This page has been archived and commenting is disabled.
Another Step Down The Long, Slow Road To IRA Nationalization
Submitted by Simon Black via Sovereign Man blog,
Let’s take a brief walk into financial reality for a moment.
At the time of this writing, the United States government’s official debt is nearly $18.1 trillion.
Now, let’s look at who the biggest owners of that debt are:
1) Taxpayers of the United States.
If you’ve held a job in the Land of the Free, 15.3% of your salary has gone to fund Social Security and Medicare.
Each of these programs holds massive trust funds that are supposed to pay out beneficiaries, both present and future.
Conveniently, the trust funds are required by law to buy US government debt.
And given that every single US taxpayer is an ultimate beneficiary of these trust funds, that ranks the people of the United States as among the biggest holders of US debt.
How sustainable is this? Not very.
The 2014 trustee reports for both Medicare and Social Security indicate that nearly ALL of the trust funds are sliding towards insolvency.
This isn’t some wild conjecture. The people in government who manage these trust funds are flat out telling us that they’re about to go bankrupt.
Let that sink in for a bit… then ask yourself: how long can two insolvent programs continue to be among the largest owners of US government debt?
2) The Federal Reserve
Now that we know Social Security and Medicare cannot continue to buy Treasuries indefinitely, we turn our attention to the Fed, which as of today, holds over $2.4 trillion in US government debt.
The Fed is essentially the lender of first resort to the US government and has singlehandedly managed to mop up the vast majority of government debt over the last several years.
Problem is, the Fed has to print money to do this. And the Fed has created so much money over the last few years that it’s now borderline insolvent.
The Fed’s capital now stands at just 1.27% of its total assets. To be clear, this is a razor thin margin of safety.
No other central bank in the world (except Canada, curiously) would be able to post such a pitiful number and still pretend to be credible.
But make no mistake, there is a level of monetary expansion that’s too far. And the Fed is already getting close to this danger zone.
Bottom line, the Fed is not going to be in a position to write blank checks to the US government indefinitely without becoming insolvent and causing an epic currency crisis.
And when that happens, where else can Uncle Sam go? Who else will buy his debt?
Simple. You.
More specifically, your retirement account.
According to Internal Revenue Service estimates, there’s close to $5 trillion in individual retirement accounts in the Land of the Free.
This is money that taxpayers prudently set aside for retirement, hopefully cognizant that Social Security isn’t going to be there for them.
Devoid of any other easy lender, $5 trillion is far too irresistible for such a heavily indebted government to ignore.
I’ve long warned that the government could easily nationalize a portion of all IRAs.
It would be so simple for them to do– just a single executive order and a couple of phone calls.
They’ll probably wait for some market crash, and then sell it to Americans like this:
"For your own protection, we will henceforth require banks to invest your retirement savings in the safety and the security of US government bonds.”
These bonds, of course, are so safe that they fail to pay an interest rate that even keeps up with inflation, effectively guaranteeing that you’re going to lose money.
It started happening last year.
In his 2014 State of the Union address, President Obama announced his MyRA program.
MyRA is basically an IRA that invests directly in… you guessed it… government bonds.
He pitched it as an easy for Americans to save for retirement “with no risk of losing what you put in”.
Step two came when both the President and Treasury Secretary embarked on a blitzkrieg-style marketing campaign to pump the program, pledging that they would aggressively push businesses to sign up their employees.
Now comes step three.
Find out more in today’s podcast where we talk about the obvious, looming threats to your retirement security, and the structures you can build to do something about it.
(click image for link to pdetailed podcast)
If you have an IRA, you need to know this.
I’ve also put together a free report about safeguarding your IRA; it’s a scaled down version of a premium report that I sent to our Sovereign Man: Confidential members recently, but it contains a lot of valuable information.
You can download it here:
* * *
Our goal is simple: To help you achieve personal liberty and financial prosperity no matter what happens.
»
- 49802 reads
- Printer-friendly version
- Send to friend
- advertisements -
linkbaiting, even if the podcast has all the meat, why not make the key points part of the article?
'Cause there are no "Key Points". There are no "Trust Funds" either. The Supremes have long ruled that the Confiscations go into the General Funds and the Bribes go out from same.
PERIOD!!!
CW
There are no key points, because Simon is unable to formulate them.
No Simon, this won't be accomplished by an executive order and some phone calls. Andin what world can you both say that the Fed has been the first, last and only lender for auctions and then say .gov is devoid of an easy lender. Does it get any easier than the Fed?
We are to believe that there isn't a squawk or punishment from the market* or any penalty for buying 70%, 80, or 90% of some auction's paper, but any more is a real line in the sand?
Please tell me who is going to do what, exactly, if the Fed mops up every bit of paper from now to eternity?
Dumbass.
Simon makes bold statements like: "The Fed will be insolvent." How do you become insolvent when you own the printing press? If the Treasury defaults they simply write that asset off the books. The only asset in the Fed that can be damaged is its credibility - and it already lost that.
"Simon makes bold statements like: "The Fed will be insolvent." How do you become insolvent when you own the printing press?"
Because leverage increases losses.
you doubters need to take a close look at recent history in Poland. June 2013 they confiscated 50% of the nations IRA's, like that, overnight.*
The article is absolutely correct in its assertion that $5 Trillion is too tempting for the theives in power NOT to try and get their hands on it or some portion of it.
* to qualify that, they put 50% of everyones IRA balance on the hook in case of potential banking /stock market crisis. This means the only ones to escape this 50% theivery will be those who retire before the next crisis (next week? next year? even 10 years will see the majority of the workforce lose it) and take it as a lump sum, and get it out of the system
Stack
Exactly.
For An administration that has done everything out of spite or for the good of WS, Obama's proposed auto-enrol IRAs smell rotten to the core.
http://www.whitehouse.gov/the-press-office/2015/01/17/fact-sheet-simpler...
BUT... BUT... BUT...
I was told that the I.R.A. was a 'terrorist organization'! I don't want a bunch of Micks who bomb people in Belfast to auto-enroll ME in ANYTHING! What IS this? 'Shin Fein' Obamacare? Is he gonna drug my kids' food in them gubmint skools that makes them 'auto-enroll' in the I.R.A.? Send 'em to Syria for a 'field trip', and teach 'em to fire weapons? I mean, COME ON! The Muzzie-in-chief is gonna make me pay so that the Protestants and the Catholics can KILL EACH OTHER? Next thing you know, he's gonna bail out banks or something...
He says he is doing it for the Children. Really.
Anyone that gets a little money to invest get shafted by short term capital gains or long term capital gains... and in the end may lose on the Investment after having paid taxes on some mythical gain.
Pretty sure people have to have good wages before they can invest in anything. That would be Jobs that pay well. Where are they going to come from??
No effort by the White House to keep prices in our economy down for education, health, drugs, housing, food, credit, insurance, debt, retirement, fraud on Wall Street, Bailouts, ... taxes, water, energy, transportation
"No effort by the White House to keep prices in our economy down..."
You don't understand, silly poster. Here, let me help.
'INFLATION' is a GOOD thing (when moderated by the central banks; who are in control of the election money funding whereby the politicians are SELECTED).
'DEFLATION' is the ULTIMATE EVIL, and must be COMBATTED at EVERY LEVEL!
'A RISING TIDE LIFTS ALL BOATS' (SHIT! Didn't you LEARN this in school?).
As far as the 'STATUS QUORUM' goes, it's kind of BORING to go to the store and pay THE SAME PRICE week after week for a loaf of bread, isn't it? 'CHANGE IS GOOD!'
Thank you for your comment, citizen. Your input is valuable to us.
Sincerely,
Mr. Janet P. Yellen
there is no doubt that our insolvent govt will eventually substitute the stocks, bonds and mutual funds in our retirement accounts with treasuries no one else will want. why wouldn't the fed want the govt to plunder our savings? all paper is and will continue to be increasingly risky.
but we don't need anyone else to tell us the obvious: sell it all asap, take the tax hit and turn it into real assets.
Simon, you are no different than the scumbags you preach against. Hey I am Simon and I want to help you, but you must pay me first with fiat I so detest. STFU and GTFO of here.
on the other hand you are not obligated to buy his services, and neither are the rest of us.
I'm sure if you wanted to pay him in precious metals he would accept.
Was it my tone?
No. It was that you exposed your Freeloader Entiltlement mentality.
saints51 you are no different than the Free Shit Army scumbags you preach against.
Fixed it for you.
here is your biography on ZH:
Christian...
Scientist...
Gold and Silver Trader...
Numismatist...
I lead a G Rated life...God...Gwennie...Gold...Guns
The only clue that I have is that I do not have a clue.
All that I know can be found in a book
I only know that which I can define. If I cannot define it then I do not know i
Come on Tom who is calling who out. You are way over your head little man. You claim to lead a G rated life and a Christian. Seems like you are the hyprocite. It is you who needs to head on back to your drudge. This is a different group you are not ready for.
fear, thats what lurks in the podcast...
insurance, another fear industry.
fuckem...
You want to talk insurance:) Here's one you won't like about health insurers...CMS just blessed them with a $70 billion dollar gift in not going after the risk fiddler model that over billed the gov over 5 years. Another bot that grew the risk up 20% and more over a few year, put doctors on the road to go to patient's house even when they did not want or need them and ran up a big bill. CMS has a risk calculator and insurers gamed it pretty well.
http://ducknetweb.blogspot.com/2014/08/cms-discovers-that-insurers-offering.html
Americans are just too lazy to lift a finger and protect their retirement from govt confiscation.
Or they believe govt bonds are "good as gold".
Americans are sheep after all.
Did you write the "IRA" on that egg in your own hand? Cool.
I think it's short for "Ibrahim", an obvious portent that ISIS wishes to scramble American nest eggs and drizzle the omelette with blood of infidels.
Must invade Russia NOW!
Actually I think he just laid the egg & ended it...
"laid the egg & ended it..."
Is that a new fetish? I have heard of hamsters with tape on their claws and mouths...
Discussions about sex with animals are best left to the social media giants like Face ('C.I.A.') Book and Gook(G)letube, as produced, presented, and starring members of the Israeli Secret Intelligence Service. They prefer goats and sheep, (not gerbils, and chickens which are getting choked). The Ashkenazim and Khazarim pride themselves on being 'well-endowed', you know...
'Which came first; the chicken or the egg?' I suppose it depends on who was 'on top'. I actually answered this question when asked by my teacher. She turned all red in the face, and put me on detention (if that's what you like to call it):
https://www.youtube.com/watch?v=FyMQLrnbBgE
Looting, same as Ferguson only more spohisticated thieves with the power of the state
“Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.”- C.S. Lewis
That's one of my favorite quotes. Sadly all too applicable these days.
Can't argue with that. But the irony here is that your alternative already exists in the form of IRA's and 401k's invested in Wall Street's various schemes, whether equities and their derivatives or investment debt vehicles.
They're gonna get our pensions, regardless of where they're invested or how they're structured.
In the end, in the case of SS, the money will have gone primarily to tax cuts for the wealthy hiding behind their corporate fronts and related dodges that left the middle class paying taxes while the national debt soared to finance their various military adventures and financial fleecings . . . the same middle class that has seen flat real wages for the past 30 years, even as productivity and corporate profits exploded while available, decent jobs in the US evaporated.
If we put our money in the market, expecting secure, long term income in return, well . . . we know how that will ultimately turn out as well.
The money ends up flowing into the same pockets, regardless of the route taken.
Neo-feudalism here we come . . .
http://www.levyinstitute.org/pubs/wp_708.pdf
I've never seen that quote before. Thanks!
Kind of reminds me of the Temperance movement... or certain kind of woman busy body.
Great quote. Great author.
Try reading 'The Screwtape Letters' if you haven't already. Wonderful book. Of course, C.S. Lewis is more widely known for 'The Lion, The Witch, And The Wardrobe', and as such, most think he was a children's books author. I read somewhere that he and H.G. Wells and some other famous authors used to hang out together in a private club in London...
I don't worry about the government seizing my IRA. Obviously it's not a question of integrity because the government has none but of mechanics. If the government seizes my stocks to sell, who is going to buy them? The government would kill the IRA golden goose.
You are right not to worry. The healthcare industry will get your IRA instead.......
Exactly. And if you aren't bled directly by the corporate borg first, you'll have your "and . . . it's gone!" moment in the markets.
The plutocrat's government will keep bailing out the top 10% for a while, then they'll bail out the top 5% as resources fall, then the top 1%, then the top 0.1% . . . until the music stops,
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." -- Thomas Jefferson -- The Debate Over The Recharter Of The Bank Bill, (1809)
This is the worst kind of post.
Does he pay for advertising?
That's all this is.
Everything is a risk. Even gold. Modern economic warfare, dude.
I hope they take it all ! I spent my youth bird-doggin beaver and boozin it up so I have nothing to take .... F@&$ it
Old joke regarding a reasonably well off guy's will....
Being of sound mind, I spent the fucking lot having fun.
Thank you for coming along to the reading.
Spent mine on wine, women, and weed.
The rest I just squandered.
Sing it, Janice!!!
All of your IRA are belong to us, Bitchez........
One quibble - how are we to accept the idea that the Federal Reserve is in danger from low capital reserves?
1. The Federal Reserve "balance sheet" is whatever the Fed decides to show us. What the Fed shows us may have very little basis in reality. Example: it was discovered a few years ago that the Fed had lent $16 Trillion that was not disclosed on its balance sheet. An inquiry by Congress concluded that the lending was proper. Again, a few years ago Max Keiser and his guest (Jim Rickards?) stated that the Fed had swapped $70 Trillion for Euros in a deal with European banks to allow those banks to cover US dollar-denominated liabilities after Europe caught the 2008 meltdown contagion. Does $70 Trillion in Euros appear on the Fed balance sheet?
2. The idea that a central bank that has the ability to create unlimited sums of currency (by mere entries into a computer) can suffer a lack of reserves implies that the currency created has no market value.
You're cute. You're still trying to make sense out of all the lies! Adorable.
Give it up. It won't add up, they are doing whatever the fuck they please because they can.
Yeah, yeah, you're pretty cute, too. Now, go make me a sammich.
The only thing the banksters truly fear is people waking up and seeing that the whole financial system is a system of theft enforced by hired thugs with guns and cages.
Hope I live long enough........
Let's keep the articles and the sales ptiches separate, PLEEZE!!!
Dave Ramsey and Phil grande could giterdone
A "Trust Fund"...managed by the morally, ethically and fiscally bankrupt.
What could possibly go wrong?
Trust funds do work. Only if you own it without monthly payment dribble and lack of deed. I didn't read article above. Knowing a attorney for over 20+ years helps as well.
I actually know SEVERAL attorneys (as aquaintances), and have known a few for over 20 years. Nice guys to your face, always 'positive' and shit. I wouldn't do a contract with them, though (or turn my back on them).
SAY, aren't MOST of the higher members of the CONUS government 'attorneys'? i thought that Cannigula and the Wookie had 'law licenses', once; and that both Billary and Hitlery ALSO had them (but there were, um, 'issues').
'Trust' funds are what they appear to be: You must first have 'confidence' in the one you are entrusting your funds with. HMMM... 'confidence'... they are employed to do this... they do it as a 'job'... a "CON" JOB... and they are "CONFIDENCE men", A.K.A. "CON" men...
Tell you what; I'll have MY lawyer call YOUR lawyer, and they can have a meeting regarding this disagreement. They'll do lunch or something (THEY'LL BILL US!).
Try this one weird trick to keep your IRA safe!
ACT NOW!
If you respond in the next 72 hours, we'll throw in a special bonus! Learn how to grow your Individual retirement Account, AND, your PENIS, at the SAME TIME! Swallow ONE of our exclusive 'little blue pills', and grind the other one up and work it into your Fedscrip, and WATCH as they both 'almost miraculously' GROW! Young, nubile offshore girls in the Cayman Islands with tight bodies are WAITING FOR YOUR CALL (and your bank account number)!
Thanks Mr. Black! You want some of my money too?
He take my money, when I'm in need
Yeah he's a trifling friend indeed
Oh he's a gold digger way over town
That digs on me
Now I ain't sayin' he a gold digger
But he ain't messin' with no broke niggas
Simon, as well as Doug Casey et Cie., are selling the "offshore IRA" concept, where your IRA, under its US custodian, owns an offshore LLC which in turn invests wherever and however you, the LLC manager, direct.
I looked at the possibilities and costs of such arrangments a few years ago, and concluded that they really only make sense if you Rothify the IRA before you offshore it, and have a minimum of $100,000 in the account (substantially more, needless to say, is better).
An "offshore IRA" still must meet all current and future diktats of the Feral Government, but at least a Roth can be liquidated and distributed quickly, with no tax consequences*.
*Assuming you know what you're doing.
AKA the Romney IRA. It's exactly what he did.
"An "offshore IRA" still must meet all current and future diktats of the Feral Government..."
And therein truly lies the rub.
If one can't be confident and trust that what is the law (the rules) today, they do not depend on it being the same tomorrow.
LAME!!!
I don't understand all the hate Simon gets. You guys realize the podcast is free, right?
Is free podcast considered a monthly EBT card jolt?
/sarc
Why is anyone reading this. Just move to Switzerland already.
What makes you think they are any different?
http://www.nationaldebtclocks.org/debtclock/switzerland
http://www.economist.com/content/global_debt_clock?page=7
Switzerland is just as most western nations and as usual, it is liberal policies and government that is the problem. What's even worse is Switzerland has no military to back up its cause (like Greece). Perhaps that is why they stay out of wars. But they still racked up massive debt without wars.
The idiots guide to subsiding your new Obama healthcare Ponzi requirements. Once that dries up, we will send you paperwork to cover your Money Market Fund automatic withdraw form. Once that expires, any personal annuities. Friday night comedy hour.
http://www.sec.gov/answers/annuity.htm
What a pile of BS. If you've got anything to say, do it without the sales pitch, asshole. I don't have the time to chase a story down the rathole.
see also: Danger in Your Medicine Cabinet! click here to find out
What's in your mattress could make you sick! click here to find out
Scarey Scarey Scarey boogie man in you home! click here to find out where he is
blah blah blah click here to blah blah
What's in your mattress could make you sick! Could that be the smell of stock piling benjamins?
/LOL
I think its improbably they would conficate retirement fund directly. I am pretty sure there would be blood on streets in they tried. Its very likely that the Gov't will print and debase the currency. They been doing debasement very successful for over 100 years and there hasn't be a revolt yet.
That said, I very much doubt there is $5 Trillion in these funds. I believe most of the money has been invested in dogy investments (ie subprime loans, shale oil, etc) that have lost trillions. The Fund operators can make up paper profits, wheeling and dealing into junk investments, and cash out their bonuses based upon phony paper profits. If they tried to cash out of these junk investments they probably be lucky to get $1 Trillion out.
What? You're making a coherent reply to this crap? Can't you tell a sucker's play when you see one? Read carefully the following posts.
Go back to your Lame Stream Medie-DUH as you said that you haven't the time to "chase a story down a rathole" to discover the truth.
Since you choose shallowness and refuse to make time to seek out truth then this place is not for you...
GET OFF OF MY PORCH YOU AUTOFELLATING TROLL. Take a step back and suckle upon your own penis you spineless twit.
Oh...And if you believe me to be just someone who relies upon anonymity...
I live at
12223B Woodside Avenue,
Lakeside, CA, USA
Come on over and LET'S GO HUNTING...
What is YOUR ADDRESS?
I am above the Pawn Shop.
To the rest of you fucking LOSERS...
Now as for the Simon Black sales pitch??? Misfilled. Needed to have been under Contributed Commentaries as Phoenix Capital's sales pitch.
But it DOES NOT CHANGE THE TRUTH that the Government is out to steal anything and everything that they can get their grimy hands upon. If you have your IRA within those greedy bastards grasp they will steal it from you. Then I will read some more WHINES.
Take the Tax hit and get out. It is as simple as that. You will lose in the short run but you cannot trust your slimeballs in Government to do anything other than be the chronic thieves which they are.
And I am reading a bunch of self important WHINERS WITH AN ENTITLEMENT MENTALITY in the Comments Section.
You WHINERS are as fucking bad as the Socialists that you claim to detest.
Drop the H and add an N to the appropriate position and become a WINNER instead of a WHINER.
You think everything should be free? That is a FREELOADING MENTALITY that I'd expect from the Free Shit Army.
But NOT HERE.
GET OFF MY PORCH.
Pussies.
But you are whining about Whiners. Does this make you a socialist free shit army member whining about whiners instead of being a free and clear winner? Simple question really.
Brother, you need a good woman.
Jesus H. Fuckin' Christ on a motorcycle ...
If you want to hear someone repeat himself 28 times, listen to this audio clip.
I have no doubt the USSA is going to confiscate IRA's and offshoring them is one way to protect them, but if you haven't started that by now it is probably too late and the only real option is to liquidate some/all of it now and pay the penalty if you believe financial armageddon is just around the corner. It may well be.
The funny thing about "nationalizing," stealing, the people's retirement accounts is that there is nothing in them.
The people pay fiat into these accounts, which is then used to buy bonds, stocks, hookers, and blow, at a conference in Maui, etc. All that remains are entries in computers somewhere. So they'll be stealing a bunch of bookkeeping entries that will prop up their house of cards empire a little longer. Sure, the people will be a little poorer, but not much so.
The moral of the story is: If it's on paper, it's not worth that paper. ("If you don't have it, you don't got it.")
The banksters need to repay us.
In 2009, a client of the local coin shop that I often visit became convinced enough from the proprietor and I's yammering on about the true state of things, that he cashed in his 401(k). Bought gold, and silver. He calls that his "Fuck you to the government, and banksters."
Now thanks us whenever he sees us, as he has learned more, reads ZH too, and is fully awake as to the true state of things. Now owns some steel, and lead, as well
Now we need to teach him about opening up a franchise store, Guillotines ~R~ UsTM .
I foresee that business will be booming as demand will be high in the years which follow.
Yes. It is a profitable business model.
I'm surprised that this story was rated so low. It's effectively a warning that the federal government will confiscate citizens' IRA accounts, although the government would never put it so crassly. Do readers not believe it?
Simon is always selling shit. I think he is the only person/group that has articles posted to ZH that consistently tries to sell his services.
He's a hustler baby, that just who he is...
But you knew that. Didn't you?
Try reading the Phoenix Capital advertisements.
No. He is not the "only one". There are many others. In fact there is one guy who always has a Part Two tagged at the end of the article...for a price...
The articles are generally listed in the Contributed Commentaries Section.
Some people here are FREELOADERS with an ENTITLEMENT MENTALITY whom are no different than, and have the mindset of, the Free Shit Army. I am laughing at their whines.
They expose themselves as the Socialists for which they are. I enjoy watching the Truth pan out and the Pretenders being exposed BY THEIR OWN WORDS.
Damn the Drudge Report socialists.
It's the WAY it's done here by Simon. Most crass advertisement by him to date.
Besides, this is old news to a lot of ZHers anyways.
Just remember, the government will NEVER:
A) Test biological agents on you
B) Use those "traffic monitoring" cams for anything other than the rush hour commute analysis
C) Troll and store all your internet feeds
D) Take that land you signed a treaty for
E) Subsidize companies and concepts mathematically destined to fail
F) Push an environmental agenda for anything other than clean air and water
G) Foist anything on you they wouldn't or aren't going to be subject to themselves
Etc...
Eggs, Switzerland, Brussels and selling bad SIV (investment packages) between Wall Street and City of London. :)
Front 242 - Headhunter
When you invest money you give it to corporations, banks or the government, with the possibility that they will give it back with a little bit extra some time in the future.
Suckers.
Exactly! If one wants to call Social Security a Ponzi scheme, then by pure logical reasoning all investments are a ponzi. Each needs a greater fool to sell those investments off to.
False comparison. Hers is why.
Social security and any other social programs do not produce anything of substance. They are simply transfers of wealth.
On the other hand, one might invest in a company that actually produces a product (creates greater wealth by creating value).
There is no sense of fair value in social programs other then what the politicians want to buy you off with - it is simply a transfer of wealth that government mandates and controls. But a free market society dictates (not right away but eventually) the fair value of a company by its productive value. And you aren't forced to invest in a company like you are forced into paying SS.
The dollar will collapse as soon as we run out of zeros.
Simon........ you Porter Stansberry lookin' motherfucker!
http://briandeer.com/stansberry/stansberry-research-scam-1.htm
The article might be an ad, but this shit will happen. He gives a very plausible argument as to how and when. I liquidated my IRA's in 05 ,paid the penalty and bought $450 gold.
Bitcoin users are not affected.
They don't need to be. The are an infection themselves.
There is no trust fund, Blacky is off his head.
The supremes declared that SS and medicare were just programs created by congressional fiat and canbe ended by same. The payroll tax is just that according to the supremes, a tax and congress has been treating as such for 50 years. There are no treasuries in the SS trust fund, just non-intrest bearing IOUs from congress.
It will come unglued over the current decade as fed deficits spiral to cover the retiring booms. Its all done but the crying.
Stack is the best advice.
Squid
LieRA
What I keep coming back to is the thought that it's better to be poor (or at least appear to be) than to make money. Latest instance of this was my recent enquiry into how the 1040 IRS form will treat the "healthcare contribution," since I don't have health insurance and also don't want to pay a fine.
Turns out that an exemption exists if the cost of having health care is more than 8% of your (M)AGI - the IRS added the "M" for "Modified" which adds in interest income and some other shit that I can't remember right now - that the health care cost is "too expensive." What a laugh.
So, if you made $50,000 last year and paid any more than $4000 for health care coverage, it would be deemed too expensive. The IRS uses $204/month as a baseline, so, if your (M)AGI is less than $30,600 (not hard to do these days), you basically can skirt the law entirely.
Seems to me that with the median individual income around $28,500, there are a lot of people who basically don't need to have health insurance, despite the pleadings from the federales that "everybody" should have health insurance.
Yet another wickedly bad attempt at propagandizing the US population into submission. Unfortunately for the government assholes (yes, that's exactly what they are, assholes), some of us can still read and do math.
Essentially, I'll never have health care insurance (unless I qualify for Medicare/Medicaid) and don't actually need to, despite all the crap the government keeps trying to shove down our throats.
I've determined that the best way to defeat the government and the financial repression of them and the banks is to participate in such a way as to avoid taxation and discovery, i.e., file a schedule C, show a loss or minimal profit (on paper, using their own rules) and own rental property.
If you really want to screw with them, work from home, set up your company as a separate business, charge rent to the company. Works out well because you show the income as rental income (not subject to SS, withholding, etc.), while your business shows the rental as an expense. Winner, winner, chicken dinner!
Number 1 way to get audited is to take the home office exemption.
Not really. I have done it for the last nine years with zero problems. It actually is a home office as I live in Virginia and the company I work for in in Florida.
Liquidated those goober regulated retirement savings schemes long ago, took the paper and exchanged it for real money.
you simply cannot allow the sheeple to accumulate wealth. It won't be allowed.
Most sheeple don't the discipline to accumulate wealth even if were allowed.
Odd, how some posters act as if this is a modern problem.
The Fed can stuff it's trunk full of IOU's forever. Storing numbers @ 6% doesn't require a lot of real estate. The trick is to make the people who use the currency associated with those numbers continue to believe it is a useful transfer mechanism. If admitting that you are counterfeiting $90 Billion a month, every month, didn't cause much concern, I'd say the chances are good .Gov/Fed can do whatever it likes.
Money has lost it's relationship to labor and added value a long time ago. Not among the laboring peasant classes, mind you, they're still bound by the archaic laws of "earning" and production. Those with access to the bonanza strike of the printing press have no such strictures and it merely becomes a question of 'market share' as to whom they will flow.
Fiat 'money' has a 2 tier structure, one that resembles it's traditional role in the past based on hard money, and the other much the same as a basement counterfeiter, only on a grand scale. They one constant thing they share is 'more is better'.
Another constant is that if you leave a pile of money lying around, someone will find a way to get their hands on it and there's no better way to do that than make a law allowing them to 'hold' your money for you.
Far more efficient than mugging you in an alley.
Well Simon here is your first mistake.
1) Taxpayers of the United States.
If you’ve held a job in the Land of the Free, 15.3% of your salary has gone to fund Social Security and Medicare.
Each of these programs holds massive trust funds that are supposed to pay out beneficiaries, both present and future.
Social Security is not a trust fund it isn't any fund at all. Social security ran out of money when little timmy started to put money into it a couple of years ago. Its a pyramid scheme and the pyramid flipped over.
However Medicare is a fund and it has a fund manager.
"trust fund" = marketing lingo, NLP chicanery. Hide big lies right out in the open so no one will notice.
this story is 100% accurate @ thank goodness ZH is virtually the only outlet to discuss it. I know someone high-up at a particular agency in the US and they said obama had a closed-door meeting about this very topic during his first-term. he wanted to nationalize peoples 401ks and offer them a double-voucher for social security. basically another way for them to rape & pillage people who do the right thing while continuing to extend & pretend about our unsustainable debt obligations. pelosi talked him out of it for fear he would not win a 2nd term. after he won his 2nd election, the focus them went on the mid-terms. now, we will see the real obama - his words at the SOTU speech "I have no more elections to win" - no more obstacles to clear. now we see his unadulterated "vision" for the transformation of our country. all to be done with a pen & a phone.
So sorry, but the Bush admin is on record at GATA saying everything owned by any US citizen is the government's, including money, land, food, supplies, vehicles, any possessions the gov't deems necessary to maintain order. Obama is a piece of shit, yes, but the US gov't has had this policy on the books since FDR.
Ofcourse iRA means different things to different people
Thanks, but I'm not listening to 41 fucking minutes of bullshit just to get Simon Black's point. When are you fucks going to realize we don't need to hear ten thousand backstories to get a single message? You want to tell stories all day? Get some fucking grandchildren and talk to them. I'm busy.
There is no doubt in my mind that .gov is going to take whatever it can by whatever means it possesses as the empire dies. The principle and interest at issue here are"tax defered" the government can alter the tax rate at will at any time. And at any point in time. Instant liquidation at 100%. Not a problem. Within the context of this unlimited power would it not be within the scope of possibilities that .gov would simply take it all under its power to tax, reinvest in treasuries and then grant the taxpayer certain future withdraw rights? I know how these fuckers think.
So the question remains. WHY would anyone of sound mind invest (risk) his property in a tax defered savings plan when those that hold absolute power over those funds are proven malevolent narcisistic sociopaths that view the collective public as a means to its self interested ends? Would you travel to Vegas, play blackjack at a table when the rules of the house clearly state that the dealer can change the rules of the game after the cards have been dealt? THIS is the sytem that your IRA money is in. I have little empathy for anyone getting throatfucked by the government in this sick game. If you are in, take the penalty now and get out. Those that stay in have no one to blame except themselves.
Where is Kristina ? The scholar and explorer and photographer ;-(