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Confiscation of Bank Deposits, IRAs, & 401Ks
tallcharlie
Member Posts: 673 ✭✭✭✭
The Federal government is, as you probably know, considering confiscation of your retirement accounts (IRA's, 401k's, pensions, etc) and putting the money in a "safe" fund similar to the bankrupt Social Security Fund.
quote:In his State of the Union address Jan. 28, U.S. President Barack Obama announced he will direct the Treasury Department to create "myRA" retirement accounts.
myRA accounts will allow people to invest in government savings bonds that guarantee - according to the president - " a decent return with no risk of losing what you put in."
Don't believe it.MoneyMorning gives four reasons for avoiding MyRA: myRA investors will be buying government vehicles that due to inflation will actually lose money each year.Government ventures mostly bomb. No one wants a money manager with a bad track record. And a bad track record is precisely what the government has.The government is helping itself, not you. The U.S. economy relies on that debt being bought. And the Treasury can no longer count countries such as Japan and China to buy U.S. debt. So the government is targeting the biggest pile of money available as a means of dealing with its fiscal follies - the trillions sitting in U.S. retirement plans, estimated to be $18.5 trillion as of the end of the second quarter 2012. "It's the next best thing to monopoly money for the U.S. government, because it effectively securitizes the ongoing deficit spending."No one can truly guarantee zero risk. Risk is an intrinsic part of investing, and not even (especially) the president (a.k.a. the Liar in Chief) can change that.http://moneymorning.com/2014/02/07/obamas-myra-worst-retirement-plan-ever/
The Federal government has already passed legislation that makes the possession of cash money illegal.quote:Cash money now in a "safety" deposit box or anywhere is presumed to be illegal. This is the excuse to seize it, saying it is your burden to prove that you paid taxes on it, that it is not illegal proceeds from drugs or that it is not laundered money.
One bank writes to a customer, "Lessee acknowledges that the safe deposit box is not intended to store without limitations, such things as domestic or foreign currency whether in paper, coin, or other form."http://personalliberty.com/2014/02/12/are-they-going-after-your-safety-deposit-box/
The country of Cypress has already taken the step of directly taxing bank accounts, without regard for whether or not taxes were already paid on the funds therein. They called it a tax, but it was really just simple confiscation of personal property. They did it because they were ordered to do so by the European Central Bank and International Monetary Fund.
http://www.bloomberg.com/news/2013-03-18/cyprus-isn-t-taxing-deposits-it-s-confiscating-them.html
As socialist regimes like the one President Soetoro is forcing on America become more and more in debt, they attempt to postpone the inevitable collapse by taking money out of circulation. Since they are already inflating currency by uncontrolled printing of fiat money, this is merely a stopgap measure, but it still hurts.
In another area, it has been estimated that Obamacare will decrease the income of every American and put the lost monies into Federal coffers where it can be controlled by the central government. In other words, where it can be spent to increase the power of government.
Why is all of this happening now? Because President Soetoro and his socialist tsars from hell know that their grand Ponzi scheme cannot go on much longer, so they are taking steps to perpetuate it with Federal laws before the cracks appear, before the financial Vesuvius erupts.
The Federal government does not give a whit about you or any other citizen. It cares only about its survival and power. BOHICA.
quote:In his State of the Union address Jan. 28, U.S. President Barack Obama announced he will direct the Treasury Department to create "myRA" retirement accounts.
myRA accounts will allow people to invest in government savings bonds that guarantee - according to the president - " a decent return with no risk of losing what you put in."
Don't believe it.MoneyMorning gives four reasons for avoiding MyRA: myRA investors will be buying government vehicles that due to inflation will actually lose money each year.Government ventures mostly bomb. No one wants a money manager with a bad track record. And a bad track record is precisely what the government has.The government is helping itself, not you. The U.S. economy relies on that debt being bought. And the Treasury can no longer count countries such as Japan and China to buy U.S. debt. So the government is targeting the biggest pile of money available as a means of dealing with its fiscal follies - the trillions sitting in U.S. retirement plans, estimated to be $18.5 trillion as of the end of the second quarter 2012. "It's the next best thing to monopoly money for the U.S. government, because it effectively securitizes the ongoing deficit spending."No one can truly guarantee zero risk. Risk is an intrinsic part of investing, and not even (especially) the president (a.k.a. the Liar in Chief) can change that.http://moneymorning.com/2014/02/07/obamas-myra-worst-retirement-plan-ever/
The Federal government has already passed legislation that makes the possession of cash money illegal.quote:Cash money now in a "safety" deposit box or anywhere is presumed to be illegal. This is the excuse to seize it, saying it is your burden to prove that you paid taxes on it, that it is not illegal proceeds from drugs or that it is not laundered money.
One bank writes to a customer, "Lessee acknowledges that the safe deposit box is not intended to store without limitations, such things as domestic or foreign currency whether in paper, coin, or other form."http://personalliberty.com/2014/02/12/are-they-going-after-your-safety-deposit-box/
The country of Cypress has already taken the step of directly taxing bank accounts, without regard for whether or not taxes were already paid on the funds therein. They called it a tax, but it was really just simple confiscation of personal property. They did it because they were ordered to do so by the European Central Bank and International Monetary Fund.
http://www.bloomberg.com/news/2013-03-18/cyprus-isn-t-taxing-deposits-it-s-confiscating-them.html
As socialist regimes like the one President Soetoro is forcing on America become more and more in debt, they attempt to postpone the inevitable collapse by taking money out of circulation. Since they are already inflating currency by uncontrolled printing of fiat money, this is merely a stopgap measure, but it still hurts.
In another area, it has been estimated that Obamacare will decrease the income of every American and put the lost monies into Federal coffers where it can be controlled by the central government. In other words, where it can be spent to increase the power of government.
Why is all of this happening now? Because President Soetoro and his socialist tsars from hell know that their grand Ponzi scheme cannot go on much longer, so they are taking steps to perpetuate it with Federal laws before the cracks appear, before the financial Vesuvius erupts.
The Federal government does not give a whit about you or any other citizen. It cares only about its survival and power. BOHICA.
Comments
I have, for the past 20 years minimized my investment in my IRA and maximized investments outside of direct government involvement. Obviously, as noted in your example of Cypress, even these investments are subject to the whim of a National Asset tax, but such a tax would not be immediate, and some conversion would be possible without the confiscatory taxation and penalties associated with structured tax deferred or tax free investments.
Diversification today requires the acknowledgment of the very real possibility of manipulation of the rules of Government guaranteed and directed investments. It also must consider the less likely possibility of direct Government taxation of any and all assets held within government regulated institutions.
Brad Steele
They can get control of IRA'S & 401Ks.
I'm seriously considering taking all my $'s out of the bank and keeping it safe myself. If even 10% of the people done this, there would be panic by the Govt.
Anyone notice the very little we receive in interest on savings?
Kinda hard to miss, just got my statement which showed I earned a whoppin 1/10th of 1%....whooo hoooo! Of course it's diliberate and intended to force people into more volitile forms of investing in hopes of having something for retirement. I remember when banks would pay 2-3% over prime as an incentive to park your money in their institution...no more.
I really believe that if the goverment attempts to confiscate retirement accounts that the public will get seriously pissed off to the point that the "elected officials" take notice.
[purple]Has anyone given consideration to the fact that the US Government prints and issues the money we use....therefore at their whim, they can devalue it or opt to replace it...since for all practical purposes, they OWN ALL THE MONEY and we only use it temporarily Ipurple]
[;)]
The Treasury only issues coinage, the Federal Reserve (a commercial bank) issues paper money. However you bring up an interesting point as our money has no intrinsic value, only perceived value and is simply the accepted medium of exchange. It will get quite interesting if they actually try to pull it off.
"The Federal government does not give a whit about you or any other citizen. It cares only about its survival and power. BOHICA."
Yep.
Agree 100%!
I thought I felt a strange sensation around my 4th point of contact!!
If a Parent in most states who want to home schools his child, authorities set down a curriculum approved by the state authorities controlled by teachers unions, otherwise they will charge parent for truancy.
My landscaper wife is having a baby, if he wants to claim his baby as an exemption he has to have a social security number issued to the baby, to register in school he needs [one] the birth certificate, [two] the social security card.
If a Parent in most states who want to home schools his child, authorities set down a curriculum approved by the state authorities controlled by teachers unions, otherwise they will charge parent for truancy.
"Land of the free", pretty much a joke anymore. Sad!
quote:Originally posted by blogdog37
My landscaper wife is having a baby, if he wants to claim his baby as an exemption he has to have a social security number issued to the baby, to register in school he needs [one] the birth certificate, [two] the social security card.
If a Parent in most states who want to home schools his child, authorities set down a curriculum approved by the state authorities controlled by teachers unions, otherwise they will charge parent for truancy.
You cannot open a checking or savings account in the U.S. without giving the bank your social security number which they then make money off of selling information to telemarketers regardless of what you are told, if you want to open an account without using your social you need to travel out of the country, most will want a loose type of proof the money deposited is not from an illegal source. My interest paid by my off shore bank is small and I claim it on my taxes. The trap is that most shore banks issues you a visa ATM card, that is easily traceable by the IRS.
www.youtube.com/watch?v=WgX_LvwXCqs
www.zerohedge.com/news/2014-02-06/final-swindle-private-american-wealth-has-begun
With an operating central bank, the Fed, they do not need to take money directly from bank accounts as they did in Greece. They simply borrow more money from the Fed and remove the purchasing power of your savings through inflation created by expanding the money supply.
True, but the absolute amount of the national debt remains unchanged. The approach you described relies on a continuing strong economy to pay tax dollars that are greatly inflated. The Catch-22 here is that inflation suppresses economic growth, thus reducing taxes at the same time the value of money decreases, so it all balances out.
The bottom line is that debt is debt and not even governments can escape it.
quote:Originally posted by skicat
With an operating central bank, the Fed, they do not need to take money directly from bank accounts as they did in Greece. They simply borrow more money from the Fed and remove the purchasing power of your savings through inflation created by expanding the money supply.
True, but the absolute amount of the national debt remains unchanged. The approach you described relies on a continuing strong economy to pay tax dollars that are greatly inflated. The Catch-22 here is that inflation suppresses economic growth, thus reducing taxes at the same time the value of money decreases, so it all balances out.
The bottom line is that debt is debt and not even governments can escape it.
Well TC, the goverment isn't trying to escape it they are running headlong into as much as they can acquire with no thought as to the future consequences. They simply don't care as long as their power is secure.
quote:Originally posted by tallcharlie
quote:Originally posted by skicat
With an operating central bank, the Fed, they do not need to take money directly from bank accounts as they did in Greece. They simply borrow more money from the Fed and remove the purchasing power of your savings through inflation created by expanding the money supply.
True, but the absolute amount of the national debt remains unchanged. The approach you described relies on a continuing strong economy to pay tax dollars that are greatly inflated. The Catch-22 here is that inflation suppresses economic growth, thus reducing taxes at the same time the value of money decreases, so it all balances out.
The bottom line is that debt is debt and not even governments can escape it.
Well TC, the goverment isn't trying to escape it they are running headlong into as much as they can acquire with no thought as to the future consequences. They simply don't care as long as their power is secure.
The implication is that by inflating currency the government can reduce the relative value of its debt, thus making it easier to either repay it or, as in this case, sustain and increase it.
Example: A few years ago, a dollar would purchase two loaves of bread. Now it will get you less than one loaf. Therefore, the relative value of the dollar is decreased and the relative value of the debt is decreased, if the absolute amount of the debt is constant.
So if the government borrowed one dollar several years ago and used it to buy two loaves of bread, today it could pay that back with one loaf, i.e. a dollar that is worth less. Only, it doesn't work that way because of things like compound interest and the negative impact to the economy.
Think about this: there are two characteristics shared by every resource. First, a resource has value or utility. Second, all resources are limited, finite. Our national wealth is a resource, so in addition to being of value to us, it is limited. The government is squandering this resource without consideration for the limits; it is behaving as if there are no limits, and that just isn't so.
All the rest is noise.
You know the obidiot's response to bad election results. Something like anything to declare martial law.
Buy gold, silver, and precious stones at the pawn shop no papers (don't use checks= paper trails). Hide it at home Where do you think the old adage put it in your mattress came from.
Everything you write here goes through the NSA. Oh crap I'm on another watch list. Just to make sure I'm a loon I'll go smile for a satellite photo and take a shot at the black chopper. The Patriot act stuff is right.