PREFACE: I originally posted this on May 6, 2010. Just for giggles, I looked up the gold and silver markets on May 6, 2010.
Gold: $1170 per ounce 5/6/2010, $1603 yesterday
Silver: $17.59 per ounce 5/6/2010, $27.78 yesterday
Let’s start with citations first.
Copy and paste this URL into your browser for the HumanEvents.com article:
Where to begin, where to begin. Well, a long time ago an angel named Lucifer decided that he was going to rebel against God . . .
That might be a little too much back story, but you get the drift. Let’s fast]forward to November 20, 2007. The “Economic Policy Institute ] Agenda For Shared Prosperity” (which holds the dubious honor of having the most thoroughly COMMUNIST NAME IN THE HISTORY OF THE UNIVERSE) published its Briefing Paper #204, authored by flaming Marxist Teresa Ghilarducci.
Teresa is a member of the faculty at The New School in New York City, which is a Socialist University. Now, you might say, “Ann, ALL universities in this country could rightly be called “socialist” nowadays”. True dat. But the New School makes Berkeley and Columbia look like Oral Roberts University and BYU by comparison. No, the New School is LITERALLY a socialist university. It was originally called the “University in Exile” and was begun by a bunch of Neo]Marxist scholars who were thrown out of fascist Italy and Nazi Germany in the early 1930s. Yeah. Remember my post about how Marxists purge intellectuals? But the other, somewhat humourous angle is that these guys were such extreme Marxists that they made Hitler and Mussolini UNCOMFORTABLE. Wowzer. So, they emigrated to NYC, where they would Fit. Right. In. Dude.
So, Teresa is now a big]wig at the “Too Freaky For Mussolini” (that kinda rhymes) New School. She writes this paper called “GUARANTEED RETIREMENT ACCOUNTS: Toward Retirement Income Security”. That’s the hotlink above. Nutshell? Federal government siezes all 401(k)s and IRAs and replaces them with US Treasury Bonds. In other words, you would be FORCED to effectively loan all of your retirement accounts to the government, and continue loaning 5% of your income to the regime MANDATORILY. This would now be called a GRA, or Government Retirement Account, administered by the Social Security administration. Your “contributions” to your GRA would be automatically deducted from your paycheck, just like SocSec. Participation would be mandatory, but in the purely voluntary sense of the word, you understand. (I haven’t found the muslim exemption yet, but I’m sure they’ll write that into the final bill. The government employee exemption is already there on page 17 of Teresa’s paper.) You would not be able to tap your contributions under any circumstances. No early withdrawal, no loans. When you die, only a tiny fraction of your GRA balance would go to your heirs, and even then, it would be transferred into THEIR GRA accounts, which they could then not touch until retirement.
But the real point of this can be found on the top]right of page 12 under the header “Why not simply expand Social Security?”
“If subsidies for 401(k)]style plans and IRAs can be reallocated to Guaranteed Retirement Accounts, why not use this money to shore up and expand Social Security? This is certainly an option.”
This is an admission that there is no “lock]box” in effect on the GRA money, and it would be a FLIPPING FREE FOR ALL. The 401(k) and IRA assets in the United States are currently pegged at over SIX TRILLION DOLLARS. The Obama regime would instantly “borrow” against that money and burn through it in the blink of an eye in the Ponzi Scheme method of SocSec. It is widely thought that the first group to be bailed out by GRA siezure money would be . . . wait for it, wait for it . . . unions. SEIU is massively underfunded on its retirement obligations. So, yes, the Obama regime would sieze YOUR retirement money and redistribute it to Andy Stern and the kids over at the SEIU to bail their corrupt, lying, cheating, scheming, communist butts out. No wonder Andy Stern is the most frequent visitor to the White House. Well, that is if you don’t count Markus, who gets “that really smooth coke from Costa Rica”. I’m talking “official” visitors, here.
Teresa recently was called before Congress to give testimony about her paper and this plan.
Vice President Joe Biden is on record floating this idea as recently as February 2010 in his “Middle Class Report”. To be more accurate, Biden was told to “read these words that are written on this card, and if you read them real good, you can have an ice cream sammich!” At the same time, the Obama regime officially requested that the Departments of Labor and Treasury gather information on this scheme. This is all cited in the HumanEvents.com link above.
Finally, House Republican Leader John Boehner sent a letter on Monday night to Secretaries Solis (Department of Labor) and Geithner (Department of Treasury and Department of Needs to be Taken Out Back Behind The Woodshed and Have That Smirk Smacked Off His Lying Punk Face) saying, in essence, “back the (censored) off”.
The bill for this is already being written, and TRUST that it isn’t being written by anyone ACTUALLY in Congress. No, it is being written by flaming Communist Teresa Ghilarducci and her orcs over at The New School (too Freaky for Mussolini).
The regime, in the spirit of “never letting a good crisis go to waste” will use today’s market action and any subsequent European defaults as the crisis]excuse to push this through in the same illegal reconciliation method as they used to push through ObamaCare. Afterall, the mean old stock market is just too risky. Mamma Obama has to protect all of you helpless, stupid economic units ] ahem ] I mean “workers”, right?
My advice? Simple. GET YOUR MONEY OUT, OUT, OUT OF 401(K)s and IRAs NOW. Take the penalty. Pay the tax. Whatever. Just get your money home. Because if the regime gets its hands on it, YOU WILL NEVER SEE A SINGLE PENNY OF IT AGAIN. It will be gone forever. I have actually been preaching this for over a year now, but since I have lots of new readers, you need to hear this. I am dead serious when I say that the safest place for your wealth right now is in gold and silver coins buried in a mayonnaise jar in your back yard. DEAD SERIOUS. No joke. No funny]ha]ha. Dead. Serious.
Spread the word.
Here is Teresa Ghilarducci herself explaining her scheme. She starts out claiming this is voluntary and then states at the 14:15 mark that it is mandatory. Remember, these are exactly the same people who said that ObamaCare would drop insurance premiums and that everyone could keep their existing insurance and doctor. These people are evil Marxist liars who will say ANYTHING in order to impose their fascist will. This is what Marxists do. They lie without conscience or hesitation.
If you can’t stand to listen to this witch, fast]forward to the 13:50 mark. Listen from 13:50]14:18.
“Obama is not the only entity that is looking at what a retirement reform system should look like in detail. In the last two years, myself and two other academics working alone, we have been working independently ] we are quite, sort of, pleased to find out that we’ve come to the same conclusion, um, have come to the conclusion that we need a mandatory, um, system.”
Epilogue: MF Global, PFG Best, and now the Knight Capital “algo error”. One of the reasons that the government is gleefully relishing in the disintegration of the financial markets is because they WANT people to BEG the government to “nationalize” and “guarantee” retirement accounts. They are building a dossier to argue that the markets aren’t safe (but remember, the markets have disintegrated BECAUSE of the actions and responsorial inactions of the oligarchs and their bureaucrat cronies). That’s what Communists do. This is the Cloward-Piven Strategy in full execution. Intentionally cause the system to collapse, then whip up the “useful idiots” into a frenzy, and finally seize total power AT THE INVITATION OF THE PEOPLE. The Russians BEGGED for Lenin and the Bolsheviks. They DEMANDED tyranny. The Germans BEGGED for the Third Reich and Hitler. They DEMANDED tyranny.Before it is over here, the people of the United States, monumentally more stupid, godless and most especially HELPLESS, will BEG the government to take over their retirement accounts – to save them from the very market that the government has coordinated with the Bankster Oligarchs to destroy.
Get your money the hell out and USE IT TO PREPARE FOR COLLAPSE AND WAR.