May 11, 2011. The savings account withdrawal limit is no more than … It goes on to say that plans to replace 401Ks would include that the “government would at least partly take over sponsorship of these accounts”. But there is another thing that many overlook. Their savings turned out to be at the mercy of politicians, who saw them as a reservoir of cash to be drained at will. This regime will be designed to ensure that, in the unlikely event a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. I'm sorry, but in order to complete what you're trying to do, you must be logged in. In 2010, the country’s government told its citizens to either remit their individual retirement savings to the state…. (Bolding for emphasis is mine. In more recent times, countries that find themselves in a debt crisis have resorted to dipping into citizens’ retirement accounts. I am a proponent of the Education Savings Account, the Roth IRA and the 529, where you keep the government’s hands off the taxes as the laws are written today. A risk that most people think “can’t happen.”. However, it’s estimated that it will only generate $8.7 billion over 10 years, which equates to 0.18% of the current budget deficit. “In a reversal of its historic support for unrestricted flows of money across borders, the IMF said controls can be useful...”. Lets get one thing out of the way first: unless you have an IRS levy or other legal judgment against you, the US Government has no legal standing to seize the contents of your private retirement account, such as your 401k, IRA, Thrift Savings Plan, your self-employed retirement plan, or any other retirement plan. Workers would put in 5% of their pay and the government would deposit $600 a year and guarantee a 3% return. As investors, our only goal is to look at what happens in the world around us and react. Since the law will raise negligible revenue, I think something else must be going on here. The government gained control over $14bn of people’s hard-earned money. Meaning, in the years 2011-2024. So, to skeptics regarding the value of international diversification, I would ask: Does the country you live in have a lot of debt? And it’s not just the Germans. I only ask because they keep asking how much I have saved when I fill benefit forms. I’m talking about amassing as much money as possible, as quickly as possible. If yes, then you can take the benefit of government subsidy directly in your post office savings account. The following quote sent shivers down my spine…. So if you die at age 85 and leave your IRA to your 55-year-old son, he could withdraw money from that … A capital levy corresponds to the principle of national responsibility, according to which tax payers are responsible for their government’s obligations before solidarity of other states is required. Neel Kashkari – the president of the Federal Reserve of Minneapolis – is the person suggesting it, to be exact. Is it unsustainable? Of course, all that sounds easier said than done, but my team and I have developed a proprietary three-step investment plan that checks all those boxes. A subtle type of debt restructuring takes the form of ‘financial repression.’ Financial repression includes directed lending to government by captive domestic audiences (such as pension funds), explicit or implicit caps on interest rates, regulation of cross-border capital movements, and (generally) a tighter connection between government and banks. I recommend you make a lot of money FAST because time is not on your side. You may recall this text from last year’s budget in Canada: “The Government proposes to implement a bail-in regime for systemically important banks.”. An article on CBS News MoneyWatch in 2014 promoted the idea that people (Americans) are incapable of planning for retirement. The appeal is that such a task, if implemented before avoidance is possible and there is a belief that is will never be repeated, does not distort behavior, and may be seen by some as fair. Carefully weigh how much money you’re willing to put into government-controlled retirement accounts (IRAs, 401 (k)s, 403 (b)s, etc.). Many don’t even care if capital controls are instituted. What’s a “bank liability”? And with a $27.2 TRILLION national debt and COVID destroying the economy. And it could very well crush your savings and dreams of retirement. Then, after all the gold was collected, he immediately increased the price per Troy Ounce of gold to $35, dropping the purchasing power of all Americans’ cash holdings by nearly 40% literally overnight. ... it could be more than just your home government that will clamp down on ... solution,” with or without outright confiscation of your savings. Lots of it. On February 12, 2014, Reuters reported on an EU commission document that states: The savings of the European Union’s 500 million citizens could be used to fund long-term investments to boost the economy and help plug the gap left by banks since the financial crisis. Fair enough, but the “capital levy” prescription is still a confiscation of funds from individuals’ banks or brokerage accounts. DISCLOSURE: FATCA was snuck into the HIRE Act of 2010, with little notice or discussion. The law will raise negligible revenue, i think something else must be logged in crush your savings dreams... 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