401k/IRA Screw Job Coming?
I knew this was coming... This why I do not have a 401k or IRA.
401k/IRA Screw Job Coming?
Karl Denninger
Market Ticker
Jan 11, 2010
Now this is a guaranteed rape job.
In a short conversation this noontime that CNBC apparently has omitted from their archives (Why's that folks?) Rick Santelli was talking about a potential to effectively force money into the Treasury market.
Where would they get this?
From your 401k and IRA accounts!
From Businessweek:
The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.
Let me tell you what this is - it is an attempt to prevent the collapse of the Treasury market!
Forcing people into Treasuries as an "annuity" is exactly what Social Security allegedly is. Except that Treasury stole the money that was collected in FICA taxes and spent it!
Guess what? They'll do that here too - you're going to "invest" in Treasuries which of course are effectively a CALL option on the future taxing ability of the government.
http://www.321gold.com/editorials/denninger/denninger011110....
Hopefully no one here STILL has these investments.
Get out as quick as possible.
Discover Costa Rica
I remember the idea of this
I remember the idea of this happening being discussed maybe 1-2 years ago, but I never expected that it would actually happen. This apparently means that the Treasury is getting extremely desperate...
So... if 401k accounts aren't safe, then IRAs and maybe pension funds next... what will people turn to in order to protect their wealth? What might this mean for the gold/silver market?
...
Could this maybe be an
Could this maybe be an attempt to scare people into cashing in their IRAs early to get new tax money? Just a thought. I wouldn't put it anything past these guys.
Another opportunity to reach out and build common cause
Check out the Daily Kos.
http://www.dailykos.com/storyonly/2010/1/10/823636/-Here-com...
They hate this scheme and have recognized exactly what it is too.
Good find
The analysis and comments over there are quite good too........
Colchester, New London County, Connecticut
Why is everybody keeping
Why is everybody keeping their accounts open? i cashed mine out a year and a half ago due to this very topic already been brought up by Obama. you guys are crazy for not cashing out now. besides, taxes will go up next year anyway.
There is no Left or Right -- there is only freedom or tyranny. Everything else is an illusion, an obfuscation to keep you confused and silent as the world burns around you." - Philip Brennan
"Invest only in things that you can stand in front of and pr
Some companies will not let you touch it while you're there.
As it is where I work.
I tried to cash it out-even with the extra taxes and they said no.
"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul
Big bump
for others to read.
Prepare & Share the Message of Freedom through Positive-Peaceful-Activism.
This trash is so predictable.
Just follow the money.
Let's screw them out of our money!
all the pres. would have to
all the pres. would have to do in an economic emergency is write an executive order to change all 401k's etc into 30 yeare government bonds. That executive order already exists. that would give about 3 trillion to the Government for an "emergency"
“Defiance of God’s Law will eventually bring havoc to a society.” - Dr. Ron Paul
From what you just said....
would Precious Metal IRAs also be cashed in and converted into worthless treasuries? Mine has been doing great. It would make me sick, if the PM IRAs get raped should this occur.
Thanks for the heads up.
Get Out.
Get Out (in best Arnie Schwarzenegger accent)
good question on that. I have
good question on that. I have no idea..
“Defiance of God’s Law will eventually bring havoc to a society.” - Dr. Ron Paul