There is no way the Government can confiscate Private Retirement Accounts! It would never make it through Congress!
You’ve heard it and most likely said it yourself. And the fact is you may be right in the sense that it may not make it through Congress. Which is exactly why Obama has stated he will go it alone if need be. After his State of the Union Address President Obama was quoted saying,
“I want to work with Congress on this agenda where I can. But in this year of action, whenever I can take steps without legislation to expand opportunity for more American families, I will. I’ve got a pen and a phone – a pen to take executive action, and a phone to rally citizens and business leaders who are eager to create new jobs and new opportunities. And we’ve already begun.” Video Link Here.
He showed the public his ability to bypass Congress when he signed a Presidential memo (in his State of the Union address) directing the Treasury Department to launch another retirement saving option. This is where without any prior notice he introduced MyRA to the American people. While it is explained to us as an opportunity for the less fortunate to invest in a nest egg for retirement,it appears to be a platform for the Government to attach private retirement accounts to its debt, as stated by Zero Hedge. Moreover, this article features a video with Jim Rogers and Ron Paul talking about retirement confiscation, with Rogers explaining that the Government will say you’ve had such a hard time putting money aside, we are going to save you with guaranteed Government Bonds.
Now with MyRA in place, it seems they have the platform in place to convert your retirement savings into Government backed annuities. It seems the only thing that is missing is the vehicle to drive your savings into MyRA. The Government may have intended to strategically put the cart before the horse with Executive Order 13603 which was signed by Obama on March 16, 2012 and explained by Forbes. This Executive Order would grant access to resources in a state of national emergency. Well, the United States is already in a state of national emergency since President George W. Bush’s declaration on September 14, 2001, which was extended last year by President Obama, as pointed out in the article.
Now for the “why” our Government would look to tap into private retirement accounts. Our current National debt is approaching 17.2 trillion dollars. With China dropping the bombshell last November that it is no longer in China’s best interest to increase foreign reserves, as reported by Bloomberg, we need to ask what will happen to the U.S. if China – our largest foreign creditor – stops buying our debt? Furthermore, I recently received information that China has just offloaded the second largest amount ever of U.S. Treasuries in December. A recent article from Zero Hedge reported that the Fed bought 150% more Treasuries than all foreigners combined. China seems to be losing interest in U.S. Treasuries and increasing their already insatiable appetite for Gold.
Now if the Fed has been the main source for monetization of U.S. deficit spending, who will foot the bill if they decide to continue to taper? Suddenly the need for MyRA is becoming clearer to those who understand the financial situation in which we currently are. MyRa is aimed at offloading the debt to the citizens as a means to help them save for retirement, but it doesn’t make sense to put yourself into a situation where at best you can make a 3% return on your investment. Chuck Jaffe with Market Watch wrote an article explaining why MyRA is doomed to fail on the premise of how the Government introduced their intentions. This could mean that it might just turn into a platform for taking over private retirement accounts.
With Private Retirement accounts in excess of 20 trillion dollars as of last year, the U.S. is ostensibly broke but the people are not. When will we reach the point when the Government declares an emergency great enough to tap into these accounts? Poland did this with its citizens last year when they confiscated half their pensions to apply them to the national debt.
If you have been looking into precious metals as a means to protect your retirement, now is an amazing opportunity to get in the game while the price of Gold is still hovering just above the bottom. Moreover, we are still capable of setting up a Self-Directed Precious Metals IRA to protect your assets, for now.
Do today what you may not be able to do tomorrow…