Well-written, Da-Net. After drafting the original Constitution, a woman asked Benjamin Franklin "What have you given us?" He replied, "A republic, Ma'am, if you can KEEP IT." Scary. Part of the problem is that most of the CRETINS that call themselves Americans think we live in a "democracy," which is, of course, false.
What the US really needs are laws keeping the "lawyers" from interfering with the markets.... "Interference with public markets" should be criminal with no time boundaries.... If this were in "law" maybe "they" would understand it....
As unlikely as says nationalization of the banks. If the federal government fully controls the vaults where the assets are stored..how much farther is it to control the assets. And remember.. the pain will be so bad you will want them to nationalize. When you have nothing to retire on.. what do you care if the government offers the devils pact of a guaranteed retirement account if you turn over your pension. Right now its a call to arms..next years it your last best hope. This is how socialism creeps in. People who are willing to sell their children's prosperity and freedoms for the benefits of today. To address directly your concerns of how nationalization would work. IMF has a study as one of the required acts in a meltdown along with capital controls, also see how Argentina just did it. http://www.nytimes.com/2008/10/22/business/worldbusiness/22argentina.html?ref=business Argentina Nationalizes $30 Billion in Private Pensions They did it to protect citizens. "According to the plan, all the assets in individual accounts would be transferred to the stateâs âpay as you goâ system, and affiliation to the state system would be mandatory, effectively putting an end to the current dual system." Bottom line it will be a combo of - revoking the tax deferred status, thereby confiscating all due taxes, - Offer a carrot approach of maintaining your tax deferral or just outright make non taxable by converting to a government account, with stronger capital restriction, and a very meager return well blow the inflation rate . - Our nationalize all gains and you can withdraw principal and be taxed. - If not enough people go with the plan, look for those who oppose it to painted as greedy wall streeters and mutual funds, how want to simply make money from your pensions.
And picking the pockets of the guy above them. With the new tax "cuts" and "rebates" for people who don't pay taxes, nearly half of us don't pay any income taxes. Well shit, if some other sucker is paying the bill, might as well order lobster and caviar for dinner. Better get two lobsters, who knows if just one will fill you up. The economy goes South and the markets start to crack up. What do the people do? Elect the most liberal, socialist government the US has ever had. After a long history of growing government and debt, we have reached a deficeit that cannot be comphrended by the average mind. The markets tank, the economy is poised on the brink of a depression and the people want more socialism, bigger government, more taxes on "the rich".