Is IRA Confiscation in the works?

[American Patriot]

Check this out, I found this article this morning.

It also raises a HUGE red flag to me. The part about creating an LLC owned by an IRA.... oh boy.

If you have an IRA, you need to know this…

Posted on August 9, 2013 by RussLongcore


(Editor’s Note: In a bar fight, it’s not the frontal assault you worry about. It’s the other fighter’s buddy who comes at you from the side or from behind and stabs you in the kidney and leaves you to bleed out. DC is slipping in the knife silently. The only ones that know about this are the scattered few who are trying to set up special IRAs.


This comes from Simon Black of SovereignMan.com. Simon is a friend of DumpDC and very reliable in his info and sources. The door to expatriation could swing SHUT at a moment’s notice. A big False Flag operation carried out by DC and its minions could be the justification DC needs to stop issuing passports indefinitely, as well as banning assets from leaving the country. Customs ALREADY restricts the amount of cash you can legally carry as you leave the US.


This article should cause you to lose sleep. It is certainly causing me to look at alternative business entity structuring.)


IRA accounts are in grave danger here in the USA, and Washington in at fault.


I recently received some disturbing news that I felt critical to pass on to you.


As we’ve been writing for over four years now, it’s long been a common approach for government sliding into insolvency to confiscate wealth from their own citizens.


Charles I of England infamously commandeered 200,000 pounds of his own citizens’ gold right before the English Civil War in 1638. Roosevelt confiscated his entire nation’s gold holdings roughly three centuries later.


And of course, Cyprus raided domestic bank accounts earlier this year in a desperate attempt to bail-in the national banking system.


It’s foolish to think that these things cannot happen, especially when you look at the numbers.


The United States government is in debt to the tune of nearly $17 trillion. What’s more, Uncle Sam has to borrow money just to pay interest on the money they’ve already borrowed… and they’re still posting trillion-dollar annual deficits.


The only reason that the US government is still in business is because the Federal Reserve has been buying the vast majority of newly issued US Treasury bonds… in some cases as much as 90%.


The problem with this method, aside from being a completely fraudulent system, is that the Federal Reserve is quickly reaching the point of insolvency itself.


As we’ve explored in recent letters, the Fed’s capital ratio (a significant measure of it’s financial health) is at a laughably small 1.53%. And as the Fed continues to expand its balance sheet buying even more of the Treasury’s debt, its capital ratio gets smaller and smaller.


The government is soon going to be in a position to seek ‘other’ sources of funding, just as we saw in Cyprus earlier this year.


And as we’ve been saying for years, one of the most likely targets is retirement savings.


There are tens of trillions of dollars in the US retirement system, predominantly in 401(k) and IRA accounts managed by big financial institutions.


And it would be quite simple for the government to mandate that a portion of those retirement accounts be invested in the ‘safety and security’ of US Treasuries. The big institutions who manage the accounts would have no choice but to comply.


In fact, it wasn’t too long ago that the new Consumer Financial Protection Bureau began talking about ‘helping’ Americans manage their retirement savings.


One of the best solutions over the past few years, particularly for IRA account holders, was to set up a special type of self-directed IRA.


In this structure, your IRA exclusively owns a domestic LLC, and you as the IRA account holder become the manager of the LLC.


This gives you the authority to directly manage your retirement funds, allowing you a lot of flexibility to ship your savings overseas, invest in foreign real estate, etc. as long as you stay away from a clear set of ‘prohibited transactions’ that the IRS outlines.


These IRA structures are incredibly flexible, and I think one of the best ways for people to safeguard what they’ve worked their entire lives to build.
So here’s the disturbing news… and it’s something you won’t hear about anywhere else.


One of the attorneys that I work with routinely has specialized in setting up these types of structures. He’s an accomplished tax professional with decades of experience under his belt, and he recently told me that the IRS is no longer ‘allowing’ this type of structure.


More specifically, the IRS is refusing to issue tax ID numbers for single-member LLCs that are owned by an IRA… which is the specific structure that US taxpayers need to create in order to ship their retirement savings overseas.


Of course, no LAW has been passed. No vote has been conducted. The IRS simply decided by policy in its sole discretion to stop allowing Americans to create this structure, and hence, force them to keep their retirement savings in the US.


My attorney’s understanding of this policy is that the agency is trying to ‘protect’ taxpayers from potential consequences. But the end result is that US taxpayers now have one fewer option to safeguard their retirement savings abroad to keep from getting Cyprused.


My colleagues and I are working on another solution, and hopefully will receive some clarification on the matter from the IRS.


In the meantime, this underscores a critical point: there is a finite window of opportunity on many of these steps to safeguard your wealth, preserve your freedom, and ensure your family’s future security. And it’s important to take action while the window of opportunity closes.


Because, once it does, there may not be another option.


We’ll have more to follow on this very important topic as information becomes available.


copyright 2013, Sovereignman.com

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[American Patriot]

Not so much on IRA here, but pensions.....

U.S. Government Prepares Mass Pension-Rape


Written by Jeff Nielson Sunday, 11 August 2013 12:27


How has the bankrupt United States of America kept its entire (paper) house-of-cards from crumbling all around it? Two words: fraudulent accounting. As many readers know, following the Crash of ’08 U.S. Big Banks were hopelessly bankrupt. They were leveraged well in excess of (the legal) 30:1, with the vast majority of that leverage tied directly to the (fraud-saturated) U.S. housing market – and house prices.



The effect of this leverage was that (as a matter of arithmetic) only a 3% decline in U.S. house prices would render all these banks insolvent (3% X 30). In fact the U.S. housing market plummeted lower by roughly ten times that amount (in just its first down-leg). The mere $15+ trillion in hand-outs/loans/guarantees from the Bush regime was only a band-aid which would keep these fraud-factories afloat for a few months, barring other equally extreme action. And so Mark-to-Fantasy accounting was born.
Beginning in February 2009, U.S. Big Banks weren’t required to account for their assets (or liabilities) at “market value” (i.e. what people were willing to pay for them in the real world). Instead, the Banksters were allowed to do their accounting on the basis of what they thought their own assets should be worth.



Suddenly, the same corporations which had just all been bankrupted ten times over were able to pass a “stress test.” Of course that Cinderella Stress Test proved nothing about the solvency of U.S. banks. However simply being instantly able to cobble-together a façade of solvency did illustrate the magnitude of the fraud in this Mark-to-Fantasy accounting.



But for decades prior to this the U.S. federal government had already been engaging in its own Mark-to-Fantasy accounting. Unlike U.S. corporations, which are (accept for the Big Banks) still required by law to acknowledge all debts and liabilities in their accounting; the federal government only acknowledges the liabilities it wants to acknowledge – the small ones.



The remainder of these obligations are simply shoved to the side, and permanently ignored by all of the U.S.’s elected representatives, of both parties. But other people do keep track of these “unfunded liabilities”. A former Reagan economic advisor, and now economics professor estimated this mountain of Unfunded Obligations at more than $200 trillion.



The U.S. government has $15+ trillion of “official debt”, and $200+ trillion of ignored liabilities. Now that is “creative accounting”!



U.S. state and local governments were so impressed by the federal government’s financial gymnastics that (one by one) they began copying these accounting practices themselves, and creating their own mountains of Unfunded Liabilities.



How big are these state/local mountains of hidden-and-ignored liabilities? No one really knows. As CNBC tells us:



…Thanks to a patchwork of accounting practices and rosy investment assumptions, it’s not even clear just how big a financial hole many states and cities have dug for themselves.



But it looks like we’re all about to find out. How? The U.S. federal government has just created new “standards” for the financial accounting of state/local governments – but (of course) not for itself:



…That may soon change, thanks to a new set of government accounting standards that could serve as a nasty wake-up call to states and cities relying on rosy scenarios and head-in-the-sand accounting.



Why has the U.S. government suddenly targeted only one segment of its accounting-fraud economy for “clean up”? We can be certain that the motive was not “financial accountability.” How so?



The federal government is the accounting template upon which all the accounting-fraud of state/local governments is based. Yet it is only forcing the Imitators of this fraud to clean up their act, and not the Originator – itself. Thus clearly the motive here is a purely sadistic one.

Again, we know what is not intended. The U.S. federal government is not trying to force city/state governments into open bankruptcy (like Detroit), since ultimately these lower governments are dependents of the federal governments. Torpedoing countless state/local governments into bankrupty would only create a gigantic problem for itself.
The “targets” here (as always) are the Serfs. The dynamics are painfully obvious.



Step One: “new accounting rules” force state/local governments to divulge at least some of the fraud in their own Mark-to-Fantasy accounting, and acknowledge their mass-insolvency.



Step Two: These state/local governments quickly assemble into a choir and sing (in perfect unison) “We Can’t Afford This”, almost as if it was a perfectly scripted choreography. And what do you think all of these governments “can’t afford”? Why the peoples’ pensions, of course.



Step Three: Tens of millions of Serfs wake up the next morning and discover they are destitute. Crime complete.



What happens when the Serfs whine and mildly protest? The federal/state/local governments will “explain” (accompanied by a few crocodile tears) that they had to slash all these pensions to next-to-nothing – or there wouldn’t be enough money to continue making interest payments to the One Bank (forever, in ever-increasing amounts).
Parasites before People; the new American motto. Note the title of the propaganda from CNBC (previously quoted):



Pandemic of pension woes is plaguing the nation
There isn’t enough money for various levels of government in the U.S. to keep making their pension payments to pensioners and their interest payments to the One Bank. So why isn’t the article entitled “bond woes plaguing nation”, given that these bond debts now exceed total pension obligations?



Because the U.S. government, the Corporate Media, and (of course) the One Bank are only planning on tearing up one set of these contracts.



What is the difference between the legal contracts which all these people had with their state or local governments to provide a certain pension in return for (many years of) services rendered, and the legal contracts which the Bond Parasites have to compel these state/local governments to pay interest on fraudulent debts? In the (One Bank-controlled) United States of America, only one set of contracts actually counts.



The state/local governments will point to Detroit and all sing (again in perfect unison): “Look, the precedent has been set.” Indeed, the ink isn’t even dry yet on the “fleecing of Detroit pensioners”, and now the federal government is set to take this Pension-Rape nation-wide.



Let me remind readers (yet again) that all these bond debts which the U.S. federal/state/local governments (and other Western governments) insist “must be paid” – ahead of their legal obligations to their own people – are fraudulent debts. They have all been grossly inflated by the fraud and/or malicious lies of the One Bank. They are legally unenforceable.



Just ask Larry Summers, one of the candidates to take over management of the Federal Reserve. Summers “borrowed money” just a few years ago from the One Bank (while president of Harvard University), and when the dust had settled he had managed to lose $1 billion in financing only $2 billion of debt.



There are only two possibilities here. Larry Summers is one of the most incompetent boobs to ever stuff a suit, and couldn’t “manage” a lemonade stand – let alone the Federal Reserve. Larry Summers was swindled by Wall Street, and thus the debt is not enforceable. Presumably the fact that Summers is being considered to be the new Chairman of the Federal Reserve conclusively indicates which of these possibilities is true.



There is no need to cheat tens of millions of Americans out of the pensions they earned over decades of their own hard work. Just tear-up all the Fraud Bonds of the One Bank and there will be plenty of money (once again) to provide for the people.



Perpetual debt-slavery or economic liberty? It’s time for the Serfs of America to make their choice. Continuing to sit on their asses and stare at the idiot-box is my own “prediction” as to what that choice will be.