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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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From: Secret_Agent_Man	10/28/2008 6:48:37 PM
	2 Recommendations Read Replies (3) of 436258

Well, something much worse is on the horizon. On October 7, Congressman George Brown conducted a hearing of the Committee on Education and Labor about "Saving Retirement in the Face of America’s Credit Crises: Short Term and Long Term Solutions." Economics Professor Teresa Ghilarducci of the New School for Social Research testified on "The Impact of the Financial Crisis on Workers’ Retirement Security." Although she used words like "should" and "could", basically her proposal advocates that private retirement plan (focusing on 401K plans) assets be converted 100% into federal government bonds paying 3%. At the time that the recipient started collecting Social Security, the bonds would be converted into a monthly annuity payment that would expire at the death of the recipient. There would be none of these assets left in the estate for any heirs. As part of the bribe to make the nationalization of retirement plans attractive, she advocates converting the retirement plan assets into government bonds as of the value they had before the most recent stock market drop (she specifically mentioned fixing values at some day in August). Going forward, workers would be required to pay 5% of their income to purchase more government bonds to add to this account. Workers would get no tax deduction for this contribution, but the government would contribute $600 per year into the nationalized retirement account of anyone who received a paycheck at any time during the year. I don’t know that anything will come of this in this Congress, but don’t be surprised if it comes up again next year. One thing that scares me about this proposal is that it would nationalize all precious metals retirement plans along with the rest, to be replaced with government debt. If someone wants to hold onto their precious metals, they need to seriously consider holding them outside of their retirement plans. If you have precious metals IRAs or other retirement plans, you might want to look at getting them out before it might be too late. I don’t mean to be alarming, but these are alarming times. I would much rather signal the alert a few months early than one day too late. Pat Heller Liberty Coin Service Lansing, Michigan

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