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Originally posted by Aloysius the Gaul
Col Craig Roberts (ret'd) explains how the Feds are planning to seize al the 401k funds and blame it on the Federal Budget Crisis - replacing the funds with Federal "instruments" so they can say "hey - we're just borrowing them...k!"
It's a long interview (50 min) - the bit about this is at the 25 minute mark - it's called Operation Blackstar.
if any thing would start a revolution, that would. people will take a lot of sh@@ but don't mess with their money.
Washington, DC, June 28, 2012 -
Total U.S. retirement assets were $18.9 trillion as of March 31, 2012, up 6.3 percent from $17.8 trillion recorded on December 31, 2011. The increase in retirement assets was driven in part by the rise in corporate equity values—for example, the S&P 500 Total Return Index grew by 12.6 percent in the first quarter. Retirement savings accounted for 36 percent of all household financial assets in the United States at the end of the first quarter of 2012.
Retirement Assets by Type
Assets in individual retirement accounts (IRAs) totaled $5.2 trillion at the end of the first quarter of 2012, an increase of 7.3 percent from the end of the fourth quarter. Defined contribution (DC) plan assets rose 7.1 percent in the first quarter to $4.8 trillion. Government pension plans—including federal, state, and local government plans—held $4.7 trillion in assets as of the end of March, a 5.5 percent increase from the end of December. Private-sector defined benefit plans held $2.5 trillion in assets at the end of the first quarter of 2012, and annuity reserves outside of retirement accounts accounted for another $1.7 trillion.
Defined Contribution Plans (401k)
Americans held $4.8 trillion in all employer-based DC retirement plans on March 31, 2012, of which $3.4 trillion was held in 401(k) plans. Those figures are up from $4.5 trillion and $3.1 trillion, respectively, as of December 31, 2011. Mutual funds managed $2.8 trillion of assets held in 401(k), 403(b), and other DC plans at the end of March, up from $2.5 trillion at the end of December. Mutual funds managed 58 percent of DC plan assets at the end of the first quarter.