Members of Congress are openly talking about taking control of privately owned 401(k)’s and replacing the funds with government debt. All for our own good, of course. The truth is that no large pool of capital is safe from the federal government. The laughably named Social Security “trust fund” has already been looted and replenished with government IOU’s, and the feds have taken over the healthcare industry in order to get their filthy mitts on the vast reservoir of insurance premiums.
Although the article quoted below talks about the Obama administration casting its greedy eyes on retirement accounts, keep in mind that this is not about Obama. It’s about a federal leviathan that scoops up private wealth wherever and however it can. Whoever happens to be occupying the Oval Office at the moment matters not.
The Obama administration is “taking the first steps to confiscate retirement dollars,” according to Dr. Jerome Corsi who predicts that the end result will be retirees with 401(k) plans holding near-worthless government debt “that will be paid off in a devalued currency worth … pennies on the dollar.”
The move to confiscate those retirement dollars for government purposes was best illustrated by Christina Kirchner, President of Argentina, in 2008 when she announced plans to seize her citizens’ private pension funds. Writers at the Heritage Foundation said that while Kirchner claimed such seizure was necessary to protect her citizens’ investment accounts from the global meltdown, “most observers believe[d] her real motive [was] to use the $30 billion in seized assets to ease the massive debt obligations her leftist spendthrift government [had] run up.” The Wall Street Journal agreed, saying that “taking over the … pension fund assets [would] ease the cash crunch faced by [her] government.”
Corsi said he has a letter from the Treasury Department, Bureau of Public Debt, informing U.S. citizens that the federal government is rolling out a new program called “Treasury Direct” that will allow citizens “to purchase, manage, and redeem…savings bonds” electronically, as well as offering an option to purchase such bonds automatically through payroll savings or a personal checking account. This happened to coincide nicely, according to Corsi, with a bill offered by Senator John Kerry (D-Mass.) to create “Automatic IRAs” that would require all employers and employees to invest in IRAs using that automatic deduction option, “whether they want to do so or not.”
Read more at the New American.