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

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Thu, 05/19/2011 - 12:45 | 1292015 buzzsaw99
buzzsaw99's picture

so much for the "lock box"

Thu, 05/19/2011 - 12:57 | 1292084 101 years and c...
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)?

 

Thu, 05/19/2011 - 12:57 | 1292108 Long-John-Silver
Long-John-Silver's picture

If it's in Jew confetti, yes.

Thu, 05/19/2011 - 13:04 | 1292146 LawsofPhysics
LawsofPhysics's picture

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

Thu, 05/19/2011 - 13:47 | 1292389 Phillips Capital
Phillips Capital's picture

Silver, britches. 

Thu, 05/19/2011 - 15:26 | 1292865 MonsterBox
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!!

Thu, 05/19/2011 - 15:28 | 1292894 Smiddywesson
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.

Thu, 05/19/2011 - 16:43 | 1293203 Weisbrot
Weisbrot's picture

 

401(k) may get plundered next

you justy cant tell with these folks

 

 

Thu, 05/19/2011 - 13:10 | 1292191 ForWhomTheTollBuilds
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?

Thu, 05/19/2011 - 13:43 | 1292380 Long-John-Silver
Long-John-Silver's picture

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

Thu, 05/19/2011 - 14:15 | 1292525 tmosley
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.

Thu, 05/19/2011 - 14:46 | 1292669 LawsofPhysics
LawsofPhysics's picture

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

Thu, 05/19/2011 - 16:08 | 1293050 trav7777
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.

Thu, 05/19/2011 - 16:51 | 1293254 crazyjsmith
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. 

Thu, 05/19/2011 - 14:00 | 1292387 Contra_Man
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/


 

Thu, 05/19/2011 - 14:46 | 1292680 Silver Shield
Silver Shield's picture

And they are going to make it more difficult to tap your 401k...

http://dont-tread-on.me/dont-say-i-did-not-warn-you-about-your-401k/

Thu, 05/19/2011 - 15:27 | 1292888 MonsterBox
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

Thu, 05/19/2011 - 12:43 | 1292016 FunkyMonkeyBoy
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.

Thu, 05/19/2011 - 12:56 | 1292107 luk427
luk427's picture

Bernanke's philosophy.      http://www.youtube.com/watch?v=RDPhEkqa1XY

Thu, 05/19/2011 - 12:46 | 1292017 Haole
Haole's picture

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

Thu, 05/19/2011 - 12:51 | 1292063 butchee
butchee's picture

Like a soupy SHIT sandwich!

Thu, 05/19/2011 - 13:10 | 1292196 Problem Is
Problem Is's picture

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

Redundant... Bread Sandwich...

I love that one...

Thu, 05/19/2011 - 13:29 | 1292309 butchee
butchee's picture

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

Thu, 05/19/2011 - 12:54 | 1292064 jus_lite_reading
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!!!! 

Thu, 05/19/2011 - 12:44 | 1292022 Refuge2012
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

Thu, 05/19/2011 - 12:44 | 1292026 nah
nah's picture

SELL SELL SELL ! ! ! !

Thu, 05/19/2011 - 12:48 | 1292029 John Law Lives
John Law Lives's picture

Keep spending...

Keep printing...

Keep stealing...

Great strategy, Chairsatan and Congress.

 

Thu, 05/19/2011 - 12:45 | 1292030 Cone of Uncertainty
Cone of Uncertainty's picture

This is bullish, totally fucking bullish.

Thu, 05/19/2011 - 21:18 | 1294119 Anonymouse
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

Thu, 05/19/2011 - 12:47 | 1292039 Long-John-Silver
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.

Thu, 05/19/2011 - 12:54 | 1292085 jus_lite_reading
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.

Thu, 05/19/2011 - 12:56 | 1292106 TheTmfreak
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!!

Thu, 05/19/2011 - 12:47 | 1292040 Ahmeexnal
Ahmeexnal's picture

BTFD

Thu, 05/19/2011 - 12:47 | 1292041 Diamond Jim
Diamond Jim's picture

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

Thu, 05/19/2011 - 12:53 | 1292059 Long-John-Silver
Long-John-Silver's picture

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

Thu, 05/19/2011 - 12:52 | 1292074 LawsofPhysics
LawsofPhysics's picture

Yes, own physical!

Thu, 05/19/2011 - 13:14 | 1292220 j0nx
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.

Thu, 05/19/2011 - 13:04 | 1292165 legal eagle
legal eagle's picture

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

Let them eat cake

Thu, 05/19/2011 - 15:43 | 1292946 Manthong
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.

Thu, 05/19/2011 - 12:52 | 1292055 ivana
ivana's picture

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

Thu, 05/19/2011 - 12:52 | 1292075 Long-John-Silver
Long-John-Silver's picture

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

Thu, 05/19/2011 - 13:00 | 1292137 hambone
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.

Thu, 05/19/2011 - 13:32 | 1292322 Herman Strandsc...
Herman Strandschnecke's picture

If tptb can tax death they can tax anything

Thu, 05/19/2011 - 12:51 | 1292066 Ned Zeppelin
Ned Zeppelin's picture

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

Thu, 05/19/2011 - 12:58 | 1292094 Long-John-Silver
Long-John-Silver's picture

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

Fri, 05/20/2011 - 11:36 | 1295559 cranky-old-geezer
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. 

Thu, 05/19/2011 - 12:55 | 1292095 Smartie37
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

 

Thu, 05/19/2011 - 13:04 | 1292169 cougar_w
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.

Thu, 05/19/2011 - 13:08 | 1292180 john39
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?

Thu, 05/19/2011 - 13:21 | 1292260 j0nx
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.

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