"The buying power of the dollar is going down, which is what usually happens when the inflation rate goes up, and how many are fearing that the government could go in and take their retirement," explained precious metals expert Andrew Sorchini of Beverly Hills Precious Metals Exchange Inc. during the show.
This fear comes from the Dodd-Frank Act, a law that enables the government to use money from private citizens' bank accounts in the event of an economic collapse and spend it for financial restructuring.
Dr. David Martin expounded on the said law by saying it is a more modern version of an old problem that the United States government has used to be able to nationalize assets like gold and silver along with rubber and oil.
"This shows that the government can take the lifeblood of what drives the American economy and take it out of the hands of the public. Moreover, a small fraction of the government determines to want to find gains in their own interests, not that of the public," Martin said.
Martin added that the U.S. government created the Federal Deposit Insurance Corporation (FDIC) not to help the public but to make sure that the banks and the government still dominate.
The physician and developer of advanced computer systems decried that the only people that the FDIC Act helped were the financial institutions and not the average American.
The Dodd-Frank act, which was passed in 2010 following the financial crisis of 2008-09, is a major Wall Street reform law that covers commodities and securities actions worldwide and aims to promote financial stability by "improving" accountability and transparency. The act created two whistleblower programs in the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as well as the enhanced whistleblower provisions under the Foreign Corrupt Practices act.
Securities, commodities, and foreign bribery whistleblowers are covered under the enhanced provisions, which are aimed at protecting their confidentiality and permitting them to anonymously file complaints. Whistleblowers outside the U.S. are also entitled to a financial reward. (Related: Fed survey shows Americans expect inflation to get worse.)
Since the law was enacted, the SEC and CFTC have already awarded hundreds and millions to whistleblowers who "exposed" fraud in securities and commodities trading. They also helped produce monetary sanctions in the hundreds of millions for the benefit of shareholders and for the sake of economic fairness.
The U.S. federal government can go into a person's 401(k), IRA, or savings account and "borrow" it to pay for social programs and wealth redistribution schemes; while this isn't happening yet, it has happened in the 1930s.
Back then, President Franklin D. Roosevelt confiscated gold savings under penalty of imprisonment and heavy fines. He started by paying everyone $26.67 per ounce of gold that was confiscated and then increased the price per ounce to $35, effectively dropping the purchasing power of cash holdings overnight. Then, gold was made illegal to own or possess until the 1970s.
In more recent times, countries that find themselves in a debt crisis dip into their citizen's retirement accounts. While many think that the government is not "allowed" to take money from a private citizen's personal savings account, they can.
At any time, the federal government can take the money for various reasons. In 2010, the government of Hungary told its citizens to remit their individual retirement savings to the state or lose the right to the basic state pension.
Argentina froze the bank accounts of its citizens and forbade withdrawals from U.S. dollar-denominated accounts.
In 2013, then U.S. president Barack Obama proposed to cap retirement accounts at $3 million, ending with the government raising $9 billion over the next decade.
Watch the full Dec. 22 episode of "Thrive Time Show" with Clay Clark below:
You can catch the "Thrive Time Show" from Monday to Friday from 3:30-4 p.m. on Brighteon.TV.
Follow Collapse.news for more updates on money and finance.