Categories



TheLibertyMill




The Phaserl








AvatarProducts

SIGNS THE GOVERNMENT IS PLANNING TO CONFISCATE YOUR RETIREMENT FUNDS

by Jeff Berwick, The Dollar Vigilante:

We’ve warned that bankrupt governments will be eyeing the multi-trillions of dollars in “un-taxed” retirement funds when they get desperate enough.

It is an incredibly common occurrence. It has happened in numerous countries in just recent memory. Poland, Hungary and Bolivia are a few in the last years where retirement funds have been seized.

Total funds currently held in private IRA and 401K accounts in the US are estimated to be in the neighborhood of $10 trillion. That number looks awfully enticing to the US government which is currently indebted to the tune of $19 trillion and holding liabilities of over $100 trillion.

As we dance on the brink of a massive collapse, the government’s already empty coffers will be even further decimated as the economy contracts massively and tax receipts plummet.

In that moment, rather than reducing expenditures and doing massive layoffs and closures of departments, like any regular business would do, politicians will nationalize retirement funds for the “good of the country”.

And we continue to see movements in that direction.

The SGT Report recently posted news from Paychex, a provider of payroll and benefits outsourcing solutions, that it is going to move all its clients’ IRA cash. Move it where? From NON-government “Federated CASH Obligations” – ie. money market accounts – into “Federated Government Obligations.”

The recipient who notified SGT goes on to write, “Since my 401K money is invested in three different precious metals funds this announcement does not affect me, however it will impact many other unsuspecting would-be retirees who falsely believe that their money is ‘safe’ and ‘liquid’ in a money market account.”

He adds that this is the beginning of the government demanding that IRA account holders invest in government debt (Treasuries) and that he intends to remove his funds from the control of Paychex.

Of course if this becomes common practice in the US, there will be no place to go, not domestically anyway. And chances are this is going to happen sooner or later.

Back in 2009, The Wall Street Journal posted an op-ed, “How to Fix 401(k)s.“ The post describes a “radical structural change” for the 401K system. It quoted Gene Steuerle, a vice president at the Peter G. Peterson Foundation as saying, “It’s time for a radical structural change.” That change would include “government… at least partly taking over sponsorship of these accounts.”

Perhaps this doesn’t sound realistic, but after 2008, Congress enacted laws that authorized the US government to freeze and seize citizen bank accounts in case of a banking crisis. This has come to be known as a “bail in.” This time around, when the inevitable crash comes, your taxpayer dollars won’t be used to bail out banks. Your retirement funds and DEPOSITS will be used. In Cyprus this sort of law has already been used. Bank depositors found up to 60% of their funds were removed.

Think it can’t happen in the US or Europe? It is happening as I write. Italian banks are on the precipice of nationwide default. Deutsche Bank in Germany is hanging on by its fingertips. The reverberations of Brexit are continuing to shake the European financial system. The contagion from a serious banking crisis can easily spread around the word. The entire banking system is connected these days along with central banks.

In June I sat down with TDV Offshore‘s Managing Director Paul Seymour for an interview. (You can see the video of this interview at the end of this article.) Paul was employed at mainstream financial shops but when he couldn’t stand it anymore, he quit and even renounced his American citizenship entirely.

His main point in our interview was that people living in the US should get themselves and their funds offshore while they can. Here’s how I explained it in the article we wrote at the time, HERE:

[Activities] include, most importantly, opening up offshore IRAS and corporate accounts that are difficult for the US to confiscate. Paul believes that anyone who can get their IRA or 401K out of the US ought to do so as soon as possible.

He is sure that once a financial crisis hits the US, the federal government will likely react by freezing and then reinvesting people’s retirement assets.

Instead of stocks and bonds and other asset classes, Paul believes public assets will be dumped into Treasuries yielding little or no interest… or even worse, negative interest where you pay the US government to loan them money for their War of Terror. This is a no-brainer.

Paul pointed out he was puzzled why more Americans didn’t take advantage of the time they had left to create financial and lifestyle alternatives overseas.

One can see the globalists putting finishing touches on their plans to create an international empire. Brexit was likely no accident and neither is the instability we now face from increased warfare and economic collapse.

I often write about Jubilee 2016, because this is a critical time period. What is necessary now is for a “trigger” that will cause the collapse necessary to demand a more globalized regime. That trigger – and the resultant chaos – will be extremely and painfully destructive. If you and your family are not prepared, the consequences will be devastating.

Read More @ TheDollarVigilante.com

Help us spread the ANTIDOTE to corporate propaganda.

Please follow SGT Report on Twitter & help share the message.

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>