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US government will soon seize your retirement account
NaturalNews) – When it comes to your retirement account, you probably keep an eye on Wall Street and the financial markets because when they lose value, your account loses value. Little did you know you are going to have to keep an eye on Uncle Sam as well, because he’s eyeing your retirement too, and he could soon take what he will claim is his fair share of it.
If you think that sounds absurd, think again. In fact, it’s a concept that is already being used by some governments, the most recent of which is Ireland.
In a bid to finance a “jobs” program, the Irish government, which is heavily in debt, is set to impose a new levy – read “tax” – on private retirement accounts. The accounts of government workers will be exempt.
“It’s truly disgusting logic to force private workers to pay for years of political incompetence while absolving government employees,” writes Simon Read more…
The Strange World of NSA Mind Control
SARTRE, Contributing Writer
“The National Security Agency (NSA) is a combat support agency within the Department of Defense (DOD) established by presidential directive in 1952. NSA has two separate missions: signals intelligence and communications security. For signals intelligence, NSA manages all U.S. signal collection and processing and produces signals intelligence in accordance with DOD and DCI priorities. For communications security, NSA provides leadership, products, and services to U.S. agencies that need to protect their information and communication systems from foreign exploitation. NSA is headed by a three-star flag officer, who reports to the Secretary of Defense. About 80 percent of the NSA workforce is civilian.”
Feds to Supreme Court: Allow Warrantless GPS Monitoring
The Obama administration is urging the Supreme Court to allow the government, without a court warrant, to affix GPS devices on suspects’ vehicles to track their every move.
The Justice Department, saying “a person has no reasonable expectation of privacy in his movements (.pdf) from one place to another,” is demanding the justices undo a lower court decision that reversed the conviction and life sentence of a cocaine dealer whose vehicle was tracked via GPS for a month without a court warrant.
The petition, if accepted by the justices, arguably would make it the biggest Fourth Amendment case in a decade — one weighing the collision of Read more…
NY State Says These Kids’ Games Pose ‘Significant Risk Of Injury’
Tag has been deemed an unsafe game by New York State Health Department.
School will be soon be out but if it’s up to the New York State Health Department, a lot of city kids might be spending their time indoors.
The New York State Health Department created a list of what they deemed “risky recreational activities” and is forcing many summer programs to ban these games unless they shell out extra funds to be recognized as an official summer camp. They say the activities listed pose a “significant risk of injury” and have been named as hazards which need to be regulated at day camps.
While proper supervision and safety concerns rank high on every parent’s list of priorities, the games that have been deemed unsafe and risky might shock a lot of city parents who grew up playing these ‘dangerous’ games.
For starters, kids can kiss wiffle ball, dodge ball, and kick ball goodbye. Horseback riding and scuba make the list and more understandably, archery. But so does freeze tag, Frisbee, steal the bacon and tug of war!
According to the NY Daily News, under the new rules, any program that offers two or more organized recreational activities – with at least one of Read more…
How Our Government is Tracking and Databasing Your Every Move
Big Brother is Watching
The war on terror and cybersecurity are excuses that have spurred huge investments into the surveillance industry, which has become a war on “liberty and privacy.”
The Obama administration has moved forward with a Bush regime program to screen state computer traffic on private-sector networks, including those connecting people to the Internet, The Washington Post revealed July 3.
That project, code-name “Einstein,” is related to the much-larger, Read more…
IRS to increase “pre-crime” enforcement
Did you ever see Minority Report? It’s one of Steven Spielberg’s often forgotten about movies based on the short story by Philip K. Dick. In the movie, pre-couch Tom Cruise plays a police officer in the year 2054 who works for the highly specialized ‘pre-crime’ division.
Using a bizarre array of technology and metaphysics, the pre-crime division sees into the future and stops criminals in their tracks, arresting them before they commit a crime… sometimes before they even think about committing a crime.
This very elaborate and morally ambiguous law enforcement system is predicated on the government determining what your actions and intentions will be, often before Read more…
California Seizing Property from Safety Deposit Boxes
As reported by ABC News, what started out as a program to hold unclaimed property, such as the contents of safety deposit boxes owned by people who have moved away without a forwarding address, has gone wildly out of control. The program is now using the flimsiest of excuses to drill safe deposit boxes and sell the contents.
In a case reminiscent of the Monty Python organ donor skit (or perhaps the movie Repo Men), a San Francisco woman’s jewelry appraised at over $80,000 was sold even though she lived a few blocks from her bank, had not moved, and was current on all of her box rental feeds. In another case, a man’s retirement savings consisting of $4 million of stock certificates were sold; and “A Sacramento family lost out on railroad land rights their ancestors had owned for generations”.
The program began life as a place to hold unclaimed property for up to 5 years while the state made attempts to locate the owner. Both the holding period and the efforts to locate the owner have diminished over time. ABC news indicates that there have been internal debates within the state on these changes, with an internal memo objecting to efforts to to find the owners on the grounds that “It could well result in additional claims of monies that would otherwise flow into the general fund.”
What surprises me about these seizures is the scale and how under-reported it is. This is the first article that I have seen on this topic, compared to dozens of pieces and several books on civil asset forfeiture. This phenomenon is probably at least as large as CAF — Jarret Wollstein cites a number in the low single-digit billions for asset forfeiture (which may be an annual number) compared to the $32 billion (which may be a multi-year aggregate) cited by ABC news. In comparison, looting of safe deposit boxes requires even less due process than asset forfeiture, which at least requires that the property be accused of a crime, and can be fought in court.
CBO: Deficit on the rise
The federal government’s deficit continues to grow, according to the latest numbers from the nonpartisan Congressional Budget Office (CBO).
The government is expected to run a deficit of $830 billion in the first six months of fiscal 2011, a $113 billion increase from the same period last year, the CBO reported Thursday.
The latest numbers could serve as fresh ammunition for Congressional Republicans caught in a fight over government spending with their Democratic counterparts. Lawmakers are currently haggling over both a short-term spending package to avert a government shutdown and a longer-term budget proposal for fiscal 2012. And indications the deficit is still on the rise could bolster arguments to make major spending cuts.
The CBO reported that both government spending and revenue collection were up in 2011 when compared to 2010, by 11 percent and 7 percent, respectively.
In March alone, the federal deficit stood at $189 billion, which is $124 billion more than the same month last year.
The organization’s data shows government spending rising in nearly every major category. Spending on defense, Social Security, Medicare and Medicaid were up in preliminary fiscal 2011 numbers when compared to 2010, as CBO estimated government outlays were up $179 billion in the first six months of fiscal 2011. Spending dropped 22 percent on unemployment benefits over that same period.
Government revenues were also slightly up over that time frame, growing 6.9 percent or $66 billion. However, receipts in March were down about $3 billion when compared to March 2010, driven by declines in individual income as well as payroll, estate and gift taxes.
The CBO noted that vital information about the government’s fiscal picture will be coming in the next several weeks, as individual income tax returns are filed for 2010 and estimated payments of income taxes will be made by corporations and individuals for the first quarter of 2011.
In Case of Govt Shutdown, IRS Would be Closed but not Federal Reserve or POMO
In order to make the biggest strawman so far in 2011 really scary and nasty, the administration just announced that as part of a government shut down, the IRS would end up being closed. While according to some this is the ulterior motive all along to avoid the premature outflow of tens of billions in cash due to federal tax refunds hitting the IRS next week, which without a debt ceiling hike would push the country into technical default possibly as soon as next week (debt subject to the limit was $14.2 trillion two days ago, just $94 billion under the ceiling and with about $74 billion in debt to be issued next week a $20 billion tax refund withdrawal would push the Treasury over the limit), what is far more amusing is that as the WSJ reminds us, the Fed would still be able to monetize debt regardless if the government was operating or not. Ergo nothing can end POMO ahead of Read more…
Legislation Repealing Controversial Form 1099 Rules Passed By Senate, Headed To White House
Florence Delva/Getty Images A stack of coins is shown in this file photo. A new IRS rule that will start in 2012 will require sellers, buyers of gold coins to file IRS paperwork.
(Kitco News) Both chambers of the U.S. Congress have approved legislation to eliminate controversial new Form 1099 tax-reporting requirements that coin dealers and other business organizations had complained was too onerous.
The measure is on its way to the desk of President Obama after Senate passage by an 87-12 vote Tuesday. A number of news reports suggested that the White House is expected to sign the bill into law.
Sen. Mike Johanns (R-Neb.), who introduced Form 1099 repeal seven times, said the Senate measure was identical to a version that already passed the House of Representatives. This means the measure does not have to go to a conference committee and instead goes directly to the White House. An amendment that would have resulted in further delay of 1099 repeal was rejected, he said.
“I appreciate that my colleagues have seen the wisdom of avoiding further delays and getting this costly, looming paperwork burden off the backs of our job creators,” Johanns said. “We now need only a simple signature from the president and this bill will become law, saving jobs and much needed capital for our small businesses.”
The House passed a bill for repeal of the Form 1099 rules in early March. Both parties have favored repeal for months now, although it was held up by a fight over how to offset to any health-care funding that purportedly would be lost. According to news reports, the House and Senate bills would limit health-care subsidies for families over a certain income threshold.
The Industry Council for Tangible Assets said Tuesday night it was cautiously optimistic that the repeal will become law. ICTA is a trade group for the rare coin, precious metals and tangible assets industry.
The group noted that as of early last month, a statement of administration policy indicated that the White House did not agree with Read more…
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