Thread: OBAMA STEP CLOSER TO SEIZING RETIREMENT ACCOUNTS Proposes in SOTU address W/WND POLL

Obama’s MyRA Scam: Your Savings Pays for US Debt

Written by Damon Geller

In one of the most shocking State of the Union Addresses in recent memory, President Obama announced he will create a new kind of retirement account – the MyRA – which uses your retirement savings to buy U.S. Treasures and pay for U.S. debt. Obama’s announcement follows a number of startling events which demonstrate how desperate the government is becoming: with nowhere else to turn, the government is making a last-ditch effort to seize personal savings & retirement to fund the nation’s insurmountable debt. And there’s only ONE thing you can do to stop it from happening.
The Government Needs A New Source for Funds

The U.S. debt, not including unfunded liabilities, is over $17 trillion dollars. And the U.S. Treasury estimates our debt to go over $28 trillion by 2018! In order to finance this debt, the Federal Reserve has been buying 90% of the U.S. Treasury market through money-printing stimulus, to the tune of $80 BILLION per month for the last several years. And we all know that the Fed has begun tapering its stimulus program because they can no longer afford to fund the national debt. So if the Fed is going insolvent, who do you think the government will lean on to pick up the slack? The answer is YOU. 10,000 Baby Boomers will turn 65 years-old every day until 2030. And while the government has a debt problem of $17 trillion, not so coincidentally, our country's IRAs, 401Ks and other retirement accounts amount to right around $19 Trillion. What a convenient resource for the Federal Government! So the federal government is licking its chops staring at YOUR share of the $19 trillion in retirement savings. Now, if there were only a way for them to get access to your money…

Master Plan, Stage 1: Get YOU to Finance the Debt

Obama suddenly announces in his State of the Union Address that he’s got a great “no risk” idea for Americans saving for their retirement. His exact words: “I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA. It’s a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in.” In other words, YOU the American taxpayers will start buying U.S. Treasuries because the insolvent Fed can no longer do so. Whenever anyone tells you an investment is “no risk,” you know you’re being sold another Wallstreet.gov scam. No risk? Nonsense. If you buy a 10-year Treasury bill now, you’re locked in at a low interest rate – a rate that has been kept artificially low by Fed stimulus. Well, Fed stimulus is ending. And that means we’re headed into an inflationary environment where interest rates have nowhere to go but up. So in other words, your bond investments lose significant value EVERY SINGLE YEAR. Hardly no risk. And how do you feel about investing in a mountain of unsustainable debt? Most experts (and anyone with common sense) have demonstrated how our national debt levels can NEVER be paid off. And now, those same experts are predicting the imminent collapse of the U.S. dollar as the world’s reserve currency. So if the market for U.S. Treasuries is drying up and the demand for U.S. dollars implodes, does investment in America’s debt seem like a “no risk” move to you?

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Government Lays Groundwork To Confiscate Your 401k and IRA: “This Is Happening”

Mac Slavo 8 Hours Ago
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This morning Reuters obtained a leaked proposal disclosing that European Union officials are looking for new and innovative ways to fund their immense debt levels. As noted by Zero Hedge, they’re no longer turning exclusively to central bankers to simply print more money as needed. Because last year’s bank bail-in forcing the confiscation of funds from average depositors in Cyprus worked so well, EU regulators and bankers have determined that they’ll use a similar method to fund their future endeavors.

In a nutshell, and in Reuters’ own words, “the savings of the European Union’s 500 million citizens could be used to fund long-term investments to boost the economy and help plug the gap left by banks since the financial crisis, an EU document says.”
…
The solution? “The Commission will ask the bloc’s insurance watchdog in the second half of this year for advice on a possible draft law “to mobilize more personal pension savings for long-term financing”, the document said.”
Mobilize, once again, is a more palatable word than, say, confiscate.

This is what happens when governments run out of money.
But if you think this is limited to just Europe, then consider the words of President Barack Obama in his recent State of the Union address.
For all intents and purposes, a similar groundwork is being laid right here in America.
They’ve already taken over the health care industry… why not nationalize our retirement savings while they’re at it?

(Reprinted with permission from Sovereign Man. You can read the full analysis here.)
This is basically the offer that the President of the United States floated last night.
And like an unctuously overgeled used car salesman, he actually pitched Americans on loaning their retirement savings to the US government with a straight face, guaranteeing “a decent return with no risk of losing what you put in. . .”
This is his new “MyRA” program. And the aim is simple– dupe unwitting Americans to plow their retirement savings into the US government’s shrinking coffers.
We’ve been talking about this for years. I have personally written since 2009 that the US government would one day push US citizens into the ‘safety and security’ of US Treasuries.
Back in 2009, almost everyone else thought I was nuts for even suggesting something so sacrilegious about the US government and financial system.
But the day has arrived. And POTUS stated almost VERBATIM what I have been writing for years.
The government is flat broke.Even by their own assessment, the US government’s “net worth” is NEGATIVE 16 trillion. That’s as of the end of 2012 (the 2013 numbers aren’t out yet). But the trend is actually worsening.
In 2009, the government’s net worth was negative $11.45 trillion. By 2010, it had dropped to minus $13.47 trillion. By 2011, minus $14.78 trillion. And by 2012, minus $16.1 trillion.
Here’s the thing: according to the IRS, there is well over $5 trillion in US individual retirement accounts. For a government as bankrupt as Uncle Sam is, $5 trillion is irresistible.
They need that money. They need YOUR money. And this MyRA program is the critical first step to corralling your hard earned retirement funds.
At our event here in Chile last year, Jim Rogers nailed this right on the head when he and Ron Paul told our audience that the government would try to take your retirement funds:



I don’t know how much more clear I can be: this is happening. This is exactly what bankrupt governments do. And it’s time to give serious, serious consideration to shipping your retirement funds overseas before they take yours.

As former Congressman Ron Paul notes, the government will stop at nothing.
“They’ll use force and they’ll use intimidation and they’ll use guns, because you can’t challenge the State and you can’t challenge the State’s so-called right to control the money,” warns Paul. “It’s already indicated that they will confiscate funds and they will [confiscate] pension funds.”
This didn’t just happen over night. The move to make this reality has been going on for quite some time. The first time it was mentioned publicly in any official capacity was at a 2010 Congressional hearing:

Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more “fairly” distribute taxpayer-funded pensions to everyone.
Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous “Guaranteed Retirement Account” (GRA) authored by Theresa Guilarducci.
In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.

You’d think that such an idea would be immediately dismissed by the American public, but it has only gained steam since, as evidenced by a 2012 hearing held at the U.S. Labor Department:

The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.
“This hearing was set up to explore why Americans are not saving as much for their retirement as they could,” explains National Seniors Council National Director Robert Crone, “However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up.”
…Such “reforms” would effectively end private retirement accounts in America, Crone warns.

A few years ago the government of the United States of America nationalized nearly 1/6th of our economy when they took over the health care system with forced mandates. In the process they essentially took control of $1.6 trillion in yearly industry revenues.
But that’s nothing compared to private savings. The total amount of retirement assets in America, including 401k, IRA and savings accounts is around $21 trillion. With our national debt coincidentally approaching the same, the government sees big money and potentially a way out of our country’s fiscal disaster.
This will start voluntarily with the MyRA and other state-sponsored programs. But when not enough Americans are making it their patriotic duty to turn over their funds to their government, they’ll mandate compliance with the stroke of a pen just as they did with the Patient Affordable Care Act.
And just like Obamacare it will be enforced by the barrel of a gun. Failure to comply will mean confiscation without recourse and prison time.
All they need now is a trigger.
And that trigger will likely come in the form of another stock market collapse. Wipe out Americans’ in a stock market crash and scare the heck out of them with more economic bad news, and millions of our countrymen will be all too willing to hand it over to Uncle Sam. Panic is a powerful motivator and what better way to get people on board than by threatening them with squalor and destitution in their old age if they don’t go along with it?
Government officials have been actively working to make this a reality for years. The Europeans are doing the same.
You can put your head in the sand or cover your ears and pretend this is not happening, but that won’t change the outcome.
They will take everything they can get their hands on.
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http://freedomoutpost.com/2014/02/go...ira-happening/