the US Government Will Seize Your Retirement Account
by Simon Black: Can
I Stop Taking Off My Shoes Now?
the footsteps of a rather ignominious list of nations like Argentina
and Hungary, the government of lreland is set to take its fair
share of private retirement funds.
debt and faced with unpopular, unrealistic, ridiculously unpopular
austerity measures, the government has announced that it will now
tax private pension savings in order to raise 470 million euros
(roughly $675 million) per year
a lot of money in a country
of only 4.4 million people.
government expects to be able to create 100,000 jobs to bring down
an unemployment rate at 14.7%. Perhaps they plan on hiring 100,000
new workers to go around the country and collect the tax.
me of what I saw in Bolivia a couple of weeks ago theres
a tax or toll or fee for nearly everything you do. Driving on the
highway (if you can call it that) outside of Santa Cruz, you pay
obviously not for the maintenance of the road, but
to pay the salary of the toll collector.
At the airport,
you have to pay an airport tax before departure
not for the upkeep and efficiency of the airport (it took 2 hours
to make it to my gate), but to pay the salaries of the guys who
collect the airport tax.
This is what
politicians consider job creation, yet these positions
only serve to destroy value. That they would stick up the retirement
funds of hard working people is even more immoral.
the best part, though. If you are a government worker in Ireland,
your pension is exempt. Theyre only going after people in
the private work force. Its truly disgusting logic to force
private workers to pay for years of political incompetence while
absolving government employees.
there are a few other loopholes as well, particularly for non-residents
and non-resident funds. Apparently those Irish who saw the writing
on the wall and got busy moving themselves and their assets offshore
will get to keep all of their savings.
not the first country to call this play, nor will it be the last.
Pension funds are attractive targets for politicians who have wide
eyes and the most carnal thoughts at the site of any large pool
Think it cant
happen where you live? Think again. Late last year, the
French government went through an elaborate process to change
its pension laws, legally allowing politicians to steal
retirement funds from the public in order to pay off other debts.
In the US,
public pensions have been raided for years, Congress routinely borrows
from Social Security to make up budget shortfalls. This is what
talking heads mean when they play down concerns of a $14 trillion
debt because we owe it to ourselves $4.6 trillion
of the debt is owed to intragovernmental agencies like Social Security.
this money being repaid to Social Security in full? Slim. The trend
is more debt, not paying off existing debt. In fact, Im convinced
that politicians have their eyes firmly fixed on the trillions of
dollars in private, individual retirement accounts (IRAs) in the
United States to fund new spending.
how it will go down:
will be some event
some sort of financial cataclysm, similar
to the market meltdown we saw in 2008 after Lehman.
the rest of the article
May 12, 2011
© 2011 Sovereign Man