Monday, January 25, 2010

IRA & 401k Theft Plotted By US Government

The State of America is not good. Criminals rule, and the righteous are in prison.

I've warned in the past that the US government is more likely to confiscate your IRA and 401k than your silver or gold. Why? Because that's where the money is!

Personally speaking, I cashed out my own IRA over the last few years, after reading the handwriting on the wall, because the government began discussing confiscating IRA accounts. Well, they are at it again. Read the article in Businessweek, from Jan 8th:

4th paragraph down reads:

"The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort."

They want to "get" people to invest their 401k's and IRA's into annuities, or likely into bonds, which are in the biggest overvalued bubble the world has ever seen.