Far-fetched or not? Some experts believe the U.S. could confiscate IRA assets (now totaling over $7.8 trillion!) and force everyone into a collective government retirement plan.
Summer 2017 — There is no more tempting pool of cash for free-spending Washington to grab than America’s retirement plans.
Total IRA assets are almost $8 trillion in size, but are largely inaccessible to the government because they are in individual accounts. But that could change very fast.
Former Congressman Ron Paul doesn’t mince words when speaking about this threat: “They’ll use force and they’ll use intimidation and they’ll use guns, because you can’t challenge the State and you can’t challenge the State’s so-called right to control the money,” warns Paul. “It’s already indicated that they will confiscate funds and they will [confiscate] pension funds.”
Consider the facts:
When times get tough, national governments often look to retirement plans for relief. Ireland, Poland, France and Hungary have all dipped into private and public pension funds to cover their financial mismanagement.
Few investors know that the U.S.A. has borrowed from public retirement plans before.
This happened most recently in March 2017, when the Treasury borrowed from federal retirement pensions to cover shortfalls. But it has actually happened three times total since 2011 alone, mostly due to the effects of America’s spiraling debt.
In short, it isn’t a short leap to go from grabbing public employees retirement cash to grabbing private investors’ accounts too. With the national debt spiraling above $20 trillion in 2017, politicians may soon not have any other choice.
KEEP THE TREASURY’S HAND OUT OF YOUR COOKIE JAR
Don’t let the greedy U.S. Treasury to access your retirement wealth at will to cover their own financial mismanagement.
America is swiftly passing $20 trillion in national debt and accelerating. The economy is in the grips of a Federal Reserve that is rapidly losing the confidence of investors.
Our government’s plan to boost domestic spending and defense budgets while cutting taxes will only accelerate our debt’s expansion and hasten the decline of the dollar.
A PATTERN EMERGES: CONFISCATION HISTORY
You don’t need to go far back in history to find other obvious examples of this disturbing trend towards increased nationalization of American’s spending and wealth.
Just a few years ago, the U.S. nationalized about 1/6th of our huge economy. The Affordable Care Act (so-called Obamacare) made a quick land grab of the health care system by applying forced mandates.
This was no small win for the government: they effectively seized $1.6 trillion in yearly revenues.
What could be the trigger? A stock market crash is the most likely.
Imagine a stock market down 30-50% in a matter of months. Millions of retirees thrown into financial ruin or just unable to retire. The perfect time for government to offer a “solution” in the form of a nationalized retirement savings system.
Once the $8 trillion is in their hands, it will only be a matter of time before financial shortfall becomes the excuse to “borrow” this money.
Physical assets provide a level of protection that paper-based assets can not.