You have plenty of time to protect the money you have in your 401K, but now is the time to start thinking about it, before Cyprus happens to you

Editor's warning:  Cyprus, a small island nation in the Mediterranean,  was issued a demand:  either implement a forced wealth tax on its banking citizens,  or get out of the European Union and its access to the IMF.  Over the weekend,  Cyprus stole between 6 and 10 percent – depending on the size of the banking account – from every citizen,  against their will and without warning.  

Keep in mind that the Obama government has “leaked” more than one plan involving rolling our 401K accounts into the so-called Social Security fund. They have already held hearings on this ridiculous  (you would think "ridiculous,"  right?). 

Understand that bad ideas that have,  as their center,  the collection of money,  are Democrat ideas that never seem to go away. I think you are a fool to keep your money in a bank. I can hear you laughing,  now,  but so, too,  did the folks in Cyprus.  I hasten to add,  that I am not talking about a Federal run on our banking accounts,  but I certainly am warning about our 401k accounts.  Finally,  it is clear that the Obama government simply cannot be trusted,  and not Obama alone,  but the Boehner faction of the GOP,  as well.  

Cyprus is a beta test.  The banksters are trying to commit bank robbery in broad daylight, and they are eager to see if the rest of the world will let them get away with it.  Cyprus was probably chosen because it is very small (therefore nobody will care too much about it) and because there is a lot of foreign (i.e. Russian) money parked there.  The IMF and the EU could have easily bailed out Cyprus without any trouble whatsoever, but they purposely decided not to do that.  Instead, they decided that this would be a great time to test the idea of a “wealth tax”.  The government of Cyprus was given two options by the IMF and the EU – either they could confiscate money from private bank accounts or they could leave the eurozone.  Apparently this was presented as a “take it or leave it” proposition, and many are using the world “blackmail” to describe what has happened.  Sadly, this decision is going to set a very ominous precedent for the future and it is going to have ripple effects far beyond Cyprus.  After the banksters steal money frombank accounts in Cyprus they will start doing it everywhere.  If this “bank robbery” goes well, it will only be a matter of time before depositors in nations such as Greece, Italy, Spain and Portugal are asked to take “haircuts” as well.  And what will happen one day when the U.S. financial system  collapses?  Will U.S. bank accounts also be hit with a “one time” wealth tax?  That is very frightening to think about.  (read the full article at ETF Daily News.com,  a financial digital report).  

Obama is thinking about confiscating your 401k . . . . . or is he ??

Last December (2009), Fox News carried a story discussing the rumor of a 401k government takeover of private sector retirement funds. In the report, the Democrat Congressman interviewed denied the rumor. In fact, he ridiculed the rumor as right wing trash talk. Well, today, during the 3:00 pm hour, FoxNews brought this "rumor" back into the lime light. The "Willis Report" will discuss this strategy on Monday. Midknight Review will keep you informed. In the mean time, here are some comments detailing who is behind this proposal and the "reasoning" for its [potential] implementation from accounting web. We give you their thoughts on the matter :

As I pointed out in my blog post about Entitlement Spending, the Social Security and Medicare trust fund has over $100 trillion in unfunded liabilities. How will Washington pay for this or make up the shortfall? Tax increases are an obvious solution, reducing benefits will have to be part of the equation. What other options exist?

One option would be to take the suggestion of the Service Employees International Union (SEIU) that wants to centralize all retirement plans for American workers, including private 401(k) plans, under one new retirement system for the United States. They will call it Retirement USA and they actually have a website.

The SEIU suggests this plan would provide universal security and adequate income for future retirees. This pool of assets – yours, mine, everyone else’s, and the unfunded liability of social security would be professionally managed. . . . . READ MORE >>>

Editor's notes: understand that the information in that last paragraph, presenting the union's tripe concerning reasons for taking over private retirement funds, is an utter lie. What will actually happen to existing 401k funds? Our Marxist redistributive government will put these private funds into the General Fund and, at the time of your retirement, tell you what you have coming. Hint: it will be the same amount as Social Security !! THAT is the little discussed secret. This is nothing more than the Socialists taking your money and giving it to the unions. Period.

Our recommendation: pay attention to this particular strategy. If it appears that it will happen, take your money out of these programs and go elsewhere with your retirement investments.