Saturday, September 1, 2012

Why if Obama is elected, you can kiss your IRA and 401K goodbye.

If the President is re-elected, he will consider it a mandate to turn America into an Argentina, a previously wealthy country bankrupted by a populist ruler who redistributed the wealth to the rabble that would keep him in power, thus impoverishing the country.  Sound familiar?

As the credit rating of the country deteriorates, in order to continue to sell bonds to  finance the deficit spending, he will raid the trillions in IRA’s and 401K’s, replacing the funds with worthless, illiquid Government bonds. He will justify the action by saying things like “safeguarding people’s retirements” or “insulating people’s life savings from the uncertainties of the markets”, etc.  It’s a lie, of course, but when did that ever stop politicians of either party?

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