- ‘Gay Jeans’ that fade into rainbow-colored denim created
- Divided court strikes down big porn award
- Jimmy Carter: Don’t hurt Russian people with sanctions
- Oldest ex-MLB player dies in Cuba, 2 days shy of 103rd birthday
- ‘Top Gun’ for drones: Squadrons of carrier-based killers have Navy’s approval
- Bill Clinton to endorse Charlie Rangel for re-election
- Pfc. Bradley Manning is now Pfc. Chelsea Manning: Court says so
- Secret base U.S. special forces used to train Libyans now under terrorist control: report
- 9th suspect in N.C. kidnapping turns self in to FBI
- L.A. sheriff admits to testing flyover spy program without notifying residents
Cyprus disaster could happen here
The events unfolding in Cyprus are examples of deja vu happening all over again (“Bank of Cyprus depositors get costly ‘haircut’; Bailout could shave off 60 percent,” Web, Sunday).
I remind the poorly informed citizens oblivious to the historical record of tyrannical machinations of government bureaucrats — including the bank closings in the United States in 1933 and President Roosevelt’s Executive Order 6102 requiring all gold coins, bullion and certificates to be delivered to the Federal Reserve.
I am surprised that few realize that what is happening in Cyprus is gaining momentum and acceptance here in America. Our wealth and assets are being devalued by the Federal Reserve’s quantitative easing, the Fed’s inflationary printing policies and the Affordable Care Act, which imposes an additional 3.8 percent tax on real estate transactions.
A more ominous and potentially destructive policy was proposed by economics professor Teresa Ghilarducci at a congressional hearing. She proposed the following: that “Congress establish universal retirement accounts. Every worker would save 5 percent of their pay into their guaranteed retirement account, to which the government pays a 3 percent inflation-indexed guaranteed return.”
Here’s the kicker: At retirement, the assets of the plan would be turned over to the U.S. government, which would then pay an annuity to the retiree. The retiree’s heirs would not receive the residual assets upon the death of the retiree.
The governments of Argentina and Hungary already have nationalized private retirement accounts. Our government’s policies and legacy do not inspire confidence that the same couldn’t happen here.
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