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The Countdown To The Nationalization Of Retirement Savings Has Begun
Submitted by Nick Giambruno via Casey Research's International Man,
Simply put, the new myRA program put forward by Obama is at best a sucker's deal… or worse, it's a first step toward the nationalization of private retirement savings. (Note: If you haven't yet heard of myRA, I'd strongly suggest you read this excellent overview by my colleague Dan Steinhart.)
Even before the new myRA program was announced, there had been whispers about the need for the US government to assume some risk for US retirement accounts. That's code for forced conversion of private retirement assets into government bonds.
With foreigners not buying as many Treasuries and the Fed tapering, the US government has been searching for new buyers of its unwanted debt. And this is where the new myRA program comes in.
In short, it's ostensibly a new way for people to save for retirement. Of course, you can only invest in government-approved investments—like Treasuries—which probably won't even come close to keeping up with the real rate of inflation. It's like Jim Grant says: "return-free risk."
In reality, a myRA doesn't really provide any significant new benefits over existing options. To me it just looks like a way for the US government to pass the hot potato on to unsuspecting Americans in exchange for their retirement savings.
The net effect is the funneling of more capital to Treasury securities and thus helping the US government finance itself.
You'd be much better off using a precious metals IRA to save for retirement than participating in the government's latest Ponzi scheme.
There are other protective strategies as well, such as internationalizing your retirement savings into assets that are hard, if not impossible, to confiscate on a whim—like foreign real estate and physical gold held abroad. More on that below.
Retirement Savings Are Always Juicy Targets
As bad as it is to deceive naïve Americans into trading their hard-earned retirement savings for garbage (i.e., Treasury securities), the myRA program potentially represents something far worse… the first step toward the nationalization of existing private retirement accounts.
I believe myRA is a way to nudge the American people into gradually becoming more accustomed to government involvement in their private retirement savings.
It's incorrect to assume nationalization couldn't happen in the US or your home country. History shows us that it's standard operating procedure for a government in dire financial straits.
In just the past six years, it's happened in some form in Argentina, Poland, Portugal, Hungary, and numerous other countries.
To me it's self-evident that most Western governments (including the US) have current debt loads and future spending commitments that all but guarantee that eventually—and likely someday soon—they will try to unscrupulously grab as much wealth as they can.
And retirement savings are a juicy target—low-hanging fruit for a desperate government.
Naturally, politicians will try to slickly sell the idea to the public as something "for their own good" or as "protection from market instability." This is how similar programs were sold to skeptical publics in the past.
In reality, governments take these actions not to "reduce the risk" to your retirement savings or whatever propaganda they happen to come up with, but rather to obtain financing—by forcefully dumping their unwanted debt onto seniors and savers.
Below are several ways it has happened or could happen. Of course, there could always be some sort of new, creative proposal that was previously unthinkable. No matter the method, however, the end result is always the same—the siphoning off of purchasing power from your retirement savings.
New Contribution Mandate: The government could mandate, for example, that 50% of new contributions to private retirement accounts must consist of "safe," government-approved investments, like Treasury securities.
Forced Conversions: This is where a government will forcibly convert existing assets held in retirement accounts into so-called "safer" assets, such as government bonds. For example, if the US government forcibly converted 20% of the estimated $20 trillion in retirement assets (401k plans, IRAs, defined benefit and contribution plans, etc.), it would net them $4 trillion. Not a bad score, considering the national debt is north of $17 trillion.
Special Taxes: The government could look into levying special taxes on distributions from retirement, especially those deemed to be "excessively large."
In order to be more effective, forced conversations probably wouldn't happen until after official capital controls have been instituted. Once in place, capital controls would make it very difficult, if not impossible, for you to avoid the wealth confiscation that is sure to follow… like a sheep that has just been penned in for a shearing.
Since FATCA and other regulatory burdens already amount to a soft form of capital controls, it's absolutely essential that you start implementing protective measures now.
It's like I have always said: internationalization is your ultimate insurance against the measures of a desperate government. In the case that the government makes a grab for retirement savings, it's much better to be a year or two early rather than a minute too late.

Internationalize Your Retirement Savings
It's much more difficult for the government to convert your retirement assets if they're outside of its immediate reach. If you have a standard IRA from a large US financial institution, it would only take a decree from the US government and Poof!: your dividend-paying stocks and corporate bonds could instantly be transformed into government bonds.
Obviously, this is much harder for the government to do if your retirement assets are sufficiently internationalized.
For example, you can structure your IRA to invest in foreign real estate, open an offshore bank or brokerage account, own certain types of physical gold stored abroad, and invest in other foreign and nontraditional assets.
In my view, owning an apartment in Switzerland and some physical gold coins stored in a safe deposit box in Singapore beats the cookie-cutter mutual funds shoved down your throat by traditional IRA custodians any day.
If and when there's some sort of decree to convert or otherwise confiscate the assets in your retirement account, your internationalized assets ensure that your savings won't vanish at the stroke of a pen.
There are important details and a couple of restrictions that you'll need to be aware of, but they amount to minor issues, especially when weighed against the risk of leaving your retirement savings within the immediate reach of a government desperate for cash.
After placing a juicy steak in front of a salivating German shepherd, it's only a matter of time before he makes a grab for it. The US government with its $17 trillion debt load is the salivating German shepherd, and the $20 trillion in retirement savings is the juicy steak.
Internationalizing your IRA has always been a prudent and pragmatic thing to do. And now that the US government has now officially set its sights on retirement savings, it's truly urgent.
You'll find all the details on how it to get set up, along with trusted professionals who specialize in internationalizing IRAs in our Going Global publication.
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Sometime Friday or next week. Beta testing has been done in Europe already in a couple of countries. Now the rest of the western world gets it between the eyes.
Got Gold/Silver/BtC?
If you want your IRA, tough shit
If you want your Retirement account, we can keep it for you.
Knock Knock
Who's there?
MyRA
MyRA who?
That's right - MY RA eventually, NOT YOUR RA, bitch!
- Sincerely,
BigSis/BigGov.org
p.s. - Thanks for direct depositing Your RA into MY RA, bitch!
If you like your retirement account, you can keep your retirement account.
Forward (in free fall)!
Molon labe, bitchez!
I checked out the bottom of ZH's page and it said this:
"Copyright ©2009-2013 ZeroHedge.com/ABC Media"
ABC?! ugggh!
What time is it, boys and girls? It's time to NOT CONTRIBUTE, that's what time it is!
We should really stop making predictions on Zerohedge. I think we're starting to give these fucking madmen ideas that would have taken them a lot longer to come up with on their own.
Intelligent people permuting dystopian settings for the folks who like to make them come true... ow my balls!
And what's up with puttin all yer gold in Singapore? A trip to Singapore for a few days and back costs around 2-3K, accounting for airline, hotel, ground transportation, food, and stuff. Then you gotta pay a decent sum for a private service to house your gold. Would my guess of 10K/year for a small locker be in the ballpark? Not in Joe Average's affordability range...
I tried to save money and take a boat there, but sadly it sank and all my gold was lost.
That's really common. I hope you didn't lose any weapons or ammunition, in addition to.
Sorry for your loss as result of such a Tragic Boating Accident.
They "Madoff with MyRA".
"If you can't stand in front of it and defend it with an AR-15, you don't own it." Ann Barnhardt
CT Collectivist Gun Grabber Ruthlessly Exposed By Sipsey Street Irregulars:
http://americandictators.blogspot.com/2014/02/mike-vanderboeghs-2nd-lett...
ABC Media, LTD search results.
https://www.google.com/#q=ABC+Media%2C+LTD
The only retirement options for those who aren't already retired will be in a forced labor camp. Make sure you submit your applications to FEMA soon. You don't want to get stuck with one of the undesirable jobs like cleaning up the shitters or raking up the ashes of those who couldn't contribute their fair share.
Like Chuck Heston said at the NRA about his guns...
"You can have my gold and silver - but you'll have to pry it out of my cold, dead hands."
"Get you are hand off me, you are damn dirty ape" - Charleston Heston
"The Forbidden Zone was once a paradise. The Federal Reserve made it a wasteland."
- Dr. Zeus Bernanke
Gratuitous Linda Harrison [NOVA] foto link
Rock me, Dr. Zeus.
Ah, another fan of legitimate Theater!
Nomination for Director of new MyRA - Ben Dover.
Ben Dover dry or with Obama tears
deleted
Actually the entire program to nationalize retirement accounts was started before ZH existed. More on that another time.
Actually WS has given the US Gov a strong argument they can use. Every month there are guys who point out data where their 401 plans drop just before they pay in for that month. WS Scumsuckers manipulating for a few extra pennies.... helped this come about.
But don't fret about WS Banksters, who do you think will administer this fiasco? JPM Chase.... and GS
I just did my taxes online with taxact, and at te end I was given a choice of a refund check mailed, a deposit to my bank, or I could buy treasuries with the refund money....hmm let me think...I think I will take the cash
Myra is just a test of the average American's level of gullibity - Which is WAY past the red line!!
(They will stand in line to hand over their hard earned)
OH shit good catch! So this is a MSM honey pot! Fuck too late now I am already on the list I guess. I wonder how much longer we will be able to say fuck...
ABC response: Anything that you say/type/post can and will be used against you in a tribunal.
This comes up every couple years. Look into it, its not the same ABC you are thinking of..
Right you are. The real ABC can be found here
www.whitehouse.gov
MIC [see you real soon]... K-E-Y... M-O-U-S-E
But does ABC, read their own web site I doubt it.. or they send in a flunky to read it
Since it may be too complicated to grasp the painfully obviously, allow us to explain:
ABC Media, Ltd. (of which there are about 100 different versions in the world registered in about 100 different countries), an offshore entity, has zero relationship whatsoever with ABC Corp, a US entity.
Is it simpler now?
Juggsy! That's been hashed out already dude.
To believe that your retirement assets can be outside of .gov's immediate reach is niave at best especially if your physical body is located within .govs jurisdiction.
From punitive taxes for holding outside bank/retirement accounts to police state actions forcing you to repatriate your assets for the good of the country of course, .gov has many ways to make you talk.
If you have significant retirement assets and plan to move them offshore then you'd better go with them.
That's a might nice watch you have there.
Why, thank you. I hid this uncomfortable hunk of metal up my ass two years.
"you a bit fah from home, boy, ain't cha'"
Knock Knock
Who's there?
MyRA
BANG! (That was My AR!)
If you like your retirement account, you can keep your retirements account. No one will take that away from you... Period!
I already have one of those "MyAR" accounts. I also have some "MyAK" accounts, too.
stupid question, but the $20 trillion is alrady heavily invested in treasuries, no doubt. If the government forces more of that 20 tr into treasuries, then people would be forced to liquidate stocks. How could the market not crater with trillions of equity outflows? Worth it for the gov i guess?
The military pay system used to be called Mypay.
From my dead cold hands......
Nope, from your brokers' and bankers', warm, spinning hard drives
It's amazing how they openly tell you what they are going to do...
I had a broker - now I'm broke.
I bought some bonds - now I'm bound.
No one gets it. Until they get it.
"Your Proposal Is Acceptable!"
- Ned
{MIB's best line, imho}
The government is burning through 6.6 trillion in 5 years. What's 4 Trillion in Retirement confiscation worth ? It may buy them 4 years tops.
Learn to think like a sociopath. A congressmen would cream their jeans to get their hands on $10,000 of someone else's money. $4T is the holy grail to them. They don't think logically like you and me. That's why the world is in this mess.
Bingo!
The real idea is just to force you to start contributing to the scheme.
And, each year the contribution level will increase.
They got mucho imperial wars that need fighting.
So, do your patriotic duty and start contributing today.
I posted last week that this is connected with the Taper. Some clown responded that the Treasury wouldn't even be bothered by such a pittance amount.
I chose not to respond - I'm glad the author identifies the Taper as a substantial reason (along w/ reduced foreign purchases)
Think about this also with the FDIC being in such sad shape if there was a collapse they could say the only way to get anything back is a bail in.
"Surely, you say, the federal government is going to keep its promises, at least on insured deposits. Yes, the Federal Government (via the FDIC) insures deposits in most institutions up to $250,000. But there is a problem with this insurance. The FDIC currently has far less money in its fund than it has insured deposits: as of Sept. 1, about $41 billion in reserve against $6 trillion in insured deposits. (There are over $9 trillion on deposit at U.S. banks, by the way, so more than $3 trillion in deposits is completely uninsured.)"
MyRA = sounds Greek to me.
Sounds gooner to me. Or goner? Anyway get rich or die trying.
ZH stills has douchebag Dems who voted for this, Nice job.
Don't judge them too harshly.
Early in life they were replaced by pods and are only following the hive's directives.
you didn't save that
The reaction to MyRA is overblown here. It really doesn't have much significance. It's for suckers is all.
That's not to say they won't one day come for your retirement savings, it just will be something far different.
In some ways yes, in other ways, no. The initial rollout of MyRA is benign enough, but as others have suggested here, there could be layers of expansion done in the years to come. Government control creeps up on you, it does not happen all at once.
Something will have to happen, all the Boomers can't cash out all in the same 5-10 year span. 'Investments' were never designed to cash out of, only to collect funds in them. You're not supposed to cash out, EVER. They say cashing out is the main reason you're 'saving' for, but it really isn't. And that's the problem...it's another Ponzi.
"'Investments' were never designed to cash out of, only to collect funds in them. You're not supposed to cash out, EVER."
Guys like you with simple insights make me love ZH.
What is the real current story of the Tyler's by the way ?
I disagree. It will go down just like Obobocare. The FSA will vote in favor on the "tax" on those that have IRA savings, hence they don't. Then those of us who actually produce for the FSA will fucked again just like Obamacare.
Oy, numnutz! Just the fact that this is happening is bad enough. Now we have to do something about this. Keep your head down!
"If you like your plan, you can keep your plan."
Ha ha ha ha ha, chortle, snark... (rinse/repeat)
Is this from that Fuckstain George Miller?
all your bitcoin, it now belongs to us, sucka - hahaha!!!
sincerely,
NSA/CIA/FBI
"Take your paws off my retirement you damn dirty ape"
Charlton Heston, Planet of the Apes
Please don´t let this happen in the U.S. It will set a very bad example for rest of the so called free world. Get your mojo working and throw the bums out.
http://libertyblitzkrieg.com/2014/02/05/highlighting-the-llc-ira-own-gol...
last i heard the irs wasn't responding to set them up.
Let me retire those savings for ya.
CPL
While some of your posts contain interesting logic, many have catastrophic endings. Your one about fukushima some time ago where you referenced watching the watchers and fully believing that a nuclear event was imminent is an example, similar to this post. I agree that things are going to get bad, but decay takes time. The more logical play is for. Gov to continue the pony show until some other scheme is hatched, and they can carry on schemes for some time. Humans are all about self interest and greed, it's just that some of us are in a position to affect many others with our own self interested actions.
What's more likley, the government seizing retirement accounts and have an angry mob to deal with, or they punch a few key strokes and print the trilliions they covet? The answer is probably both.
The sad thing is, seeing the last election results, I could see our idiot voters absolutely LOVING the idea of the government making everyones 401k/IRA some sort of defined benefit pension plan that guarantees them an income for life. Never mind it will mean they'll be eating catfood and homeless.
"They want your fucking retirement money ! " George Carlin
https://www.youtube.com/watch?v=rsL6mKxtOlQ
I totally agree that those techniques will be used and I have another one. They will allow the market and/or make it continue down. While it's going down the govt. will say that in order to protect middleclass retirement they will allow you to put your money into govt. backed retirement system.
By The Way.. how are those Treasuries funding Social Security working out for Ya..
Extraordinary! As in the extraordinary measures taken to pay bills.
All those special IOUs and money borrowed a while back.
Next scam is MYRA. And the money is gone.
Great.
then off to the camps
The nation is the camp.
Some, but not you, have club privilege.
The Feds and beholden state and local governments have an "OFF" switch for any individual's or organisation's ability to transact.
They use it sparingly at present and under the cover of "law" which includes of course shit-tons of unreadable regulations as applied by bought and paid for true believing minions of the State. But it's there, and they're showing it off, making examples of people, slowly herding us into their all digital control system, ratcheting down th clamps a little more, crisis by engineered crisis.
Btw, for this part of the totalitarian play book, one must credit not Atlas Shrugged, but a much older scifi fantasy short story titled "Revelations", in English. I think it's Apocalypse in Greek.
The (Fema now known as) Internment Camps ?
1-8 ...check
9...working on it
MyRA isn't a Ponzi scheme because with a Ponzi scheme you at least have the possibility of making $ if you get out early enough. For any reasonable holding period, MyRA guarantees a loss.
"You'd be much better off using a precious metals IRA to save for retirement than participating in the government's latest Ponzi scheme."
But wait! There's more!
When you pass from this earth the government gets to keep your money (how nice of you!). And they control how long you get to stay on this big blue ball through, wait for it.......ObamaCare!
You will do as you are told, until the rights to you are sold.
You have been stuffed into my mold...
Just do as we say or you'll get rolled ....
The government is going to make money off of this. Until it doesn't.
Why would a precious metals IRA be safer?
Wouldn't the gov fucks just take that for our own good too?
Precious metal IRA's are ridiculous in my view. What's the point of "owning" gold if you don't own it? People want the tax break now believing the BS that their tax bracket won't be as high when they retire. We are quickly finding out that taxes have been at their lowest point we will ever see them. There is no where for them to go but up.
Agreed, while phyzz gold will be crucial, lead will be the better metal of the two in the long.
Thanks Doc, another thing I've been wondering about and don't see discussed here often:
Supposin' we're in post-apocalypse SHTF period and fiatzos are useless and bullion is to the moon.
What about capital gains tax? Do the zombies kill the IRS peoples?
Personally I don't consider the denizens of the IRS peoples. As far as capital gains... What capital gains? I don't own any gold. I did, but I lost it.
Me neither but I can picture a form of capital control that mandates that buyers furnish a receipt for all sales.
Maybe I'm just over-thinking.
Actually, there is a use for a gold IRA. I had a small IRA from a previous job that wasn't worth the effort to cash out. We came up with a brilliant plan. We converted it to a gold IRA and eliminated my 401k and 403B into the "real stuff". This is now my "bait" IRA because I have "nothing else to grab".
Kind of like having a safe in plain view. A thief quickly grabs it and takes off thinking he's scored. They never think of another safe being present. Of course, there are always the anthrax covered bills I have stashed in the bait safe as well. My gifts keep on giving.
Miffed;-)
Excellent point. Maybe I will fund a myra so they can steal what they've already stolen.
Dude, never type A-N-T-&-_X online, Christ the NSA will slow down your pc for years to come with spy ware
My plutonium-smuggling jihadi friends went to a Syrian terrorist training camp on vacation, and all they brought me back was this anthrax-infected "Allahu Akbar!" T-shirt.
I'm a microbiologist Sweetie. I handle select agents everyday. I fill out reams of fucking paperwork to appease the government's need to track what I am doing with them. Yes, I'm on every conceivable list. Personally, joining this group probably sealed my fate more than my little microbe friends.
Miffed;-)
The best precious metal can be judged via a ballistic chart or are formed to a nice sharp edge.
+7.62x39
MIC [see you real soon]... K-E-Y... M-O-U-S-E
[see above]
Might as well just substitute 'MEDICAL' for 'MILITARY' in this case... But they're all the same in the grand context of things...
think of the 3rd party fees & reporting.
If the government really wanted you to buy government bonds, they wouldn't have every talking head in the media talking about how government bonds are horrible and that you should never own them, instead you should keep buying garbage stocks and corporate and muni bonds.
If you closed the NY Fed today, stock markets would collapse and treasury bonds would soar. There would be no bid on risk for the next 10 years and stocks wouldn't reach these levels in the next 10-20 years. In that real world, a treasury paying 2.6% would be always be in demand.
And if I had a job I wouldn't be posting on these boards.
If we had some ham, we could have some ham and eggs, if we had some eggs.
Not to stretch the point too far but, the author suggests " owning an apartment in Switzerland and some physical gold coins stored in a safe deposit box in Singapore". Well, just traveling back and forth to and from those places ate MY retirement savings, let's just not even think about how much "an apartment in Switzerland " would cost.
This guy is speaking to an audience I don't think I want to hang around with.
Grey Poupon?
Heinz Yellow... in a plastic packet... stolen by the handful from a takeout joint.
Cheap bastards.
You might be a little more discerning in the takeout joints you patronize.
Heinz is the VW.
French's is the cadillac.
It reminds me of all these analysts and commentators, even and especially most of those in the pro-precious metals crowd such as Doug Casey, Peter Schiff and David Morgan, who keep repeating the misinformation that the capital gains tax rate on precious metals 'profits' in the USA is a flat 28%. NO IT IS NOT! That rate ONLY applies to those in the highest tax brackets, those whose income tax rate already equals or exceeds 28%. For those of more modest means and income, PM capital gains are only taxed at their prevailing income tax rate. But most of these guys are probably very high net worth and income individuals, and so subconciously assume that their reading audience consists solely of those of similar lofty incomes and net worth as well.
Different sized bank accounts perhaps, but the principle is the same. It's all about thinking outside the box.
Think I even saw self-directed IRA 'clubs' in California who get together informally to share ideas and help each other. They get together and figure how to swap property and assets to maximize their accounts' performance or, most interestingly, work together to move IRA assets out of their qualified accounts and back into their private assets while legally avoiding all the penalities and taxes.
But you can't do any of that until you get the proper setup for yourself.
Right on DollarMenu - he's speaking to the same audience who the Casey organization convinced to sink big money into a safe retirement community in Argentina, where there is absolutely no chance of the government confiscating foreigner's assets and throwing those same foreigners out of helicopters at 5000 feet. Of course the government thugs don't have the services of their favorite priest in helping disappear people anymore since he is now Pope.
treasury paying 2.6% would be always be in demand...for what?...sponging up cat piss?
Johnny what do you make of this?
I have some Zimbabwe bonds that make nice wrapping paper...or a pterodactyl, or a hat...
http://www.youtube.com/watch?v=M7fchtEJpy8
And Leon's getting larger.
Just 15 years ago I was mocked by co-workers for suggesting that this would occur. Sheep.
Don't feel too bad, I was mocked last week, after the state of the coup address.
I was incredulas, told those making game of me to look it up, they were too busy.
You can't help stupid.
Just 15 MINUTES ago I was mocked by co-workers for suggesting that this would occur. Sheep.
I was mocked last week by my wife for putting my t-shirt on inside out. It wasn't a terrible mocking but it did give me pause.
Why would I keep gold coins in a safe deposit box in a foreign country when I can keep them on my boat?
I hear you, keep them right next to the mak-90's and "spam" cans.
Careful! them coins been known to sink.
Lost mine in an avalanche
I spent all my Gold On Hookers... err i mean my Wife and I give each other Gold as Presents..
I was spending money on hookers and keeping the gold. But I passed out and she got to my stash. I reported it, but Costa Rica is pretty lame.
Great point Uncle Sugar. I can buy gold and real estate here and that is what I am doing (more the latter). I can have corruption here or there.
I also agree with another commentator that MyRa is merely a scam for suckers.
The ongoing trend outside of tax via inflation is to further criminalize and tax the population with fines. Case in point, Obamacare. Can't afford health care making burgers or waiting on tables? Your a criminal that gets a fine. The Supreme Court rightly called it a tax.
The police state is the reason I have considered moving abroad. Other commentators Casey is speaking to a niche crowd of high net worth individuals. I also agree. But if you have high net worth your doing amazingly well in gains in the USA and can afford high powered attorneys and CPA's to get you out of your jam. I am seeing a few states now backing away from the police state model. Also, one with such wealth can afford the security from real criminals.
I lived in NH which seemed to become a police state overnight. Feminazi's from MA moved up mid-nineties and won the legislature. If you had a penis in NH you were a criminal to be fined. I moved over the border into Maine and had none of those issues. Of course, Maine has a state income tax which sucks but I would rather pay the extra bucks then have a police state repeatedly call me a criminal when it is all just a nasty and counterproductive revenue scheme. I wished I had moved the business and reincorporated there too. NH did confiscation in the manner I am telling you about by retroactively changing the state law about unemployment insurance. I paid every dime but they sent me a bill for $7,000 for people on UI from 2007! I called and demanded a hearing and that I would bring all receipts for UI. They said I would receive notice abou the hearing. Meanwhile, they took the $7,000 right out of my account! Few no that NH went bankrupt in 2011. Anyways, feel my pain? It was traumatizing and made me want to commit real acts of criminal violence.
But my real point is one doesnt need to move overseas to avoid the police state. I found other methods of reclaiming my $7k from NH too. I sold them a bag of shit for tech that required management also and I walked away when they needed me most.
In Hungary you had to option to retain your retirement savings in a private retirement company, but with much less goverment contribution to you account.
But I figured it is better to have a lesser amount in a private account than giving all of my money to the goverment, and saying goodbye to it.
Of course the sheep went with the goverment, 98% of them gave it to the big brother.
We better get towels.
Unfortunately for them, my life savings was lost years ago in a tragic water-sports incident.
Ah,duh...There's sure been a lot of gold disppearing from the warehouse lately...wonder where it's headin'?
http://www.kitco.com/news/2014-02-05/LME-Undertaking-Reviews-As-Part-Of-...
hopey is out of his mind if he thinks anyone will buy that
Oh, the true believers will. They'll think a one-time $2K contribution will entitle them to a 20+ year retirement free from want, too.
Hopey is really out of his mind, though, if he thinks IRA-level retirement confiscation is going to buy any serious time. With half the country living paycheck to paycheck, there's no cheese down that hole. They have to go after the big funds/plans and they've not pulled that trigger yet.
Yes , it sounds good on paper.
Don't think foreign investors will be too happy though.
Anything gained would be lost shoring up the hole
caused by fleeing foreigners.
Putting anything in an IRA now is dumb , you may as well leave it in a
BoA checking account.Even ivy league eonomists have worked out how safe
that is.
If they pull that trigger it would be suicide.
They will, count on it. They'll either be delusional enough to think nothing bad will happen, or they know and want to suck everyone down with them, probably with the idea of building a socialist paradise out of the rubble.
Seek - Agree some suckers will certainly by MyRa. Disagree they will confiscate outside of what I just mentioned. However, I hedge with gold and real estate in case they do wind up doing it. America has been here before, a culture has proclivities that dont change all that much. The deficit is shrinking and contrary to your opinion, social programs are no loner expanding, they are being cut back. So is defense. It is a horrible situation and will be so for another several years. I am bearish.
Geopolitics and a large regional war could collapase markets and cause short term supply chain disruptions with even one nuclear weapon or EMP is deployed. I hedge accordingly, but also slowly invest in the future. The next round of technological advancements are beyond even what Star Trek anticipated in fiction. It is worth the struggle to see the other side. Several years of stagflation has sucked and I anticipate several more years of it. You can still make money through cherry picking or a business but far more time and energy are required on risk management which frankly, bugs the shit out of me.
I smell a boomer stampede in the air...
Like this?
As the article suggests, nobody has to buy it for it to work. The float is to start people thinking about the Government owning/managing your non-SS retirement account. From there, they can eventually do other "interesting" things.
We've been under a constant barrage of relentless propaganda and indoctrination since the Second World War. Governments do it, corporations do it. Everyone is in on the racket. If they think they are going to need to do something unsavoury they fire up the propaganda engine well ahead of time.
All the current MyRA kerfuffle means is that they are going to do something later that right now would not fly. But in 10 years, they think it will. What that real agenda is would be known to only a very small group of people.
Spot on. http://en.wikipedia.org/wiki/Overton_window
We have the winner here. They are preparing. Sending messages that will someday ring true when markets suffer another equity selloff. They know if there is ever a chance of unloading all of feds current balance sheet (plus funding deficits and rollovers for the next 50 years) that starting the psychology must begin now. With one small idea at a time.
I expect any number of ideas to come from these bozos. Guaranteed rates of return on Myras, Invest In America campaigns, etc, etc. All to accomplish one thing: Must.....Keep.....Kicking.......Can.
A crisis is a loomin'. Stormclouds gathering. Lightenin' strikes on the financial horizon. I smell a boomer stampede in the making...
Looking to intercept the boomer inter-generational wealth transfer. Ask any hedge fund or bank economist over drinks...
Zactly.
Only a dozen years ago had you said we'd have to choose between being radiated and molested to get on a plane, you'd have been committed.
But you still have a 'choice' - that's what democracy is all about......bwahaaaaaaaaaaa
A good example. And of course, we have mostly already forgotten the lesson of how we gave up and moved on.
That is the price of expediency.
I still don't get who's going to buy these MyRAs. It's not like we're not already overwhelmed with investment "opportunities." Who, with any discretionary income (and the brains required to generate that discretionary income), is going to see this as the best solution?
A few idiots at first. Then it will be mandated. People won't have a choice.