Treasury Prepares To Plunder Another $45 Billion From Retirement Funds As It Issues $110 Billion More Debt Next Week

Tyler Durden's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
buzzsaw99's picture

so much for the "lock box"

101 years and counting's picture

will they pay this back, with interest at 4% plus prime (like  they force you if you take a loan from your 401K)?

 

LawsofPhysics's picture

If you bought gold and silver it may still be well worth it!

MonsterBox's picture

Exactly!  pulled out some Roth IRA (with taxes and 10% penalty) in '08.  With the rise of POG & POS, i'm way ahead, thanks to BerYank's QE1 & 2. 

January, borrowed out another big hunk out of the G-Fund retirement and doing the same with POG at $1500/oz.  Bring on QE3, BITCHEZ!!

Smiddywesson's picture

Me too.  Want to bet they plug that hole in the G Fund soon?  No loans, period.

Two US senators proposed legislation recently to halt loans out of 401ks too.  The nets are being set out.

Weisbrot's picture

 

401(k) may get plundered next

you justy cant tell with these folks

 

 

ForWhomTheTollBuilds's picture

Any chance that *this* is what replaces QE for while?  How much is there to loot from retirees? 

 

Could they do $500 billion like this?  Trillions?  The media hasn't mentioned this at all so no one is really aware it's happening, so why can't it go on for a few years at least?

Long-John-Silver's picture

The total amount of funds in 401(k), IRA, and TSP accounts add up to more than $30 trillion.

tmosley's picture

Yup. I suggest that all reading this forward this article to every member of your family who still has a 401K. This is madness, and it isn't going to stop.

LawsofPhysics's picture

Can we at least wait until the government 401ks are looted, then protest?  Just saying.

trav7777's picture

yeah private pensions/01ks are a further stretch and if so, the government falls shortly thereafter because of the demographic who would lose.

You're talking about your managers, your engineers, lawyers, doctors, etc.  All the professional classes that make up the revolutions.

Then there is the matter of how could the government sell the assets from the 401s.

crazyjsmith's picture

Yep, you're right.  The tapeworm will keep eating until it gets eradicated.  We must destroy this tapeworm.  But of course we won't.  We'll just keep feeding the fucking thing, like it is actually doing us some good.   

 

Kill the fucking tapeworm. 

Contra_Man's picture

Ding: We have another winner!  A few years? Naaaa... only $300B in accessible cash pension surplus IMHO which should last only until July/11.   Thinking why exactly would MSM bother to upset the Onions membership - by making them worry about their pension surpluses that have been seized? 

http://www.contramanfund.com/


 

MonsterBox's picture

The current penalties make it very self-difficult.  my first time was like my first raise in my first poker hand.  tough.  but it paid off for me, nicely.  borrowing out makes it easier

FunkyMonkeyBoy's picture

"We are not sure how this will actually happen."

- You believe in fairies, right? Well, i hear the Bernank likes to dress up like a fairy.

Haole's picture

It's all fucked-up like a soup sandwich...

butchee's picture

Like a soupy SHIT sandwich!

Problem Is's picture

But the corruption is redundant like a Crouton Sandwich...

Redundant... Bread Sandwich...

I love that one...

butchee's picture

Make mine a whole wheat on rye.....and hold the mayo, dammit!

jus_lite_reading's picture

YEAH IT IS!! THATS WHY GOLD WILL GO TO $4000 VERY SOON!!!

http://fiatsfire.blogspot.com/2011/05/weakest-link-thursday-linkedin-pri...

You aint seen nothing yet!!! NEW WAR WITH SYRIA.... the whole EU BURNING!!!! 

Refuge2012's picture

Isn't that something the politicians said they wouldn't do?  Oh, wait...they're politicians!  My mistake.  place of refuge 2012 dot com

nah's picture

SELL SELL SELL ! ! ! !

John Law Lives's picture

Keep spending...

Keep printing...

Keep stealing...

Great strategy, Chairsatan and Congress.

 

Cone of Uncertainty's picture

This is bullish, totally fucking bullish.

Anonymouse's picture

"Bullish"?

Close, but I think the "t" on your keyboard may not be working properly.

And I think you might have a touch of dyslexia...

Might want to look into that

Long-John-Silver's picture

I'm so happy I closed out my TSP account, took the tax hit, and converted it all to physical Silver @ $12 and Gold @ $700.

jus_lite_reading's picture

Thats why my net worth fits in the size of a suitcase.... I dumped my entire stock holdings in 2009 and 2010 and bought all the gold and silver I could find. And I mean that literally. This aint a normal market.

TheTmfreak's picture

Ahhh your a crazy anti-government crazy, hick, hayseed, no good bad person. Economic terrorist!

 

And you're probably racist too.

(/libtard)

BTFD Bitchez!!

Diamond Jim's picture

gotta love it when the fed gov't is cannibalizing itself..........

Long-John-Silver's picture

They will soon come after 401(k) and IRA plans just as Argentina did.

j0nx's picture

Indeed, and the MSM will nary report on it. It's swell when only two people own the entire MSM and both of them are in on the plan.

legal eagle's picture

Especially when there is slim pickins......

Let them eat cake

Manthong's picture

I guess they are also cannibalizing the $75 billion they already cannibalized when they spun of the Post Office which the Post Office is trying to get back.

http://postaljournal.com/2011/04/28/the-postal-services-75-billion-csrs-...

Postal workers are going to end up with the same haircut a lot of us in the private sector have already gotten.

ivana's picture

This is surreal, f... unbelieveable ... hope they are just frenzy now to feed gov and will stop this ret fund looting

Long-John-Silver's picture

It will not end until the money is gone. Think in terms of a viral infection.

hambone's picture

Isn't all pretty much the same thing?  Whether they take it from your IRA / 401K and/or devalue the worth of that money?  Net - net they will take it and it's just the mechanics were discussing.  Obviously, the more hedges the better but seriously, how long til gold / silver "transaction taxes"...they have the power and they want your money.  It's just the "how" we're discussing.

Herman Strandschnecke's picture

If tptb can tax death they can tax anything

Ned Zeppelin's picture

World ends Saturday, or so I am told, so no sense fretting over this.

Long-John-Silver's picture

Lunch time is over, back to the machine shop.....

cranky-old-geezer's picture

Man I'd love to have my own lathe / mill setup in the garage.  Bet I could get a nice Jap mill DRO and all about $5k - $6k, good 12" x 48" lathe around $3k. 

Smartie37's picture

Perhaps the beginning of the end, based on news that Iran Bushehr reactor is now operating ?

Limited window for destruction via bombing before radioactive fall-out debris accumulates too much................. 

http://news.xinhuanet.com/english2010/world/2011-05/18/c_13881621.htm

 

cougar_w's picture

Any serious fallout would land in the ME, India and maybe China.

So the problem is ... what is the problem again?

Not my idea of cool. Just say'n.

john39's picture

do isreal's bidding, bomb Iran and poison the world even more?  why bomb Iran?  ask yourself a simple question, who is the real threat?  compare how many countries the U.S./Israelis have invaded in the past decade, to the number of countries Iran has invaded...  tell me again, who is the bad guy?

j0nx's picture

The man speaks truth. It goes against what Americans are told and taught every single day of their lives but alas, there it is.