Don’t Say I Did Not Warn You About Your 401k…

Congress has a proposed bill that would make it more difficult for you to tap your 401K. The proposal would limit the amount of loans against the accounts and eliminate 401k debit cards. They of course are doing this to protect you from raiding your savings. The government does not want the sheep to get out of the barn before the slaughter. The bill would make it easier for people to pay back the loans, how convenient… (Do you sense my sarcasm?)

I have been warning people that the Elite are not going to stop until they wipe all of your wealth clean. (Read: The Treasury Is Coming! and Got a 401k or an IRA?) They are running out of room to thieve to keep their system going and the last big juicy fruit is your retirement accounts. This could be your 401k, IRA, Social Security, Annuity, Pension or whatever. This is just another step to close the door and not startle you. They can force you to buy “safe” bonds after the Fed and the rest of the world refuses to buy them. They could tax the funds like Ireland is doing. They could freeze the accounts and hyper inflate away the value of the account.Either way there is a target on your savings.

Many of the people I have been speaking with in my Strategy Sessions are telling me about how difficult it is to get their money out, even if they want to take the tax hit. Some have resorted to taking loans against their 401ks to get to it, which is why this legislation is coming. They figure that if they can borrow against the funds at a low enough rate it might pay to get REAL physical silver before their retirement gets raided. Others are taking the tax hit after they realize how lucky we were the Bush tax cuts got extended and that taxes or inflation may never be this low again. Throw in the very real possibility of the Government seizing the entire accounts and it makes it that much more compelling to get out while the music is still playing. Simply getting the money out of the account is one thing, but the question still remains what are you going to do with that money to protect yourself? Read the Silver Bullet and the Silver Shield for a great starting point.

21 comments to Don’t Say I Did Not Warn You About Your 401k…

  • Tyranny at the Treasury Department or How I learned to Love the Debt Bomb.

    It would be my guess that both the two headed beast of Repulicrats in Congress and Tiny Tim the tax cheat at Treasury are breathing a collective sigh of relief at the moment. They just rolled out the opening precedent for the largest theft in history and the public’s response so far has been; “the Govonator did what?” Between Arnold’s peccadilloes and those of IMF chief Strauss-Kahn they could have not asked for a better cover for or distraction from this grand little scheme.

    Maybe someone should check Geithner’s phone and email logs to see how long it took Helicopter Ben at the FED and his good buddy Blankfein at Goldman Sachs to call in their congratulations. I’d bet the first line was something like: “Debt ceiling? We don’t need no stinking debt ceiling!”

    Getting pushed up against the legislative limits, rather than actually cutting off some of the bureaucrats budgets Treasury announces that it will start “borrowing against” the pension funds of Federal employees. They further assured us saying that there was no reason to worry because the Treasury was “legally” required to pay back those funds as soon as they became available under any new increase in the debt ceiling. The justification for this little sleight of hand was that that the pension funds are held in government controlled accounts. In reality the Treasury Department is simply converting whatever equities held by those funds into Treasury bonds. The banks collect huge fees for conducting the transactions, they kick back the pocket change to the politicians in campaign contributions, everybody keeps their mouth shut, and the powers that be laugh at the rest of us while making their deposits in off shore accounts.

    So how much is in those accounts? What 2 – 3 trillion or so? Well that should be enough to keep up the spending charade for the next year or so while the public is kept distracted by the so-called “battle” over the budget and any debt ceiling legislation. Anyone who thinks this is anything but the first round in an even bigger scam to come is either stupid or already works for a politician or investment bank. With those monies now fully under their control, the Eye of Sauron will next fall upon that fat and inviting $10 trillion or so sitting in private IRA and 401k accounts. Well stealing from government employees is one thing right but how could they justify stealing private funds you say? Herein lays the all powerful and ubiquitous “commerce clause.” I can hear it already, “Well you see the government has done you the favor by allowing you to save all that money without letting Shylock, I’m mean the government taking its ‘fair share’ through taxation. So at least, what 30% – 40%, is actually the government’s money and not yours.” It will kind of be like the Germans marching into the Sudetenland, they got their foot in the door, took what they said they were entitled too and after a short breather gobbled up the rest of Czechoslovakia.
    Hey it worked for Greece didn’t it? It’s working in Spain right? The NY Times and the Washington Post aren’t running any front page stories on renewed riots in Greece or street protests in Madrid so their either not happening or there just not that important , right?

    It’ hard to believe that Congress or the Obama Administration are serious about actually cutting the profligate spending. They both know that if they do that number will come straight off the top of the GDP. But then maybe that’s part of the plan. The GDP falls, the market panics, the FED has it’s excuse for QE3, the FED loans even more money to Wall Street at 0%, they then buy up collapsing equities at bargain basement prices, the market goes back up and voila, problem solved! Better yet another couple of trillion dollars previously held by private individuals and pension funds are now in the hands of the Blankfein and friends and those now liquid funds are now ripe for the picking and conversion into Treasury Bonds!

    So instead of complaining all you ingrates need to be thankful wizardry of the banks that have saved the economy once again! Hey those T-Bills are going to make wonderful wallpaper for you luxury one room retirement condo. That is if you don’t use them all for the toilet paper you won’t be able to afford first!

  • Hi I just wanted to comment that I agree with your post and I too have written about this subject. If you are so inclined you can read it on my site or use this link . I am glad to see that there are others out there who can see the writing on the wall as most people you talk to think that this is a crazy notion that could never happen. Of course who would have thought that in our lifetimes we would have seen the problems and shennagians that have transpired over the last decade. Well keep up the good work!

  • I wrote this article on Wednesday implying the same things now that Geithner is tapping retirement funds to pay for government obligations.

  • James Woroble Jr

    What Destroyed Rome Was Its Unfunded Government Employee Pensions

  • mianne

    And the last trick will be confiscating your gold , using Roosevelt’s Private Gold Confiscation Act ( April 5th, 1933),as Roosevelt did in similar circumstances, in order to save the country from bankruptcy, as soon as the price of gold is the highest possible .

    Same circumstances, same old tricks and same victims .

    • Silver Shield

      There was a low rate of compliance and no one was arrested or fined over it.

      The world is very different place.

      Fool us once…

  • Yes; makes sense. It’s just a den of thieves who run the place at the federal level.

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