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It has to happen! The government is scouring the ground and beating the bushes for sources of money to fund its huge deficits, and lo, it happened upon one all that lovely money sitting in IRA and 401(k) accounts that belongs to people who think it's going to fund their retirements.
How can the government resist? Answer: It can't. Many contrarian newsletter writers (those who do not subscribe to the idea that the government always knows what's best for you) are calling this to the attention of their subscribers and advising them to keep a close eye on this situation.
Will the government confiscate your IRA or 401(k), on the grounds that it will dole it out to you later, when you retire? Read on and draw your own conclusions.
In an advertisement entitled, "Cash for Refrigerators? What's Next?" Lee Bellinger, editor of The American Sentinel, points out that "gangster government" has come to America, what with Barney Frank threatening GM if it dares to close a distribution center in his district, and Henry Waxman threatening retaliation to insurance company executives if they don't help get the health care boondoggle passed.
Bellenger further points out that we are in for some devastating and sudden changes in America, as government thugs will use any excuse to snap up every greenback they can spot:
Learn What Obama Really Means by "Spreading the Wealth"
(Hint: It involves your 401(k))
In fact, the radical-dominated House Education and Labor Committee is already floating plans to "merge" privately-owned 401(k)s with the Social Security System (which former U.S. Comptroller David Walker has been warning is little more than a vault of government IOUs.
In such a merger spearheaded by House committee chairman Rep. George Miller (a Marxist hailing from California's Berkeley area) your tax-sheltered personal investments would be liquidated, dumped into government bonds, and linked up with the cash-desperate Social Security "retirement" system (i.e. as government bureaucrats "spread the wealth," and you are reduced to standing in line, hat in hand, hoping you get some portion of your life savings back). (Of course, your purchasing power will evaporate after the federal government inflates away the value of your so-called "Guaranteed Retirement Account," or GRA as it would be named.)
You can bet that this is going to happen in the very near future, folks. So if you have a big 401(k) plan or an IRA built up for your retirement, what should you do? It stands to reason that if you leave it alone, it won't be there for too much longer. But if you take it out, you have to pay taxes on it.
What's one to do? Let's see what Dr. Gary North suggests on his members-only website:
The Confiscation of Your IRA Gary North
Sept. 9, 2009
I have argued that the Federal Reserve will not allow hyperinflation. At some point, it will tell the Treasury, "you're on your own."
At that point, the Treasury will need trillions of dollars to float its debt. Those trillions are sitting there, like fleece on lambs. The nation's IRAs and 401(k) accounts are monitored by the government. Most of the money can be locked up at any time.
There could be no public discussion of this. People would sell. The markets would collapse. The law would be done by emergency executive order. There will be a convenient emergency to justify it.
The government will issue special retirement bonds. They will be nonmarketable. It has done this since 1936 with Social Security.
These bonds will be part of your retirement program. All further additions will be invested, in part or 100%, in these government bonds. This will be justified on the basis of protecting the assets of retirees.
This could be done with the stroke of a pen by the President.
People would stop investing in IRAs. But the money locked in would be available to the government for the purchase of bonds.
This of course is hypothetical. Maybe the FED will keep buying Treasuries. If so, we will get hyperinflation.
People think the government is set up to let them escape confiscation. People are stupid. Smart people are naive.
The government exists to line the pockets of members of the government. What military strategy analyst Bill Lind wrote of the Pentagon applies to all of Washington.
There is no chance America will adopt a defensive grand strategy or reform its military to move from the Second to the Third Generation a necessary though not sufficient step in confronting 4GW so long as the current Washington Establishment remains in power. That Establishment is drunk on hubris, cut off from the world beyond court politics and thoroughly corrupted by Pentagon "business as usual," which knows how to buy whatever political support it needs. Like all establishments, it sees any real change as a threat, to be avoided. So long as it reigns, nothing will change.
These people will not learn. They will not stop spending. They will run up more debts. This year, the increase was $17,000 per household. It will be something over $10,000 next year, if things go well with the Federal budget. The interest on these debts must be paid. That means us. We are on the tab.
The rulers will go looking for ways to get their hands on the public's money, meaning the upper middle class's money. The super-rich will do well. They always do when the government rigs the capital markets.
Nothing that leaves a digital record is safe from confiscation. It's all a matter of politics: what can they get away with?
Why would anyone expect the government to leave an escape hatch open to tens of millions of people who want to preserve their wealth from the government?
It's all a matter of timing. If you get out in time, you can beat the system. I think this will happen in response to a decision by the FED to stop buying Treasury debt. Until then, the President probably will not risk this. It would create a backlash. The government will delay a default as long as it can, but at some point, IRA money will be too tempting to resist.
Instead of money in an IRA, why not put money in a side business? Or buy a house from a distressed buyer? Your IRA money will not let you retire. It's just a place to hold money until a better opportunity comes along. Keep looking for that opportunity.
So there you have it, folks. Whatever money you have socked away for your retirement in a 401(k) plan or an IRA may not be your own for too much longer. Think about buying gold with that money, or rent houses from distressed buyers anything that will keep that money under your personal control and out of the government's greedy hands.
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