? I don't know. Sheeple might just accept it and say "well what can we do?" The key is to turn up the flame on the pot slowly to boil the frog.
I think that is basically the game. The Govt. tries to get away with a little more, without causing a stir, but eventually they may miscalculate, or people say "enough".
It's a game, and it's not clear who the winner will be, or how it plays out.
Precisely why you keep as many assets "off the radar" as possible.
Gee, I wonder which snooping equipment manufacturer hired a lobyiest to encourage Ms. Jackson-Lee to support hj Res 64? I am sure it was not the citizens who actually use those facilities...
TYLER; I POSTED MONTHS AGO THAT THE SOLUTION WILL BE ALL TO OBVIOUS TO THE GOVERNMENT. SIMPLY, THE WELL OVER 10 TRILLION IN 401 K'S AND RETIREMENT ACCOUNTS, DEFINED BENEFIT PLANS, GOVT PENSIONS WILL INVEST IN "SAVE AMERICA BONDS AS AN ALL OUT APPROVED LAW OF THE LAND. THIS IS NO JOKE. THINK ABOUT IT. WHEN THE SHIX HITS THE FAN, RATES WILL BE HIGHER AND THE ONLY WAY TO GET THEM DOWN WILL BE TO TRANSFER THE DEBT FROM CHINA, JAPAN, THE FED, EUROPE, ENGLAND TO THE, "YES YOU GET IT" U.S. TAX PAYER IN THE FORM OF FIXED INVESTMENTAS SAFE AS THEY GET!!! (HAHAHA). FROM THERE, THE PARTY CAN GO ON FOR ANOTHER 20 YEARS!!! THE PRIMARY DEALERS (BANKSTA'S) WILL MAKE A FEE ON ALL OF THIS CRAP OF COURSE. THERE YOU HAVE IT. ONE SWEEP OF THE PEN AND IT WLL BE. HOWEVER, THERE WILL HAVE TO BE A CATALYST. A WELL PLANNED BLACK SWAN EVENT LIKE A BOND DEFAULT OR SOMETHING THAT SCARES THE PUBLIC INTO BELIEVING THAT "WE WERE SAVED BY THIS NEW RETIREMENT BOND" YAAAAAAAHH.
BEWARE.