Why yes the government does want control

[zap]

http://communities.washingtontimes.com/neighborhood/politics-blue-collar/2013/feb/3/your-401k-about-be-nationalized/

WASHINGTON, February 3, 2013 ― The $19.4 trillion sitting in personal retirement accounts like the 401K may be too tempting an apple for a government that is quite broke, both monetarily and morally. The U.S. Consumer Financial Protection Bureau director Richard Cordray recently mentioned these accounts in a recent interview, stating “That’s one of the things we’ve been exploring and are interested in, in terms of whether and what authority we have.”
This agency, created by the 2010 Dodd-Frank-Act, is very concerned about how safe your retirement savings are. They are apparently concerned that retiring baby boomers may become victims of financial scams.
If the government takes control of retirement accounts, it will not be called "nationalization." There will most likely be an indecipherable document that provides an opt-out option (initially), but why would you want to do that? The US government only wants to ensure the safety of your retirement funds; they did after all create a new bureaucracy for that specific purpose. And what could be a safer investment than US bonds?
China’s premier Wen Jiabao recently made a very polite, but very pointed statement to the US concerning its continued policy of debt monetization (printing money to pay the bills).
“We have made a huge amount of loans to the United States. Of course we are concerned about the safety of our assets. To be honest, I’m a little bit worried. I would like to call on the United States to honor its words, stay a credible nation and ensure the safety of Chinese assets.”
It is estimated that of the roughly $2 trillion China holds in currency reserves, about half is in U.S. Treasuries. While that may not seem significant, you would not want to know what would happen should they put even half of those treasuries on the open market. While that is certainly not expected, an escalation of Japan-China tensions in their ongoing (and worsening) argument over East and South China Sea islands, with the U.S. firmly behind Japan, means anything is possible.
Assuming that the island dispute does not turn into open warfare, there is still the matter of addressing the very serious concerns that China has voiced, and many other countries echo: We are devaluing our currency, which they are heavily invested in, at a rapid pace and with no indication of ever stopping.
This brings us back to that juicy apple hanging from the tree of our life's work. Nationalizing the personal retirement accounts would allow our government to borrow even more from its largest debtor (U.S. citizens) without further devaluing the currency. While this may seem far-fetched, as international pressure mounts to maintain the value of the dollar, you will hear more about this.
If at some date we find ourselves at a tipping point in international relations, it may very well come down to nationalizing our 401K’s or going to war. Many Americans are choosing to take their penalties and withdraw their 401K funds while they still can.


Read more: http://www.washingtontimes.com/neighborhood/politics-blue-collar/2013/feb/3/your-401k-about-be-nationalized/#ixzz2JzkGcIBu

[Twisted Titan]

A bird in the Hand beats 3 in the bush........... better get it while someone is willing to trade real goods for fictious toilet paper.

[JDRock]

were sooo fvked.....

[palani]

were sooo fvked.....

Only if that is your choice. My opinion is that other options are preferable.

[Ponce]

No way Jose, toilet paper is more valuable than the dollar.....am rich, am rich, am rich.

First post of the day.......good morning to one and all.

V

[chad]

i predict full on argentina. you wake up one day and the whole thing is now invested with them. including your bank account, and you can only take out xx per day.

we have some friends, husband is from ecuador, wife is from columbia. they tell me this looks exactly like argentina, only way, way, way slowed down.

[Hatha Sunahara]

I could see this coming. I cashed in my IRA over a 3 year period ending last year. That reduced the tax rate a little, but not by much. After the IRAs they will go for everything else you have. Including equity in your home. Slaves don't own anything. Not even their lives. Time to get out of Dodge.


Hatha

[Sparky]

This is why we are wrong to think that the collapse is necessarily imminent. This would be a tremendous mechanism for delaying the inevitable collapse for a decade or more. My guess is that they would initially implement this as voluntary: you have the option of converting your 401K or IRA to a government-run annuity. They will get enough volunteers to initiate a program. Then, once it becomes established so that others gain confidence in it, more people will volunteer. This would provide a huge amount of short term cash flow to prolong the Ponzi scheme well into the next decade, even if half the population chooses to not participate. Then, as a last resort, they could make it mandatory to further delay the end game.

Interestingly, The Fourth Turning theory identifies the current crisis initiating with the 2007 financial meltdown, and lasting about 20-25 years before blowing up. This development would be consistent with that.

[Horn]

Assuming that the island dispute does not turn into open warfare

Silver island must be owned as a whole and private entity, as it is a patented & tax free technology!

[Sparky]

Note: This is the same strategy they took in establishing the Roth IRA. It is voluntary, but people grew increasingly comfortable with it, and it became a very common tool for financial planners. It allowed the government to collect taxes immediately on what would have otherwise been tax-deferred income. It has supported their Ponzi cash flow for the last two decades. Now that retirees are starting to withdraw from their Roth accounts tax free, the government needs another cash cow to draw from to keep the Ponzi going.