In Part I of this series, we discussed how the plan of those running the country was to devalue the retirement investments of the Baby Boomers, and position the Government as their only hope at protecting their retirements.
We are now noting evidence that these pieces are indeed falling into place. Key to achieving their goal is not just devaluing the 401ks and IRAs of the Baby Boomers (the largest voting block in the country right now), but to position the government in a way that they appear the best way to protect your retirement assets. “Turn your IRAs and 401ks over to us! We’ll guarantee them!” they’ll shout. And faced with massive losses to their retirement nest eggs, many people will run willingly into their arms. And their shackles.
Let’s examine the evidence:
- The US Department of Labor’s Employee Benefits Security Administration held a joint hearing with the Department of Treasury on September 14-15. The hearing agenda is about “lifetime income options for retirement plans.”
- Congressmen Weiner & Waxman are holding a hearing regarding the regulation of gold sales.
- Obama’s “science czar” John Holdren stated that he wants to use the free market system to “de-develop the United States“. Recall that in both Part I and Part II we told you that these people know that the free market system does work, and they know how it works, and that they are using free market principles to destroy the free market system.
Some digging of ours shows that according to Investment Company Institute research, at the end of 2009 there was a combined total of $16 trillion dollars in private retirement accounts. That’s a giant piggy bank the federal government would love to get their hands on. The most frightening thing about their plan is that when you die, there is no inheritance to pass along to your spouse or kids or grandkids. Zip. Zero. None. If you scrimped and saved, and worked hard to put away $700,000 in retirement savings, retire, but only draw $50,000 of it before you are killed in a freak snowplow accident while on vacation in Hawaii… the government would keep the remaining $650,000. Your family would get nothing. Couple that with Obamacare and bureaucrats making healthcare decisions (a.k.a. “death panels”) and you can see why the Government wants to add your nest egg to their communitarian omelet.
Don’t think it can’t happen? Don’t think the government will come after your piggy bank? Think again. Back in 2008, it happened in Argentina. According to the Wall Street Journal: “Argentine President Cristina Kirchner said the move to take over the private pension system was aimed at protecting investors from losses resulting from global market turmoil.” But in reality, Argentina’s government did it to “provide it with much of the cash it needs to meet debt payments”; debt that Argentina had racked up borrowing from other countries to pay for its burgeoning social programs.
The catch with the “government protected retirement accounts” is that the guy who worked and saved and invested wisely will see a large percentage of his retirement savings taken away to prop up someone else who didn’t work as hard and invested foolishly (or not at all). Let us remind you of Obama’s statement to Joe the Plumber: “I think that when you spread the wealth around, it’s good for everybody.”
Unlike some websites, we’re not going to make any recommendations on how to protect your retirement assets. How you protect your savings and what you choose to do with your money is your decision. However, we recommend that you do some research into Argentina’s economic collapse, because we are heading down the same path, and we are following it on purpose. Here are some links to help get you started:
- Argentine economic crisis (1999–2002) – Wikipedia
- Uncensored Magazine | Argentina’s Economic Collapse (12-part video series. Must see)
- Argentine Bonds, Stocks Sink as Takeover Fuels Default Concerns
- Would Obama, Dems Kill 401(k) Plans? – U.S. News & World Report
- Confiscation of Private Retirement Accounts: US Departments of Labor and Treasury Schedule Hearing « The PPJ Gazette
- Retirement Fund Trillions Lure Government Grabbers – American Thinker
- Anti-Annuity Sentiment Boils Over Before DOL Hearings – Forbes