People Believe the Government is about to Steal all the Money in your IRA and 401k like they did in Argentiana

I listened to Bob Brinker's Money Talk on radio yesterday. He was incensed at a plan some are talking about in the Administration and in the halls of congress to confiscate all the money in your IRA and 401K in order to finance the government.

That would take care of our deficit problems. There is a lot of money out there.

How would this happen? Probably as it did in Argentina. A crisis (never waste a crisis) would be declared. All the money would be confiscated in exchange for a monthly check from the government. So (they would say) you didn't lose anything. You are getting about what you would have received if you had invested for monthly income.

Of course that money is now gone and you can't buy a house, a farm, take a world cruise.

I have done a bit of research on this. It appears to be a real threat.

Hope and Change for Marxists.