The Government Wants Your IRA

transcript of Rick Santelli’s discussion

Market Ticker

Business Week said:

The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.

And this is why the survivalists are gaining traction.

I have an old friend who is converting his life time savings into gold, silver, ammunition, booze and other non-perishable staples for what he believes is the inevitable “economic crunch.” I hope he is wrong that it is imminent, but at least now he can rest easy knowing that the government can’t get to his nest egg, and based upon the recent price of ammunition and gold/silver it is appreciating nicely.

from the Rofasix

By the way, this was proposed in 2008 in Argentina and is now fact in Argentina.

If we’re going the way of Argentina, we are in a world of hurt.