God, Hope & Helping Others
I’ve found bank deposits are easily seized by the banks in an emergency, as the monies deposited in the accounts are considered owned by the bank, not by the depositor. I’ve found that the Department of Homeland Security has been to banks and looked into the Safe Deposit Boxes and cataloged the contents, seemingly without the depositors permission. I would say that anyone having money in a bank or has a Safe Deposit Box within a bank, is likely to find out that what they thought was owned by them, legally belongs to the bank. Having stated that; if one had a bank account to merely pay bills and maintained a minimum balance, I guess that would be alright. The convenience is understandable and the potential loss would be minimal.
I’ve also been researching the possible confiscation of gold, silver and retirement plans by government. Currently, there seems to be no legal way to seize the funds. However, the groundwork has been laid and I believe, can be implemented easily. The government only needs the right emergency. Here is some information I found useful. Here is the site: https://www.bankonyourself.com/government-seizure-retirement-401k-i...
Is it far-fetched to wonder if the government could take control of your retirement savings in 401(k)s and IRAs? Or is that just a paranoid conspiracy theory? The fact of the matter is that it’s not far-fetched, or a conspiracy theory. The groundwork has already been laid. And the government already gave banks the green light to seize your bank accounts.
An article in American Thinker titled “The Feds Want Your Retirement Accounts” revealed that, “Quietly, behind the scenes, the groundwork is being laid for federal government confiscation of tax-deferred retirement accounts. Slowly the cat is being let out of the bag. And Bloomberg reported that,
“The U.S. Consumer Financial Protection Bureau is weighing whether it should take a role in helping Americans manage the $19.4 trillion they’ve put into retirement savings.”
For the last 18 months, the Treasury Department has been testing the “myRA” program – which Obama created through executive order – no Congressional approval needed. The myRA, which stands for “My Retirement Account” supposedly “guarantees a decent return with no risk of loss.” And the only investment allowed in this account is a low-yielding Treasury security. Of course, the Treasury wants to get more people signed up for this program, because it means more funds flowing right back into the U.S. Treasury to help the government meet its voracious borrowing needs. How convenient…
The Obama administration has also floated budget proposals that would limit how much you can accumulate in IRA’s, 401(k)s and other qualified plans. The government’s rationale: “Some individuals are able to accumulate… more than is needed to fund reasonable levels of retirement saving.” Because the government created these plans, they know where your money is and how much you have there. And nobody knows what the next administration has planned for us.
Banks ALREADY Have the Authority to Seize the Money in Your Accounts. Few people I’ve talked to are aware that the 2010 Dodd Frank Act ensured that financial institutions will not be bailed out by taxpayer dollars in the next crisis. Instead, they will be “bailed in” by shareholders and anyone unlucky enough to have deposits in those banks. The bottom line is that the next time your bank fails, you become a shareholder, NOT a depositor – and your deposited money will be used to save the bank. Your money won’t be insured by the FDIC then, either. So How Can You Protect Yourself and Your Hard-Earned Savings? The solution is to keep very little money in the banks – only enough to pay for current expenses.
I agree with the information contained within the article to this point. Then, the article which is written by someone connected to an insurance company, gives their solution to retirement investing.
It seems to me that the bankers, portfolio managers and anyone entrusted to handle your money safely and honestly do not exist. I foresee world war on the horizon. Which means instability. Which means financial collapse. In my opinion, those trusting in the safety of their gold, silver and other precious items remaining safely in their possession, are trusting in an illusion. Even if you have it in your physical possession; I believe it shall be taken from you. Liars are everywhere and will deceive even you my fellow human being. Just something to think about.