Congress Plans to Confiscate Savings

Apparently it is impossible to learn the mistakes of history. We have to keep repeating them over and over. For some reason big government socialists always think they are doing you a favor by taking away your money. How many failed economies and lives mired in misery do we have to go through before they will understand that socialism doesn't work. When this was tried in Argentina, their economy completely collapsed and it has never recovered.

Congress to US citizens: Give me your money or else

Interesting (and scary) article. Plan to look into this more.

Starred & Flagged.

reply to post by TheHypnoToad


You have to realize the full consequences of this. It's not hard to see from past history that the government will always reduce the benefits of any so called retirement accounts that they control.

They need to fund the out of control spending and they need to pay off their foreign corporate and foreign government masters. What better way than simply taking your hard earned savings?

Thus it is foolish to believe that you will ever see much of the money they take unless you are very close to retirement. It becomes therefore nothing more than theft, a complete violation of the constitution and far worse than any action committed by the British prior to the war for independence. Apparently the dream of a free country is dead.

No doubt the democrats feel now that they have a mandate from the people to plunge headlong into their long dreamed communist 'paradise'.

I have two possible reactions to this. One is to flee the country with as much money as I can take out. But more likely I will give away my entire life savings to charity, before I'll ever let the government take what I have struggled so hard to save. Better to have treasure in heaven than treasure on earth anyway.

This is what happens when you have a congress with a 9 percent approval rating that we voted BACK IN. A worse approval rating than Bush. Everyone wants to bash the current president when Congress is full of complete IDIOTS. These guys are going to be here Jan. 20...they are going nowhere. Even if Obama has good intentions his hands will be tied by these morons who helped get him elected.

Until we the people decide to actually force them to do smart things, we will continue to get screwed.

It won't be much longer before the government owns everything. People are selling their freedoms so the government will take care of them. And why not? They've done such a GREAT job with everything else!!

reply to post by David9176


What chaps my hide is that it's all been done before. There is nothing new under the sun. Various governments have tried all kinds of big government socialist schemes and they always fail miserably with various unpleasant effects on the poor populace who buys into it. What do you call someone who keeps repeating the same mistake over and over again, hoping to this time make it right? Socialism can not be done right!


I guess if you throw out God you have to replace the void with something big and powerful enough to have an effect on your life. Why not big government?

reply to post by SevenThunders


I'm afraid you are right. I don't think this can be stopped. Most people don't care enough to do anything. Most of us have become passive. Most of us cannot live off of the land anymore. We are already reliant on the government to take care of us...what little self reliance we once had is almost gone.

Imagine if everything collapsed and 300 million people needed food to eat. It's a scary thought. This country cannot sustain that. They just hope the government can fix it and they just continue to put us/ourselves...the tax payer...in the hole. How in the world are we ever going to pay this money back? 11 trillion and counting..

reply to post by David9176


This is probably how they plan to forestall the inevitable. There are probably trillions in retirement accounts and they can't wait to get their greedy hands on it. If this doesn't start a 2nd revolution I don't know what will. I just hope it will be a peaceful one. Maybe we can do some kind of peaceful protest, perhaps witholding taxes or something better, like switching to a non-government currency. It's just out of control and the American people are just asleep.

Well taking into consideration that the regular American have no savings as their income revolves on credit debt.

This will affect that sector in our nation that actually makes enough money to be able to hold a bank account.

Now the other sector at the top keep their wealth way away from the US and in foreign banks so those will not be affected at all.

I think that this nothing but propaganda.

Anyway I suggest that if you have a big bank account start transferring money to the Caiman Islands just like the rest of the wealthy Americans in the Nation and make sure is none traceable.

reply to post by marg6043


Thats a more practical way to go. Convert to a Roth IRA and take the 10% tax penalty (plus the conversion penalty) and take the 60 % left and put it into foreign banks. I think Argentina experienced major capital flight because of this.

Or just do what our grandparents did or great grandparents they stuff their cash in cans and buried them all over their back yard.

If you keep your money in a bank account is easily traceable, but under the mattress that is another story.

reply to post by marg6043

Or just do what our grandparents did or great grandparents they stuff their cash in cans and buried them all over their back yard.

Funny that u mention this.

My grandmother is SO cheap that she saves USED napkins and puts them back in the little napkin holder. I know this because one day i grabbed a napkin after eating to wipe off my hands and mouth only to find the napkin had some old food or something on it. I said, "Grandma! There is something on this napkin! Is it used?" She said," Bah, quit complaining and use the clean part!" The woman steals straws and salt from McDonalds. She even washes and reuses the straws. She's a bit wacky but i love her..HA.

There's a reason for that though..people that live through the great depression save everything. Nothing goes to waste which is almost opposite of how things are now. But i have a feeling that's going to change.

Anyway just thought i'd share that.

David9176 that story is adorable, because my grandmother is 83, my father is 74 and my mother 64, and yes I know exactly what you are talking about and BTW that is how my in laws are both are 76 and have been retired since the late 70s and live their live by pinching pennies and they are doing just fine.

While my parents and grandmother(two times widowed) hold bank accounts.

My in laws do not.

Originally posted by marg6043
Or just do what our grandparents did or great grandparents they stuff their cash in cans and buried them all over their back yard.

If you keep your money in a bank account is easily traceable, but under the mattress that is another story.

That is exactly what my grandfather did (who was very very wealthy, based on his own business). He burried a lot of money. Some was found and some was not found after he died. Really.

I sent this and other stuff to my parents and told them to start doing the same thing - but leave a map for us kids

******

And to David: My grandmother was VERY frugal like that too. In fact, after her death, my parents had one heck of a time getting rid of all the "recycled stuff" she refused to get rid of. They, my grandparents were VERY wealthy based on their work, and saved it all and were very frugal.....obviously a product of the great depression!


*****

I am actually concerned because I have savings and 401K and id be damned pissed if the government thinks they can have any of that!!

And I know my parents are already considering moving money out of the country. Sad they have to even consider that!!

[edit on 11/8/2008 by greeneyedleo]

Hey, this idea makes perfect sense! The workers get a 'guaranteed' 3% return (or whatever figure is appropriate according to Congress at the time) and anything else goes in to Social Security so it doesn't go bankrupt. And since there's now no reason to worry about Social Security folding, these workers won't need anything more than 3% anyway, since they'll get their Social Security checks.

The older voters will love this, because they don't have to worry about their checks, and we can get the AARP to back this. The younger voters won't care because they don't have much in their retirements anyway, and now they will think they will get SS for themselves.

Not to mention, that nice little influx of capital from SS surpluses won't dry up and make the government tax the people more. Gee, and all this requires is that the workers surrender their life savings. It's genius, I tell you!
[/sarcasm]

Don't expect things like this to go away folks. We are out of money as a nation, and yours is sitting there making the lawmakers jealous... that yacht is last year's model, gonna need a new one...

TheRedneck

reply to post by TheRedneck


Uh oh, don't start giving the pol.s any ideas. I never thought I'd see the day when the US of A becomes a full out communist nation. Didn't the cold war prove that commies can't survive due to their lousy economies. It looks like Chinese fascism will triumph. So much for government by the people and for the people.

Once we are in economic ruins it will be a delicious time for a large scale surprise nuke attack against the US. We could have done that to the soviets when their system crumbled but didn't. Will the devils that surround us show similar restraint? I think not.

Maybe it's time to find a new country. I hear Australia is doing well.

dingleberries, the lot of yez. Please, hurry and buy that one way ticket elsewhere. And make sure the DUMBASS stamp is clearly marked on yer foreheads.

Originally posted by irishgrl
dingleberries, the lot of yez. Please, hurry and buy that one way ticket elsewhere. And make sure the DUMBASS stamp is clearly marked on yer foreheads.

Who might you be referring to? Are you saying you like the idea of confiscating all of your hard earned savings? If so why not just hand it over to the government voluntarily. I think that makes sense. Everyone who voted for a democrat should hand over their life savings to the government. It's only fair.

reply to post by SevenThunders

The DC gang already has plenty of ideas. I'm just exposing them rather than creating them. the big question is where they'll come up with tax money when all the IRAs run out.

And no reason for me to move. The country is ripping itself apart anyway, and someone has to stay behind and start the rebuilding. Hey, when you come back, could you bring me a pet Koala?

TheRedneck

reply to post by SevenThunders


Ha, ha, ha, ha, don't make me laugh. I have no savings. They can confiscate this (exposes himself)!

reply to post by David9176


This congress you are talking about has been around for the last eight years right? Oh, that's right, they are idiots when they are democrats but when the idiots are republicans, we are in a better place. Sheesh. They are both idiots - if you voted for bush once, let alone twice you are, by your own standards, an idiot. Please don't tell me you voted for the worst president ever - please tell me you didt - if you did, and then you voted for him again, you are literally an idiot and this conversation is over - keep talking - what you have supported and said was gospel has turned out to be wrong - are you telling everyone how WRONG you were - what a TOTAL IDIOT you are for pushing for the WORST president ever? When you are so 100% wrong, why should I listen to you? You were the most wrong ANYONE HAS EVER BEEN EVER. I don't think what you have to say is worth the paper it is written upon.

ColoradoJens



[edit on 9-11-2008 by ColoradoJens]