Is your 401k Safe? – Portugal raids pension funds to meet deficit targets

Posted on December 5, 2011 by

2




Portugal has raided €5.6bn (£4.8bn) of pension fund assets in a controversial scramble to meet its deficit targets.

Portugal said it had informed the EU and IMF and assured them it would be a “one-off”. However the 2010 budget was met by shifting three pension plans from Portugal Telecom on to the public social security system. The liabilities don’t count, yet.
source : www.telegraph.co.uk

This thought has been brought up in the halls of congress on more than one occasion.

In November of 2008 the Carolina Journal Online carried a piece titled: Dems “Target Private Retirement Accounts” where “leaders” in the U.S. House discussed confiscating 401(k)s, and IRAs and turning them into a GRA (Government Retirement Account).

I suppose that after looting the Social Security Trust Fund and after guaranteeing 14 trillion dollars of taxpayer dollars to the people who blew up the economy, Congress is now brazen enough to think that it can steal 6 trillion more.

This time by confiscation.

According to the article: “Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.”
Source : www.financialsense.com

On August 5th  2010 Sen. Jeff Bingaman [D-NM] during the most corrupt congress to ever convene in Washington DC  sponsored a bill that would do just this very thing TAKE OVER YOUR 401k, as they have now done in Portugal.

S. 3760: Automatic IRA Act of 2010

111th Congress: 2009-2010

A bill to amend the Internal Revenue Code of 1986 to expand personal savings and retirement savings coverage by allowing employees not covered by qualified retirement plans to save for retirement through automatic IRAs, and for other purposes.
source : www.govtrack.us

Moving up the time line….. Bob Chapman on May 23rd 2011 starts out his video interview below discussing QE3.

  Well here is the headline for you exactly 6 months later.

Click to read full article

Bottom line here is a dire warning. Your retirement accounts are NOT SAFE in this rigged stoick market where everything is proped up just long enough to finish looting the middle class of any and all retirement funds it has.  Agenda 21 comes to mind.  If you do not know what Agenda 21  is I suggest you read the linked pdf provided ON THE UNs VERY OWN WEBSITE.  It should scare the ever loving shit out of you!  If it does not your more than likely an absolute idiot or complicit in the rolling out of the agenda itself.

My advice: You would do better banking with the Sealy Posture-Pedic Savings and Loan.  And convert your 401k and any subsequent saving into Ammunition, Guns, Store-able Food, Silver and of course Gold.  And I would do so in that order.  The government is not your friend.

Advertisements