At the end of 2010, there was an estimated 17.5 trillion dollars in United States retirement assets, including 3.1 trillion in 401k’s and 4.7 trillion in IRA’s. The idea that those who thrive on money and power would permit such an alluring trove to go untapped is laughable.
World of NewsNinja2012
December 25, 2012
Full Steam Ahead On Obama’s Theft Of IRA’s And 401k’s
[H/T to a Tweet from Adam Baldwin.
I think the “Full steam ahead…” title is an exaggeration but I do think long term there is a significant threat that politicians will claim IRA’s and 401k’s will “have” to be confiscated “for the good of the country”, “social justice”, or some other buzz phrase. “Complications” will ensue when they find very few buyers for the confiscated stocks, bonds, and precious metals. In the following political seasons similar justification probably will be given to private ownership of homes, land, and other private property. If the “complications” don’t reach “interesting” levels after the confiscations of the retirement funds they will when they start confiscating homes.
The “fiscal cliff” of next week is little more than a road turtle compared to the Grand Canyon at the end of the unfinished bridge our financial train is headed for at full speed and full power.
“Interesting” times are ahead.—Joe]