Further to yesterday’s first instalment in an ongoing series covering governments’ confiscation of retirement savings around the world – and how Barnaby has warned it is coming to Australia (“No Super For You!“).
From Bloomberg:
Workers will be limited in tapping their 401(k) retirement plans for loans under legislation two senators plan to introduce today that’s designed to counter the erosion of retirement assets.
“During these difficult economic times, we are increasingly seeing 401(k) funds being treated as rainy-day funds,” Senator Herb Kohl, a Wisconsin Democrat, said in a statement obtained by Bloomberg News. “A 401(k) savings account should not be used as a piggy bank for revolving loans.”
Now why would the US Government really want to stop their citizens – 1 in 7 (44 million) of whom are living on food stamps – from accessing their own retirement savings?
As we saw yesterday, the US Government hit its $14.3 Trillion borrowing limit on Monday. It is tapped out.
So the US Treasury has announced that it is now taking Federal workers’ 401K pensions – the equivalent of our super funds – to service the governments’ bills and postpone a debt default. Something that Barnaby Joyce warned could happen, back in late 2009.
It is pretty clear that this latest development has nothing to do with protecting “workers” retirement assets.
It’s about quarantining those funds, so that the US Government can follow the lead of Argentina, Hungary, and Ireland, and begin pilfering non-Federal worker retirement savings too.
If you don’t believe it could happen here, consider Barnaby’s warning last week:
Consider too, that Gillard Labor has already introduced legislation in last week’s budget, aimed at “encouraging” our super funds to “invest” in government “infrastructure”. That is, in Labor-managed spending programs.
Think pink batts. And school halls.
And finally, consider the words of PM-in-waiting and Minister for Superannuation, Bill Shorten:
Superannuation is our sovereign wealth fund
Labor have their eyes on Australian workers’ $1.3 Trillion in super savings already.
Don’t think it can’t happen here.
UPDATE:
From Sovereign Man:
There are certain times in life when a man is faced with overwhelming adversity… times when he has no reason to adhere to society’s norms anymore. It is in these instances that the true quality of his character comes shining through.
One of these situations is when he’s broke. Dead, flat broke. Some people, even when staring deep into their own financial abyss, still hold to their moral principles, honor their obligations, and keep their word.
For others, the boundaries of morality are quickly blurred into shades of gray, and things like fraud, thievery, and deception become perfectly legitimate tactics in their minds.
Speaking of broke, faced with what is tantamount to the official insolvency of the United States of America, policymakers have opted to seize funds from the retirement accounts of public sector workers in order to keep the government running.
Barnaby Is Right 
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