Your Retirement Savings or Your Government’s?

Speaking of IRAs, the little idea that was floating around a few months ago about nationalizing them, other qualified plans (401(K)’s and 403(b)’s) and pensions has resurfaced. A friend, who had never heard about this before, heard it being thrown around on one of the financial market reality game shows (CNBC I think he said). He was shocked to hear about it.

http://www.usnews.com/blogs/capital-commerce/2008/10/24/nationalizing-401k-plans-down-argentine-way.html

A simliar scheme to nationalize pension plans is being proposed in Argentina and may have already been approved.

http://www.findingdulcinea.com/news/Americas/October-08/Argentina-Announces-Plan-to-Nationalize-Pension-System.html

Do you think it’s a trial balloon being lofted?

Do they think that there’s enough pain out there yet to make such a plan work?

Since the majority of the Investment Banks have converted to Commercial Banks, are they no longer caring about gathering assets in the retirement plan sector, so there will no longer be a lobby against such a proposal?

Or will they be good with the idea because they will be the benefactors of this since someone will have to manage the accounts?

It definitely would put lot of people in the financial services industry out of business. And while this may please some who look at financial advisors with great disdain, I personally will be none too happy about it (but of course I have a personal stake in this one I will admit. I don’t think this negates my argument). But are the sheeple so tired of losing their life savings in a corrupt system that they’d be willing to turn it over to the Nanny State to take care of them?

Or are they smart enough and alert enough to see this for what it really is (a grab for the rest of the money, and control over what little is left that they don’t have control over), and break out the torches and pitchforks?

From one corrupt system into another. What a choice!

Am I asking too many rhetorical questions? ;-)

Make no mistake about it; having enough money to meet and exceed your needs is freedom, freedom to have choices. Lack of it leads to economic slavery and a lack of choices. Giving what you have over to the State for the promise of security is giving up your freedom.

Yes, there is risk involved in investing your money, but the greater risk is giving control of it over to the people who have shown a lack of responsibility in managing the money that We the People have so blindly given over to them in the form of our tax dollars. Are you really going to be so willing to let them fool you twice?