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IRA confiscation: it’s happening

Uncle Sam

I have an old acquaintance named Sam who has a hell of a deal for you.

Sam is actually a pretty famous guy with a big reputation. Unfortunately he has been a bit down and out on his luck lately… but he’s trying to make a comeback. And Sam is prepared to float you a really great investment opportunity.

Here’s the deal he’s offering: you give Sam your hard-earned retirement savings. Sam will invest your funds, and pay you a rate of return.

Granted, the rate of return he’s promising doesn’t quite keep up with inflation. So you will be losing some money. But don’t dwell on that too much.

And, rather than invest your funds in productive assets, Sam is going to blow it all on new cars and flat screen TVs. So when it comes time to make interest payments, Sam won’t have any money left.

But don’t worry, he still has that good ole’ credibility. So even though his financial situation gets worse by the year, Sam will just go back out there and borrow more money from other people to pay you back.

Of course, he will be able to keep doing this forever without any consequences whatsoever.

I know what you’re thinking– “where do I sign??” I know, right? It’s the deal of the lifetime.

This is basically the offer that the President of the United States floated last night.

And like an unctuously overgeled used car salesman, he actually pitched Americans on loaning their retirement savings to the US government with a straight face, guaranteeing “a decent return with no risk of losing what you put in. . .”

This is his new “MyRA” program. And the aim is simple– dupe unwitting Americans to plow their retirement savings into the US government’s shrinking coffers.

We’ve been talking about this for years. I have personally written since 2009 that the US government would one day push US citizens into the ‘safety and security’ of US Treasuries.

Back in 2009, almost everyone else thought I was nuts for even suggesting something so sacrilegious about the US government and financial system.

But the day has arrived. And POTUS stated almost VERBATIM what I have been writing for years.

The government is flat broke. Even by their own assessment, the US government’s “net worth” is NEGATIVE 16 trillion. That’s as of the end of 2012 (the 2013 numbers aren’t out yet). But the trend is actually worsening.

In 2009, the government’s net worth was negative $11.45 trillion. By 2010, it had dropped to minus $13.47 trillion. By 2011, minus $14.78 trillion. And by 2012, minus $16.1 trillion.

Here’s the thing: according to the IRS, there is well over $5 trillion in US individual retirement accounts. For a government as bankrupt as Uncle Sam is, $5 trillion is irresistible.

They need that money. They need YOUR money. And this MyRA program is the critical first step to corralling your hard earned retirement funds.

I don’t know how much more clear I can be: this is happening. This is exactly what bankrupt governments do. And it’s time to give serious, serious consideration to shipping your retirement funds overseas before they take yours.

(Note to members of our PREMIUM intelligence service: look for the recent actionable alert on this topic).

Our goal is simple: To help you achieve personal liberty and financial prosperity no matter what happens.

If you liked this post, please click the box below. You can watch a compelling video you’ll find very interesting.

Will you be prepared when everything we take for granted changes overnight?

Just think about this for a couple of minutes. What if the U.S. Dollar wasn’t the world’s reserve currency? Ponder that… what if…

Empires Rise, they peak, they decline, they collapse, this is the cycle of history.

This historical pattern has formed and is already underway in many parts of the world, including the United States.

Don’t be one of the millions of people who gets their savings, retirement, and investments wiped out.

Click the button below to watch the video.

About the author: Simon Black is an international investor, entrepreneur, permanent traveler, free man, and founder of Sovereign Man. His free daily e-letter and crash course is about using the experiences from his life and travels to help you achieve more freedom.

Comments on this entry are closed.

  • Castle_Nut

    Didn’t this same kind of thing happen in Argentina when they went broke?

  • Peetey mikes

    Please, please someone suggest me.if i take out or liquidate my IRA,What should i buy or invest it where the government is not the middle man or able to get any of my wealth.. If the system goes broke or if the world rejects the dollars,i know after liquidating my ira account,ill have to turn those cheap paper dollars into some form of value(precious metals or coins?)..Let me know your suggestions, i cannot lose again value of my retirement, i already was hit hard in 2008 housing bubble on my 401k.Im not going to allow to be a victim of the government.

  • Mark Jackson

    You’re misleading your readers. MyRA is for low income people just starting their savings; once your assets reach $15,000– a teeny, tiny, pinkety little chump change number– they’re moved to a private IRA. Get it? It’s not your IRA money being taken over by the government; it’s your money the government already has being forced out of a government account and into a private account.

    This isn’t even remotely like one’s IRA getting confiscated. That’s not to say that *that* couldn’t happen, but *this* isn’t an example of it. It simply *isn’t*.

    Your ideology is clouding your sanity on this one.

  • Chris

    Hi Simon,
    Would you be willing to shed some light on : How governments that take 0% income tax and 0% sales tax run? Dubai , UAE comes to mind. as well as Kuwait and bunch of other tax heaven islands. If they can provide education, health and security for their citizen without taking tax . why is it too difficult for western countries?


    PS: just reading the news , Saudi Arabia cutting voice calls rates by 40% . just saying.

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