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Americans With Retirement Accounts Beware: If Our Government Does What China Just Did You’ll Be Wiped Out

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We’ve previously warned that elements within the U.S. government have been feverishly working to take control of all retirement assets in America. The reasoning, of course, is that the government can manage your personal finances better than you can. They’ve already begun plans to have workers invest their earnings directly into government-managed funds, but at some point, should we get into trouble, they may look to seize those assets outright and put them under central control. Like the idea of socialized, centrally-managed health care, this sounds like an impossibility in the Land of the Free. However, it’s already been established, with passage of Obamacare as clear evidence, that should they want to do this, they will.

 

It’s a danger to be sure, but perhaps not as dangerous as what is happening in China right now. While Chinese stock markets are in the midst of a massive collapse, the Chinese have tried just about everything to halt the crash that has so far vaporized about 25% of investor wealth in under a month. Zero Hedge asks:

What do you do when two policy rate cuts, $19 billion in committed support from a hastily contrived broker consortium, and a promise of central bank funding for the expansion of margin lending all fail to quell extreme volatility in a collapsing equity market?

The answer as far as the Peoples’ Republic of China is concerned, is to simply ban people from selling.

Yes, you read that right, as over bloated Chinese stocks disintegrate before our eyes, the Chinese government has contacted their retirement fund brokers and in no uncertain terms told them that they are not allowed to sell a single share of stock.

(Read the rest of the story here…)

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  • DJohn1

    Just what retirement accounts will be left if the stock market nose dives?
    These funds and their managers are in deep trouble right now as the government moves in on bankrupt pension funds to attempt to keep them going. Reduced benefit plans are all ready in place waiting for the day when the pensions go belly up.
    I have no real figures. I am guessing that 40% of the country is effected by old people losing their pensions.
    If you figure in the young people dependent on the old people’s pensions to survive that is a conservative figure. A lot of middle aged people are moving in with their parents only because there are no jobs left out there for them.
    Because dear old Mom and Pop are floating on the pensions given in another era. 401 K accounts are nothing compared with an actual pension. And 401K is what most employers are substituting for a pension plan in the modern world. Even if you have 50K in a 401K account you will lose everything within 2 years if you are unemployed.
    These same people have pulled the rug out from under everybody.
    Given this is the case, a lot of old people are terminal. I mean diabetes, cancer, heart trouble, Jack Ruby in the making.
    And that is what gives them hesitation. Because the Jack Rubys of this world have absolutely nothing left to lose but life itself.
    Jack assassinated the only person that could have brought to light just who was behind the Jack Kennedy murder.
    So screwing over the old people in this country is risky, very risky.
    Anyone with a decent deer rifle can do them in and they know it. Average range of a rifle and scope might be 300 yards or more. Calculating for drop with a pocket computer puts the range at 500 yards or more.
    There is no security. It is an illusion to think anyone is safe under those statistics on rifles.
    Still security makes a big show of security making people safe.
    Massive military takeover? No country has that kind of resources for long.
    We are dealing with Mom and Pop not a foreign invader here.
    WE are dealing with our brothers and sisters as well. Under those circumstances mutiny in the ranks is a real nightmare of the future.
    So the only think they can do is to put federal insurance on the pensions and guarantee that people can draw them. Then screw them blind with inflation.