Government Has Contemplated Seizing Pension Money for Over a Decade

When the Chips Are Down, the Government Will Be Tempted to Grab Our Assets

Ireland, Hungary, Poland, Cyprus and other countries have seized pensions as part of move by governments to use long-term assets to fill “short-term deficits”.

Russia has “temporarily” seized private pensions while it carries out “inspections”.

But certainly America would never seize our pension funds … right?

Well, after Argentina seized its pension funds, Ambrose Evans-Pritchard – International Business Editor for the Telegraph – wrote:

It is a foretaste of what may happen across the world as governments discover that tax revenue, and discover that the bond markets are unwilling to plug the gap. The G7 states are already acquiring an unhealthy taste for the arbitrary seizure of private property, I notice.

***

My fear is that governments in the US, Britain, and Europe will display similar reflexes. Indeed, they have already done so. The forced-feeding of banks with fresh capital – whether they want it or not – and the seizure of the Fannie/Freddie mortgage giants before they were in fact in trouble (in order to prevent a Chinese buying strike of US bonds and prevent a spike in US mortgage rates), shows that private property can be co-opted – or eliminated – with little due process ….


Forbes’ Richard Eisenberg claims that the government is targeting our 401ks with taxes.

Indeed, rumors have swirled around Washington that the government was considering seizing funds from our 401k accounts.

Martin Armstrong predicted last month:

Government Will Seize All Pension Funds Globally – In the US that will Include 401Ks….

And Paul Craig Roberts – former Assistant Secretary of the Treasury under President Reagan, former editor of the Wall Street Journal, listed by Who’s Who in America as one of the 1,000 most influential political thinkers in the world, PhD economist – notes that some government officials have considered this option more than a decade ago:

Matt Taibbi’s report on the looting of state and municipal pension funds in behalf of Wall Street’s financial gangsters heralds what is in store for our private pensions.

http://www.globalresearch.ca/looting-the-pension-funds-wall-street-is-grabbing-money-meant-for-public-workers/5352934

American conservatives who are so pleased that “those damned bureaucrats who live on the public tit” are getting their comeuppance fail to see the precedent for their own private pensions.

As long ago as the Clinton regime, Alicia Munnell, an economist at the Federal Reserve Bank of Boston who was appointed Assistant Secretary of the Treasury for Economic Policy, the position I had held in the Reagan administration, advocated confiscating 15 percent of private pension funds on the basis of the argument that the pensions had accumulated tax free.

The writing is on the wall for private pensions.  Once the dollar becomes too weakened by the printing of vast amounts of them in order to finance Washington’s budget deficit and to support the solvency of “banks too big too fail,” QE will have to end. Desperate for money to fill the gap, Washington will turn to confiscation of private assets should any be left after the coming economic collapse.

If this sounds like a whacky conspiracy theory, please remember that the American government has seized private assets before, and President Obama authorized seizure of property again last year.  (And the  U.S. government’s take-down of Megaupload was also an exercise of the power to seize all of the legal property held in a storage facility because a handful of crooks have illegal property in theirs.)

And the American government long ago decided to save the banks at the expense of the American people.  And many have said that the government will grab bank deposits as Cyprus did … and the Fed hasn’t exactly dispelled the possibility.

Postscript: The big banks are trying their best to grab your money before the government. Specifically, the big banks have shaved money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here, here, here, here, here, here, here and here.

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  • greg

    sorry but I must correct the above information: in ex-communist countries (Poland, Hungary,) right-wing goverments – under pressure World Bank – cancelled pay-as-you go basis pension system and privetized some part of the pensions and the effect is that state budget is collecting
    contributions to the pension scheme and part of them is passing to private pensions “companies”. The problem is that the state is responsible for paying pensions current retirement pensioners. As some part of the pensions contributions have been passed to private pension companies and state was forced to issue bonds (and “private pension companies” bought them) it means generating public debt.
    Can someone reasonable explain the benefits of such a system? So, solution advised by World Bank must be dropped to nearest junk basket and to return to the system he invented by Bismarck as the pay-as-you go basis pension system worked.

    • Jay Evens

      Debt is control mechanism plain and simple.

  • Miggy

    What was once Criminal is now out in the open & legal. It doesn’t hurt to have the masses desensitized to Criminal business practices like murder, espionage & drug trade as normal. Throw in the Criminal Politcians, Agencies & Justice System & you have a recipe for a AuthoritarianTotalitarian Fascist Police State Tyranny.

    Which is exactly what we have today.

    • Liberalism Is A Mental Disease

      “Law” is an illusion. POWER is the only reality. “The Law” = whatever the government SAYS it is. This is a reality because the government MAKES “”The Law”, & also because it has, through force of arms, (police & military) the “POWER” to force it’s will on the people. (until the people DECIDE that it doesn’t) It’s an irrefutable FACT the power corrupts people. IMO the ultimate goal of EVERY government, is to completely enslave all citizens, & legalize any/all actions of rulers, politicians & their cronies. “Rule By Decree”. If you look around, you’ll see it’s already happening. Increased corruption, bureaucracy, legislation, overreach, regulation, censorship, tyranny, injustice, oppression, etc, etc. Left unchecked, the only logical conclusion to that course of action, is total enslavement & rule by decree. (much the same way as saying that *boiling* is “the only logical conclusion” to a pot of water left on a hot stove. IMO, we’re going to see 1 global government, or a “United Earth”, sometime towards the end of this century. At that point, I honestly believe the world will evolve into a dystopian, totalitarian, “Hunger Games” (or North Korea) type situation….until some calamity (pandemic, asteroid, etc) or rebellion, puts and end to it. What comes after that is anyone’s guess.
      I predict a new “dark ages”, followed by a “renascence”, culmination in a sort of “Star Trek” type society. (in which technology provides everything, everyone is free, & money/personal gain are no longer the driving force in society)

      • wunsacon

        >> “Law” is an illusion. POWER is the only reality. “The Law” = whatever
        the government SAYS it is. …

        (Corrupted by the highest *private* bidders.)

        >> IMO, we’re going to
        see 1 global government, or a “United Earth”, sometime towards the end
        of this century. At that point, I honestly believe the world will
        evolve into a dystopian, totalitarian,

        Given your earlier not unreasonable comment, haven’t you by your own statement actually “predicted the present” — and the past?

        Reasonable ideas that I’ve seen so far (in this one comment from you)… But, I, for one, am offended by your handle, because I am, in part, “liberal”. I kindly request and suggest you create a new one, if only to remove unnecessary obstacles to discussion.

        At this point, terms like “conservatism” and “liberalism” are too broad a brush. I can’t tell whether you mean “liberals” like anti-unnecessary-war activists (e.g., Cindy Sheehan still protesting despite a “D” in office but the MSM decided to stop covering it and thus pretend like there are no wars going on), like the activists who gave us most of our personal freedoms over time, — *or* — ahem people like Pelosi whom the Republican media describe as “liberal” but who are warmongering crooks like rest of D.C.

  • Larry

    Little by little over decades to spread out the crimes and bridge generational gaps so the theft is seen as normal, everyday, business. This is government stealing from your past, present, and future.

  • Slvrizgold

    Not stealing jack sh*t from me homies. Got gold and silver?

    • Liberalism Is A Mental Disease

      Where you gonna hide it? Unless you steal it or buy it on the black market, there will be a paper trail. Then the government just sends armed thugs/police to your house with metal detectors. Bye-Bye gold & silver.

      • Jay Evens

        Drones, and they know everything before they even arrive. I know someone that has worked all his life in surveillance. The camera on a predator drone can track and individual from 15 miles up. YOU WILL NEVER SEE IT EVER

    • wunsacon

      If you’re going to share short crass nothings, please use Twitter.