Supposedly in order to stave off an “economic apocalypse”—reminiscent of the banshee Barack Obama’s recent sequestration road show—Cyprus called for a “tax”—that is, confiscation—of between six and ten percent of its citizens’ bank accounts.
Yesterday, they floated the idea of nationalizing—that is, confiscating—pensions.
Today, the European Union is pushing to “freeze”—that is confiscate— bank accounts of the “bad” banks—forget about six and ten percent; they’re talking about forty percent!
They use terms like “tax,” “freeze,” or “nationalize”; but the operative word here is “confiscation.”
Obama would call it “paying their fair share.”
Although “theft” would be the word most would use.
The whole fiasco matters little as far as Cyprus is concerned. We’re talking about the EU wanting to “freeze” $13 billion. America spends that much funding Obama’s endless golf outings.
But when Americans heard that the European Union could force a sovereign nation to confiscate private citizens’ bank accounts, there was a collective gasp. Our economy is intimately tied with the European Union; and in fact, Americans have largely funded the endless bailouts through our having to pony up funds for the IMF. So when it was heard that the EU could confiscate private citizens’ bank accounts or pensions, we knew they could do it to virtually any country in the EU—and in fact, many now are talking about a “tax” of 15% on Italians’ savings. What country is next? Germany? The UK?
What about the United States?
Not at all. Obama and his gaggle of leftists were actually floating the idea of nationalizing 401Ks and IRAs in 2010—and only were stopped in their tracks when they lost the House in the 2010 midterms.
Under the auspices of a “bailout” for Big Labor’s bankrupt pensions—the same Big Labor that has donated half a billion dollars to Obama’s endless campaign—Democrats were planning on confiscating Americans’ retirement accounts and funneling the money to their Big Labor backers. The cover was the creation of what they called a Guaranteed Retirement Account—GRA—another government takeover that dwarves ObamaCare’s takeover of the healthcare industry.
Is this something a radicalized Obama administration floated, then rejected, in 2010?
Not at all. Obama’s just doing it, as always, via a Trojan Horse. Called “Automatic IRAs,” Obama’s budget proposals for 2013 include a preliminary government takeover of Americans’ retirement accounts by mandating employers contribute a certain amount to their employees’ retirement.
Of course, this employer mandate sounds oddly similar to ObamaCare’s mandate to buy health insurance, which is nothing more than a Trojan Horse for single-payer—that is, socialized healthcare.
And the “Automatic IRA” will be a Trojan Horse for nationalizing retirement accounts.
But this is only the beginning. Barack Obama and his gaggle of leftists are out for the motherlode: full-blown socialism.
Behind the scenes, the Obama administration is waiting for the European Union to collapse; waiting for the U.S. stock market to crash; and, like a vulture waiting for his prey to die, waiting for the U.S. economy itself to collapse.
Enter George Soros, dubbed “The Man Who Broke the Bank of England,” who funneled hundreds of millions of dollars out of the British economy with the collapse of the British pound and is now about to gut the European Union with the impending collapse of the Euro.