Excerpts:
I fear that today the control, nationalization and ultimate confiscation of trillions in private US retirement plan assets is on the horizon. Rick Santelli alluded to the possible nationalization and forced investment into treasuries on CNBC as recently as January 8, 2010. There was also similar coverage on Bloomberg and Business Week.
Says Holland, “I think the mandatory IRAs just proposed by Obama is the first step in stealth nationalization and forced investment of our retirement benefits to support the U.S. Treasury debt market.”
http://www.ronaldholland.com/retirementtrap.htm
There is an estimated $15 trillion worth of private retirement plans in the United States; $4 trillion in IRAs alone; this constitutes 35 percent of all private assets in America. That is what the Obama government is eyeing to help plug the multi-trillion dollar deficit in his big spending budget.
You could call this move Obama’s attempt to “pull an Argentina.”
What’s “An Argentina?”
In October 2008, Argentine President Cristina Kirchner—a peronista—confiscated US$30 billion worth in that country’s 10 privately managed pension funds. This was presented as an emergency measure to meet her faltering government’s financing costs. The Argentine congress went along with this radical property grab of individual retirement accounts, 401Ks and the like.
Could this happen in America?
Should you be worried about this latest radical Obama move?
It already happened here in the US, thats why everyone thinks Bill Clinton had a ’surplus’ when in fact he borrowed from social security to balance his own budget…Yep, nothing like robbing Peter to pay Paul.
I guess you are unfamiliar with Bush’s activities while he was governor of Texas?
Yeah, that’s right.
George W. Bush raided the teacher’s retirement fund to write checks for Big Oil in Texas (in the form of tax incentives and various business subsidies).
thanks george
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And even MORE recently, Bush raided pension funds while he was “president” —
—>Bush plans pension raid to stay afloat
By Edmund Andrews
Washington
October 16, 2004
Less than a day after President George Bush implied that his Democratic challenger John Kerry lacked “fiscal sanity”, the Administration said it had hit the debt ceiling set by Congress and would have to borrow money set aside for federal employees’ pensions until after the election.” <—–
You know… you guys should really do a little research before you try to damn Obama. It always seems to come back and bite you in the you-know-what.
If they do it will be the last straw for them .
Social security taxes have zapped retirements for years. You will get back a small % of what you pay and the government will keep the rest. Just more of the same.
Yes it could happen as I am just one man but I’ll tell you now……..they touch my IRA and people WILL die. NOT AN IDLE THREAT.
Do not give Obama any ideas.
And the interest Will Be Taxable at the rate of the top 20% of US Taxpayers !
From what I see and read that is exactly his plan.Every American should worry about this plan, and do what they can to stop it. The vote is a very powerful tool
Interesting. Believe it or not, I was thinking about something along those lines, but had not formulated things out yet. Great minds think alike, huh?
Confiscation of retirement has already happened. This confiscation you speak of is in comparision to what LBJ has done to the biggest Ponzi scheme the world has seen—> Socialist Security. FDR had set it up as a trust. LBJ was drooling at the mouth at all that money and then dissolved the socialist security trust to get his hands on it for his failed war on poverty. He then put it into the general budget to lay the burden on someone else, which would be future generations. LBJ then spent it all on his failed war on poverty, and that war on poverty continues to be an utter sink hole. Once you start feeding a stray cat, the liberals won’t allow it to stop.
Yes, the government will be “borrowing” our retirement money from the private sector. This scheme will create yet another elaborate Ponzi Scheme. It will be the last gasp of a dying nation. Obama is the very worst, he his a combination of FDR and LBJ. Hang onto your hats… we are going down!
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I wouldn’t doubt it for a second. The thieves in Washington always balance their mistakes on the backs of the middle and upper middle class who actually create wealth unlike the government enabled monopoly holding corporatist cheaters and the welfare class feeding at the government trough. Nothing documented or declared to the bureaucrats will be safe on the day of our financial reckoning.