Obama wants everyone to invest in government debt as their retirement
As we sit hours away from President Obama’s fifth State of the Union address, a new proposal that will be offered by the President tonight has been leaked to the public. Â Sometime during his speech, Barack Obama will offer Americans the chance to save for their retirements not with equities, gold, or real estate, but with government debt… just as his administration has already done by moving Federal employee retirements into the same.
Eager not to be limited by legislative gridlock, Obama is also expected to announce executive actions on job training, retirement security and help for the long-term unemployed in finding work.
Among those actions isÂ a new retirement savings plan geared toward workers whose employers don’t currently offer such plans.
The program wouldÂ allow first-time savers to start building up savings in Treasury bonds that eventually could be converted into a traditional IRAs, according to two people who have discussed the proposal with the administration. – AP via Zerohedge
This proposal would follow newly discovered information that pension plans set aside for Federal workers have already been moved into Treasury bonds, and used to rapidly increase government debt.
I just heard from a friend of mine that who worked for the Social Security Administration for a few yearsÂ that his entire 401k has been moved from where he allocated it into US treasury bonds.
He just received his annual statement that shows all of his funds have been moved, without his permission or even notice!
This is what Max Keiser and Jim Sinclair have been predicting for over a year now.Â As far as I know, thus far this has only been applied to non-active employees, but it looks like the tip of the iceberg,Â and smacks of desperation. I thought you guys could take a look at this. Silver Dragon – Silver Doctors
Just a few years ago, the former Speaker of the House, Nancy Pelosi, was preparing a bill where the government would confiscate every 401K and IRA in the U.S., and translate those funds into a ‘guaranteed’ annuity. Â This fell through as the Democrats lost the House of Representatives in 2010, but the idea has not been far from the minds of Progressives as President Obama’s assumed proposal would be the beginning of a path to complete confiscation of more than $14 trillion owned by American citizens.
President Obama tonight will be making a speech that brings the United States to a watershed moment. Â Besides his desire to shred Constitutions authority and the separation of powers by ruling through Executive Orders, it now appears that the bankrupt government desperately needs your retirement funds to continue the American empire. Â And more and more, the old axiom of, if you don’t hold it, you don’t own it, is manifesting itself to be true as the final days of the Republic and private property rights reach the their climax.
Kenneth Schortgen JrÂ isÂ a writer forÂ Secretsofthefed.com,Â Examiner.com, and hostsÂ the popularÂ web blog,Â The Daily Economist.Â Ken can alsoÂ be heard Friday evenings giving an weekly economic report on theÂ Angel Clark radio show.