An article about Obama starting the process of nationalizing the private retirement fund system went viral in the blog community yesterday.? The truth is that the these "genius" bloggers are about 4 years behind the curve on this.? Here's the report:? LINK
Let me make one thing crystal clear before the world erroneously blames this on Obama.? The IRA confiscation movement started at least during, if not before, the Bush administration.? Four years before the recent hearing sponsored by the Treasury/Labor Dept, there was a Congressional hearing On October 7, 2008 sponsored by the House Education and Labor Committee at which pension reform academic Teresa Ghilariducci presented a paper on her Guaranteed Retirement Account program.? Her idea is to replace IRA/401k accounts with a Government administered program which would provide retirees with a guaranteed annuity stream annuitized by good old U.S. Treasuries.
This symposium was held before Obama was elected.? In fact, I warned 10 years ago, that the elitists (note: real elitists, as in the handful of men who pull the strings) would print money and keep our system from collapsing until they had swept every last crumb of middle class wealth off the able the table and into their own pockets.? Note:? "middle class" = everyone who is not wealthy enough to buy their own Congressman;? in my view this would be anyone with a liquid net worth under $100 million.
This movement to de facto seize your private retirement plan was started years before Obama was even a local politician in Chicago.? Regardless, once these movements begin in the Government they happen slowly and then all at once (sound familiar?).? Anyone with two operational frontal lobes will do what I did 6 years ago and cash out their IRA, pay the 10% penalty plus any income tax for that year on the proceeds and put the money into physical gold and silver outside of the system.? Over the next 4-5 years you will more than make up for the 10% penalty/taxes with the appreciation of the bullion AND your wealth will be safe from the Government.? Capito?
Source: http://truthingold.blogspot.com/2012/11/ira401k-confiscation-coming.html
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