IF YOU LIKE YOUR IRA, YOU CAN KEEP YOUR IRA, PERIOD!

Two interesting things happened in the last 24 hours. First, the Fed again tapered it’s bond purchases by $10 billion a month. Aside from the emerging market carnage this will cause, it also means somebody else is going to have to pick up the slack in financing the flagrant FSA spending criminals in Washington.

An poof! Like magic, we find out who’s going to be buying bonds and financing the flagrant FSA spending criminals in Washington: YOU ARE! Yes, if you’re dumb enough to buy ObamaBonds for your IRA, you too can invest in USSA IOU’s. They’re all the rage in Asia, where they already have trillions of ’em. Now you can have your very own. Buy ObamaBonds, and support the FSA with your retirement money (as well as half your income, you know, taxes). It’s a “can’t lose” investment.

https://www.youtube.com/watch?v=jJq0G4yr_K4&feature=player_detailpage

IRA Confiscation: It’s Happening

Submitted by Simon Black via Sovereign Man blog,

I have an old acquaintance named Sam who has a hell of a deal for you.

Sam is actually a pretty famous guy with a big reputation. Unfortunately he has been a bit down and out on his luck lately… but he’s trying to make a comeback. And Sam is prepared to float you a really great investment opportunity.

Here’s the deal he’s offering: you give Sam your hard-earned retirement savings. Sam will invest your funds, and pay you a rate of return.

Granted, the rate of return he’s promising doesn’t quite keep up with inflation. So you will be losing some money. But don’t dwell on that too much.

And, rather than invest your funds in productive assets, Sam is going to blow it all on new cars and flat screen TVs. So when it comes time to make interest payments, Sam won’t have any money left.

But don’t worry, he still has that good ole’ credibility. So even though his financial situation gets worse by the year, Sam will just go back out there and borrow more money from other people to pay you back.

Of course, he will be able to keep doing this forever without any consequences whatsoever.

I know what you’re thinking– “where do I sign??” I know, right? It’s the deal of the lifetime.

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.

http://www.zerohedge.com/news/2014-01-29/ira-confiscation-its-happening

null

President Obama: If You Like Your Retirement Plan, You Can Keep It

Submitted by Tyler Durden

This should be good – President Obama sets out to explain how his new “MyRA” plan is for your own good…

As we highlighted last night:

Presenting: the MyRA, and since it offers “guaranteed return and no risk” we now know where all the Fed’s bond trades will go to work once QE ends.

From the president:

Let’s do more to help Americans save for retirement. Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own. And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401ks. That’s why, tomorrow, 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. And if this Congress wants to help, work with me to fix an upside-down tax code that gives big tax breaks to help the wealthy save, but does little to nothing for middle-class Americans. Offer every American access to an automatic IRA on the job, so they can save at work just like everyone in this chamber can…

Or put another way – if you like your retirement account you can keep your retirement account.

And just like that, the “automatic” continuity to the Fed’s Quantitative Easing is ensured.

null

21
Leave a Reply

avatar
  Subscribe  
Notify of
Stucky

“And just like that, the “automatic” continuity to the Fed’s Quantitative Easing is ensured.”
———– from the article

How in the hell is that even possible? Who the fuck is gonna buy that shit?? Wima Dickfit and Jack Meeoff? Penney Pussyflaps and D!ck Hertz?

Stucky

” Who the fuck is gonna buy that shit??” —– me

Nevermind. I just watched AWD’s thread “Lie Witness News”.

Dutchman
Dutchman

What this would be like is the SS Trust fund. They would take your money, spend it, and then replace it with worthless IOU’s.

A minimum wage worker $7.75 hr earns $15,500 a year – 10% of this is supposed to go to FICA. So if the gubmint lets him invest his $1,500 a year FICA, works for 45 years (age 20 – 65). Compounded at 5% (S&P historical rate of return) he would have $267,000.

Now SS with pay him $673 a month. $267,000 / $673 = 396 months = 33 years. The worker would have to live to be 99 to collect the same amount from Social Security.

It’s a scam right now!

llpoh
llpoh

There is no doubt in my mind that this shit is correct. Japanese folk invested in their country’s savings program. Gee, that is turning out well.

Anyone buying into this deserves what they get.

Kill Bill
Kill Bill

Social security, by law, must purchase treasuries. Guess thats not enough for the treas/fed now you will not only buy treasuries thru FICA but now also MyRA.

Halbahlooyah, weez beez sabed!!

Ol’ Yellen can safely print and buy more paper with more paper.

Only on Wacko Whirled does such accounting gimmickry work.

llpoh
llpoh

Dutchman – your figures are simplistic and do not represent reality.

Stucky

Just wait until you see the MyRA website. It will cost $800 bilion. You’ll be able to deposit money, but not withdraw. It’s not a bug. It’s a “featire”.

Stucky

“billion: and “feature”. Fuckme.

IndenturedServant

Remember sports fans……..at first the program will be sold as the greatest thing since sliced bread and when the enrollments taper off it will become mandatory for those at certain income levels. After that it just becomes mandatory for everyone else who has “not seen the light”. Except for the FSA of course.

This was all discussed in joint public meetings conducted by the Dept of Labor and the Treasury Dept.
I_S

DC Sunsets

Step 1: increase the early withdrawal penalty for those less than 59-1/2 years old from 10% to 100%.

Step 2: “it has come to my attention that the stock market is not a safe enough or guaranteed way to save for retirement. For this reason I am issuing an Executive Order to begin moving all IRA and 401(k) assets to the safest investment vehicle in the world, backed by the full faith and credit of the IRS—-ahem—-the US government, Treasury Bonds.”

Jeebus
Jeebus

“billion: and “feature”. Fuckme. -Stucko

You are forgiven for all three.

KD
KD

Jim’s not on a treadmill so this must be serious….

sensetti
sensetti

comment image

sensetti
sensetti

comment image

IndenturedServant

AWD, you can search for the joint Treasury and Labor Dept videos from several years ago if you care to take the time. I watched the second one live from work one day. Current events suggest things are progressing as planned.

I’ll be petitioning my employer to allow me access to my 401k so that I can take the penalty/tax hit and rescue what I can. As it stands now I have to become unemployed to get access to MY FUCKING money but the only thing that stands in the way of that is a simple rule change by our plan administrator and management. Ann Barnhardt has a form letter you can fill out and give to your employer requesting access. My employer is pretty reasonable but their wheels turn slowly. I expect the gooberment will soon block access to early withdrawal or severely limit it.
I_S

Discover more from The Burning Platform

Subscribe now to keep reading and get access to the full archive.

Continue reading