December 30, 2019
ppjg
CORPORATIONS, corruption, families, Government, Taxes, The PPJ Gazette
401K, Corporate pandering, corruption, estate tax exclusions, estate theft, families, Government, IRA beneficiaries, Pam Martens, Required Minimum distribution, Russ Martens, The PPJ Gazette, The Secure Act, unfair taxations, Wall Street on Parade, Wall Street Wealth Advisors, wealth advisors
Editor’s note: I would advise everyone to subscribe to Wall Street on Parade. There is more relevant, useful, honest reporting done on that site than most places on the web.
By Pam Martens and Russ Martens: December 30, 2019 ~
Five days before Christmas, while the impeachment debate distracted voters, the President signed into law the so-called Secure Act – which was a sickening bi-partisan attack on the wealth-building capability of the middle class.
Making the dirty deed even more Grinch-worthy, the attack on the assets of the middle class comes after the Trump tax overhaul in 2017 gave a windfall to the super wealthy by doubling their estate tax exclusion from $11 million per couple to $22 million. Now someone has to pay for that and both Democrats and Republicans in Congress have stealthily decided it’s going to be Millennials – who are already buried under student loan debt with a meager average net worth of $8,000.
The only people that will gain security from the Secure Act are the Wall Street wealth advisors who are already looting two-thirds of the average 401(K) over a worker’s career through fees; the insurance industry that browbeat members of Congress into signing the legislation into law and got an insurance annuity payout option included; and the lawyers who will rack up millions of new billable hours from rewriting trusts that no longer make any sense as a result of this wholesale sell-out of the middle class in America.
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November 18, 2019
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bailouts, CORPORATIONS, corruption, Council on Foreign Relations, ECONOMY, Fed Reserve & Fiat Currency, Government, The PPJ Gazette
$21 trillion National Debt, 401K, bailouts, book-entry fiat money, CORPORATIONS, corruption, Council on Foreign Relations, deficit spending, economy, Fed Reserve & Fiat Currency, Federal Reserve, GAO, Government, government benefits, national debt, Rothschild Banks, The PPJ Gazette
Author: oldreb
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“What difference does an increase in the National Debt make? We owe it to ourselves.” virtually every congress-critter has declared. Such a paraphrased statement, reflecting on the exoskeleton structure of the Federal Reserve, ignores the inner historic mechanisms of Rothschild banking, the intense subterfuge and arm-twisting of the Fed’s creation, and the proven destructive forces inherent but hidden therein. 1
The medieval Rothschild Banks established a line of credit for the King provided the King issued a written promise to pay gold, with interest, to the bank at a time in the future. The book-entry Rothschild credit was used to pay for obligations incurred by the king. The credit continued to be circulated in the kingdom between merchants. The bankers sold the king’s interest bearing promise of gold to investors. The promise was renewed by the king on its maturing date and became perpetually rolled-over. 2
VOILA !!! The king made the suppliers of services happy with Rothschild credit; the bankers had the gold from investors; the investors had a promise the king would eventually pay them in gold—which would never happen. 3 Everything went smoothly as long as the bankers could sell the promise and the investors did not demand the gold. 4 As Benjamin Ginsburg has lamented in FATAL EMBRACE; (bankers) AND THE STATE 5, eventually the schemes, which stole the wealth from the people with book-entry fiat money, would come to a catastrophic climax. 6
The Federal Reserve system, claimed to be “staffed and run by Council on Foreign Relations members” 7 does the same thing for the U.S. government’s deficit spending. Their wizard is hiding behind Frank Baum’s curtain as obscurant to any public inquiry.8
The Federal Reserve Bank of New York will grant credit (not “create money”) in an account of the US government with an amount that the government will pledge. 9 The government will expend the book-entry-credit account (deficit spending) to pay for goods and services consumed by the government. The suppliers are content. Evidence that the supplier has received a credit voucher is obvious. [It is touted to the public as a loan.10] The heading of the currency given to the supplier by a local commercial bank is Federal Reserve Note; i.e., a debt obligation of the Federal Reserve also identified as a “tender” (substitute) required by law to be accepted for an imprinted number of dollars. 11 More
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September 7, 2010
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Uncategorized
401K, heirs, income taxes, inheritance, Investment Company institute, IRA, madatory IRA's, retirement fund confiscation, Social Security, Treasury retirement bonds
09 06 10 Confiscation of Private Retirement Accounts
By Patrick A. Heller on September 1st, 2010
“The US government plan is to eventually take ownership of all assets in IRAs and 401K accounts and replace them with US government “Treasury Retirement Bonds
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On August 26, the US Department of Labor issued a news release:
It lists the agenda for the joint hearings being held with the Department of Treasury September 14-15, 2010 on what is euphemistically called “lifetime income options for retirement plans.” The hearings are being conducted by the Labor Department’s Employee Benefits Security Administration. I don’t like speaking in tabloid-style terms, but the unstated agenda of these hearings, as I understand it, is to push for the US government to eventually nationalize (confiscate) all assets in private Individual Retirement Accounts (IRAs) and 401K plans!
The US government is desperate to get its hands on private assets to help cover soaring budget deficits and debts, and this is simply the largest and easiest piggy bank that could be seized. The Investment Company Institute estimates that at the end of 2008 that there were $3.613 trillion of assets in IRAs and $2.350 trillion of assets in 401K plans.
For more than the past ten years, I have warned readers that the US government was eventually going to go after private retirement accounts. Considered that as the most important reason to avoid establishing precious metals IRAs. Very few other writers (Ron Holland being one) have picked up on this issue as early as I did. In fact, the mainstream media pretty much ignored the subject even after a House Committee held hearings on the issue in October 2008. Obviously, an outright seizure of assets would meet stiff resistance from the public. So the confiscation will never be described as such by government officials. Expect to see terms such as “retirement income protection” thrown around. It is highly likely that such a program would be implemented in steps to help overcome public opposition. More
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August 30, 2010
Lynn Swearingen
Articles, CORPORATIONS, corruption, Fed Reserve & Fiat Currency, Government, nullification/federal mandates, Social Engineering, Social Security, Taxes, Uncategorized
401K, BLM corruption, congress, economy, government corruption, IRA's, retirement, Roths, S 3760, Social Security
Lynn Swearingen (c) copyright 2010 ALL RIGHTS RESERVED
For the purposes of this satirical piece, one will need the following definitions to assist in decoding the secret methods of stripping away the populations nest egg.
SSA : Sorry Suckers All gone : Formerly known as Social Security Administration
AARP : Another Association Ripping off People : Formerly known as American Association of Retired People
GRA : Grab Retirement Assets : Guaranteed Retirement Accounts
Introduced in the past have been Bills indicating that American Corporations are being irresponsible with their employees monetary investments (401K/IRA) and that the simple little American Folk need protecting from the big bad businesses. In order to do this, Administrations in the past have helped the under-informed idiots (us) by setting up programs that are designed to “help” us save for retirement. Seeing as the Federal Government has done such a fine job with the SSA program (never mind that for the first time since the overhaul in 1983 the program is in the red, is projected to be “less bad” and then recover nicely until it fails again in a few years) – history shows that another “assistance program” might not be such a great idea.
“While defined contribution plans have some strengths relative to defined benefit plans, participants in defined contribution plans bear the investment risk because there is no promise by the employer as to the adequacy of the account balance that will be available or the income stream that can be provided after retirement.” And furthermore, “The Agencies are considering whether it would be appropriate for them to take future steps for them to facilitate access to, and use of, lifetime income or other arrangements designed to provide a stream of income after retirement.”
We’ll just put that little data point at the back of our “unevolved-cannot-make-decisions-for-ourselves” brains until we work forward with this problem. More
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