ROGERS: 'The Govt Will Take Our Pension Plans Next'

'Anything they know about, they will easily take.'
Talk of retirement account seizure begins at 3:50.

They'll certainly find some way to take our money when things get bad in a few years.  They always have before.

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Transcript
Discussing the Cyprus banking collapse, Jim said, "It’s been condoned now by the IMF, the European union, and everybody else in sight -- that a government in need can take assets.  We all knew they could tax us.  But this is the first time that I’m aware of, that they’ve gone in and taken bank accounts. They took gold from people in the U.S. in the 1930′s.  But I’ve never heard of them taking bank accounts.  Now they’re doing it.  So be careful."
When asked if bank account confiscation will be going worldwide, Jim said, "Well, it’s now in their bag of tricks, but yes, they can do anything they want too now. I for one am worried andI’m taking preparations.  Who knows if I’m right or not, but I’d rather be safe than sorry as all of those people who had money in Cyprus have learned.  They thought they had a normal bank account… but now it’s been [taken] with the sanctions of many governments and institutions."
"If people have money in any account, anywhere in the world, cut it down to under the guaranteed amount.  They might take that too someday when things get desperate, because the precedent has been set, but that’s where I would start if I had money in the bank anywhere in the world."
"I suspect what will happen in America, is they will take our pension plans next.  401k plans, IRA’s, and pensions plans which the government knows about may be next.  Their rationale would be, ‘Well most people haven’t been doing well in their IRAs and pension plans for the past several years, so we’re going to help you.  We’re going to take your pension plan and give you government bonds so that you have a guaranteed return.”
"That’s how they’ll rationalize taking our money.  They know where all the pension plans are because we have to report it, so they’re easily accessible by governments.  They know where they are, what they are, and they’ll be able to snatch them away.  Who knows what they’ll do, but they’ll certainly find some way to take our money when things get worse.
They always have before."