SIGNS THE GOVERNMENT IS PLANNING TO CONFISCATE YOUR RETIREMENT FUNDS
JEFF BERWICK
DollarVigilante.com
JULY 7, 2016
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.
The Rest…HERE
