Human Events
September 30, 2010

Your IRA's & 401k's are about to be confiscated!

All Socialistic-indebted Governments have one thing in common... raise taxes & steal wealth!

Both the Labor and Treasury department, along with the Obama Administration will confiscate IRA's and 401K's and use them as equity, in an attempt to balance the trillion dollar U.S. deficit.

This will be done in an effort to once again make the United States credit worthy to China and other buyers of our debt.

The meeting held on September 14th and 15th, between the Labor and Treasury Departments outlined the course of action. The agenda is called "Lifetime Income Options for Retirement Plans".

The Federal Government will manage and control an estimated $3.613 trillion dollars in IRA's and $2.350 trillion dollars in 401ks.

The equity will be placed in U.S. Treasury Bonds that will pay out an estimated 3%. One major clause is that upon retirement, the value of the individual's account will be placed into annuities. Once the individual dies, the value of the account will automatically become property of the Government. The program will be structured much like Social Security accounts (the biggest Ponzi Scheme ever created).

The only way Government would get away with what will be "The Largest Heist Known To Man" is by allowing or creating a major financial market meltdown!

An aging person who sees his or her retirement account drop 50%-60% in a matter of days.... is more willing to take a conservative approach... even if it means "Government-Guaranteed Income".

The move toward Nationalization of IRA's & 401ks will initially be offered as an option. Those who are unwilling to accept Government run retirement accounts, will be stripped of their current account tax benefits...

You'll be forced to pay taxes on your holdings, automatically wiping out 35-45% of your money!

This will take place after the stock market drops an estimated 40-60%!

If the following indicators are right... a stock market crash is eminent!

•Unsustainable U.S. Debt
•Real un-employment continues to Rise
•Housing market continues to Drop
•Failing Banking System (2-7 Banks Fail Weekly)
•Lower Quality of Life (1 in 8 Americans are now on Food Stamps)

A massive crisis is brewing!

Remember the Government phrase: "Never waste a good crisis"

It's true, we're running out of time!

Meh  ???

Don't see it happening, this is just another rumor that has been flying around the net for some time.  ::)

Quote from: AmericanFlyer on September 30, 2010, 11:32:29 AM
Human Events
September 30, 2010

Your IRA's & 401k's are about to be confiscated!

All Socialistic-indebted Governments have one thing in common... raise taxes & steal wealth!

Both the Labor and Treasury department, along with the Obama Administration will confiscate IRA's and 401K's and use them as equity, in an attempt to balance the trillion dollar U.S. deficit.

This will be done in an effort to once again make the United States credit worthy to China and other buyers of our debt.

The meeting held on September 14th and 15th, between the Labor and Treasury Departments outlined the course of action. The agenda is called "Lifetime Income Options for Retirement Plans".

The Federal Government will manage and control an estimated $3.613 trillion dollars in IRA's and $2.350 trillion dollars in 401ks.

The equity will be placed in U.S. Treasury Bonds that will pay out an estimated 3%. One major clause is that upon retirement, the value of the individual's account will be placed into annuities. Once the individual dies, the value of the account will automatically become property of the Government. The program will be structured much like Social Security accounts (the biggest Ponzi Scheme ever created).

The only way Government would get away with what will be "The Largest Heist Known To Man" is by allowing or creating a major financial market meltdown!

An aging person who sees his or her retirement account drop 50%-60% in a matter of days.... is more willing to take a conservative approach... even if it means "Government-Guaranteed Income".

The move toward Nationalization of IRA's & 401ks will initially be offered as an option. Those who are unwilling to accept Government run retirement accounts, will be stripped of their current account tax benefits...

You'll be forced to pay taxes on your holdings, automatically wiping out 35-45% of your money!

This will take place after the stock market drops an estimated 40-60%!

If the following indicators are right... a stock market crash is eminent!

•Unsustainable U.S. Debt
•Real un-employment continues to Rise
•Housing market continues to Drop
•Failing Banking System (2-7 Banks Fail Weekly)
•Lower Quality of Life (1 in 8 Americans are now on Food Stamps)

A massive crisis is brewing!

Remember the Government phrase: "Never waste a good crisis"

It's true, we're running out of time!

No! No! No! We've been in recovery since June '09. Didn't you get the memo?

Quote from: Pagan on September 30, 2010, 11:36:48 AM
Meh  ???

Don't see it happening, this is just another rumor that has been flying around the net for some time.  ::)

I'm inclined to agree. If the Democrats are afraid not to re-enact the Bush tax cuts at least in part they're sure not up for putting a dent in IRA's and 401k's.

Maybe in January of 2008 but not in 2010.

They will wipe our your savings, but not in the way you are thinking.

We are on the verge of breaking the dollar. If the dollar loses it's purchasing power then the resulting inflation will wipe out the savings of everyone. Not just retirement accounts. Look at what happened in Russia back in the banking crisis of 97. That coud be us in the near future.

Quote from: Dan on September 30, 2010, 12:18:32 PM
They will wipe our your savings, but not in the way you are thinking.

We are on the verge of breaking the dollar. If the dollar loses it's purchasing power then the resulting inflation will wipe out the savings of everyone. Not just retirement accounts. Look at what happened in Russia back in the banking crisis of 97. That coud be us in the near future.

Dan is perfectly correct. For a while, the dollar was strengthening and gaining ground. It went from a low of $1.48 per Euro to about $1.21 per Euro. It's now going down faster than Lewinsky. About $1.36 as we speak.

Quote from: Shooterman on September 30, 2010, 12:26:40 PM
Dan is perfectly correct. For a while, the dollar was strengthening and gaining ground. It went from a low of $1.48 per Euro to about $1.21 per Euro. It's now going down faster than Lewinsky. About $1.36 as we speak.

Now here's the hopeful part Shooterman. If, and I know it's not a certain if, but if the Republicans actually live up to their word and hold a hard line on spending then that in itself will help the dollar. But we have a very, very big hole to dig ourselves out of.

Quote from: arpad on September 30, 2010, 11:43:20 AM
I'm inclined to agree. If the Democrats are afraid not to re-enact the Bush tax cuts at least in part they're sure not up for putting a dent in IRA's and 401k's.

Maybe in January of 2008 but not in 2010.

This rumor has been flying around even before Obama was elected, at least a year or two.

So other than WND, Alex Jones, whacko sites why isn't there any credible stories on this?   ???

Quote from: Shooterman on September 30, 2010, 12:26:40 PM
Dan is perfectly correct. For a while, the dollar was strengthening and gaining ground. It went from a low of $1.48 per Euro to about $1.21 per Euro. It's now going down faster than Lewinsky. About $1.36 as we speak.

The Euro is in trouble too, just take a look at the mess over in Europe.

Take a look at the graph

http://www.google.com/finance?hl=en&q=CURRENCY:EURUSD

No big deal

Quote from: Pagan on September 30, 2010, 12:45:01 PM
The Euro is in trouble too, just take a look at the mess over in Europe.

Take a look at the graph

http://www.google.com/finance?hl=en&q=CURRENCY:EURUSD

No big deal

It is a big deal  They looked to putting their money in our dollar which explains the uptick in the dollar earlier this year.  The problem is now they see our debt vs spending and it is spooking them, rightfully so.  S&P as well as Moody have warned Congress that unless they correct our debt we will be seeing a downgrade of our triple A rating.  If that happen interest rats are going ot go up and that means our our now 300 billion dollar interest payment could spiral to 1 trillion dollars or more and that is not a sustainable debt.

Quote from: Seawolf on September 30, 2010, 12:54:35 PM
It is a big deal  They looked to putting their money in our dollar which explains the uptick in the dollar earlier this year.  The problem is now they see our debt vs spending and it is spooking them, rightfully so.  S&P as well as Moody have warned Congress that unless they correct our debt we will be seeing a downgrade of our triple A rating.  If that happen interest rats are going ot go up and that means our our now 300 billion dollar interest payment could spiral to 1 trillion dollars or more and that is not a sustainable debt.

I Agree, if there was any confidence in the dollar, gold wouldn't be hitting record levels.

Quote from: Solar on September 30, 2010, 01:06:40 PM
I Agree, if there was any confidence in the dollar, gold wouldn't be hitting record levels.

My point was to point out the value between the Euro and the USD.

Gold is up because pretty much the currencies are shit because of the meltdown and the bailouts globally.

Plus IMO just like the .com's, just like housing, Gold is becoming a "bubble" and being overly hyped as with the .com's and housing was.  The old saying of "don't put all your eggs in one basket" applies here.

Quote from: Pagan on September 30, 2010, 01:17:51 PM
My point was to point out the value between the Euro and the USD.

Gold is up because pretty much the currencies are shit because of the meltdown and the bailouts globally.

Plus IMO just like the .com's, just like housing, Gold is becoming a "bubble" and being overly hyped as with the .com's and housing was.  The old saying of "don't put all your eggs in one basket" applies here.

True, but it isn't just gold, it is all precious metals, anything that can hedge against inflation is seeing an increase in value.

Quote from: Solar on September 30, 2010, 01:29:38 PM
True, but it isn't just gold, it is all precious metals, anything that can hedge against inflation is seeing an increase in value.

Yeah, it's being hyped so much is why I'm so skeptical.  It'll always have value like land, but look what happened to land when the bubble popped.  It fell like a rock and now it's adjusting to it's real value.

Quote from: Pagan on September 30, 2010, 01:38:53 PM
Yeah, it's being hyped so much is why I'm so skeptical.  It'll always have value like land, but look what happened to land when the bubble popped.  It fell like a rock and now it's adjusting to it's real value.

If I was holding gold, I would unload iit now, only because after the mid term is over, the economy will begin to improve and investors will be looking to better return on investments.
At that point gold will start to fall.