As gold pushes to a new highs, the progressive brain trust (I use the term loosely) of Weiner and Waxman are pressing for hearings to investigate gold! Wake up America, these Marxist/Socialists are determined to drive the final nail into the rule of law and free market capitalism. If you have just returned to America from a 70 year journey into space, the next headline should put you on full alert that “the land of the free and the home of the brave”, is in serious jeopardy from the leeches that have been elected and become the predatory legislative class that rules America today. Any candidate with a “D” after their name should be removed from office and brought up on charges for violating their oath of office! At the very least, they should not be reelected. It is time that this cancer that is the “progressive” party in all of it’s various forms be removed from the body politic of America!
Thomas Jefferson summed it up best when he said:
“A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned – this is the sum of good government.”
The following article comes to us courtesy of Seeking Alpha.
Congressmen Weiner and Waxman Set Gold Hearing
By: Ira Stoll / Seeking Alpha, September 16, 2010
Just as the government is trying to prevent people from investing in anything other than T-Bills by raising taxes on taxable interest and dividends to confiscatory levels, it’s also trying to prevent you from parking your wealth in assets, like gold, that compete with the paper dollars issued by the Federal Reserve and the Treasury. A press release from Rep. Anthony Weiner, Democrat of New York, not yet (as of this instant) posted on Mr. Weiner’s Web site, announces that a September 23 hearing of the Subcommittee on Commerce, Trade, and Consumer Protection (a subcommittee of Rep. Henry Waxman’s Commerce Committee) will focus on “legislation that would regulate gold-selling companies, an industry who’s [sic] relentless advertising is now staple of cable television.”
From the press release: “Under Rep. Weiner’s bill, companies like Goldline would be required to disclose the reasonable resale value of items being sold.” That’s great. Are Mr. Weiner and Chairman Bernanke also going to agree to print on every dollar the reasonable expectation that its value will be eroded by inflation?
Gold investors (or speculators) are already punished by the federal government by having their investment, even in a gold exchange-traded-fund, taxed at the higher rates that apply to collectibles rather than long term capital gains.
Not to mention the fact that Mr. Weiner’s regulatory push seems as much aimed at conservative journalists as at the gold-dealers. The press release says, “Goldline employs several conservative pundits to act as shills for its’ [sic] precious metal business, including Glenn Beck, Mike Huckabee, Laura Ingraham, and Fred Thompson. By drumming up public fears during financially uncertain times, conservative pundits are able to drive a false narrative. Glenn Beck for example has dedicated entire segments of his program to explaining why the U.S. money supply is destined for hyperinflation with Barack Obama as president.”
Imagine the uproar if a Republican-majority Congress started investigating and having a regulatory crackdown on big advertisers in liberal outlets such as the New York Times. The First Amendment freedom-of-the-press crowd would be marching in the streets.
The whole situation is amazing. If Mr. Weiner really wants to calm fears about hyperinflation, the last way to do it is to have a government hearing cracking down on the people warning of it.
The press release reports that “invitations to the hearing have been sent to the representatives of Goldline International, the Federal Trade Commission, the Consumers Union and other potential witnesses, including former Goldline employees.” Mr. Weiner might also consider calling John Paulson and George Soros, who have also reportedly been buying gold lately, though Mr. Soros was also quoted as calling it a bubble. But Mr. Paulson saw the housing bubble coming so he might be right about the inflation risks, and Mr. Soros is a big funder of left-wing causes, so neither of them would fit with the objective of the hearing.
Anyway, we are looking forward to the hearing, which should be quite a show.
It Is Time For Americans To Take Back Their Country!
The Tea Party movement is a reaction to just these sorts of attempts at government takeovers that are coming at us from all directions. It is time for all good Americans to rise up and restore America through the ballot box in November of 2010 and November of 2012. America was founded on the rule of law and hard work. The “progressive” party, or what ever name they will morph into in the years ahead, is based on Marxist/Socialist ideology and has no place in the greatest nation on earth, the United States of America.
Rahm Emanuel’s quote,
“You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.”
is really being tested to the fullest. If we are fortunate enough to have a lame duck presidency after November, be prepared for a slew of executive orders that will try to cement the Marxist /Socialist agenda into the fabric of America.
The “progressive” cancer knows no party lines, so the Republican’s feet must be held to the fire and if they are found lacking, they should be booted out of the party. There is no room for a “rhino” in this fight! Let them go be Independents or Democrats if that is how they want to vote. This country is in a fight for its life and their is no room for a “rhino wing” in the “big tent”.
This video was posted over a year ago, but it clearly forewarned of what the “Obama” regime’s intention was when it came to “change”.
Is The Past Prologue?
This next piece deals with yet another attempt to capitalize on a crisis by jamming a government confiscatory policy down our throats. This idea was brought up 2 months into the “financial crisis”, November 11, 2008, but lest you think this is old news because nothing came of it, I bring it to you because it points to the underlying intentions of this progressive regime’s quest for “change”.
Government To Confiscate 401(k)s and IRAs For Mandatory Savings Tax?
Paul Joseph Watson
Prison Planet.com / Tuesday, November 11, 2008
Under the pretext of combating the financial crisis, Democrats in Congress have been conducting hearings on proposals to confiscate private retirement accounts and turn them into government-controlled accounts managed by the Social Security Administration, by implementing a new tax in the guise of mandatory savings scheme.
Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, testified before Congress last month, proposing that 401(k)s and IRAs be confiscated and converted into universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
The GRAs would be enforced by means of a mandatory savings tax equating to 5 per cent of an individual’s annual paycheck deposited to the GRA. Social Security and Medicare taxes would still be payable, employers would no longer would be able to write off their contributions and capital gains would be taxable year-on-year. In addition, workers could bequeath only half of their account balances to their heirs, unlike full balances from existing 401(k) and IRA accounts.
Justifying government intervention, Ghilarducci cited a 2004 HSBC global survey in claiming, “a third of Americans wanted the government to force them to save more for retirement.” In actual fact, the survey concluded that Americans wanted the government to “enforce additional private savings,” a vastly different meaning than mandatory government-run savings, as Karen McMahan points out.
The mandatory savings account scheme is actually a brainchild of lifelong Republican and former chairmen of the New York Fed, Peter Peterson, who proposed “mandatory savings accounts,” also called “forced savings accounts,” back in 1999.
During a Seattle radio interview on October 27, Ghilarducci explained the motive behind the plan, stating, “I’m just rearranging the tax breaks that are available now for 401(k)s and spreading – spreading the wealth.”
Unfortunately, as we have again painfully learned in light of the Federal Reserve’s refusal to identify where $2 trillion of taxpayers’ money has gone, governments that propose “spreading the wealth” under socialist-style financial reforms almost always collect the wealth under the pretext of being the saviors before greedily hoarding it all for themselves.
Ghilarducci let slip the true agenda being the move in her testimony before Congress and also acknowledged that social security payments are a form of taxation when she stated, “Should we mandate savings in a recession? Yes, as long as fiscal policy provides for short-term stimulus. No one is proposing we suspend Social Security taxes in recessions. Households need a source of disciplined savings over the business cycles.”
As Jim Capo highlights, “Not only does Ghilarducci promote Peterson’s call for mandatory savings, she also fesses up to the crime that is our Social Security system. Social Security is not the mandatory retirement savings plan it was sold as to the American people. It is simply another tax. Ghilarducci admits the bait and switch in one breath and in the other proposes the next bait and switch. Except, this time it will be different.”
“So, shock! Democrats and Republicans alike are now proposing a new mandated retirement savings plan. Like offering voters a choice between growing the government at 4% or 6%, all that is really being debated is whether our new “savings” tax will go through the federal government or not, before these protection racket proceeds are turned over to the crime syndicates in New York and London for ultimate management and control.”
Would the government risk a widespread revolt and potential riots by confiscating 401(k)s and IRAs? They probably wouldn’t brazenly do it under that banner, but in the name of financial reform and saving the economy, Americans could find their voluntary retirement savings stolen and replaced by a government promise of a completely devalued mandatory savings account.
As the Lew Rockwell blog notes, the intention of the move is clear, but it will be down to American citizens whether or not the government is allowed to get away with it.
Think of it as an ATM for the government. Part two would be confiscating current 401Ks and IRAs and rolling them into the GRAs. Knowing that could be very politically unpopular (riots, perhaps?), Ghilarducci said, “Short term, I propose that since 401(k) accounts and the like are financial institutions — the bank about where 38% of the workforce can intend to save for their retirement — Congress let workers trade their 401(k) and 401(k) – type plan assets (perhaps valued at mid-August prices) for a Guaranteed Retirement Account composed of government bonds (earning a 3% return, adjusted for inflation).” —- “Short term”? And surely, we’ll all “retire” on 3% (or less) returns.”
“So the battle will be to allow “voluntary” rollover or not, to confiscate or not. You know what a democratic congress and its left-wing, academia elites want to do, but what will they be able to get away with doing? I suppose that depends upon peoples’ reaction and their ability to make enough noise to make any confiscation or mandatory savings too unpopular to jam down our throats.
Argentina has already vowed to push through similar measures in the name of rescuing the wider financial system. Last month, the government of the South American country signed a bill to mandate the National Social Security Administration takeover of $30 billion worth of private pensions.
The move sent stock markets plummeting with critics accusing the government of stealing the pensions to get their hands on extra money at a time of economic crisis, as citizens protested across the country.
What a chilling look into the future plans of the “progressive” party. Now you can see why I call for all “progressives”, whether they be Democrat or Republican, to be voted out! Don’t think for a moment that this plan will not resurface if we enter into a dramatic “double dip” in the future. If you learn one thing from this blog, it is that “progressives” have a long term plan and they don’t eat their own like conservatives do. Fool me once, shame on you, fool me twice, shame on me!
The “progressive” movement that currently has control of all power in Washington is, in and of itself, a major reason to own physical gold and silver that you have in your possession. The precious metals are your insurance against tyranny!
ETFs and stocks are your leveraged play that offer huge gains as the U.S. financial system begins to unravel. The potential for huge gains also presents the possibility of huge risk, so it is important that you keep a close eye on what the “regime” is doing and make preparations to bail out if the Marxist/Socialists make an attempt to crush the free market.
Till next, good luck and good trading!
More Gold Market Analysis:
- Gold’s Role In Obama’s Distorted View Of America!
- “Regressives” Promote Chaos To Further Their Agenda
- How To Put Gold In Your IRA
- The Debt Bomb!
- Steve Forbes Calls For Return To The Gold Standard