America’s Unprecedented Money and Power Grab

Who would’ve thought we’d have come so far, so fast. As described in this Bloomberg article, the U.S. Department of the Treasury is now officially looking at ways to force a portion of every 401k/IRA account—or some other as-yet-nonexistent, government-mandated employee benefit account—into “fixed payment annuities”, which in plain English, means that most of the money would be channeled into long-term Treasury bonds. Officially this is all about “retirement security” (sounds nice), but it would also constitute a de facto seizure of private assets in order to fund government deficits at negligible interest rates—a stealthier version of what recently happened in Argentina.