-- Posted Friday, 27 August 2010 | | Source: GoldSeek.com
By R. D. Bradshaw
In the past two years of publishing, the Goldsmiths and news reports at www.analysis-news have discussed two of the major problems now facing the Obama Administration and the Rothschild banking Cabal which is using the US dollar to conquer and rule the world. First, there is the manifestly obvious looming possibility of a collapse of the dollar and the US debt structure now in hock for at least $14 trillion.
And second, there is the clear evidence of maneuvers by the Cabal masters and their relatives at the Fed and Treasury to force pension funds and IRAs to buy US Treasuries which can’t be sold to suckers abroad. While nothing definite has been forced on Americans at this point in time, the hand writing is on the wall that mandatory purchases of US Treasuries will be soon coming down the pike. Then, the past week has seen a couple of articles on the planned automatic IRA program which has generated some interest on my part to prompt this Goldsmiths.
The Two Articles and their Backdrop
A blog at AOL.com had this on Aug 21, 2010 on Next They Steal Your Private Retirement Benefits which noted that bills had been introduced in the House and Senate to create the new Automatic IRA accounts to provide funding for future government revenue needs. The comment noted that at first it will be voluntary but like social security will later become mandatory. The writer added “I expect the early 3% employee after-tax contribution levels to eventually rise to 10 to 15% of compensation, rising even more than Social Security has increased over the years.”
This blog wisely added “The Auto IRA is the first step to grab and control your retirement assets… Americans will also likely be ‘means tested’ out of their promised Social Security benefits and discover their private retirement benefits will be subject to confiscatory levels of taxes and penalties which will even target previously taxed Roth IRA accounts.”
The second provocative article was from EU Times on Line (www.eutimes.net) of Aug 22, 2010 which had an article on US Said Preparing New Laws to Seize Americans Retirement Accounts. This one said that “the automatic IRA bill now in Congress is their next attack to also control, confiscate and destroy the private retirement system. Ultimately, nationalizing healthcare is designed to create a major new government revenue stream by replacing private health insurance with a nationalized, mandatory, government program and their goal is identical with your retirement plan.”
This EU article repeated the concerns from the AOL blog and noted that earlier Obama had proposed such a bill. The EU writer added “The Auto IRA is the first step to grab and control your retirement assets and replace our private system with a forced, government controlled Social Security type program. In addition they will force much of your retirement funds into buying junk treasury bonds along with the Federal Reserve when the dollar/national debt crisis hits as billions of retirement funds become the buyer of last resort when the rest of the world is dumping dollars and treasury securities.”
This EU article referred to a couple of earlier articles from www.lewrockwell.com on Get Ready for the Obama Retirement Trap as published on 1/28/2010 and The 10 Step Countdown To Retirement Plan Nationalization as published on 3/22/2010. Both of these articles were by Ron Holland, a retirement consultant in Zurich, Switzerland.
In the first article, Holland wrote: “Mandatory IRAs just proposed by Obama Administration on 1/25/10 is the 1st step in stealth nationalization & forced investment of our retirement benefits to support the treasury debt market… Today over $15 trillion is sitting in tax-favored retirement plans, including $4 trillion in IRA accounts. Retirement savings make up 35% of all private assets. Washington is broke, the deficit is soaring and Congress simply can’t wait for Americans to retire so they can start taxing these funds. The politicians are tired of waiting; they need your money now.”
In describing the coming confiscation event, Holland wrote: “At some time during the next decade, a global run on treasury debt and the dollar will also likely take the American stock market down past lows not seen since the financial meltdown crisis in 2008 and 2009. The 50% to 75% stock market pullback during the actual bankruptcy of the Washington debt and paper dollar will send shock waves through retirees and current plan participants as their private retirement plan balances plummet.
“At this time, Washington will ‘come to the rescue’ and guarantee all private retirement plan market values back to pre-crisis levels. The gullible American public will overwhelmingly support this effort by switching their dwindling funds into the Guaranteed Retirement Annuity managed by the government. For the first few years, Washington will probably label those few of us who warn that Americans have lost their retirement benefits as extremists, Ron Paul paranoids and Tea Party advocates.
“Then it will become crystal clear to all Americans that their retirement benefits have been given away for a promise by an evil group of plunderers who have never in their history kept a promise, a guarantee, or their word on anything. The greatest theft of wealth in the history of the world will have taken place and only those few who took heed of an early warning will still have their retirement benefits and security.”
Holland also added: “Although the faltering dollar could rebound in the short run, the longer-term prognosis is terminal unless Washington dramatically reduces spending and borrowing. When the global run on treasury debt and the dollar develops, the current relative minor fluctuations in values today will be replaced by a virulent death spiral of historic proportions rarely seen in world history. Sometime in the next decade, the Washington dollar collapse will take its shameful place in history at the pinnacle of fiat currency robberies by politicians and central bankers. We will lead the world in wealth lost and future generations saddled by illegitimate government debts.
“In the meantime, Americans should insulate themselves from the coming dollar and debt debacle by investing in gold bullion stored in the US, as well as outside, in secure facilities like the one offered by Global Gold Inc. in Switzerland, through mining shares, as well as through foreign currency diversification with the euro and Swiss franc. Don’t wait, take action now while you still have the opportunity to protect and preserve your wealth.”
In the second article, Holland wrote: “The coming retirement trap I write about in ‘Get Ready For the Obama Retirement Trap’ and the new mandatory retirement system proposed by the Obama Administration known as the ‘automatic IRA’ is just more Washington theft. It is the same for the eventual nationalization and confiscation of the majority of retirement benefits from successful Americans as their funds are forced into breach of a flood tide of forced liquidations of treasury debt. Their retirement funds will benefit many lower middle class, unemployed and government employees at the expense of the productive Americans who saved for retirement in the first place.
“The coming nationalization of private retirement plans and IRAs will be the greatest government theft and wealth transfer scheme in the history of the world but it will be opposed only by a small minority of productive Americans who have worked in the private sector and who have saved for their retirement years. These Americans who have saved a substantial amount for retirement will lose wealth and retirement security while the groups who have spent their entire lives feeding at the public trough will continue to come out ahead as usual in the largest theft in history. Remember, everything out of Wall Street, Congress and Washington on retirement planning is all about generating money in the form of dramatic government tax revenues for Washington and not about building real retirement security for Americans.”
On timing, Holland suggested: “The timing of the steps to retirement plan nationalization and confiscation are a very difficult proposition first because of an uncertain political situation. While I fear both political parties will move in the direction I've outlined below to retain political power, historically the Democrats have moved faster in this direction than the Republicans. But now with the revenue needs of Washington totally out of control, which side of the two-party monopoly in control of Congress and the White House may not matter in the future. Second, most of the probable causes of the next financial or foreign policy crisis depend more on what China, Japan, Iran or Israel may do than on Washington. I believe the ultimate confiscation conclusion of the Retirement Trap will take place within ten years and I have a suggested time limit for each step to help you in your retirement planning.”
Holland perceptively quoted Napoleon who stated, "History is a state of lies agreed upon" and then added a Chinese proverb: "Fool me once, shame on you. Fool me twice, shame on (me)." Though Holland noted in early 2010 that US retirement savings are now at $15 trillion (which is just about the right amount to cover the US Treasury needs), it is likely larger today (the world total is about $43 trillion (per an article by I. M. Vronsky in the Market Oracle of Feb 6, 2010).
Also while Holland projected something in the next ten years, it appears that circumstances over US debt are forcing the Rothschild Cabal masters ruling the US to move their schedule up considerably. As noted above, there is now legislation under way in Congress to start the ball rolling soon.
The Auto IRA Bill now in Congress
www.investmentnews.com had an Aug 15, 2010 article by Darla Mercado on Advisers Bullish on auto IRA measure which has now been introduced in both the House and Senate in the past several days. She says if the new proposals become law those advisers counseling small 401(k)s may lose out, but hourly planners could be among winners.
The bill as drafted will require businesses without retirement plans to provide individual retirement accounts to employees on an opt-out basis. As proposed by the Obama Administration, the plan this year could raise net national savings by nearly $8 billion annually. It would apply first to companies with at least 100 employees, and then gradually cover companies with as few as 10 employees by 2015.
Per Mercado, “Employees can deposit up to 5% of their paycheck in either a traditional or Roth IRA and choose from three low-cost standardized investment options. If the worker doesn't make any specific elections, the employer would place the default percentage — 3% of each paycheck — in a Roth IRA. The investment options would include a principal preservation fund, through which contributions would be invested in bank deposits, insurance contracts or U.S. savings bonds designed for use in auto IRAs; a fund similar to a target date or lifecycle fund; and an alternative-investment option that would have a greater equity component than the target date fund. The default investment for new participants would be the principal preservation fund until accounts reach $5,000, when the default would become a lifestyle or a balanced fund.”
The plan provides that auto-IRA employers will receive a tax credit of $250 for each of the first two years to defray the cost of adopting the plan and because some sponsors of small 401(k) plans could decide to switch, industry observers say. As drafted, it will compete with advisers who provide advice to small 401(k)s. It exempts employers from fiduciary liability if they use a provider approved by the Treasury Department (and we can bank on it that eventually the only approved plan will be US Treasuries).
The Bottom Line
Like all or most all government programs and undertakings, the scheme is to start small which won’t promote much opposition. Once the program is underway, the plan can slowly be changed and altered to expand out and cover more and more territory in later days. This seems to be what the Cabal masters have in mind on the present scheme. We can bank on it that once in place, the project will be expanded to cover more and more employees to eventual encompass all retirement savings. By then, it will become mandatory. Soon, the government will dictate that only purchases of US Treasuries will be allowed.
The Rothschild masters face a soon coming day when the US dollar and US debt will go down the tubes. In order to prepare for that eventuality, it is clear that the Rothschild Cabal master planners are looking at US retirement savings plans of at least $15 trillion as a very plausible rescue source for the failing US dollar and US debt structure. This new Auto IRA legislation may pave the way for mandatory investment of retirement savings funds into US Treasuries (too, we can bank on it that most or all pension and retirement funding in general at all levels will also in time be forced into buying US Treasuries). As the Rothschild masters apparently see it, this move would solve the US debt problems.
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-- Posted Friday, 27 August 2010 | Digg This Article
| Source: GoldSeek.com
