Nationalized retirement accounts: The coming confiscation of the retirement savings of the middle class

Nationalized retirement accounts: The coming confiscation of the retirement savings of the middle class
September 12, 2010 by ppjg

Marti Oakley (c)coyright 2010 All Rights Reserved

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Having spent the last ten years, minimally, spending without conscience or concern, the federal government has hit the wall; no one wants to buy our Treasury bonds used to finance the national debt. As one bill after another comes out of congress giving the government and its corporate buddies control of everything from our water and land to our food and health, it comes as no surprise that the final act of redistribution of wealth to the already wealthy, is, the forced conversion of private retirement investments into nationalized retirement accounts which are nothing less than the confiscation of wealth from the middle class to pay the debt run up by one congress and president after another.

Obama Administration begins the “grab” for retirement accounts

S 3760, introduced August 5 by Jeff Bingaman (D-N.M.) and John Kerry (D-Mass.) would require that employers of workers currently not covered by any retirement program pay 3% of compensation into mandatory, automatic IRA accounts. That would also have the effect of increasing the assets that the US government could then seize.

This is the Republican privatization of Social Security scheme trotted out during the Bush years, retooled and now focused on the private savings of the middle class. Now, instead of forcing you to invest any portion of your Social Security retirement in the stock market, a move which would have seen one of the greatest thefts of wealth and its redistribution to the crooks and thieves on Wall Street had they been successful, the Democrat faction has taken up the cause of confiscating private investment accounts to fund the rampant overspending of government using retirement savings of those who were able to contribute to 401(k) and IRA accounts and who have savings in private pension funds.
In lieu of the massive budget deficits and the continuance of uncontrolled spending over the last ten years by both political partys, an equally massive supply of Treasury Bonds, used to finance the debt has been floated. Unfortunately, the debt of the nation is so massive, so incomprehensible, there are no longer any willing buyers for these bonds in the number and amount needed to sustain the debt. No one in their right mind buys bad debt.

Congress intends to confiscate the estimated 11 trillion sitting in 401(k’s) IRA, and other private pension and retirement accounts, by creating a “nationalized retirement account” system, forcing the conversion of the savings and investments of American workers into a slush fund to be used to collateralize the national debt. These 401 (k) and IRA and pension accounts will be converted to Treasury bonds and sold to anyone who will buy them.

These bonds will in effect be “certificates of confiscation”.

Creating fictional accounting terms: Quantitative Easing = Theft

Quantitative easing is a tool of monetary policy and simply put is, the Federal Reserve intentionally destroys the value of our money by artificially expanding the supply in circulation (Monetizing). The effect is an increase in the circulating supply of fiat currency; of currency without regard to maintaining or recognizing its quality i.e, its actual or real value.

Quantitative easing is a fictional theory used to hide the conversion of debt into debt currency.

You are now under contract

Bond futures contracts:

Are you aware that all the money borrowed and squandered on wars, needless corporate agency expansions and creations, foreign aid, bailouts and stimulus packages, and whatever else the federal government decides to blow money it doesn’t have, on; every dime will be paid back by you, your children and grandchildren.. YOU have now become subject to “bond contract” which is indenture.

Indenture: Agreement containing the terms under which money is borrowed.

The full faith and credit of the United States is YOU. Any debt issued by the US government, your state, county or local government is predicated upon wrenching the repayment of the debt, out of you. You have been contracted into slavery.

Bloomberg reported in early 2009, that the Federal Reserve announced the intent to purchase $300B of longer-term Treasuries. In essence, the Federal Reserve is buying our debt with a valueless fiat currency created by debt, and holding it longer. This will increase the amount of debt owed compounded by the added interest and fees. In the interim, the Federal Reserve is buying up taxpayer owned infrastructure and assets, with a fiat currency valued at O.

Currently, government is looking for buyers for an approximate 2 trillion in treasuries sales.

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Bond Futures Contracts: pdf A must read to understand how bond contracts work.