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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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Well I was quite upset that Francis Sawyer was banned. ZH is absolutely the best blog out there so it's tough to stay away.
Francis.... if you're out there, you're welcome on my new site anytime.
AGXIIK warned that Obama was coming after 401k's and IRA's over a year ago:
http://www.silverdoctors.com/obama-begins-push-to-confiscate-iras-401ks/
Theres still time remaining to get out of Dodge.
MyRA My Reirement Account. So simple it had to be thought up by a genius.
If you like your 401(k), you may not be able to keep your 401(k)
First off, you don't have a choice. You're employer decides if they will offer this and will opt you in. You will then have to opt out. The pressure your employer may put on you "not" to to opt out is yet to be determined.
Employers with traditional 401'ks may decide that opting in is the patriotic thing to do, even though in all instances, the reasons why employers may look favorably upon this may have far more to do than just patriotism. Government contracts for instance, etc.
Let's do some math:
You are fortunate enough to make $52,000 -a little more than the current avg annual hourly salary as published by the Labor Dept.
You contibute a whopping 10% and your very generous employer matches it for a total of 20% or $10,400 in year 1.
In 20 years, even if you were lucky enough to make a steady return of 4%, and receieved an annual raise of 3%, your total will be: $400,412 when you will be making $90,306.
Obviously, in the year 2034, you can then begin to withdraw $40,000 a year for 10 years before your savings are exhausted.
Good luck with that.
You contibute a whopping 10% and your very generous employer matches it for a total of 20% or $10,400 in year 1.
When hell freezes over.
Yea yea yea...
The plan stops at the pathetic maximum amount of $15K, see the MarketWatch article
Voluntary participation now... mandatory participation soon to follow.
You guys are right , I've seen the light.
Selling it ALL
And buying the only thing left of any REAL value.
bitcoin
OK sports fans, here'sthe part of the picture most are missing, this plan needs a stock market melt down to succeed, send the masses streaming to the safety of treasuries. And just add a requirement that xx%of US guaranteed IRAs, 401K and even FDIC guaranteed savings accounts must be invested in super secure super long term (40-50 year) treasuries.
TBTF and Fed will get out on top and create the selling vortex and YELLIN' will tell the PPT to wait,let the free market work out it's excesses, US will get Trillions locked in for decades accruing less than inflation interest
Their schemes are getting more transparent by the minute. But this is nothing new.
There is only one safe investment left...and most of you won't like it.
Matthew 6:19-21King James Version (KJV)
19 Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal:
20 But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal:
21 For where your treasure is, there will your heart be also.
That's good advice, but how do I EAT when I can no longer WORK?
Thanks but I'll keep saving.
Best investment in the children, I think. We won't be young forever. If we do not have a 401K, it sounded as if O said we must be in an MYRA. Taxed into slavery and then worked to death is on the horizon.
Amen!
I'm in...What is Heaven's management fee?
This is like the old funeral home gag. Call the White House Switchboard and ask for Myra Mains.....
All so predictable. I would think most ZH folks closed down their retirement plans long ago. Time is getting short to keep your savings liquid and safe, before they go poof.
Some of us threatened to quit if we were not allowed to opt out. It worked.
liquid and safe? so you drank it all?
Uncle Sam investing = pay off current debts, make bombs, and spend the next 30 years trying to figure out how to make your retirement a tangible prospect out of an IOU.
Fuck the US gov't.
"If You've Saved Something, Say Something!"
- President Obohica
government libtards cant make it in the real world....they steal it in the political world....they like to use terms associated with capitalism and risk but in reality are a bunch of libtards averse to capitalism.. like clintoon and obumbler using words like "invest" ..they envy success and use cheating and lies and corruption and kcikbacks to emulate the legit entrepreneurs... look at king obumbler living like a billioaire... 160+ rounds of golf... hundreds of millions on vacations... his daughters carried as "staff" and "advisors" on overseas junkets that accomplish nada. and this pos talks about retirement for the middle class... didnt we learn form social security.. and all the other theft and deceit and fraud perpetrated on the middle class... our "government" is laden with criminals, psychos, delusional egos and degenerates...who can produce nothing and do NOTHING RIGHT.
http://dhnnews.com/actually-there-was-some-real-policy-in-obamas-speech/
The whole speech was either socialist policy disguised as "opportunity" or individual sob/success stories that illustrate the "opportunity" of socialism
first they ask for it ...
then they come and take it
Exactly, when nobody shows up for the MyRA program it will become mandatory.
Molon Labe
I look forward to the day when not only do they come for my money, but, they also axe - forever - the guranteed risk free pension plans of every government worker that expects to receive 80% of their salary UNTIL THEY DIE! They can take my money, but, I will survive. But a government worker with no essential marketable skills to anybody.......for anything of value? I'm glad I am me. And I am glad I have many friends who are just like me. We will survive.
huge scam. cancel them all. cut it to 35%, take it or leave it
Why all this FUD? fear, uncertainty, doubt
Have any of you prophets of doom seen/heard anything about Congress proposing changes to IRA or 401k ENABLING Legislation? They can't even pass a budget! Voters are furious about Obamacare damage to their finances. Do you really think any politician is going to support such stupidness?
Look up the definition of US PERSON in a law dictionary. Roosevelt's order to "turn in your gold" did not apply to human beings in the states. Everyone acted like sheep, instead of thinking for themselves.
The current trial balloon can only apply to Voluntary actions by the owner of the account.
Watch less foxnews and read a good book!
Many ZH readers are also careful readers of European and international news, and of history. This is exactly why such concerns are completely reasonable.
Absolutely! I do the same. I just don't see much about people moving from 'merica to Greece, Italy, Spain or France to improve their lives.
There does seem to be lots of interest in moving to London, New York, Miami, etc.
I am seriously concerned about the destruction of Glass/Stegall, Mark-2-market, and the flip-flop of bankruptcy seniorities.
There needs to be a better way to choose Elected reps to run the government.
This tradition of selling Favors to Buy Votes is a major cause of the current instabilities.
wow.........talk about naive........are you Joe Kiernen
Maybe we just don't trust Obama and others like him. If you read the description of Myra on marketWatch, the program sounds incredibly stupid. It will be a non-factor in anything. But back in 2008-2009, very prominent democrats introduced bills to confiscate all IRAs and 401K's, put the money into Social Security, and give the former owners of the money a Social Security benefit based on the pre-crash value of the account. Everyone should expact them to do this again after the next big crash, and next time they might actually pass a bill. It was only Bernanke's "green shoots" that caused the 2008-9 efforts to be shelved, and next time there aren't going to be any green shoots. The Fed has blown its wad on the last crash and can't do it again..
"The current trial balloon can only apply to Voluntary actions by the owner of the account."
Oh, you mean the Income Tax?
No one ever thought a law which government requires a person to purchase something or be fined via a tax would ever pass into law but it has.
Give the progressives (cute name for communist) a chance and they will confiscate anything they can get their fat fingers on and more...
In the video, Farage looks like he can't believe what's happening in Washington.
Sam the Sham
yes
Oh, for clarity's sake! MyRA is a voluntary program. If you do not invest some of your savings in your country where you have amassed it, then you are unpatriotic, unamerican. We have some pretty big guns to deal with the likes of you. The primary investment objective of any retirement savings is and should be safety, not speculation. What could be safer than the full faith and credit of the United States of America? This has been a public service announcement by the Ministry of Truth.
The federal income tax is also voluntary. No one is forcing you to file and pay. There are however, serious consequences of failing to voluntarily file and pay.
A great many people already invest their retirement savings in US bonds. Employers' 401(k) program administrators offer a couple of shitty mutual funds (MFs, for short) and a government bond fund. With the stock market in bubble territory, the smart money is in the latter.
The only way bonds will see any capital appreciation is if interest rates go down, as in down from 0 - 0.25%. Should interest rates rise in the next couple of decades, bonds will fall in value and capital losses will result. Dr. Ben Shalom Bernanke told us that there is no chance of that in the forseeable future.
So take the red pill and drink the KoolAde. I, for one, will regrettably pass on this incredible opportunity to protect my hard-earned savings.
The government has many cards left to play. They are likely to make MyRA mandatory for the millions of soon-to-be legal immigrants, which should have some nice inflationary effects as the currently off-the-books cash economy associated with those folks gets fully taxes. They could also encourage other nations, notably Japan Korea, and Australia to pay 'protection money' for keeping them safe from China, maybe kicking back 10% to China just to keep everybody happy. Worst case, they could create some turrible environmental accident, thus encouraging foreigners to immigrate to Amerika. Let the games begin, and may the odds always be in your favor!
Good thing to keep in mind. Many, many governmental cards to lay on the table. Stay loose, be able to produce watch the supply lines, they will tell the real story. Amateurs study tactics , professionals logistics.
No, the Democrats, the party of hope and change, wouldn't do that.
Yep. They are not not tapering by commiting treason and theft. And, it is theft from the CIA, FBI, DHS, Lawyers, Doctors, etc. and the children of those mentioned. Acts of war against the country and the people you Banksters and globalists are members of is treason.
Banksters: the worse vermin that ever crawled the earth.
PS. Not a good idea to steal from the ones that are protecting you.
Just pretend you're China. All is well, take my shit, move along serf.
Yep, the greedy fucks in DC have been talking about this (behind closed doors) for quite a while. When I saw that Dear Leader (gag) proposed MyRA's I knew this was it.
BTW, MyRA means he thinks YOUR MONEY is HIS ie: "Mine!" Fucking incredible!
And, I have this to say too. If you banksters blow my plane out of the sky on Super Bowl Sunday in order to maximize your terrorist activities by flashing scenes of it in flames and pieces on the ground.
Know this I am not one but one with all those on planet Q99X2. I cannot be killed and will appear in all our many forms across the face of your so called planet earth.
Back away from the blotter...
MarketWatch has a piece on how this this silliness will actually work:
http://blogs.marketwatch.com/encore/2014/01/29/meet-myra-obama-offers-ir...
Once your MyRA account hits $15g, you will be forced to roll it into a real IRA – so in one respect it's nothing more than a ham-fisted effort to find another source of revenue for Wall Street to play with. It also appears to be part of an effort to remove the burden of funding retirement accounts from employers (much like Obamacare is for health care coverage). Also note, it's funded post-tax — so there's no pre-tax advantage (like a 401k) there to make its pitiful returns even remotely worthwhile. After inflation you're essentially paying for the privilege of locking up your own money until old age. Only a total financial illiterate would sign up for this program voluntarily.
This is the equivalent of Wall Street hanging minimum wagers from their ankles to shake free all of their loose change.
What is described there is insipidly stupid. Looks like that is the pitfall of doing something like this by Executive Order. he has to work within existing statutes. I guess Treasury Direct must not be allowed to host tax advantaged retirement accounts. Otherwise, it would be simpler to set up a new type of savings bond.
What is described is just a funnel to get new accounts into Wall Street.
Bonds Backed by the full Full faith and credit of Obama's presidential word.... or a racoon fart.... take your pick.
Racoon fart please.
Uncle Scam
It is comforting to know that the government spends our money so wisely, and that they will spend more money more wisely if they find new ways to tax everyone. Obama is such a blessing for america.
Incomes of up to $133,000 are taxed for social security.
All income earned greater than $133,000 are not taxed to generate contributions to the social security fund.
Lifting the cap on Social Security Income contributions of up to $300,000 per year would make Social Security solvent forever. Lifting the cap to infinity would allow for a substantial increase in social security benefits.
Why is the President advocating for the financial industry lobby's interest in getting their claws on our Social Security money and our private savings?
Why did he not, instead, advocate for lifting the social security income cap? Who's President is he? Who is he working for?
Yes, yes. A fine idea. The gubermint takes more from workers/tax payers so more can be given to others. You are so insightful and smart. Wonder why the other statists haven't thought of that. Please turn your drone around and head for your hometown. That sign up ahead, your next stop. Welcome to Dumbfuckville. Population: you
Please direct me to the section of the constitution where SS is authorized.
Dont worry, I'll wait.
The Social Security Act was legislation passed by the Congress and signed by FDR in 1935.
When you ask "where is it in the Constitution" I wonder about your ability to understand how our system of laws, checks, and balances works. Maybe you need to take a primer course at a local JC?
So when will the website be up and running. I'd really like to sign up.
It is a lie that the US govt's net worth is negative.
The State owns trillions of dollars of assets, the assumption is that they'd never be sold.
Greg Hunter interview with John Williams: ttps://www.youtube.com/watch?v=dQt-FFDM_5k
why do I get the feeling that Uncle Sam and Simon Black go way back?
The US gubmit has a proven track record of fiscal responsibilty and unquestioned ethics, so why wouldn't this be an excellent idea?
SCREW RATE OF RETURN.
Buy physical, store in secret place (not your house), anown.d watch the sh-- show go d
Correct me if I am wrong but can't you ALREADY use an IRA or Roth IRA and buy tbills! So WTF is the point of this fucking asshole and this BS idea? He is trying to take credit for something that is already signed into law He should just call it the ObamaIRA.
it is the CHOICE to buy tbills in your IRA or RothIRA
In myRA, not so much...
But wait! We have a brand new iRA, all of your moneis belong to me (signed 0)
i was speaking to larry silverstein tonight and i asked him about the ira bail in.
he said youse nose tony the amerigan peeple for so long have had it good on the backs of us jewish folks.
riding us reach around style like john opotunistic lonesome on a jumbo gefelterfelter fish
we have bled and sufferered for the goy we suffered under herr hilter and angry merkel and still nose compensation.
i said what about the german nuke submarines for israel.
submarines snub marines tony cash compensation for amerigan guilt for letting us all be killed by the nazi.
i spoke to barry and he said fuck da ira you silver kosher fox pull it larry baby pull it
now
fuck me reggie.
Countries around the world are taking on more debt without any fruitful attempts to curb their expenditures. This has resulted in a much more fragile and artificially held up financial system which is on a much shaky ground than it was in 2008. In 2008 companies failed due to excessive leverage and debt and now countries are likely to default because they took on the same bad debt on themselves.
The problems of excessive debt and leverage cannot be solved by taking on more debt and leverage. The ponzi scheme can only go on till you have someone willing to lend you money to pay the previous lender. The game stops when your cost of borrowing becomes exceptionally high or there is a shortage of lenders willing to lend.
The last straw that breaks the camel's back is when the governments start confiscating the savings of its citizens to hand it over to its sponsors.
http://www.marketoracle.co.uk/Article40231.html
The ponzi scheme can go on for as long as governments and their central banks can directionalise investment monies, of which there is a steady flow in the form of savings, pensions etc etc.
Putting it another way, if you are a large pension fund manager, exactly where are you going to invest your growing piles of cash if not into sovereign bonds and stocks?? Physical assets like PMs and real estate can only soak up a portion of it and they present serious downside risks.
if this is the true scope of MyRA it's a non-event
http://blogs.marketwatch.com/encore/2014/01/29/meet-myra-obama-offers-ir...
Meanwhile, in Japan...http://www.bloomberg.com/news/2014-01-29/cash-hoarding-japan-ceos-made-i...
hahahahhaha
.And the aim is simple– dupe unwitting Americans to plow their retirement savings into the US government’s shrinking coffers.
Shrinking coffers? Try financial black holes.
I've already cashed min out in 2010. Is there anyway I can get my Wife's out without her quiting or being fired? Seems like you can't.
And they used to laugh about old folks hiding money in their mattresses...guess they wont be laughing for long. :p
Only a sheeple would fall for that sucker deal by that arrogant, narcissistic, payhologic lyingv,illegal aloen muakim t-rd face.
Only a sheeple would fall for that sucker deal by that arrogant, narcissistic, payhologic lyingv,illegal aloen muakim t-rd face.
If Obama had a son, he'd rook him like this..
I guess what REALLY shocks me the most is....
There are still bitchez on here that haven't drained the ol' 401k completely and bit the bullet.
Grease up to be Corzine'd. You are in for thee fucking of a lifetime.
Obama: "If we like your IRA, we can keep your IRA. Period."
Obama HealthCare went horrible, who would expect an "obama retirement" to do any better?
Garbage Bonds.
So dey be sukin everyone dry by many taxes already...and by new obamacare taxes...by inflation...by high gas prices...high rents....high food costs...and now they want you to give them moar? Are these money CHANGErs just stupid, or what?
From middle America to the crazy babylonians: MAKE US ALL LAUGH SOME MOAR!!!!
if you need someone oversees to keep an eye on your savings, PM me, I would be willing to do it for a small 5% fee a month
sheeet, sucker!
Ah do it fer tooo ninety nine per hundred. You heard it, that's right, only tooooo niiinetieeeee niiineeee!
Step right up!
The truth is not popular among many sheeple, on ZH and elsewhere. .Gov is not confiscating IRAs yet. They are trying to con people into it at this point. When confiscation occurs then it is time to call it confiscation. Right now it's another proposed lie.
"You didn't save that."
MYRA....also known as ARMY.... Noo....No connection there.
Regards.
The only mystery will be how any of the people who actually buy into this got their money in the first place.