This article was taken from http://politics.gather.com and presents a disturbing picture of what the administration is planning to do to your requirement accounts; basically, have your 401K fund the national borrowing that China, Japan and other nations are no longer willing to do.
40l(k)/IRA Nationalization Quietly Moves Forward
The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.
They want to "get people to invest their 401k's and IRA's into annuities, or likely into U.S. T-Bonds, which are in the biggest overvalued bubble the world has ever seen.
They are doing this because they will have $2 Trillion Dollars in bonds to sell this year, and foreign buying is drying up. China doesn't want them.... Do you?
Who's behind it? The White House and a powerful network of Congressional activists, and the highly-influential Ford and Rockefeller Foundations. They are engineering a new regulatory and tax-incentive. The purpose is to herd and ultimately force Americans to convert their 40l(k)s and IRAs into government-directed retirement accounts.
The 40l(k)/IRA de-privatization plan is the brain-child of Teresa Ghilarducci of the Schwartz Center for Economic Policy Analysis " "SCEPA", who is funded by the Rockefeller Foundation.
The extreme tactics used to ram Nationalized Health care down the country's throat are a blueprint for what could be the biggest asset grab in history. This is exactly what took place in Argentina. Yes, Argentina was once a powerful nation; the 3rd wealthiest nation until the 20th Century. Another reason as to why our government needs to nationalize retirement accounts...
Is reported by the New York Times, "This year, the system will pay out more in benefits than it receives in payroll taxes, this important threshold was not expected to cross until at least 2016, according to the Congressional Budget Office." The trickle of red ink will soon become a flood under the pressure of 78 million retiring Baby Boomers....
Less money going into the system! Who will you need to Trust in the Handling of your money?
The March 9 edition of Business Week notes that new federal regulations designed to "promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams" would help drive cash into government-controlled entities such as American International Group (AIG), which was bailed out to the tune of $182.3 billion.
You Do Trust AIG.. right? The Real Question Is.. Is there a safe haven for retirement accounts?
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