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 (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 (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.
http://www.bloomberg.com/news/2010-09-29/dollar-is-near-five-month-low-versus-euro-on-fed-debt-purchase-speculation.html (http://www.bloomberg.com/news/2010-09-29/dollar-is-near-five-month-low-versus-euro-on-fed-debt-purchase-speculation.html)
The dollar is losing ground vs the Euro specifically because they are cutting their deficits through budget cuts and we are growing our budgets with money we are borrowing from the fed. We are printing money people. It's like adding water to cool aid. Eventually it stops tasting like cool aid and starts tasting like water.
Quote from: Solar on September 30, 2010, 01:42:44 PM
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.
Solar, you're making a lot of assumptions. The mid-terms are (hopefully) going to stop Obama from FURTHER destroying our economy. The damage he and his communist minions have already done cannot be reversed.
Gold and silver are not riding some "bubble" like the housing market or the dot com bubbles. Comparing precious metals to housing and startup companies is comparing apples to oranges.
People are confusing safe commodities that have permanent intrinsic value and follow the rules of "supply and demand", with reckless lending practices that created artificial prosperity in the housing market and stock market improprieties and rampant speculation that created the dot com bubble.
I like gold and silver as investments, but I prefer silver for "safety" reasons, and for "affordability" reasons.
Those of you who insist on holding on to your "paper and ink promises", just remember that there are over 400 banks right now that are on the FDIC "intensive care" list.
Those of you who have a 401K and are involved in mutual funds, and those of you who are involved at all in the U.S. stock market, be forewarned that the U.S. stock market is going to crash, and crash hard, within the next 12 months.
Quote from: AmericanFlyer on September 30, 2010, 02:41:37 PM
Solar, you're making a lot of assumptions. The mid-terms are (hopefully) going to stop Obama from FURTHER destroying our economy. The damage he and his communist minions have already done cannot be reversed.
Gold and silver are not riding some "bubble" like the housing market or the dot com bubbles. Comparing precious metals to housing and startup companies is comparing apples to oranges.
People are confusing safe commodities that have permanent intrinsic value and follow the rules of "supply and demand", with reckless lending practices that created artificial prosperity in the housing market and stock market improprieties and rampant speculation that created the dot com bubble.
I like gold and silver as investments, but I prefer silver for "safety" reasons, and for "affordability" reasons.
Those of you who insist on holding on to your "paper and ink promises", just remember that there are over 400 banks right now that are on the FDIC "intensive care" list.
Those of you who have a 401K and are involved in mutual funds, and those of you who are involved at all in the U.S. stock market, be forewarned that the U.S. stock market is going to crash, and crash hard, within the next 12 months.
You assume way too much, I never said it was a bubble, Pagan did.
I merely pointed out, that after the midterms are over, can stop the hemorrhaging of the economy, at which point the World will breathe a sigh of relief.
As to the damage done, we may not easily reverse it, but we can defund it, and it will die a slow death.
Quote from: Solar on September 30, 2010, 01:42:44 PM
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.
I'm with you on that.
Quote from: taxed on September 30, 2010, 05:45:51 PM
I'm with you on that.
Yep, there's no law that say's we have to fund stupid liberal programs, and if there is, we can easily change that.
After the midterms, confidence will be higher, and there will be a perception that things will get better, since there will be a huge monkey off our backs, and many of us can take somewhat of a deep breath. If we at least feel we are somewhat guarded from Hussein and the destruction of the libs, and we, at the very least, see some passion from the newly elected to overturn HusseinCare and other newly formed cancers on our society, then that will just turn business and spending loose.
Of course, after the spike, Hussein will take credit, but I could care less at that point.
I must disagree. Even if the mid terms are swept by elections, remember we still got a socialist menace in the WH who will veto anything that comes out of a conservative dominated congress or resort to executive order anything that might have a ghost of a chance of damage control re the economy.
It will take years to undo this mess, trying to stop this twenty ton overloaded truck going down hill on ice without brakes.
My advice would be to hold gold and start buying silver.
Billy
Quote from: BILLY-bONNEY on September 30, 2010, 06:06:08 PM
I must disagree. Even if the mid terms are swept by elections, remember we still got a socialist menace in the WH who will veto anything that comes out of a conservative dominated congress or resort to executive order anything that might have a ghost of a chance of damage control re the economy.
It will take years to undo this mess, trying to stop this twenty ton overloaded truck going down hill on ice without brakes.
My advice would be to hold gold and start buying silver.
Billy
He has no control over budget, both houses do.
He can cry and stamp his feet, but if we don't open the wallet, he is shit out of luck.
Quote from: BILLY-bONNEY on September 30, 2010, 06:06:08 PM
I must disagree. Even if the mid terms are swept by elections, remember we still got a socialist menace in the WH who will veto anything that comes out of a conservative dominated congress or resort to executive order anything that might have a ghost of a chance of damage control re the economy.
It will take years to undo this mess, trying to stop this twenty ton overloaded truck going down hill on ice without brakes.
My advice would be to hold gold and start buying silver.
Billy
I haven't done the math yet, but would there be enough conservatives to override veto? I need to look at that (assuming it plays out the way many think)...
It will take years to undo, but if they jump right into it and start raising hell, and also get support from those who now "get it" and will go into self-preservation mode for their election survival, and show progress before it is really to late, then that is enough for me to stay confident on.
At this point, people just want their life back, and if they see evidence of us changing course, then that will spark a lot of folk.
I won't have confidence in the dollar for a while, and I agree on silver.
Bert, Ann Coulter brought up the point that once the Dems lose their leadership positions and once they realize how the American people have rejected the liberal agenda, then it would be very realistic to think we can have many Dems cross the lines and vote with us. And that could sometimes give us veto-proof majorities.
Quote from: Dan on October 01, 2010, 03:21:35 AM
many Dems cross the lines and vote with us. And that could sometimes give us veto-proof majorities.
Now that would be nice to see something like that in my life time.
Quote from: walkstall on October 01, 2010, 09:01:02 AM
Now that would be nice to see something like that in my life time.
Here's the thing. Lots of Democrats represent conservative districts. The got the job by running to the right of their Republican opponents and then voted for Obama's hyperliberal agenda. And they will get scalped for it. The house hits a reset button every 2 years so those guys are gone.
But in the Senate they only have to face the voters once every 6 years. But if they see a bunch of Dems in Blue states getting scalped in 2010, then how easy will it be to tell the Ben Nelsons of the world representing much redder states that they better start listening to their voters. And that will be all the easier if the Dems lose control of the Senate and the Democrat Senate leaders have little leverage with things like committe chairs to hang over their heads. ;)
Quote from: Dan on October 01, 2010, 09:05:20 AM
Here's the thing. Lots of Democrats represent conservative districts. The got the job by running to the right of their Republican opponents and then voted for Obama's hyperliberal agenda. And they will get scalped for it. The house hits a reset button every 2 years so those guys are gone.
But in the Senate they only have to face the voters once every 6 years. But if they see a bunch of Dems in Blue states getting scalped in 2010, then how easy will it be to tell the Ben Nelsons of the world representing much redder states that they better start listening to their voters. And that will be all the easier if the Dems lose control of the Senate and the Democrat Senate leaders have little leverage with things like committe chairs to hang over their heads. ;)
Exactly! Those that are not up for election right now will see the onslaught, and that will instantly get their attention. After that, even if they are the libbiest of libs, they will go along with the conservatives.
One thing I would push for heavily, if I was in charge, is pro-active reporting from the reps. Every month, submit a newsletter to your constituents detailing what you have done, what is going on in DC, and what bills you voted on, and why. I don't want to go chase what my rep has done. I want something like:
"Last week I voted for HB-XXX, and I voted Nay. The bill was to reduce taxes for this and that. The reason I voted Nay was because even though the bill would reduce taxes here and there, there was pork here that I didn't like, and the bill would raise taxes there, which is not acceptable, and I wasn't going to support a bill that steals from my constituents to fund X, Y, and Z. When the bill comes back around without this pork, I will vote Yay, so my constituents, and other Americans, will enjoy further tax relief."
That way, when election time comes, and they get hit with the "Candidate X voted Nay on reducing your taxes", the constituents will know that is BS, and their vote will be informed.
One medium I would like the Tea Party to take is to do conservative lobbying for the reps. For example, if there is a pro-conservative bill, and a conservative lets some pork slip in, then the other reps can inform their Tea Party-type medium, and the Tea Party from there can apply pressure to that rep to remove the pork.
Quote from: taxed on October 01, 2010, 12:08:14 PM
Exactly! Those that are not up for election right now will see the onslaught, and that will instantly get their attention. After that, even if they are the libbiest of libs, they will go along with the conservatives.
One thing I would push for heavily, if I was in charge, is pro-active reporting from the reps. Every month, submit a newsletter to your constituents detailing what you have done, what is going on in DC, and what bills you voted on, and why. I don't want to go chase what my rep has done. I want something like:
"Last week I voted for HB-XXX, and I voted Nay. The bill was to reduce taxes for this and that. The reason I voted Nay was because even though the bill would reduce taxes here and there, there was pork here that I didn't like, and the bill would raise taxes there, which is not acceptable, and I wasn't going to support a bill that steals from my constituents to fund X, Y, and Z. When the bill comes back around without this pork, I will vote Yay, so my constituents, and other Americans, will enjoy further tax relief."
That way, when election time comes, and they get hit with the "Candidate X voted Nay on reducing your taxes", the constituents will know that is BS, and their vote will be informed.
One medium I would like the Tea Party to take is to do conservative lobbying for the reps. For example, if there is a pro-conservative bill, and a conservative lets some pork slip in, then the other reps can inform their Tea Party-type medium, and the Tea Party from there can apply pressure to that rep to remove the pork.
You know Taxed, that's an excellent idea, but instead of a mailer, they need an open website detailing just what is happening, and do it brief and in layman's terms.
If the Dims are playing dirty, then expose them, let everyone see what they are doing.
Quote from: Solar on October 01, 2010, 12:29:09 PM
You know Taxed, that's an excellent idea, but instead of a mailer, they need an open website detailing just what is happening, and do it brief and in layman's terms.
If the Dims are playing dirty, then expose them, let everyone see what they are doing.
Yeah, and I wasn't even thinking of a mailer, but maybe an electronic newsletter, website, and maybe a mailer if they opt for it and will pay $1 per month or something.
Quote from: BILLY-bONNEY on September 30, 2010, 06:06:08 PM
I must disagree. Even if the mid terms are swept by elections, remember we still got a socialist menace in the WH who will veto anything that comes out of a conservative dominated congress or resort to executive order anything that might have a ghost of a chance of damage control re the economy.
It will take years to undo this mess, trying to stop this twenty ton overloaded truck going down hill on ice without brakes.
My advice would be to hold gold and start buying silver.
Billy
Precisely my opinion, Billy. Unless the House and Senate are veto-proof (2/3 majority), any "remedial" legislation that might be passed to fix the messes Obama has created will be fruitless.
Once again, too many people are counting on POLITICIANS to fix their lives and save our country. Take control of your own life, and prepare for the worst. Your FAMILY is worth it, isn't it?
Short memories seem to be rampant in here. Who the hell CREATED the housing "bubble" and the artificial taste of economic prosperity that came along with it? It all happened during the BUSH ADMINISTRATION, with the full complicity of a Republican House and Senate! Who started the whole bailout program back in 2008? The BUSH ADMINISTRATION!
I already decided, almost two years ago, that the ONLY thing I have control over is the health and well-being and safety of my FAMILY. I can stockpile food and water and medical supplies and provide safety and protection and live off-the-grid comfortably. THAT'S what I can control. Anything beyond that is strictly conjecture, hope, and assumptions.
Quote from: AmericanFlyer on October 01, 2010, 12:34:06 PM
Precisely my opinion, Billy. Unless the House and Senate are veto-proof (2/3 majority), any "remedial" legislation that might be passed to fix the messes Obama has created will be fruitless.
Once again, too many people are counting on POLITICIANS to fix their lives and save our country. Take control of your own life, and prepare for the worst. Your FAMILY is worth it, isn't it?
Short memories seem to be rampant in here. Who the hell CREATED the housing "bubble" and the artificial taste of economic prosperity that came along with it? It all happened during the BUSH ADMINISTRATION, with the full complicity of a Republican House and Senate! Who started the whole bailout program back in 2008? The BUSH ADMINISTRATION!
I already decided, almost two years ago, that the ONLY thing I have control over is the health and well-being and safety of my FAMILY. I can stockpile food and water and medical supplies and provide safety and protection and live off-the-grid comfortably. THAT'S what I can control. Anything beyond that is strictly conjecture, hope, and assumptions.
Even if that 2/3 isn't there on November 3rd, the fear by the sitting incumbents after witnessing the onslaught can possibly get us to 2/3.