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IRA Confiscation: It's Happening

Tyler Durden's picture




 

Submitted by Simon Black via Sovereign Man blog,

I have an old acquaintance named Sam who has a hell of a deal for you.

Sam is actually a pretty famous guy with a big reputation. Unfortunately he has been a bit down and out on his luck lately… but he’s trying to make a comeback. And Sam is prepared to float you a really great investment opportunity.

Here’s the deal he’s offering: you give Sam your hard-earned retirement savings. Sam will invest your funds, and pay you a rate of return.

Granted, the rate of return he’s promising doesn’t quite keep up with inflation. So you will be losing some money. But don’t dwell on that too much.

And, rather than invest your funds in productive assets, Sam is going to blow it all on new cars and flat screen TVs. So when it comes time to make interest payments, Sam won’t have any money left.

But don’t worry, he still has that good ole’ credibility. So even though his financial situation gets worse by the year, Sam will just go back out there and borrow more money from other people to pay you back.

Of course, he will be able to keep doing this forever without any consequences whatsoever.

I know what you’re thinking– “where do I sign??” I know, right? It’s the deal of the lifetime.

This is basically the offer that the President of the United States floated last night.

And like an unctuously overgeled used car salesman, he actually pitched Americans on loaning their retirement savings to the US government with a straight face, guaranteeing “a decent return with no risk of losing what you put in. . .”

This is his new “MyRA” program. And the aim is simple– dupe unwitting Americans to plow their retirement savings into the US government’s shrinking coffers.

We’ve been talking about this for years. I have personally written since 2009 that the US government would one day push US citizens into the ‘safety and security’ of US Treasuries.

Back in 2009, almost everyone else thought I was nuts for even suggesting something so sacrilegious about the US government and financial system.

But the day has arrived. And POTUS stated almost VERBATIM what I have been writing for years.

The government is flat broke. Even by their own assessment, the US government’s “net worth” is NEGATIVE 16 trillion. That’s as of the end of 2012 (the 2013 numbers aren’t out yet). But the trend is actually worsening.

In 2009, the government’s net worth was negative $11.45 trillion. By 2010, it had dropped to minus $13.47 trillion. By 2011, minus $14.78 trillion. And by 2012, minus $16.1 trillion.

Here’s the thing: according to the IRS, there is well over $5 trillion in US individual retirement accounts. For a government as bankrupt as Uncle Sam is, $5 trillion is irresistible.

They need that money. They need YOUR money. And this MyRA program is the critical first step to corralling your hard earned retirement funds.

At our event here in Chile last year, Jim Rogers nailed this right on the head when he and Ron Paul told our audience that the government would try to take your retirement funds:

 

I don’t know how much more clear I can be: this is happening. This is exactly what bankrupt governments do. And it’s time to give serious, serious consideration to shipping your retirement funds overseas before they take yours.

 

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Wed, 01/29/2014 - 16:03 | 4381188 TheCanadianAustrian
TheCanadianAustrian's picture

His name is Barry Bonds, and he wants to give the country a shot in the arm!

Wed, 01/29/2014 - 16:06 | 4381213 Sudden Debt
Sudden Debt's picture

the economy... shaken... not stirred...

Wed, 01/29/2014 - 16:10 | 4381233 Occident Mortal
Occident Mortal's picture

Is it called MyRA or MyPonzi?

Wed, 01/29/2014 - 16:16 | 4381272 lakecity55
lakecity55's picture

It's called "Barry's Offshore Account."

Wed, 01/29/2014 - 16:20 | 4381291 Pladizow
Pladizow's picture

$17 +Trillion in National Debt - vs - $17 +Trillion in Qualified Plans = Convenient Sterilization Bitches!

Wed, 01/29/2014 - 16:23 | 4381323 negative rates
Wed, 01/29/2014 - 16:43 | 4381383 derek_vineyard
derek_vineyard's picture

there is absolutely no doubt in my mind that IRAs and pension plans will be used to keep interest rates low to fund the government.

ive known this for years.  its how it will be implemented......first repeal tax deduction and allow deduction only for myRA. 

next make it mandatory.  

the real fear is that the government siezes your funds.  thats a little further down the road, if this ship isnt turned quickly...and turning that ship is remote at best.

its a toss up whether you should cash out your plan, pay the 10% penalty and then the the 35% or whatever tax rate. if you are younger than 55 i'd say cash it out.  those older draw as much as you can at 59. One might consider taking a few years off to just pay the 10% penalty and keep their tax rate low while cashing it in depending on the amount in the plan.  

NO MATTER WHAT OBAMA DOES , IT ENCOURAGES NOT PRODUCING.  ITS PROBABLY BETTER TO BE POOR IN THIS COUNTRY.

NO ONE SHOULD MAKE ANY WILLFULL CONTRIBUTIONS TO THEIR PLAN.

Wed, 01/29/2014 - 16:51 | 4381479 TerminalDebt
TerminalDebt's picture

Yeah ship it overseas so some other government can take it instead, good plan.

Wed, 01/29/2014 - 17:38 | 4381738 Kirk2NCC1701
Kirk2NCC1701's picture

"... and God bless the Black & White thinkers."  May they see the world in "24-bit color" some day.  Well, maybe just in Gray-scale, if they are color-blind.

Wed, 01/29/2014 - 17:57 | 4381842 wintermute
wintermute's picture

MyRapedAss

Wed, 01/29/2014 - 18:16 | 4381915 Frozen IcQb
Frozen IcQb's picture

Signaling the end of the money management industry as we know it.

Wed, 01/29/2014 - 18:34 | 4381979 smlbizman
smlbizman's picture

all they need for this to work is a 1 trillion dollar web site....

Wed, 01/29/2014 - 19:14 | 4382157 EscapingProgress
EscapingProgress's picture

I'm in my 20s and I tell all of my friends, co-workers, etc. that I will never put a penny into any retirement account (401k, IRA, w/e) because the gov't will confiscate at least part of it, maybe all of it, and it will be worth almost nothing after the dollar dies. They think I'm a certified moron, and I get a lot of chuckles. Time will tell who is the sucker and who isn't. I suggest you take all of your money out right now and eat the taxes. One bird in the hand is worth two in the bush.

Wed, 01/29/2014 - 19:19 | 4382201 jefferson32
jefferson32's picture

Yes, plant seeds of truth when ever you can. I do too. Any ocean is only made of drops.

Wed, 01/29/2014 - 19:40 | 4382307 Gankfest
Gankfest's picture

Everyone saw how Obama Care worked! lol

Wed, 01/29/2014 - 20:07 | 4382449 FEDbuster
FEDbuster's picture

Will everyone who opens one get a Spiderman beachtowel?

Wed, 01/29/2014 - 21:55 | 4382788 Paveway IV
Paveway IV's picture

Screw Spiderman... How do I know that My[ass]RApe is right for me??

Wed, 01/29/2014 - 22:18 | 4382838 mjcOH1
mjcOH1's picture

Hey...a government slush fund of dollars voluntarily donated by taxpayers to fund free shit payouts.  

What's not to love.

Wed, 01/29/2014 - 22:41 | 4382895 Keyser
Keyser's picture

Let's call it what it is, another tax. They need the cash flow or the system folds... When the bond market tanks, it'll make Enron look like a walk in the park. 

Thu, 01/30/2014 - 03:24 | 4383346 Things that go bump
Things that go bump's picture

We're going there anyway. No matter how much they take it will never be enough. When they've got it all, it will still not be enough, but they will take it anyway. We're very close to the stage where like Hemingway said, bankruptcy happens all at once. Protect yourselves, because the government will surely feel it's need is greater than yours and its continued funding is for your own good. If you don't have your possessions in your hand it and under your control outside of their banking and paper system you are going to be screwed. 

Thu, 01/30/2014 - 07:46 | 4383483 GetZeeGold
GetZeeGold's picture

 

 

 

 

I have some GM bonds I'll sell

 

No worries. They're guaranteed!

Thu, 01/30/2014 - 06:53 | 4383447 Frankie Carbone
Frankie Carbone's picture

It's MYRapedAss, and the decision of whether it's right for you or not is not yours.

You are a mere plebe. A subject of the Kingdom of the United Incorporated States.

The King and his Landowners will make that decision for you.

Thu, 01/30/2014 - 02:48 | 4383327 The Wedge
The Wedge's picture

No but if you call now you will receive a deluxe, free of charge, no questions asked, complimentary football phone. Just be sure to mention "football phone" to one of our friendly, helpful, non-threatening , no pressure MYRA customer representatives and in 2-9 weeks you will receive your WI-FI, spy grid enabled phone. It's our gift to you when you open a guaranteed forever, MYRA account.

Call now, get one now, everybody's got one. Guaranteed not to rip, tear or smell bad in hot weather, unless it does. Void where prohibited, must allow access to your bank account, credit card accounts and medical records.

And, as a gift to you, if you call one of our helpful representatives within the next hour you will also receive a free, complimentary, Russian made, WI-FI enabled, voice recorder pocket watch. No strings attached, our gift to you.

*only redeemable on the third Tuesday on months that begin with the letter C. *MYRA account subject to a 90% tax rate plus fee's and adjustments upon request for funds.

Wed, 01/29/2014 - 21:45 | 4382746 The Gooch
The Gooch's picture

It's still working.

Towards the END GOAL.

Wed, 01/29/2014 - 20:04 | 4382440 zerozulu
zerozulu's picture

Sam might have batter luck if he send his offer from Nigeria.

Wed, 01/29/2014 - 19:36 | 4382282 CH1
CH1's picture

They think I'm a certified moron

Actually, they probably don't. Most likely, they're defending their previous choices, which you made them fear were wrong.

Wed, 01/29/2014 - 19:51 | 4382381 MisterMousePotato
MisterMousePotato's picture

Read a quote on here yesterday about the hard thing about bubbles being that they force one to look like an idiot before the collapse or an idiot after the collapse.

Wed, 01/29/2014 - 23:54 | 4383083 matrix2012
matrix2012's picture

"The problem with bubbles is that they force one to decide whether to look like an idiot before the peak, or an idiot after the peak." - John Hussman

"And so your choice is upon you. Look at the evidence around you – a movie nearly identical to one you saw in 2000 and again in 2008 – and either decide to party with the herd while the music plays (look smart today), or park yourself in safety now (look smart tomorrow).

Since the timing of the next correction is unknowable, the prudent choice is obvious. But it's not easy, for all of the reasons mentioned at the start of this article."

http://www.peakprosperity.com/blog/83944/wisdom-looking-idiot-today

Thu, 01/30/2014 - 02:43 | 4383321 OldPhart
OldPhart's picture

I've gotten so used to bubbles over the last couple of years I don't even notice them in the tub anymore.

Wed, 01/29/2014 - 19:53 | 4382389 nmewn
nmewn's picture

Thats what I was thinking, its hard to admit ones been wrong.

Man I sure was on starting a 401k, well, I guess I sorta had to as they dumped the profit sharing plan and the funds had to go somewhere. Still, I shouldn't have been plowing mine in there afterwards. Had a personal IRA that I took the hit on a year or so ago & cashed out just to get it out of their hands.

Then of course, came the boating accident, so I'm as broke as a sailor after two days in port ;-)

Wed, 01/29/2014 - 20:00 | 4382434 New_Meat
New_Meat's picture

"... I'm as broke as a sailor after two days in port ..."

stamina, lad, and pacing ourselves, that's the trick ;-)  Chiefs never ran outta' money in the PI, don't cha' know.

and look up my cwm Teresa on this thread.  I'd betcha' she's got a wide-on with this news.

- Ned

Wed, 01/29/2014 - 20:20 | 4382500 nmewn
nmewn's picture

Ghilarducci?

Yeah, I know the type...much better with other peoples money ;-)

Wed, 01/29/2014 - 20:44 | 4382572 new game
new game's picture

pleaded with wify po to get it out-we have, last chunk last year. have some offsets-capial loss from sale of 2nd property(only 3k), but still i'm damn near qualing for eic.-hehe; pays to not work too much... fuck sam!

Wed, 01/29/2014 - 20:58 | 4382625 RiverDrifter
RiverDrifter's picture

I agree on 401k but if you have IRA, roll that shit over into gold & silver!  Yes we can!!

Wed, 01/29/2014 - 18:32 | 4381974 LostAtSea
LostAtSea's picture

@wintermute....haha.  Had to log in just to upvote MyRapedAss

 

Wed, 01/29/2014 - 17:51 | 4381818 meterman
meterman's picture

Don't just shoot from the hip cowboy. Do a little work Terminal - there are easy ways you can place your money in another country that is safe

Wed, 01/29/2014 - 18:07 | 4381873 hapless
hapless's picture

SHHH.  Let Terminal go on thinking that everybody must take life up the ass.

Wed, 01/29/2014 - 18:08 | 4381875 Real Estate Geek
Real Estate Geek's picture

While I'd be happy to do a little work, I'd appreciate being pointed in a direction you think would be productive. I'm not the best at being a bird dog, bit I can follow a scent very well. TIA

Thu, 01/30/2014 - 00:14 | 4383132 harleyjohn45
harleyjohn45's picture

If a different country is safe enough for you to trust your money to, then why wouldn't you go over there too, so you would be safe.  You sound like a man with a paper asshole.

Thu, 01/30/2014 - 00:53 | 4381948 MeelionDollerBogus
Wed, 01/29/2014 - 20:26 | 4382420 scrappy
scrappy's picture

TerminalDebt

I vote up!

Yeah ship it overseas so some other government can take it instead, good plan.

Or some one else like the bank or .gov you put your money in or some scummy IT bankster sellout guy who steals from US for his masters and jumps off a tall building, ya never know. GONE$

The "Trust Horizon" is shrinking, not growing "overseas."

Simon, if any of us follow your advice I assume you realize YOU are accountable.

Personally.

http://dollarcollapse.com/collapse-2/a-shrinking-trust-horizon-and-hard-...

 

 

Wed, 01/29/2014 - 16:51 | 4381481 Anusocracy
Anusocracy's picture

MyRA will turn out about as well as the pensions in the Soviet Union.

Wed, 01/29/2014 - 17:05 | 4381557 NumNutt
NumNutt's picture

I think a lot of people have over looked a detail that was mentioned by Obama during the SOTU. He kept refering to "first time investores". I honestly believe tptb have sat down and have figured out a way to try and save the country from financial destruction and it is at the expense of the 11 million illigal aliens. I believe they are counting on makeing them legal, and then having all of them participate in MyRA. Think about it, suddenly 11 million people forced to buy into MyRA. Oh and don't forget 11 million people forced to start paying into Obamacare.  I believe that is why both parties are suddenly all gungho to grant amnesty.

Wed, 01/29/2014 - 17:35 | 4381709 hedgeless_horseman
hedgeless_horseman's picture

 

 

suddenly 11 million people forced to buy into MyRA.

Don't forget irradiated Japan.

Help us Mrs. Watanabi. 

Move to America and buy US debt.

You're our only hope.

Thu, 01/30/2014 - 06:04 | 4383420 disabledvet
disabledvet's picture

these are both possibilities. What we know is real are dollar shortages.
There are no problems in the debt markets that I see.

With on line education you can downsize massively education itself...simply return to home schooling.

Snail mail?
What the heck is that for?
That'll save another 100 billion.

NASA has already "gone commercial."
That actually might make a fortune.

The only problems left are the highway bills (everyone live on Lakes and waterways) and healthcare (robot doctors.)

And that should pretty much reduce spending by hundreds of billions "and you're done."

As it in fact is energy prices are surging in the USA for heating fuel. Since the USA is now the world's largest energy producer (as well as capital provider) if we survive the winter this is great news.

That's a massive amount of pricing power that can be exported.

Right now that is being done in the form of a soaring US dollar and plunging US interest rates.

At some point that goods deficit will become a goods surplus.

Wed, 01/29/2014 - 17:34 | 4381719 Skateboarder
Skateboarder's picture

How many of them are unemployed? How many of them are min. wage? How many of them on welfare? Think they'll have anything to put in a MyRA, or be able to afford a year's worth of the lowest Bozocare package? In this case, more enrollees only bring very small marginal revenue.

Wed, 01/29/2014 - 18:55 | 4382087 cynicalskeptic
cynicalskeptic's picture

You'd collect a hell of a lot more if the uber wealthy were paying their fair share.  When 7 people INHERITING all their wealth (the Walton family) are worht more than 40% of the remaining US - and paying their employees crap while keeping as many as possible p/t to avoid paying any benefits.... when Billionaires are paying less than 15% in income taxes..... and TARP manages to bail out bankers who LOST BILLIONS (and got to keep hundreds of millions in bonuses).....

A VERY FEW people are making money far faster than they can spend it (and most are doing so through collusion with government - 'crony capitalism' at its best), at the expense of the rest of the country.  We've seen HUGE productivity gains over the past 50 years yet the average wages of workers have gone DOWN.  All those increased profits went to a VERY VERY few who then sucked even MORE out of the country.

Wed, 01/29/2014 - 20:20 | 4382504 PhilofOz
PhilofOz's picture

I think I have the contributors to these comments worked out until I see you with more down arrows than up arrows on what you state. Apparently these seven Waltons that inherited their wealth and just happened to be born into the right family deserve what they have. What the f*ck??!!!

Wed, 01/29/2014 - 22:05 | 4382813 Umh
Umh's picture

A puzzle for you. What percent of "Americans" have a negative net worth?

Wed, 01/29/2014 - 22:45 | 4382901 mt paul
mt paul's picture

most of them ..

Thu, 01/30/2014 - 03:21 | 4383343 stacking12321
stacking12321's picture

none of them.

the value of a human life is priceless.*

*this message brought to you by hallmark (TM)

 

Thu, 01/30/2014 - 08:46 | 4383546 ConqueringFools
ConqueringFools's picture

It's like the idiots that say corporate taxes are too high. Corporate taxes were MUCH higher decades ago but payroll taxes were much lower.
The Congress schmucks in Washington are bought and paid for. There is way too much lobbyism and special interest money flowing into American politics.

Wed, 01/29/2014 - 20:34 | 4382541 AGuy
AGuy's picture

"You'd collect a hell of a lot more if the uber wealthy were paying their fair share. "

Lets examine your statement:

1. Barry's campaign was funded by the uber wealthy and Barry has gone out of his way to protect them, banker bailouts, Direct gov't investment into companies that contributed to his campaign. Laws and regulations that help the. No prosceutions for finanancial crimes (ie Got Corzine'd).

2. Weath have options to move money out the country to avoid taxation and regulations that would impact there money.

3. The Middle class can not dodge capital controls and the laws. They are the perfect target since they can't escape and have no power to fight back since the lack the lobbiest and the resouces to fight in court.

 

Whenever Barry speaks about the "rich paying their share", he real target is the middle class. He knows that the rich will use loop holes to avoid getting stuck, and he knows that the american public is too stupid to figure out that they will be on the recieving end of higher taxes.

 

Wed, 01/29/2014 - 19:42 | 4382328 runswithscissors
runswithscissors's picture

that would be the point...promise them a retirement thay contributed nothing to they will contribute nothing and then collect what is confiscated from the 401ks that will be forced into the ponzi

 

Wed, 01/29/2014 - 17:42 | 4381754 daveO
daveO's picture

11 million new tax slaves. We're saved!

Wed, 01/29/2014 - 18:38 | 4382006 Race Car Driver
Race Car Driver's picture

See Skateboarder's post above - it's chump change.

Tho, that trough-eating scumbag Paul Ryan, who never held a real job in his life, and the rest of his cohorts in the house and Senate should be tried for treason if this amnesty thing passes.

Treasonous traitors. That is what they are.

Wed, 01/29/2014 - 19:39 | 4382300 CH1
CH1's picture

Yeah, those damned Mexicans! How dare they work on our sacred dirt!!

Wed, 01/29/2014 - 20:00 | 4382421 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

I just wish they would demand that rules that are in place in Mexico concening illegal immigration were the same here in the USA.

Otherwise they are just a group of double standard scumbags.

Wed, 01/29/2014 - 21:12 | 4382654 Calmyourself
Calmyourself's picture

CH1, ever seen the southern border fence to protect the jobs?  Here it is:

http://www.thenewamerican.com/world-news/north-america/item/10599-mexica...

I forgot to mention it is on the Southern Mexican border, hmm I guess Mexico's dirt is sacred when it comes to Guatemalans ehh.

The ignorant shall inherit..

Wed, 01/29/2014 - 21:16 | 4382658 CH1
CH1's picture

LOL... so, the barbarity of the US slave state is justified by the barbarity of the Mexican slave state?

Wed, 01/29/2014 - 22:17 | 4382834 Calmyourself
Calmyourself's picture

Yes because wanting to preserve what one has built is now classified as barbaric..  Daily kos is missing an idiot I see..

Fri, 01/31/2014 - 03:58 | 4387038 stacking12321
stacking12321's picture

don't be an imbicile.

dailykos my ass! get over your left vs right stupidity - some of us choose freedom, the freedom to live our lives without some gun-wielding thugs from the government mafia telling us, no, you can't cross that magical line in the dirt unless we say so!

but, go ahead and be a chump, be a slave for the rest of your life, kowtow to your corporate overlords and thier government thug enforcers.

 

Wed, 01/29/2014 - 17:55 | 4381834 meterman
meterman's picture

Oh my NumNutt - It is obvious how you came by your name.

Wed, 01/29/2014 - 18:05 | 4381869 FredFlintstone
FredFlintstone's picture

Good connection. Your nuts may be numb, but good thing your brain is not.

Wed, 01/29/2014 - 18:22 | 4381935 MeelionDollerBogus
MeelionDollerBogus's picture

you've been duped!

In 6 months time  you'll wish you were an illegal immigrant outside the USA & you'll regret ever being nasty TO "illegal" immigrants. Immigration shouldn't be illegal by any government anywhere. It's anti-freemarket.

Wed, 01/29/2014 - 18:34 | 4381981 TheCanadianAustrian
TheCanadianAustrian's picture

Even if 11 million of the nation's poorest went out tomorrow and put $15,000 that they don't have (the announced limit for MyRA), it would only provide the government with 2 months worth of QE. I don't see the math adding up.

Fri, 01/31/2014 - 05:04 | 4387044 stacking12321
stacking12321's picture

.

Wed, 01/29/2014 - 20:08 | 4382458 zerozulu
zerozulu's picture

11 million do not trust but Serta and Simmons.

Wed, 01/29/2014 - 20:56 | 4382618 therover
therover's picture

Nah...it's 11 million potential voters they want to carve up.

Wed, 01/29/2014 - 21:00 | 4382623 AGuy
AGuy's picture

"I think a lot of people have over looked a detail that was mentioned by Obama during the SOTU. He kept refering to "first time investores". I honestly believe tptb have sat down and have figured out a way to try and save the country from financial destruction and it is at the expense of the 11 million illigal aliens."

No he means young americans that don't save. MYRA "Mandatory Youth Retirement Accounts". The Illegals are just another group apart of the free stuff movement:

1. When Illegals become legals, business will need to pay them minimum wage and file all the appopriate gov't paper work for employees. Business that where paying them under table will dump them and switch to the next batch of illegal that replace the 11 million that get green cards. At best they will be hired as part time workers so business don't have to pay for thier healthcare.

2. The 11 Million will become eligiable for gov't wealthfare programs. So instead of working at jobs below mininum wage, they will quit and seek weathfare. Why they hell would they continue to work for low wages and not collect wealthfare. The only reason why they work illegally is because they can't get wealthfare and they can't earn a livable wage in their home country. Illegals work hard cheaply, because they have no choice.

3. Most Illegal have family back in there home country. Currently they wire any saving back home to their family where the cost of living is cheap. The Typical Illegal comes to work seasonally or for a year, then goes back home and lives off the savings they sent back home. When the money runs low they come back to the US to work. When they become legal, they will either move their family to the US, or continue to send money back home. If they move their family to the states, then their family members will be eligible for Wealthfare programs. Healthcare, food stamps, O'bozophones,  the works.

There will be no surplus income by making illegals, legal. Wealthfare costs will rise and increase gov't outlays. There will be a negative revenue stream from this. The real purpose of the Amnesty bill is to buy votes by redistributing wealth from those that don't vote, or don't support the candidate, and give it to the people that do vote for the candidates promoting it. The Politicans are too stupid to figure out that this Bill will speed up the demise of the economy.

 

"Oh and don't forget 11 million people forced to start paying into Obamacare. "

Your joking, right? There is no way a person making mininum wage is going to help pay for Obozocare!  The only people that contribute to Obozocare is the working middle class! Illegals  will do as they currently do: Go to the emergency room and let the hospital/gov't pay the bill. illegals aren't as stupid as Americans!

 

Wed, 01/29/2014 - 21:15 | 4382662 SuperRay
SuperRay's picture

"save the country from financial destruction."

Seriously? You think they're concerned about the country? What country? The country of the corporate and government elite, or the country of the uneducated, unwashed, ignorant, pathetic people living off the government? Or the country of hardworking, morally (for the most part) uncorrupted people who are being sucked dry from the top and the bottom?

No, they want to save their own asses, and control the masses.  

11 million people with minimum wage jobs? we're falling into the abyss, and I can't see the bottom...

Wed, 01/29/2014 - 23:40 | 4383030 AGuy
AGuy's picture

Ray, The top section was a quote from another poster, not me.

Thu, 01/30/2014 - 00:16 | 4383138 californiagirl
californiagirl's picture

Could it be part of the FED's QE exit plan?  Who better to unload all those QE Treasury instruments on than a bunch of captive, ignorant sheeple who do not realize that their MYRA retirement plan is not even keeping up with the true inflation?

Wed, 01/29/2014 - 17:11 | 4381586 Obama_4_Dictator
Obama_4_Dictator's picture

I really don't think we can win....there are too few who understand what's going on - the rest will willingly fund thier adgenda because they are still "patriotic".  Too many want it to continue.

Wed, 01/29/2014 - 17:59 | 4381846 jekyll island
jekyll island's picture

I have a plan.  I going to Central America and renounce my citizenship.  Then I am going to come back into the country and work as an illegal alien.  I will not pay taxes, I will get government transfers and free healthcare.  Finally I will be treated like somebody and not just a US citizen who is there to be bled to death.  

 

Wed, 01/29/2014 - 18:10 | 4381892 Debt-Is-Not-Money
Debt-Is-Not-Money's picture

A modern version of "The Mouse That Roared"?

Wed, 01/29/2014 - 21:17 | 4382663 AGuy
AGuy's picture

"I have a plan. I going to Central America and renounce my citizenship."

OK if your hispanic and don't stand out as a Gringo. Sooner or later the US is going to default, and there are going to be a lot of pissed off people in Central America. You don't want to standout as an American when that happens. if you were joking, then I misunderstood your statement. FWIW: My plan is to relocate to a rural region and go Galt, as a white person, relocating to Latin America is off the table.

"Finally I will be treated like somebody and not just a US citizen who is there to be bled to death."

A lot of Central American nations do the same to thier own people. Escaping the USSA doesn't mean you escape from the socialists. Currently many Central American nations have worse socialists than the US does (Argentina, Venzuela, Bolivia, Brazil, etc). Probably the only bright spot is Chile since Pinochet whipped out almost all of the socialists during his reign. That said, sooner or later the socialists will take over any last stands of free markets and liberty such as Chille.

 

 

Wed, 01/29/2014 - 22:45 | 4382898 Keyser
Keyser's picture

Have you actually spent any time in central / south america or are you just speculating based on what you've read on the internet? I think I know which, but thought I'd ask anyway.  

Wed, 01/29/2014 - 23:42 | 4383042 AGuy
AGuy's picture

"Have you actually spent any time in central / south america"

Yes and no. I've been there, but not recently (more than a decade ago). I do have close friends that visit Central/South America frequently as they have family living there.

 

Thu, 01/30/2014 - 05:20 | 4383395 Tic tock
Tic tock's picture

Actually, we (the "aliens") could care less about individual Americans, it's your Federal machine that y'all suffer liberty under, which scares us.

Wed, 01/29/2014 - 18:53 | 4382078 El Oregonian
El Oregonian's picture

We did that 2 years ago. Paid the penalty, bought PM's and shipped them to our older children,safe and out if the slimy hands of the government tyrants. We finished shipping the last shipment out. Freedom.

If you haven't done the same, you haven't much time.... unless of course, you've already lost them in an unfortunate boating accident.

Wed, 01/29/2014 - 22:41 | 4382891 bigrooster
bigrooster's picture

I cashed out my 401k 2 years ago and my wife did last year.  !0% is nothing compared to 100% that is coming.

Wed, 01/29/2014 - 22:47 | 4382905 Just Observing
Just Observing's picture

I cashed out in 2005, paid the penalty and tax, and bought silver at 6 bucks.  I know where it is at night, and I sleep quite well.

Thu, 01/30/2014 - 02:40 | 4383320 Icelandic
Icelandic's picture

But once your MyRA balance reaches $15,000, you'll have to roll it over into a privately managed IRA.?

Thu, 01/30/2014 - 04:47 | 4383382 Casey Stengel
Casey Stengel's picture

Mrs Stengel and I cashed out, bought a house on the boundry of a private university and rented it out. 7% return on our money. No more IRA or 401k for us. We are leaving the grid as much as possible.

Wed, 01/29/2014 - 16:32 | 4381387 WarriorClass
WarriorClass's picture

Yeah, give your money to the government, that'll work out well.

http://americandictators.blogspot.com/2014/01/economic-studies-even-you-...


Wed, 01/29/2014 - 16:50 | 4381469 B.J. Worthy
B.J. Worthy's picture

"Barry Bonds" ... so perfect.

Wed, 01/29/2014 - 16:20 | 4381294 krispkritter
krispkritter's picture

I predict a rise in ZH'er boating accidents.  A slightly different kind of 'offshore account'.

Wed, 01/29/2014 - 17:27 | 4381676 Billy Sol Estes
Billy Sol Estes's picture

Louisiana sink holes are pretty much bottomless, just like the ocean...

Thu, 01/30/2014 - 01:30 | 4383266 mt paul
mt paul's picture

rumor has it 

Zero hedge is considering 

opening a marine salvage LLC..

Wed, 01/29/2014 - 16:58 | 4381511 Kirk2NCC1701
Kirk2NCC1701's picture

Funny, I don't remember Barry being at Simon's Offshore Workshop last April in Santiago.

Although there were a few characters there (that I talked to out of the many), who struck me as G-types.  No wonder Simon was wearing a custom bullet-proof vest, designed to look like a suit vest.

Wed, 01/29/2014 - 17:09 | 4381582 Silver Bully
Silver Bully's picture

'And it’s time to give serious, serious consideration to shipping your retirement funds overseas before they take yours.'

 

 . . . and into the waiting arms of Simon Black and his investment plans.

Riiiiiight, pull the other one. I have no doubt about what Ron Paul and Jim Rogers are suggesting here. I also have no doubt that Simon Black desperately needs your money even more than the U.S. government does.

Hookers, blow, and lawyers don't come cheap, you know.

Wed, 01/29/2014 - 23:02 | 4382935 Wahooo
Wahooo's picture

Really, it's time to have your future assured and kill any person who comes between you and it. Fleeing to another country just won't work where this thing is heading.

Wed, 01/29/2014 - 16:17 | 4381275 r101958
r101958's picture

There is a type in the following sentence - " Sam will invest your funds, and pay you a rate of return."   It should read - ' Sam will invest your funds, and print you a rate of return.'

Wed, 01/29/2014 - 16:19 | 4381289 Sudden Debt
Sudden Debt's picture

A VAST HIGH YIELD OF 0.000000000001%

CHANGE! told ya so....

Wed, 01/29/2014 - 16:45 | 4381454 eclectic syncretist
eclectic syncretist's picture

A rate of return less than inflation is a negative rate.

Wed, 01/29/2014 - 16:51 | 4381480 philosophers bone
philosophers bone's picture

SSSSSHHHH!!!!!!!!

Wed, 01/29/2014 - 17:28 | 4381679 Billy Sol Estes
Billy Sol Estes's picture

NIRP

Wed, 01/29/2014 - 17:58 | 4381839 andrewp111
andrewp111's picture

How about a Madoff sized rate of return on an account that cannot be passed on to heirs. There will be some winners, but mostly losers, and the Treasury will make out like a bandit.

Wed, 01/29/2014 - 22:10 | 4382825 Umh
Umh's picture

Social Security version 1.7.

Wed, 01/29/2014 - 17:05 | 4381556 Kirk2NCC1701
Kirk2NCC1701's picture

So, in finance-speak... (a) They will mop up excess currency liquidity from the masses (99%)?

(b) Or is this a new way to issue even more fiat -- just to keep the show going?

Wed, 01/29/2014 - 17:40 | 4381748 Renfield
Renfield's picture

I don't know if you set that up as a poll or not. In case you didn't, I downvoted you, to pick the answer (b).

Yeah, yeah, Fight Club. But I'm explaining the down arrow this time b/c I generally like your comments.

Wed, 01/29/2014 - 16:22 | 4381318 Possible Impact
Possible Impact's picture

MyRA = My Red Ass

Wed, 01/29/2014 - 16:45 | 4381448 Lux Fiat
Lux Fiat's picture

Which is a natural consequence of "My Raped Ass". 

But don't worry, while you may not get a toaster (so...quaint), they'll be handing out jars of petroleum jelly.

Wed, 01/29/2014 - 17:10 | 4381590 kill switch
kill switch's picture

Like a red Life Saver

Wed, 01/29/2014 - 17:00 | 4381519 Kirk2NCC1701
Kirk2NCC1701's picture

Reamed, then Red.

Gives "Better dead than red" a (w)hole new meaning.

Wed, 01/29/2014 - 17:34 | 4381721 Tom_333
Tom_333's picture

Yeah - this Sam guy...it´s Madoff..right.Right? Gotta be. Madoff paid 12 % return.Every year.

Wed, 01/29/2014 - 23:12 | 4382966 Escapedgoat
Escapedgoat's picture

MyRA  Hindley????  (UK readers know her)

VERY DISTURBING.Bbbbrrrrrrrrrrrrrrrrrrrrrrrrr

Wed, 01/29/2014 - 16:34 | 4381390 SAT 800
SAT 800's picture

sometimes you amaze me. did the King get over being miffed about his budget yet?

Wed, 01/29/2014 - 16:19 | 4381297 Stoploss
Stoploss's picture

  "This is exactly what bankrupt governments do."

 

You have omitted the list of governments that are not bankrupt...

 

 

Wed, 01/29/2014 - 17:12 | 4381594 Matt
Matt's picture

No, I think he listed all of them.

Wed, 01/29/2014 - 17:39 | 4381743 Kirk2NCC1701
Kirk2NCC1701's picture

Morally bankrupt.

Wed, 01/29/2014 - 18:47 | 4382042 Millivanilli
Millivanilli's picture

The cock sucking, not that there is anything wrong with that, community organizer is now the front man for USURPING people's retirement account.  I wish I could say I didn't see it coming.   

 

Yeah, risk free investment,. cough.   

 

 

Wed, 01/29/2014 - 16:56 | 4381504 eurogold
eurogold's picture

This plan reaks of desperation !

Wed, 01/29/2014 - 19:04 | 4382117 Dugald
Dugald's picture

"Ask not what your country can do for you but what you can do for your country..."

There, dear sheeple, how can you say no, it would be Un-American, right? and if you don't hand over your moola, that nice Mr President and his gang will confiscate it!

Knowing that they have your welfare at heart must give you a warm and touchy feeling. You Americans are soooooo lucky.....

 

 

 

Wed, 01/29/2014 - 19:25 | 4382247 caShOnlY
caShOnlY's picture

ameriCON

Wed, 01/29/2014 - 20:33 | 4382540 Alexandre Stavisky
Alexandre Stavisky's picture

Small showers last long, but sudden storms are short;
It tires betimes that spurs too fast betimes;
With eager feeding food doth choke the feeder:
Over greed, insatiate throat-bound cormorant,
Consuming every means, soon preys upon itself.
This federated throne of knaves, this tempestuous wilderness,
Once earth of promise, ever seat of Pluto,
This once other Eden, semi-paradise come Hades,
This oceaned fortress built by Nature for herself
Against infection and the hand of outside war,
This limply inbred breed of mild men, this little world,
This castaway stone set in the several  sea,
Which serves it in the office of a shield ,
Or as a moat defensive inside a much divided house,
Against the envy of much cultured lands,
This blighted plot, this superbowl, this crucible, this Columbian,
This nurse, this teeming womb of purchasable men,
Fear'd for their intrigue and famous for furtive filching,
Infamous for their deeds as far from home,
For idolatry’s service and forgotten chivalry,
As is the sepulchre in forsaken Jewry,
Giving the world's ransom, blessed Mary's Son,
This land of such despairing souls, this once dear land,
Dear once for her reputation through the world,
Is now leased out, I die pronouncing it,
Like to a tenement or salon given over to swineherd:
Amerigo, bound in with an ambivalent  sea
Whose rocky shore beats back the many wounded claimants’ siege
Here, watered down promise, bound in honor, misdelivered in shame,
With inky blots and rotten parchment bonds:
Which New World, that was wont to conquer others,
Hath made an ignoble conquest of itself.
Ah, would perennial scandal vanish with its already gone integrity,
How happy then were all ensuing death, as dishonour!
Instead "vivere la muerta", no stigma, no stain
No high or low, back door Marx, front door Keynes.

Wed, 01/29/2014 - 22:47 | 4382902 tempo
tempo's picture

Jesus would be a progressive in that he would want to help the poor but he told the rich to sell all they had and give to the poor (he didn't tell the Romans to increase the taxes on the people to help the poor). However, He never told anyone to work or get a job. But he was a conservative in that he didn't seem to like the Roman Government or the organized church with all its rules. He seem to like to live and eat in the private homes of his friends not some Government/church flop house.

Thu, 01/30/2014 - 01:48 | 4383282 IndyPat
IndyPat's picture

He also said "sell your coat and buy a sword"

He says, I do. That simple. Looks like I wasn't the only one that caught that part, either.
And don't let revisionist twats tell you otherwise. He meant exactly what He said.
Note that He didn't say sell your coat and buy a stack of gold and bury it in the desert or tell the Caesars taxmen it went down with the fishing boat. Your gold will mean nothing. Worthless. Shit. Won't buy you dog food if there were dog food to buy. You will be the dog food and dogs are gonna get fat, my homies.

Show me a person on this planet that hasn't heard the Word by now.
That time's way over with.
Time to pick a side and stick to it like you have a pair.
We'll see how it wraps up. I've read the outline. It ain't pretty for anyone, but really pegs the suck meter for those that choose their will over His.
/Rant over

Thu, 01/30/2014 - 00:16 | 4383136 Spygone
Spygone's picture

this is of course under the assumption the IRS has any authority to confiscate your money, or charge you taxes to a ficititious corporation, that once was a country.

http://www.wnd.com/2007/07/42749/

Wed, 01/29/2014 - 16:04 | 4381192 TeamDepends
TeamDepends's picture

Like taking candy from a baby!

Wed, 01/29/2014 - 16:07 | 4381211 Ignatius
Ignatius's picture

The same great deal we get with social security.  What could possibly go wrong?

Wed, 01/29/2014 - 16:07 | 4381214 midtowng
midtowng's picture

401k/IRA confiscation will happen one day, but today isn't the day and there is no proof in this article that they are.

When they do it, it will be their last desperate step. It'll be when they don't have anything other bullets. That day hasn't arrived yet.

Wed, 01/29/2014 - 16:17 | 4381285 Grande Tetons
Grande Tetons's picture

.....and they will not telegraph their move. One day....poof....gonzo. 

Wed, 01/29/2014 - 16:29 | 4381359 midtowng
midtowng's picture

Maybe not. I think there will be a middle step.

Why are 401k's and IRA's (other than Roth IRA's) different from any other investment (other than you can't touch them until 59)?

Because they are pre-tax. So instead of just confiscating them, why not raise the tax on withdraws to 70% or so?

It wouldn't panic the market as much.

Wed, 01/29/2014 - 16:40 | 4381430 Grande Tetons
Grande Tetons's picture

Could be...but by raising the remitance tax...they would be raising the red flag to the non retarded portion of the population. 

Wed, 01/29/2014 - 16:46 | 4381459 i_call_you_my_base
i_call_you_my_base's picture

So 1% of people then?

Wed, 01/29/2014 - 16:50 | 4381476 ghengis86
ghengis86's picture

So, like 24 or 25 people? I'm guessing they take that chance before full retard confiscation

Wed, 01/29/2014 - 17:34 | 4381712 PlausibleDenial
PlausibleDenial's picture

You can touch them.... I do it for my clients all the time.  Research Section 172.  Substaniial equal periodic paym (SEPP)  You will pay ordinary income taxes but no 10% penalty.  A number of rules to pay attention.  And, you cannot get it all at once.

Good luck,

 

Oh, btw, fuck you Obama

Wed, 01/29/2014 - 17:54 | 4381831 andrewp111
andrewp111's picture

Actually, if they want to do a sneaky confiscation, all they have to do is to pay way above market rates on Myra accounts, but also make them non-heritable. Upon death, the account belongs to the Treasury. Lots of math challenged people would jump at the chance to get high rates  - especially if they didn't care what happened to the money when they were gone.

Wed, 01/29/2014 - 16:36 | 4381399 SAT 800
SAT 800's picture

You got that right; Miss Grande Tetons; could you post a little bigger picture of the rack, there dear. thank you.

Wed, 01/29/2014 - 16:48 | 4381457 Grande Tetons
Grande Tetons's picture

Some have found said rack to be abundant while others have scoffed at her endowments. Google search the image for a larger version. Tight white Tshirt over a pert rack....nirvana, baby.

Wed, 01/29/2014 - 19:09 | 4382155 Husk-Erzulie
Husk-Erzulie's picture

I googled that phrase and this came up.  Weird huh?

Wed, 01/29/2014 - 16:20 | 4381299 Dr. Richard Head
Dr. Richard Head's picture

While there is no evidence of confiscation now, there have been bills introduced in the recent past. They have not even made it pass committees, but the thoughts are there.  Additionally, just think of the mission creep of the past with the inital income tax in 1913 and "voluntary" Social Security when introduced.  The time lapse between promises given and promises unkept is shrinking due to the finacial affairs of this country.

Wed, 01/29/2014 - 16:43 | 4381447 Dr. Richard Head
Dr. Richard Head's picture

Correction.  SS was not voluntary, but started off at 1% and only applied to certain industries/jobs.  Mission creep in any event.

Wed, 01/29/2014 - 16:20 | 4381305 Nick Jihad
Nick Jihad's picture

Here, let me paint you a picture:

Step 1: Create the MyRA, which is just like an IRA, but can only be invested in Treasury securities.

Step 2: Forcibly convert every Roth, IRA and 401K to a MyRA.

It's not really that complicated, is it?

Wed, 01/29/2014 - 16:26 | 4381335 midtowng
midtowng's picture

I can buy that. In fact, I believe it.

All I'm saying is that this article title promises more than it delivers.

Wed, 01/29/2014 - 16:31 | 4381376 fonzannoon
fonzannoon's picture

anyone remember "high speed rail"?

give it a year. no one will remember Myra

Wed, 01/29/2014 - 17:24 | 4381656 walküre
walküre's picture

my thoughts as well

As long as capital is draining everywhere else and landing in the US, there is no need to confiscate anything. US debt 16, 17, 18 ... 30 trillion who cares? The reserve currency is not challenged and Americans can enjoy living large while the rest of the world craps out.

Wed, 01/29/2014 - 17:25 | 4381670 SilverIsKing
SilverIsKing's picture

Right, it won't be MyRA.  It will be TheiRA, HisRA, HeRA, but certainly not YouRA.

Wed, 01/29/2014 - 16:59 | 4381516 SilverDOG
SilverDOG's picture

The EGO of SB is rather Humungus.

"Just walk away"

http://www.youtube.com/watch?v=XPY5P0TaC4k

Wed, 01/29/2014 - 16:35 | 4381403 Miffed Microbio...
Miffed Microbiologist's picture

Absolutely. I know Americans are idiots but no one is stupid enough to willingly place the little money they have left in this roach motel. This will be the excuse to make it mandatory and thus the confiscation. PMs and hard assets are the only path to any safety and that is still tenuous. How can one secure real estate really? The only true hope resides in revolution and, historically, that hasn't been pretty for many.

Miffed;-)

Wed, 01/29/2014 - 17:05 | 4381559 quasimodo
quasimodo's picture

Sorry miffed, have to disagree with you when you say nobody is stupid enough. I can name probably 10 people I know who would have no problem buying into this. If DC puts even the slightest hint of "patriotic" or simliar spin to this I can envision thousands buying into this. Reminds me of the war bonds back in the day, "defend your country with your dollars"  etc.

I think it's quite billiant to be honest. There are WAY to many stupid sheep that trust .gov and would no problemo going this route. So damn many lazy assed folks out there, this is one less thing for them to do instead of having to "manage" a 401k or other investments.

Wed, 01/29/2014 - 17:42 | 4381753 Lore
Lore's picture

Look at interest rates and do the math.  When you can put your money into another jurisdicton and get 3, 4, 5+ % interest. why the hell would you keep your money at home at half of a percent, a fraction of the REAL inflation rate?  Good luck!  That's why it will become mandatory.  Day by day, the rest of the world is waking up and turning its back, so the traffickers are determined to force their product down the throats of the last group of people over which they have any power: their own citizenry.

Wed, 01/29/2014 - 23:08 | 4382949 Wahooo
Wahooo's picture

You would if you were retired, stupid and AARP told you to. Believe me, a lot of old widows will follow AARP's instructions to a T.

Wed, 01/29/2014 - 18:36 | 4381990 Miffed Microbio...
Miffed Microbiologist's picture

Quasi,

I'm going out on a limb here and possibly full retard but I'm betting there is a scrap of intelligence left out there and this is going to fail like Obamacare, i.e. not enough sign up and confiscation occurs. Fool me once shame on you, fool me 50 times and I may wise up. Patriotic response during WWII was understandable, we weren't boarding on a fascist State. Enough people have been shaken by municipal bankruptcies recently they had 100% faith in. Perhaps people have been singed a bit. What do you say we wager?

Miffed;-)

Wed, 01/29/2014 - 19:42 | 4382317 quasimodo
quasimodo's picture

You raise a very good and obvious(slaps forhead) point re. the difference between then and now.

I will wager you a 10 pack of culture plates and raise you some media currently in the incubator, origin unknown(that one fell outside the SOP lol)

Wed, 01/29/2014 - 21:06 | 4382640 Miffed Microbio...
Miffed Microbiologist's picture

Phew! I thought it was going to be PMs and I'd have to fold. I'll see your culture plates and raise you a sleeve of chocolate agar, a box of indole motility agar and my favorite pet Fusarium who I brought to Home Depot to color match my wall paint. ( dear god lady are you serious, that a mold for christsakes!).

Miffed;-)

Wed, 01/29/2014 - 21:34 | 4382717 MsCreant
MsCreant's picture

Great way to hide the mold on your wall if you have poor ventilation!!

Wed, 01/29/2014 - 17:42 | 4381766 Kirk2NCC1701
Kirk2NCC1701's picture

Here, let me paint you a picture... Jump or Croak.  Note that "not jumping" is also a choice.

"Sir, would you like your frog's legs Slow Boiled or Well Done?"  Fed Chef to Banksters.

 

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