Under the rubric of “if you can destroy a thing, you control that thing” this from Doug Ross at Director Blue:
Obama Labor Dept. Sets Stage for Nationalizing Retirement Accounts
In 2013, in a little-heralded case, the U.S. Court of Appeals for the Seventh Circuit rejected the Obama Labor Department’s attempt to punish voluntary retirement plan service providers. The DOL, under the direction of the controversial, radical leftist Tom Perez, had tried to force providers of 401(k), 403(b), IRA, and related services to adopt a massive new set of regulations known as “fiduciary” responsibilities. The Seventh Circuit slammed the door shut on Labor and the Supreme Court thereafter declined to hear the appeal, which meant that the Obama administration had lost in the highest court in the land.
So, did the Obama Administration go “oh, OK”? Yeah, like a snake-oil salesman:
Of course for the “most transparent administration ever”, that step simply meant that the court’s opinion was to be rejected and that Obama would use his infamous pen to rule by executive fiat. After all, the ends justify the means, correct? On August 24th, Perez and the Labor Department confirmed they are moving forward with new regulations that would repudiate the court’s opinion. Even Obama’s SEC Commissioner issued an ominous warning that the Labor Department’s new regulations would unleash havoc and create “a mess.”
…Their intent, in my view, is to force a consolidation of the retirement service industry, just as Obamacare drove mergers and acquisitions in the health care business, leaving only gigantic corporations in its wake. These companies have become intertwined and dependent upon legislators and lobbyists in Washington. They can’t make a move without the permission of the federal leviathan. Many Democrats are open about the true goal of Obamacare: to end up with a single-payer health care system, modeled after the National Health Service in the U.K. You know, the system that was reported to have killed 120,000 seniors in 2012 alone.
…The Obama administration has its sights set on an incredible amount of your money. By some estimates, Americans are holding well over $10 trillion in private retirement accounts. For a country with debt that is clearly “unsustainable” (source: the non-partisan Congressional Budget Office), flashing that kind of figure to a Democrat politician is akin to showing a kilo of heroin to a desperate junkie.
One of the first steps the Obama administration took to signal its direction was to unveil its wildly unsuccessful “MyRA” program. This takes participants’ funds and invests them in “ultra-safe”, government-issued debt. You can be sure that the future of the retirement services business will be to extend “fiduciary” responsibilities to require advisors to leverage federal debt instruments in their clients’ portfolios. This is called “financial repression”, and it is the hallmark of a government on its way to bankruptcy. Essentially, a failing government forces investors to purchase its debt because it knows damn well that the instruments will ultimately never be repaid. Argentina and other failed countries have embarked upon this strategy prior to a full-blown currency collapse.
You can be sure that the real goal of the Obama administration is to nationalize your retirement account and to invest it in debt that will become increasingly unsellable in the open market.
After all, we all are too stupid to control our own money wisely – we cannot be trusted to make “good” decisions outside of government “help” and how best to forestall that eventuality by making sure that government is right with you all of your days of your retirement.
And it is certainly clear that you are afraid of that $18-soon-to-be-$22 Trillion national debt is unsustainable – this is the way that Obama’s Government will convince you “not to worry about that little thing – we have it under control”.
Er, and my doctor went…..where? Where did that Social Security Trust fund go? And you want me to believe my money won’t just follow them?
