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Forum Post: Is your 401K about to be nationalized?

Posted 1 year ago on Feb. 6, 2013, 11:36 p.m. EST by FifeAndDrum (8)
This content is user submitted and not an official statement

WASHINGTON, February 3, 2013 ―

The $19.4 trillion sitting in personal retirement accounts like the 401K may be too tempting an apple for a government that is quite broke, both monetarily and morally. The U.S. Consumer Financial Protection Bureau director Richard Cordray recently mentioned these accounts in a recent interview, stating “That’s one of the things we’ve been exploring and are interested in, in terms of whether and what authority we have.”

This agency, created by the 2010 Dodd-Frank-Act, is very concerned about how safe your retirement savings are. They are apparently concerned that retiring baby boomers may become victims of financial scams.

If the government takes control of retirement accounts, it will not be called "nationalization." There will most likely be an indecipherable document that provides an opt-out option (initially), but why would you want to do that? The US government only wants to ensure the safety of your retirement funds; they did after all create a new bureaucracy for that specific purpose. And what could be a safer investment than US bonds?

China’s premier Wen Jiabao recently made a very polite, but very pointed statement to the US concerning its continued policy of debt monetization (printing money to pay the bills).

“We have made a huge amount of loans to the United States. Of course we are concerned about the safety of our assets. To be honest, I’m a little bit worried. I would like to call on the United States to honor its words, stay a credible nation and ensure the safety of Chinese assets.”

It is estimated that of the roughly $2 trillion China holds in currency reserves, about half is in U.S. Treasuries. While that may not seem significant, you would not want to know what would happen should they put even half of those treasuries on the open market. While that is certainly not expected, an escalation of Japan-China tensions in their ongoing (and worsening) argument over East and South China Sea islands, with the U.S. firmly behind Japan, means anything is possible.

Assuming that the island dispute does not turn into open warfare, there is still the matter of addressing the very serious concerns that China has voiced, and many other countries echo: We are devaluing our currency, which they are heavily invested in, at a rapid pace and with no indication of ever stopping.

This brings us back to that juicy apple hanging from the tree of our life's work. Nationalizing the personal retirement accounts would allow our government to borrow even more from its largest debtor (U.S. citizens) without further devaluing the currency. While this may seem far-fetched, as international pressure mounts to maintain the value of the dollar, you will hear more about this.

If at some date we find ourselves at a tipping point in international relations, it may very well come down to nationalizing our 401K’s or going to war. Many Americans are choosing to take their penalties and withdraw their 401K funds while they still can.

http://communities.washingtontimes.com/neighborhood/politics-blue-collar/2013/feb/3/your-401k-about-be-nationalized/

20 Comments

20 Comments


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[-] 1 points by GirlFriday (17435) 1 year ago

While that is certainly not expected,

but it's always better to spread fear, amiright?

[-] -1 points by FifeAndDrum (8) 1 year ago

If several years ago you'd have been warned about massive foreclosures, high unemployment and job loss, and municipalities going bankrupt, you'd have whined about spreading fear.

[-] 2 points by GirlFriday (17435) 1 year ago

Several years ago you were warned to leave the money in pensions but all that money......just couldn't keep grubby little mitts off, yeah?

Now, there is a desperate fear that it will be untouchable, yeah?

[-] 0 points by Narley (280) 1 year ago

I did keep all my money in my 401K, and lost almost half of it in the downturn. Investing in the stock market is a gamble, no matter how you do it. In the long run I'd probably done better in a casino.

[-] 2 points by GirlFriday (17435) 1 year ago

Again. That was the warning. Are you too young to remember how this went down? Or did you profit off of it?

[-] 0 points by Narley (280) 1 year ago

Nope, a senior citizen. The bright side I recovered a lot of it by making some risky investments. What can I say, I like to gamble.

[-] 2 points by GirlFriday (17435) 1 year ago

Well, the vast majority of those people who had that switched---didn't want to and weren't given a choice. But, I'm glad you feel special. So, considering that there just might be something sliding in to protect people's retirement funds it makes the spread fear post...........funner.

[-] 1 points by Narley (280) 1 year ago

Not special, just damn lucky.

[-] 0 points by FifeAndDrum (8) 1 year ago

This has nothing to do with protecting people. It has to do with taking away private citizens assets that THEY earned because Washington DC is nothing but a bunch of thieves. I would have thought you realized that by now given the IOU's by the gubment that can't be paid for social insecurity. Just how stupid are you?

Don't you remember this???

https://www.youtube.com/watch?v=IyqYY72PeRM

[-] 1 points by GirlFriday (17435) 1 year ago

Listen, dipshit. Social Security is solvent for many years. Still worried? Lift the cap.

While that is certainly not expected, indicates that this is nothing more than spreading fear and propaganda. Which is what you are here for--Dumbass.

[-] 0 points by FifeAndDrum (8) 1 year ago

You f'n nitwit. That sentence isn't even about the solvency of Social Security. The solvency does not hinge on treasuries; it's a ponzi scheme for fook sakes. First in-first out financing.

"While that may not seem significant, you would not want to know what would happen should they put even half of those treasuries on the open market. While that is certainly not expected, an escalation of Japan-China tensions in their ongoing (and worsening) argument over East and South China Sea islands, with the U.S. firmly behind Japan, means anything is possible."

GD it! No wonder you're part of OWS. Let me spell it out for you since you're reading comprehension is challenged: that was not a complement.

[-] 1 points by GirlFriday (17435) 1 year ago

If I keep this up, will you have a stroke?

I like it when you paranoid folks froth at the mouth.

[-] 0 points by FifeAndDrum (8) 1 year ago

WTF are you talking about? My 401K is intact. I don't have to worry about losing the $$$ in it as long as I invest it. I know WTF I'm doing. The only thing I have to worry about is you grubby little government marxists confiscating private property because you didn't have the foresight to plan correctly and you don't have a pot to piss in.

Take responsibility for your lot in life and stay away from other people's private property.

[-] 1 points by GirlFriday (17435) 1 year ago

Grow the fuck up you stupid little fucking twit.

[-] -1 points by FifeAndDrum (8) 1 year ago

HAHAHA! At least you lose gracefully, tampon.

[-] 1 points by GirlFriday (17435) 1 year ago

Short dick man. There is no loss. You are a fucknut on a site with principles that you don't agree with. You are nothing more than a skanky low-life Craig's List troll.

[-] 0 points by Shayneh (-482) 1 year ago

They don't have 401K- all they have is their Apple IPAD - and their texting friends who are in the same boat.

[-] 0 points by elf3 (2501) 1 year ago

Double edge sword because when the economy falls your 401k is worthless anyway her eis the trouble with trusting your future to Wall Street and the One percent to begin with get rid of the stock market, the speculation, and nationalize the Federal bank

[-] 0 points by FifeAndDrum (8) 1 year ago

I'll worry about the economy falling. Just keep the gubment thieves the hell away from MY 401K.