US Departments of Labor and Treasury Schedule Hearing on Confiscation of Private Retirement Accounts
By Patrick A. Heller on September 1st, 2010 Categories: Featured Articles, Gold and Silver Commentary, Precious Metals On August 26, the US Department of Labor issued a news release ( http://www.dol.gov/ebsa/newsroom/2010/ebsa082610.html ). 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...