Confiscation of Private Retirement Accounts: US Departments of Labor and Treasury Schedule Hearing!

On August 26, the US Department of Labor issued a news release, not that any mainstream media source has reported on this. However, the link to the .gov site is working, so please investigate. U.S. Dept Of Labor

It lists the agenda for the joint hearings being held with the Department of Treasury September 14-15, 2010 on what is euphemistically...lifetime income options for plans! The hearings are being conducted by the Labor Department’s Employee Benefits Security Administration.

The Feds are scheming to get their hands on private assets signaling extreme desperation.

Heads up folks, its coming. And you know it is!
Obviously, brokerage companies and mutual funds strongly object to the potential loss of fees they are now receiving for private retirement plan services. So, then it should not come as a suprise that:
Wall Street Firms Plan To Cut 80,000 Jobs in 18 Months!
www.bloomberg.com...

first make the conversion voluntary, then make it mandatory for only a portion of total assets. The final step would be making it 100% mandatory for 100% of all assets.

The US government plan is to eventually take ownership of all assets in IRAs and 401K accounts and replace them with US government “Treasury Retirement Bonds.” .... Another major change is that, upon retirement, the individual’s retirement account would be converted into an annuity. Once the individual is deceased, the individual’s heirs would not inherit anything (similar to what happens now with Social Security “accounts”).

www.libertynewsonline.com...

SO what! Don't you know we need to burn some korans to teach them thar muslims we ain't gonna be taking it anymore!

reply to post by American_Soviets


Well some topics need to be fanned to flames by the mainstream media in order to keep the people in the dark.
After all, how many of us check the U.S. Department of Labor Website to check up on the Feds latest loot scheme?
You see, that is why there is at least 10 threads on burning the Koran, and lamestream media is not reporting that the Feds are going for your savings...

thanks for further making my point. Heads up everyone...

One of my favorite sayings: "He is richest who is content with the least".

The rug is being completely pulled out from beneath everyone who ever put anything into "the system".

I've never been so glad about having nothing to begin with,but I feel awful for those who have alot to lose. This is just going to go on and on....until everyone is equally poor.


"But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal" Matthew 6:20

reply to post by On the Edge


Wise words there my freind! It is no coincidence that they are preparing to rob the people of every last dime, nicely timed with goverment run healthcare.

I knew that The Healthcare Bill would be expensive! Does anyone else see the connection?

Thanks.

It's all connected! No doubt about it! And the coming VAT taxes,Cap-n-Trade,...anything and everything to bring about our demise! And controlling our food,water,..air,...!

I wish more people would wake up from their American Dream and face the cold,hard truth. Rude awakening,but time for people to readjust their ideas of how it's gonna be.

Thanks for putting this thread together the way you did. I have been seeing it in the news here and there.

This is why, if I were allowed, I'd pull my 401K now, before its stolen.

reply to post by On the Edge


It looks like they have been scamming on this for a while, starting back in 2008 about the time of the market crash.
Here is a little history...www.abovetopsecret.com...

The ominous news about Wall Street laying off 18,000 that just blows my mind. They obviously know whats coming down the pike. It could be a combination of both the confiscation of retirement funds, and the declining market.
QE (2) will fail.

Quantitative Easing (QE I) spearheaded by the Chairman of Federal Reserve, Ben Bernanke delayed the inevitable demise of the fiat shadow money banking system slightly over 18 months.

how long...can they continue the juggling show ...

Trade has jumped by 20% in the three years since the last survey was conducted by the Bank for International Settlements (BIS), which is sometimes called the "central bankers' bank".

But London outpaced the average, with turnover up by 25% over the period.

Some $4 trillion (£2.6tn) changes hands around the world every day.

The BBC's business editor, Robert Peston, points out that the sum is equivalent to the entire output of the global economy being traded around once a fortnight on currency markets.

www.bbc.co.uk...

the words of Bernanke “the recent pace of growth is less vigorous than we expected” has all but vindicated my analysis. He warned that the outlook is uncertain and the economy “remains vulnerable to unexpected developments”.

Obviously, Bernanke’s words do not reveal the full extent of the fear that has gripped central bankers and the financial elites that assembled at the annual gathering at Jackson Hole, Wyoming. But, you can take it from me that they are very afraid.

Why?

....The “unexpected developments” Bernanke referred to is the collapse of the global banks. This is FED speak and to those in the loop, this is the dire warning.

www.globalresearch.ca...

So what we have is a merry-go-round of monies moving from the right pocket to the left pocket at the click of the computer mouse. The FED creates money, uses it to buy toxic assets, and the same money is then returned to the FED by the global banks to earn interest. By this fiction of QE, banks are flushed with cash which enable them to earn interest. Is it any wonder that these banks have declared record profits?

12) The global banks get rid of some of their toxic wastes at full value and at no costs, and get paid for unloading the toxic wastes via interest payments. Additionally, some of the “monies” are used by these banks to purchase US Treasuries (which also pay interests) which in turn allows the US Treasury to continue its deficit spending. THIS IS THE BAILOUT RIP OFF of the century.

Now that you fully understand this SCAM, it is left to be seen how the FED will get away with the next round of quantitative easing – QE II.

Obviously, the FED and the other central banks are hoping that in time, asset prices will recover and resume their previous values before the crisis. This is a fantasy. QE II will fail just as QE I failed to save the banks

reply to post by AzoriaCorp


I sure would think seriously about that, and while I am not giving investment advice...
Dont think about it too long!

Originally posted by burntheships
reply to post by AzoriaCorp

 

I sure would think seriously about that, and while I am not giving investment advice...
Dont think about it too long!

Well employees cannot withdraw it unless they are fired or quit. I am neither, so its not a problem of choice because I don't have any.

reply to post by AzoriaCorp


Yes, and that is how many will remain trapped.
And for many who have pensions funds, money is tied up and an easy target.

Originally posted by burntheships
reply to post by On the Edge

 

It looks like they have been scamming on this for a while, starting back in 2008 about the time of the market crash.

It was around that time that I remember standing in the kitchen and all of a sudden this thought came to me out of nowhere, "They're taking it all down". It was so strong,I'll never forget it. I'm not one given to "visions",but the premonition is certainly playing out before our eyes.

Keep watching,friend!

reply to post by On the Edge


Yes, fateful days those were in 2008. I saw it coming, no pleasure there being right.
It was not too long after that I found ATS, joined and learned so much about the planned demolition of the U.S. economy, and the plundering of the common man.

Great timeline here in confirmed and suspected events :
www.abovetopsecret.com...

reply to post by burntheships


So true! No joy in saying,"I told you so!" When this ship goes down,we all go down with it!

Reminds me of that saying,"A rising tide lifts all boats". But to wish to bring everyone down,..that's just wrong on so many levels!

Sounds like you and I were hearing the same alarms going off around the same time!

And people wonder whats around the corner. It seems to be in black and white.

My company turned my retirement in to a cash account.
Between it and my 401, I have slightly over $600,000.

If it looks like they're going to do anything like the op mentioned, I'd quit, take the money, buy diamonds and head off to Bombay, yah, that's the ticket, Bombay.

reply to post by wookiee


Ok, you buy diamonds, I'll buy gold, and silver.
We can meet up later and see who made out better.

Originally posted by On the Edge
It's all connected! No doubt about it! And the coming VAT taxes,Cap-n-Trade,...anything and everything to bring about our demise! And controlling our food,water,..air,...!

Yep, and the new health care plan will quickly bring a deficit. The funny thing is, the federal government made the high risk pools a state responsibility, which is basically an unfunded mandate, so guess what. States go broke and have to raise taxes, fed comes in, redistributes the wealth, and everyone is screwed while the fed gets more power.

fdlaction.firedoglake.com...

Morpheus said it best:

The Matrix is a system, Neo. That system is our enemy. But when you're inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it.

Combine what morpheus said with this well known quote:

A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years. Great nations rise and fall. The people go from bondage to spiritual truth, to great courage, from courage to liberty, from liberty to abundance, from abundance to selfishness, from selfishness to complacency, from complacency to apathy, from apathy to dependence, from dependence back again to bondage.

we're doomed.

80,000 jobs being elimianted...looks like thier not going to repair the system. Bush saying capitalism was the best..well heres the answer everyone..democracy should have stayed. captialism left many doors open so the greedy and selfish cash reigster brains could steal as much of OUR money and let the FEDS in on it too.
I think it was all orchestrated to fail, starting in 2008, and gunna get worse in time, so it dosnt look like it was deliberate* i have some money in my 401K, but, IF i cash it in, they are going to tax 30+ % of it. they never mentioned that to me when i first got it...dosnt seem fair at all, its shady to run things like that*

a democracy cannot exist as a permanent form of governemnt? funny..its been here since july 4 1776* UP until corporate america started influencing congress in 1979, starting with ronald reagan. well, it probably goes as far back semi recently, to lyndon b johsnon. Andrew jackson limited bank of america, back in the day..he knew the lobbyists would corrupt government. too bad we dont have men or presidents like him, or teddy roosevelt...ready to take things serious , and almost overnight, save the citizens of this land and at least make sure they are taken care of, kinda like roosevelts 2nd bill of rights that never made it due to his polio... we dont have people like that in this country anymore...we have greedy selfish sub standard monsters.
communism fell. Belive me, IF americans saw swaet shop labor and knew how little those people are being payed and mistreated at work, democracy would DEF topple capitalism over..alot dont know what sweat shop labor means. Democracy means a fair life and living, the freedom to persue happiness religion and thought...something capitalsim is taking aways form us all.