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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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The next crash will be the most opportune time to do the forcible conversion. They will sweeten the deal by giving you a Myra based on the pre-crash value. Hell, the Congressional Democrats were proposing something like this back in 2008-9, but Bernanke spoiled the party with his "green shoots".
Black can be kind of douchy for my taste, I will give you that, but I think this makes a valid point.
First move is to see how many of us they can con into doing it voluntarily. Why on earth offer it otherwise? Out of the kindness of their hearts? Really? Reeeeeeally?
Social Security which most of us pay into at gunpoint is nothing but a stack of IOUs. I know you know that, but that is just to remind you how much we should trust giving them more money for any reason. If we want to give them money, if we trust them, then we would buy treasuries, right? No reason to do this except that it is move one towards corralling the herd.
Then they will get more aggressive once they digest the results of this.
This also builds the necessary framework, in a non-threatening manner.
Agree. I could fogive him if I found out later they were threatening his wife and kids...
Imagine, you are agreeing to try to sell this to the US public, knowing what has to be next. I might cap myself, I really might.
Freedom needs to be respelled Freedumb or Freedamned.
I think the business people call it "running it up the flagpole and see who salutes"; in other words, a trial run of public opinion.
Yeah. This is playing out just as expected so far. I just squirmed in my chair last night when I heard this MyRA stuff come up.
With all due respect, how can you stand to watch the POTUS?
Turns my stomach in ways nothing else can.
DaddyO
My son had a project for school that required him to listen, write down the key issues mentioned, and then write down the tangible actions that are proposed to address those issues.
My urge to vomit was counterbalanced by the fun in watching my son try to untangle a good deal of what was said. lol.
Ditto!!! I was determined to listen to the SOTU address for the 1st time in a very long time, but ughh!!! Just hearing his voice and knowing that he was teleprompting somebody else's words was too much. I can't stand to hear or see that ineligible poser!!!
MsCreant
C'mon, they already wacked his grandma.
She knew exactly where outside the USA he was born.
Bye bye grandma.
Empathy is not a wise investment.
"I might cap myself, I really might."
Fuck that. We are finally getting to the good bit now, the interesting time. Why leave the theater when the feature is spooling up?
Hey sweet Fuu,
I'd only consider that if I was prez and being forced to run a con on the American people or see my family die. To know I was hurting that many people would be overwhelming. I'd have to live being me, a traitor to everyone. Would not want to live.
+1
Unfortunately, I think you're right.
No reason to do this except that it is move one towards corralling the herd. Then they will get more aggressive once they digest the results of this. --MsCreant
I think MyIRA proves they are done talking and are implementing and the shit is about to get real.
First voluntary MyIRA, then mandatory, then confiscations of 401K. TSA already in place to prevent hard assets from leaving country. Militarization of police and NDAA are in place for uprisings and resistance. Boiling frogs incrementally.
Realized the jig was up first time I came back stateside after 9-11. Machine guns in airports, dead giveaway.
It will take a few years. Obama will be out of office before the real fun begins.
I think MyIRA proves they are done talking and are implementing and the shit is about to get real.
First voluntary MyIRA, then mandatory, then confiscations of 401K. TSA already in place to prevent hard assets from leaving country. Militarization of police and NDAA are in place for uprisings and resistance. Boiling frogs incrementally.
Teresa Ghilarducci has a wide smile today.
- Ned
Midtowng - You are so naive.
My prediction is the 401K/IRAs will be evacuated when the big money pulls out of the stock market. This bubble (Ponzi scheme) should be popping 2008 style if the gamblers follow the formula.
All your money belong to them.
in the save hands of a socials president...
WHAT COULD GO WRONG?!?!?
executive decision.
There's no crime in taking something you perceive as rightfully yours.
And the leadership of this government believes with all it's heart that what you have is theirs if they need it or want it or desire it.
Molon Labe.
100% Right on.
Some folks call it 'communism.'
***
Speaking of which, the just-passed folkster, Pete Seegar, said he went from being a Big C Communist to a little c communist. I wonder how that works?
RIP, Pete. Loved your music, but your polyticks sucked.
In 1933, FDR gave it all to the Elites: the land, the gold, AND THE PEOPLE. We are all federal reserve notes and our labors are the wages of slavery. However, you still have to go along with THEIR plan. So, will you?
ejmoosa,
Exactly why I dumped my archeolgy major.
F&^%&%ing museum/oligarchy grave robber slaves.
I do dig, and keep every last piece.
Up yours MyRA: Mandatory Rectal Analysis.
Well, if not enough slugs buy into it they can always make it mandatory like that other scheme, what's it called?" Social Secutiry or some such nonsense?
They'll never know what hit'em!
Forced participation (ala obuttholecare) is inevitable. This is the beginning of the perception management campaign. Time to exit the banking system and hide the family jewels and silverware.
Mrs. DaddyO and I were discussing finally going Galt this morning.
Thinking about selling everything, disconnecting from the digital world and living like my great grandparents.
They were free and happy in ways we have lost touch with.
DaddyO
been there done that for weekends for 8 years. electricity only. you learn to value running water, hot water, therostats, but the trade off is something to do/value of tasks and sense of time that differs greatly. for example, a clean up requires boilng water which requires firing up the fireplace which of course required three years advance planning for seasoned split wood(one year cut to 20 inch lengths, one year split, and year three less that 15 percent moisture content), and of course time. ah, time with no prsesure. cell phone(t-mob) didn't give me reception-nice, and worst of all was driving back to the rat race...
time to smell the reality of time lost to most...
or Obamacare, another mandate from the DICtator.
don't trust these lying bastards
Another simon black article.......move along everyone, move along. Nothing to see here.
Actually this was quite apparent back in 2009, all anyone needs to do is pull up Bernanke's Humprey Hawkins testimony and find where Dickhead Dodd was trying to get Bernanke to admit that if the Bush privatization of SS had went through that Americans would have lost their shirts in the (then recent) stock market correction and that the Federal Reserve should bless his (Dodd's, or maybe it was Bawney Fag's) insane idea of giving the Congress critters even MOAR of the debt slaves' money to blow...
Or has the Ministry of Truth rewritten that one already?
"And it’s time to give serious, serious consideration to shipping your retirement funds overseas before they take yours."
This statement is so patently absurd it defies belief. Why let your home country take your savings when there are so many foreign countries that want to take your savings? Unfuckingreal.
Fuckin' a right.
I hear the Bank of Nigeria is offering special new customer rates !
Gold bullion. Land. Period.
(Lead)
IT'S WHAT THE PEOPLE WANT!!
SO FUCK THEIR REPRESENTATIVES!!
and now...
BET IT ALL ON BLACK!!
I hate to say this, but 'shipping...funds overseas' is also an idiot move.
Simon Black is pretty good at seeing thru US gov scams, but he seems to me awfully trusting of 'foreign' governments.
<<This is exactly what bankrupt governments do.>>
Should have ended the article there.
"Never trust an insolvent government with your money." This should become one of those old sayings, like 'a stitch in time'. Just needs a folksy hook on it so the kiddies will remember.
"You can RetyRA with your MyRA"
CYPRESS
So it's OK to trust a solvent government with your money?
I don't think so...
Ha, ha - I don't have any retirement funds!
I'm currently researching pianless and non-messy ways of leaving this all behind, so - Fuck you, Obama; you can have my corpse, but nuthin' else.
Spastica Rex
Excellent plan. In decaying societies, live for today because yesterday was as good as it gets and tomorrow is a looming disaster. Long bourbon....
and die like a man!
You might be interested in Aaron Clarey's "Enjoy the Decline", which addresses this topic in some detail.
Looks like it may be similar to Harry Browne's "How I Found Freedom in an Unfree World", a book that was thought-provoking for me.
However, stumbled across someone's recommendation for "Nonviolence: The History of a Dangerous Idea". That looks like it may be more up my alley longer-term.
Here, here... I already know the 8 story building I plan on recruiting when the time comes. Painless enough.
You might consider paying your last tax bill with a bad check. WINNING!
Americans have no savings so I don't see how this is going to help Uncle Sam. Uncle Sam already convinced them to spend it all.
Dude; Americans have trillions in savings that's what sloshes back and forth between the stock market the bond market and money market funds; for real. it's the savings of the parents generation, the people who had union manufacturing jobs before they fixed that problem.
SAT 800,
The top 1% is sloshing the others money around and removing ALL the cream from the top.
Americans have trillions of promisary notes.
No money AT ALL.
Are you believing.
and remember this represents millions of hours of sweat, and toil, for in most cases the powers to be.
you are talking "the line", the last straw imfo...
" NEVER VOLUNTEER !!
.....USA Free Shit Army field manual ( updated )
I have 100 shares of Brooklyn Bridge bonds to sell someone, guaranteed return, no risk, honest.
doesn't Goldman Sachs already own that?
EB give me a call; I got the exclusive contract to sell the Eiffel Tower for scrap.
Does that come with a cheeseburger?
Only if you promise to pay Tuesday.
Almanac says Thursday is better to pay for cheeseburgers, Tuesdays are hamburgler pay days.
and there is friesdays as a side, take off early and spend the burger.
OBAMA! THE PRESIDENT WHO ELIMINATED THE GOVERNMENT DEBT!!
now let's give it all to the banks...
MyRA = another form of Social Security. I guess that Obama and Co. has been playing with that ouiga board again since he thinks he's channelling FDR. MyRA has already been forgotten by the Obama-phone crowd and will be an epic fail for everyone except for whichever wealth management company (companies) is eventually appointed (are eventually appointed) to manage this new source of government funds. Hey, maybe this is why El Erian left PIMCO - he's going to be appointed the MyRA czar. ;-0
Just have to pass a law like OCare that requires you to contribute to your MyRA or you pay a tax. Judge Roberts would give it a thumbs up.
They will use your myra account to deduct your individual mandate penalty.
I thought they took auspices from the entrails of hapless interns donated by families for access. But I tend to lean towards viewing things a bit on the dark side.
Miffed;-)
Only a matter of time....
It's the new QE - Quiet Embezzlement.
You captured the essence of it perfectly.
explain again how the banks profit from this?
The problem with political jokes is they get elected.
The entire Obama presidency can be described with the following image: A dog uncontrollably humping a banksters' leg. –Michael Krieger
I would have thumbed you up ten times if I could. gotta include the insurance industry too; part of the "financial industry".
Spot on
+1.
They don't really. This is a Wall Street bypass. That is the real news underneath the obvious stuff like Uncle Sam drooling over everyone's private retirement funds.
"explain again how the banks profit from this?"
Standard 2 and 20? Nah, probably too obvious and obviously overpriced. They do however, get to unload a lot of government paper they're currently holding so they're not the bag holders when rates rise in earnest.
I don't suppose these geniuses have considered what happens to the other investments that WERE in the 401Ks, IRAs, etc. before they were liquidated and put into USG bonds of a MYRA account. If they're deliberately trying to tank the market, that'd do it. Although I wouldn't give them that much credit. These cats rarely think more than one step ahead. After all, that's why they're politicians.
It props up the bond market - you know, that market that is legally front run by the banks.
The Fed finally has someone to sell back to.
re: "explain again how the banks profit from this?"
Probably along the same lines as how they profit from EBT cards...
Now, is Sam taking a page out of Bernie's book.... or did Bernie take a page out of Sam's book?
Is it 2016 yet?
Does it matter? Old boss same as the new boss, yadda yadda...
All obongo was missing in last night's speech was the Japanese girl band singing to us hypnotically to buy, buy, buy those bonds!
http://www.zerohedge.com/news/japanese-girl-band-wants-you-buy-jgbs
Our govt is also pressuring other govts to raid and loot their citizens assets in Greece and all of the EU, the Ukraine EU entry is a state asset grab, with entry comes capital and massive leveraged debt-and real asset transfers in exchange for promises.
Protesters in Ukraine are begging to transfer whatever real assets they have left to the state-banker creditors in exchange for promises of benefits, after living through the Communist collapse.
Less than flat learning curve-like Americans
Im not doubting what you're saying. In fact, let's go a step farther. Suppose the major world governments actually succeed in forcibly converting private assets into government paper. Then what? It's kind of like the dog that chases a car. What does he do w/it when he finally catches it? Or to put it a bit differently, is the wealth really in those government bonds?
Here we go, the Great Unravelling. Might even be enough to drag the couch-taters into the streets.
Uncle Sam dumping EM currencies, EM will dump US treasuries when things are heating up. That's when Myra comes in for a good oldfashioned rape.
"And it’s time to give serious, serious consideration to shipping your retirement funds overseas before they take yours."
Yup! The run is on to get assets out of the country before the lockdown and martial law.
Why does the date of Febuary 12, 2014 come up?
http://www.silverdoctors.com/jpmorgan-loses-44-of-gold-inventories-in-4-...
Bail-in code named MYRA...I had a sheep named Myra, it got slaughtered.
It's not going to fly,plain and simple. They can't go full blast into confiscation mode either,YET.
You have to boil the frog slowly.
Holy shit! Didn't know my country will serve as a pattern for the United States. Yes, I'm from the thevish country called Boland...
Hate to burst your bubble, but that pattern was established in Argentina long before Boland got wind of it.
"auto-enroll"
Well, of course.
Sam says, "your IRA is now MyRA." And you can have it back when (if) I say you can.
Exactly.
It will be rationed back to individuals on a progressive basis, based on means testing, not the your total contribution. If you have assets you will be told you don't deserve your retirement savings. It will be rationed back to citizens minus deductions for your SS stipend and your Obamacare premiums.
You will get a small payment, and a receipt that says you "only" need to pay $5000/yr for your bronze Obamacare plan because $3000 of it's cost has already been deducted in advance from your retirement account. Ditto if you can't pay the 10,000 deductible. And all your other assets will still be on the hook if you get really sick.
Allen West had an interesting observation about last nights State of the Dictatorship speech.
"I have an idea to cut government spending immediately. Every Member of Congress who stood and applauded when Obama said he can take steps without legislation can be immediately fired since they agree they are irrelevant -- including their staff"
This is the type of crap you see in Dictatorships and Banana Republics.
DCH - As I have been sayin' here, Obama is acting awfully African lately.... he is the young Mugabe...
+1
For...
... Every Member of Congress who stood and applauded when Obama said he can take steps without legislation can be immediately fired since they agree they are irrelevant... Dewet Cheatum Howe
Yes, I agree most wholeheartedly.
Well, actually, to help this unfolding tragedy out we should abolish the Constitution which defines our current government while keeping the Bill of Rights as our governing charter.
Its the Constitution that defines our three branches of government and with out it goes the need for our current government.
Sovereignty reverts back to the states and the people and the Federal Government dries up like a frog in the Sahara desert.
"When law and morality contradict each other, the citizen has the cruel alternative of losing his moral sense or losing his respect for the law."
Claude Bastait
The Marxists know exactly what they are doing in this long slow build up for the take down. This was another carefully crafted battle line to do in the Constitution by these assholes using their re-education centers and popular culture aka Hollywood/TV/Music Industry.
It get's checkmated either way as long as they control the police state. One way or the other the opposition eventually falls.....
These 'Patriots' who take orders from these people will make sure it happens in their uniforms since it is their the chief commander puppet giving the orders and they won't lose respect for the law. It is something these assholes absolutely count on in winning this battle. So the military will ultimately get checkmated at the same time. Real courage is not doing what you are told to not following orders when they conflict with your morality.
The ones that don't are going to wind up with us civilians and on the other side of losing respect of the law then without a uniform on.
I liked Allen West and even contributed to his campaign. But then his voting record got hinky. And the last straw was his vote in favor of NDAA..
http://votesmart.org/candidate/key-votes/124348/allen-west
His votes seem typical of an ex-miltary Bush Republican Conservative type who thinks the miltary's shit don't stink because it would imply that his might also stink and people like that shit can't stink because they are god fearing righteous Christian types. If their god's shit doesn't stink, you know the rest. His record is consistent when you look at it front that angle.
I give props to Simon Black. No one ever said moving assets successfully would not require finesse and planning. Get crackin'.
Of course, for a small fee Simon and his buddies will be more than happy to point you in the right direction.
MyRA = Move Your Resources Abroad ...... before Obama and Chewie take it from you
In an earlier ZH post today, I noticed that certain EMs (Emerging Markets) are actually growing.
E.g., In Asia (HK, Korea, Singapore), Israel, Venezuela... Looks like the smart money is moving either where it's safer, or has better opportunities.
Who's aboard the Smart Money train? (Besides the rich, smart and dual/triple citizens).
re: "Who's aboard the Smart Money train? (Besides the rich, smart and dual/triple citizens)."
Exactly! They're(as parasites) also in search of a new host...
To where, exactly, should we move them? Which govt is not corrupt, bankrupt and wants to steal foreigner's money?
''All your (L)IRA belong to us''.
Come on folks when all the short cons have been played only the long is left!
Am I missing something? I don't see where it is being confiscated...yet.
I think our first test subject just volunteered.
Have you heard about a little game called Social Security? Wake up Buckwheat!
Myra/IRA is not SS or haven't you figured that out yet?
It's just prep work at this point, but stealing something from people while giving them the illusion that you're letting them keep it, is actually the prefect crime.
And this malignant narcissist incompetent statist twat has stumbled upon it.
When Bill Gates puts all his funds in a MyRA , then I might give it some thought. But unfortunately, I have already shipped my funds overseas, and the boat sank.
Stealing your savings...
It's on like Donkey Kong!
They will need to dredge the lake while I'm filing my nails to get mine!!!!!!
"Here’s the deal he’s offering: you give Sam your hard-earned retirement savings....and he'll give you 0.01% yield in return...."
BaaaWaaaHaaa............
Didn't Madoff go to jail for doing the exact same thing? Take your money and give you a guaranteed rate of return paid only with new money coming in...
MyRA?
We know who the "my" in this is going to turn out to really be.
"My curious plumber is still trying to figure out why I call my guillotine a trash diposal."
SO I should invest my current IRA Money, in Buying Plans for Guillotines..
Lumber check, Rope Check, Now where will I find a Big Ass Heavy Knife.. Gallows maybe i need to Buy Gallows Plans
"If you want your savings, you can keep your savings.....trust me."
what could go wrong??
Hmmm, well ain't this a co-winky-dink:
http://www.investmentnews.com/article/20140128/FREE/140129885
Africa for the Africans !
Fire up the ovens!
If you like your green eggs and ham, you can keep your green eggs and ham, Sam I am.
didn't they give a similar deal to Germany and their gold? How's that workin' out?
http://www.breitbart.com/InstaBlog/2014/01/28/Video-Man-Crashes-Car-Into...
This guy has the only proper response to this proposal.......
Problem with that he was a day late and in the wrong city.
Would have been something if he could have crashed the SOTU address and made a fool of himself on national television.
Ah, perchance to dream.
I think I'll convert everything to BOURBON so I have something to barter with the natives.
so, if I understand this correctly.
trust a mega broke institution that is drowning in unfunded liabilities to the tune of...well, a number that has no practical application anywhere in the universe except for measuring said debt and liabilities.
trust them, who produce nothing of value, generate neither good nor service that adds to the growth and health of the real economy but instead, like a cancer continues to eat away and destroy it's host.
trust them to invest my money, which I earned by going to work and providing a service which adds to the overall growth and health of the economy, in bonds issued by said broke and insolvent institution on the guarantee that the very same broke and insolvent institution will back the investment and promise a small return.
is this the idea?
every single time I think this three ring circus freak show theater of the surreal can't possibly get any more absurd.
something like this happens and it does.
please, please somebody tell me that nobody who resides within these united states, after everything they have seen, all the miserable, epic failures and wealth transfer scams foisted upon us by the federal government in the name of a recovery that still has yet to materialize...
tell me that nobody is this fucking stupid.
trust the broke ass federal government with your retirement account?
the very definition of giving the alcoholic the keys to the liquor cabinet... then again, maybe, just maybe they are counting on most of us not living long enough to collect.
Preach It!! Selah
I think you nailed it... CONvince them to Put the Money into Treasuries, then Bump them Off,
First they came for the heathcare and I said nothing because I was in good health but could not afford personal health insurance....
Then they came for the savings and I said nothing because I had no savings....
well you get the idea
Yeah buy treasuries while they're worth something.
UK does it as well, we've had "National Savings" for a long time. Same deal. Works a treat too.
The US Government is actually happy about WS Criminals.
They have so decimated savings that just getting your money back is viewed as a victory
It makes sense when you realize that "My" means "Obama's"
Yep just like he likes to refer to the military as my military.
. . . . . . . . . MyRAped-ass
pIRAmid
The US government and FED are working as hard as they can to prove that Ayn Rand bimbo correct.
Amazing
That $5 trillion in IRA and 401K funds would be tough to confiscate. And taking that much out of the economy would not do wonders for the economy. I still think the whole house of cards will fall before gov't gets close to trying anything so foolish.
"Dear IRS......I'm available for some consulting. I have experience in this area".
Bernard Madoff
Yikes.
Traditional savings accounts used to offer 5-6% interest on savings deposits. Now we get zero interest (practically) for our deposits and "generous" offers from government to buy low interest rate bonds in exchange.
What a deal.
/sarc
The seed has been planted. Somewhere in your brain, bouncing from side to side is a parasite called propaganda. It feeds on sounds coming into your ears. The word "Terrorism" is like a big fat steak to it. "Global Warming" is a juicy meal not to be passed up either.
The latest morsels making their way to the plate are "Governmental IRA's" and damn.... they're good tasting. Mr Parasite is happy. Without actually devoting thought to him, he is still zipping by. Just like the thoughts that HLS and The Patriot Act are "good" things....... giving your retirement to "them" will take hold.
And they'll frickin take it too.
Talk of this came out years ago in the alternate media. It's screaming at you now.
I wish there was more truth toxin to kill this thing. I got my shot and shit that little fella out of me years ago. It might be a good idea to asses your infection and take the medicine. Get ready to give a slightly heavier shot out soon.
http://tri-fuelgen.com
PS. I said I wouldn't post any more on ZH...... I'm an asshole.... I lied.
Dude, you are after all an anal sphincter, so everyone just expects you to be an asshole, no apologies needed.