As early as August 2010, some American retirees learned of disturbing proposals in Washington DC that many sources characterize as eventual confiscation of private retirement assets. This would be accomplished by forcing Americans to invest their tax-deferred monies in government bonds, which is effectively confiscation through monetary inflation, as the real value of those funds are depreciated through currency debasement. Specifically, the US Departments of Labor and the Treasury held joint hearings, during which was discussed government plans to eventually take control of all assets in IRAs and 401K accounts and replace them with US government “Treasury Retirement Bonds”, whose 3% rate of return would be less than the actual increases in the cost of livingAn article well worth your time.
Wednesday, February 13, 2013
Michael Ross reports:
Posted by Steve Bartin at 8:04 AM