I’m beginning to hear rumblings of a rekindling of interest by the Obama administration in the vast amount of money resting in IRAs of “the elderly.” I’ve always suspected that Obama coveted that money as a quick cure to his deficit problem.
I think that he will use his earlier bailout of banks as the “open sesame” to gain access to your bank. (Remember when some banks could not refuse bailout money, whether they needed it or not?)
I think that he intends to get that favor repaid by nationalizing our funds. Think of it — he could appeal to his base by categorizing the action as a means by which “the rich” (anyone who has worked all their lives and saved a couple of bucks) can do their fair share in bailing out their country. I thought that nationalizing privately held gold would be his first step, but this is much smarter. (Remember, privately owned gold has been grabbed, before — in 1933.)
Nationalizing IRAs would further promote skyrocketing gold prices. Then, when gold is grabbed at an inflated value, it will go further toward the Big Bailout.
I still think this is Obama’s light at the end of the tunnel. Seeing how he phrases it will be interesting. I suspect that it will be considered a mandatory annuity to be administered by the government. (That worked so well with Social Security.)
There will be no right of survivorship. Sort of the ultimate death tax. He may soften the blow by exempting IRAs with holdings lower than $200,000. Do you remember, in the 2008 election, how he initially put the definition of “rich” at $1 million?
Within a very short time, it dropped to $500,000 and then to $200,000. He seems to have settled on that amount as a fair share of your own money that he will leave totally under your control.