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The Seizure of 401Ks

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ROTO ROOTER (CONGRESSIONAL SERVICE), a photo by WilliamBanzai7/Colonel Flick on Flickr.

QUESTION:
Mr. Armstrong, In your latest post you stated “they will seize all pension funds and 401Ks to absorb the debt.” Should those with 401k’s be looking to pay the fees and cash out?

Thank you,

 

ANSWER:
The behind-the-scene discussions on this issue are real. However, it does not appear that this seizure will emerge until 2016 or 2017. Indeed, we need a crisis for this to be ushered in. We will be publishing a special report on this subject since it is so vital to the future of everyone. For now, you are OK. The Syrian mess seems to have people lining up on Capital Hill when sources there say the phone calls coming in are overwhelmingly against any action. The politicians are ignoring the people entirely. This suggests there is indeed a secret agenda to achieve a goal outside the discussion box. That is most like the debt problem and a war is necessary to relief the pressure to curtail spending.

Read more . . . .

 

[WilliamBanzai]

Seizure of 401Ks

Armstrong Economics

Written by testudoetlepus

September 4th, 2013 at 2:02 pm

Private Property Now Subject To Seizure

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The Market Ticker

by Karl Denninger

This is ridiculous.

The bottom line is that apparently some warehouses and bullion dealers are not a safe place to store your gold and silver, even if you hold a specific warehouse receipt.  In an oligarchy, private ownership is merely a concept, subject to interpretation and confiscation.

There’s the punchline — let nobody claim that Jesse buries the lede!

If this went over your head, let me explain (and go read Jesse’s article on it) — the bankruptcy trustee is now apparently either attempting to or actually has seized customer property held in gold and silver vaults if those bars were transacted through MF Global!

A warehouse receipt is not an unallocated, nebulous claim.  It contains a serial number of one or more specific bars sitting in a warehouse.  You are in fact charged a storage fee for the service of maintaining security over your property and you have had to tender payment in full as well.  This is a bailment in any sense of the word and under any theory of law I’ve seen — and yet now, suddenly, it is proposed that your property held under bailment by this institution can be seized and stolen to pay unallocated bankruptcy claims against the bankrupt company’s estate!

This sort of action turns the entire premises of private property and bailment on its ear!  NO — and I repeat NO — property held allegedly for your benefit by any third party anywhere is safe under this “theory” of the bankruptcy trustee.  Yes, this includes something so simple as the money on deposit in your bank account.

The Market Ticker – Private Property Now Subject To Seizure

[The Market Ticker]