Experts say that a Supreme Court ruling last week has set the stage for Obama’s federal government to start seizing 401K pensions from hardworking Americans.
Noted economist Martin Armstrong has warned that the outcome of the Tibble v. Edison, which found that it is up to employers to protect their workers’ 401(k) plans from mutual funds that don’t perform well, could open the door for the feds to seize private funds and prosecute companies that manage mutual funds performing poorly.
“Between the court ruling and the Obama administration’s push for stronger fiduciary rules,” the developments send a, “strong message that government can much easier seize the pension fund management industry of course to “protect the consumer,” Armstrong wrote, warning that the ruling, “sets the stage to JUSTIFY government seizure of private pension funds to protect pensioners,” when the economy gets “messy.”
“This fits perfectly just in time for the Obama administration’s next assault as they prepare a landmark change of its own by issuing rules requiring that financial advisers put the interest of customers ahead of their own,” Armstrong added, according to Infowars. “This creates a very gray area wide enough to justify public seizure of pension funds under management.”
Armstrong also warned that this is a move towards “economic totalitarianism,” which seeks to remove physical cash altogether so that central banks can be given more power.
This is yet another example of Obama trying to take our hard-earned money for himself and his government. Since he took office, he has become infamous for his ridiculous spending habits. Now, he wants to come after our pension plans.
I don’t know about you, but I will NOT give up mine without a fight!