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IRA Confiscation: It's Happening
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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His name is Barry Bonds, and he wants to give the country a shot in the arm!
the economy... shaken... not stirred...
Is it called MyRA or MyPonzi?
It's called "Barry's Offshore Account."
$17 +Trillion in National Debt - vs - $17 +Trillion in Qualified Plans = Convenient Sterilization Bitches!
Livin in the usa.
http://www.youtube.com/watch?v=jyV41-tFPcQ
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.
Yeah ship it overseas so some other government can take it instead, good plan.
"... 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.
MyRapedAss
Signaling the end of the money management industry as we know it.
all they need for this to work is a 1 trillion dollar web site....
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.
Yes, plant seeds of truth when ever you can. I do too. Any ocean is only made of drops.
Everyone saw how Obama Care worked! lol
Will everyone who opens one get a Spiderman beachtowel?
Screw Spiderman... How do I know that My[ass]RApe is right for me??
Hey...a government slush fund of dollars voluntarily donated by taxpayers to fund free shit payouts.
What's not to love.
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.
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.
I have some GM bonds I'll sell
No worries. They're guaranteed!
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.
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.
It's still working.
Towards the END GOAL.
Sam might have batter luck if he send his offer from Nigeria.
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.
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.
"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
I've gotten so used to bubbles over the last couple of years I don't even notice them in the tub anymore.
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 ;-)
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
Ghilarducci?
Yeah, I know the type...much better with other peoples money ;-)
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!
I agree on 401k but if you have IRA, roll that shit over into gold & silver! Yes we can!!
@wintermute....haha. Had to log in just to upvote MyRapedAss
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
SHHH. Let Terminal go on thinking that everybody must take life up the ass.
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
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.
Dumbass, you put the preshusssses in your pocketses and get YOURSELF overseas.
It's called sneeeeakin.
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-...
MyRA will turn out about as well as the pensions in the Soviet Union.
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.
Don't forget irradiated Japan.
Help us Mrs. Watanabi.
Move to America and buy US debt.
You're our only hope.
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.
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.
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.
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??!!!
A puzzle for you. What percent of "Americans" have a negative net worth?
most of them ..
none of them.
the value of a human life is priceless.*
*this message brought to you by hallmark (TM)
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.
"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.
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
11 million new tax slaves. We're saved!
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.
Yeah, those damned Mexicans! How dare they work on our sacred dirt!!
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.
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..
LOL... so, the barbarity of the US slave state is justified by the barbarity of the Mexican slave state?
Yes because wanting to preserve what one has built is now classified as barbaric.. Daily kos is missing an idiot I see..
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.
Oh my NumNutt - It is obvious how you came by your name.
Good connection. Your nuts may be numb, but good thing your brain is not.
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.
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.
.
11 million do not trust but Serta and Simmons.
Nah...it's 11 million potential voters they want to carve up.
"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!
"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...
Ray, The top section was a quote from another poster, not me.
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?
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.
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.
A modern version of "The Mouse That Roared"?
"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.
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.
"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.
Actually, we (the "aliens") could care less about individual Americans, it's your Federal machine that y'all suffer liberty under, which scares us.
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.
I cashed out my 401k 2 years ago and my wife did last year. !0% is nothing compared to 100% that is coming.
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.
But once your MyRA balance reaches $15,000, you'll have to roll it over into a privately managed IRA.?
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.
Yeah, give your money to the government, that'll work out well.
http://americandictators.blogspot.com/2014/01/economic-studies-even-you-...
"Barry Bonds" ... so perfect.
I predict a rise in ZH'er boating accidents. A slightly different kind of 'offshore account'.
Louisiana sink holes are pretty much bottomless, just like the ocean...
rumor has it
Zero hedge is considering
opening a marine salvage LLC..
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.
'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.
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.
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.'
A VAST HIGH YIELD OF 0.000000000001%
CHANGE! told ya so....
A rate of return less than inflation is a negative rate.
SSSSSHHHH!!!!!!!!
NIRP
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.
Social Security version 1.7.
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?
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.
MyRA = My Red Ass
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.
Like a red Life Saver
Reamed, then Red.
Gives "Better dead than red" a (w)hole new meaning.
Yeah - this Sam guy...it´s Madoff..right.Right? Gotta be. Madoff paid 12 % return.Every year.
MyRA Hindley???? (UK readers know her)
VERY DISTURBING.Bbbbrrrrrrrrrrrrrrrrrrrrrrrrr
sometimes you amaze me. did the King get over being miffed about his budget yet?
"This is exactly what bankrupt governments do."
You have omitted the list of governments that are not bankrupt...
No, I think he listed all of them.
Morally bankrupt.
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.
This plan reaks of desperation !
"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.....
ameriCON
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.
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.
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
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/
Like taking candy from a baby!
The same great deal we get with social security. What could possibly go wrong?
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.
.....and they will not telegraph their move. One day....poof....gonzo.
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.
Could be...but by raising the remitance tax...they would be raising the red flag to the non retarded portion of the population.
So 1% of people then?
So, like 24 or 25 people? I'm guessing they take that chance before full retard confiscation
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
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.
You got that right; Miss Grande Tetons; could you post a little bigger picture of the rack, there dear. thank you.
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.
I googled that phrase and this came up. Weird huh?
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.
Correction. SS was not voluntary, but started off at 1% and only applied to certain industries/jobs. Mission creep in any event.
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?
I can buy that. In fact, I believe it.
All I'm saying is that this article title promises more than it delivers.
anyone remember "high speed rail"?
give it a year. no one will remember Myra
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.
Right, it won't be MyRA. It will be TheiRA, HisRA, HeRA, but certainly not YouRA.
The EGO of SB is rather Humungus.
"Just walk away"
http://www.youtube.com/watch?v=XPY5P0TaC4k
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;-)
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.
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.
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.
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;-)
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)
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;-)
Great way to hide the mold on your wall if you have poor ventilation!!
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.