This is a sponsored article by a valued partner:
At the recent Western Conservative Conference held in Phoenix, AZ, there was an open forum session called “Is an Economic Collapse Coming?” Jim Clark, CEO of Republic Monetary Exchange, presented some talking points regarding the outcome of our nation’s long term debt problem: default, inflate, or, as recently announced, the implementation of a government retirement fund called myRA…?
What is myRA?
Advertisement – story continues below
For the past year I have been talking about the looming reality of government intrusion into Americans’ retirement accounts. My predictions became an unfortunate reality during the State of the Union Address on Tuesday, January 28th when President Obama made an official first step in unveiling his plans for you and your retirement. The President revealed a new plan called “myRA”, which will be a government managed retirement plan. Obama signed this program into effect one day after his announcement by his executive order.
How is the myRA program connected to our country’s massive debt?
To answer that question, let us first look at Obamacare. This administration has made it clear that they want to “help” Americans manage their healthcare decisions, hence the implementation of the Affordable Health Care Act… and we all know how well that program is going. Take a step back. Do you really think our government is extremely worried about the average American managing his or her healthcare decisions? In the same vein, do you think a primary goal of this administration is to see Americans retire with comfortable wealth? Or, could this all be a front? Perhaps this is a way for our government to make it seem like they are helping American citizens. Could it be they are really just breaking down barriers between a government’s liability that is over $17.3 trillion in debt, and the $19.4 trillion assets in retirement accounts?
Our country is heading at light speed toward a “Bail In”, a term that might be new to many. Shifting from domestic to global economic affairs, consider how other countries have dealt with their debt burden via “Bail Ins”:
Advertisement – story continues below
- The National Pension Reserve Fund was brought into existence in Ireland in 2001. The purpose was to support the pensions of the Irish people. The citizens of Ireland paid into their private pensions and, in 2009, their government seized 4 billion Euros to rescue their banks. Then again, in November of 2010, the remaining funds left over, which was 2.5 Billion Euros, was seized to bailout the rest of the country.
- In 2010, the government of Hungary seized 14 Billion Euros in private pensions to reduce the budget gap, while avoiding painful austerity measures.
- In Bulgaria, their government confiscated 300 Million Euros of private retirement savings to fund their state pension in December of 2010.
- The French Parliament, with an elaborate process to change pension laws, decided to seize 33 Billion Euros from their citizens to support government spending. This took place year before last and transpired in just a matter of a couple of weeks.
A total of eight countries have raided retirement plans since 2008 to support their government being upside down. Is the United States going to be next on this growing list?
Government intrusion is not something new; it is a defining characteristic of this current administration. Assisting Americans with government healthcare and retirement account management blurs the lines between “offering” and “forcing”. These blurred lines and empty promises can only lead one to conclude that, unfortunately, our government has hidden agendas.
There is a way to shield yourself against government intrusion with a self-directed retirement account that ultimately puts four steps between you and the government. While it is a simple process, it must be done correctly. For more information, you can turn to IRA experts like Republic Monetary Exchange. There is still time to protect your wealth, but the debt clock is ticking.
The views expressed in this opinion article are solely those of their author and are not necessarily either shared or endorsed by the owners of this website.