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Experts say that a Supreme Court ruling last week has set the stage for Obama’s federal government to start seizing 401K pensions from hardworking Americans.
Noted economist Martin Armstrong has warned that the outcome of the Tibble v. Edison, which found that it is up to employers to protect their workers’ 401(k) plans from mutual funds that don’t perform well, could open the door for the feds to seize private funds and prosecute companies that manage mutual funds performing poorly.
“Between the court ruling and the Obama administration’s push for stronger fiduciary rules,” the developments send a, “strong message that government can much easier seize the pension fund management industry of course to “protect the consumer,” Armstrong wrote, warning that the ruling, “sets the stage to JUSTIFY government seizure of private pension funds to protect pensioners,” when the economy gets “messy.”
“This fits perfectly just in time for the Obama administration’s next assault as they prepare a landmark change of its own by issuing rules requiring that financial advisers put the interest of customers ahead of their own,” Armstrong added, according to Infowars. “This creates a very gray area wide enough to justify public seizure of pension funds under management.”
Armstrong also warned that this is a move towards “economic totalitarianism,” which seeks to remove physical cash altogether so that central banks can be given more power.
This is yet another example of Obama trying to take our hard-earned money for himself and his government. Since he took office, he has become infamous for his ridiculous spending habits. Now, he wants to come after our pension plans.
I don’t know about you, but I will NOT give up mine without a fight!
http://mrconservative.com/2015/05/59468-breaking-obamas-government-preparing-to-seize-401k-pensions/
“I don’t know about you, but I will NOT give up mine without a fight!”….HUH? Six years ago I told one of my sisters this was coming ..told her to take her money out pay the penalty then buy hard assets…her response to me was “Where do you get that stuff?”…meaning the information…I told her I read a lot and the info was easy to find on the internet………wondering now if I should forward this post to her
I told my manager at work for the last couple years to empty his 401K and take the penalty, or lose it all.
Still hasn’t, as far as I know.
yeah, I gave several people the same advice, but it’s hard for them to imagine anything other than the plans they made.
t.v. says everything’s o.k.
“Armstrong also warned that this is a move towards “economic totalitarianism,” which seeks to remove physical cash altogether so that central banks can be given more power.”
Well of course! It’s exactly what they are trying to do in Europe. It’s called one world electronic currency. Just put numbers in a computer and control people’s accounts. It’s a win-win for the central bankers and elite. Hang ’em all!