Just read this today and wanted to get this information out to those thinking about changing their I.R.A.'s!
This is nothing more than more Massive Wealth Redistribution? Looks like our government is going to try to nationalize our retirement system. Can you imagine if your IRA had physical gold and silver in it, and the goons from D.C. decided to take your metals and substitute a "T bill?" Or if you had an annuity, and it was declared "unfair", so it was impounded and distributed to the "less privileged"? What would be the difference between the U.S. and any communist nation or dictatorship, if this happens? If the Tea Party can come alive and allow the capture of the Senate and remainder of the House in 2014, there may be a chance at saving America.
Here's the piece that was forwarded to me:
A recent hearing sponsored by the Treasury and Labor Departments, marked the beginning of the Obama Administration's effort to nationalize the nation's pension system, and to eliminate private retirement accounts, including IRAs and 401K plans, National Security Council is warning. The hearing, held in the Labor Department's main auditorium, was monitored by NSC staff, and featured a lineup of left wing activists, including one representative of the AFL-CIO, who advocated for more government regulation over private retirement accounts, and even 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 retirement as they could," explains the National Seniors Council (NSC) 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."
A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved, because 401k plans and IRAs are "unfair" to poor people.' She demanded that the Obama administration set up a "government sponsored program, administered by the PBGC." (That is the government pension benefit guarantee corporation). She proclaimed that even, "private annuities are problematic."
"Such reforms, would effectively end private retirement accounts in America," Crone warns. "These people want the government to require that ultimately all Americans buy these government annuities, instead of saving or investing on their own. The government could then take these trillions of dollars,and redistribute them through this new national retirement system."
Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long time critic of 401k plans, because he believes they benefit the rich. He also appears to be one of the Administration's point men on this issue.
"This whole issue is moving forward very quickly," warns Crone. "Already, there is a bill requiring all IRA plans, in which part of every employee paycheck, would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts."
"NSC has taken the lead in warning the nation about this new government onslaught, and is plotting ways to stop it. This effort, ultimately is designed to grab the retirement nest eggs of America's senior citizens. This new government annuity scheme, even if it is at first optional, will turn into a giant effort to redistribute the wealth of America's older citizens," explains Crone. "This scheme mirrors what I expect the President will try to do with Social Security. He wants to turn that program into a welfare program too. NSC will likely unveil a new grassroots campaign effort this year or early in January, to coincide with the seating of the new Congress."
I know why Americans aren't saving? They can't, because of government caused inflation, and the fact that the government refuses to raise Social Security equally with rising inflation. Know why they aren't saving? Because the buck is worthless, wall paper, toilet paper, trash, and why save in a declining currency? Save water in a leaky bucket? What's the difference? The IRA's are next, and I try to talk people out of placing gold and silver in an IRA's. Pay the taxes, get out of the IRA, and take the gold and silver home with you! Cash out of pension plans and annuities, and take the gold and silver home with you. Be rid of the government's plans to communize and socialize the entire nation.
Did Obama and the democrats really win? Or were the ballots, counted in Spain, fixed? How many times did a person vote Republican, have a Democrat come up , and not notice? Fraud on top of fraud was the last election becaue it is all rigged and the casino always wins! Protect your family!
P.S. In 1883, John Maynard Keynes, whose advice and warnings America and most of the world is following exactly, said: "By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of their citizen's wealth. While the process impoverishes many, it actually enriches some. There is no subtler, no surer means of overturning the existing basis of society, than to debauch the currency. The process engages all the hidden forces of economic law, on the side of destruction, and does it in a manner which not one man in a million is able to diagnose."