Walter Williams is a no-nonsense guy, unafraid to speak out. He regularly exposes hypocrisy in society and the fraud that is Washington. In a recent article,… Read More »The Fraud That is Washington and The Republicans
As our government spirals toward bankruptcy, entitlement programs have become a topic for both political parties. Government debt has just crossed $16 Trillion. But the… Read More »Social Security — A Paragon of Incompetence and Malfeasance
The shadowy past of our current president continues to trouble. Millions of dollars have apparently been spent in an effort to keep ordinary information under… Read More »Obama Could Not Be Hired By A Reputable Company
Another forecast worth reading is from Simon Black of SovereignMan.com. His approach deals with what he considers near-certainties in the next or next several years and is presented below.
He presents six of near-certainties. Numbers 1,4 and 6 seem as close to certainty as one gets, especially if you don’t constrain your forecast to a one-year horizon.
The event described in number 2 is beyond prediction because it pretty much involves nature and unusual events. If such an event would occur, I think it depends where in the spiral of decline it occurs as to whether Mr Black’s benign neglect prediction is correct. Any time prior to economic collapse and the Fed will print the money necessary to rebuild Pompei.
The event described in number 3 is ongoing. Fast and Furious started out as an attempt to ratchet up the need for greater gun control. The fervor will rise on the part of the government as Mr. Black predicts, although I think the fervor on the part of citizens owning guns will rise faster and higher. As Thomas Jefferson warned:
Those who hammer their guns into plowshares will plow for those who do not.
Number 5, unfortunately, is likely. Desperation on the part of politicians knows no limits. Even though American wars have drained the Treasury greatly, politicians see war as a way to rally and unite the people. This false notion is apt to be tried once again. In an attempt to save political careers, war is a small price to pay, at least in the eyes of the ruling class.
I am surprised Mr. Black did not deal with inflation or deflation. Perhaps tomorrow’s continuation will include commentary in this area.
Here is Mr. Black’s forecast:
New Year’s predictions are always a fun exercise. We can bet each other over the price of gold on December 31, 2012, or who will win the White House this year, or even make wild, black swan predictions.It’s like the Charades of thought experiments… good for laughs at a cocktail party, but ultimately meaningless. Serious personal and financial plans cannot be developed from mere conjecture– it takes significant research, uncovering little-known facts, reviewing historical examples, and looking for ongoing signs that either reinforce or void hypotheses.I’d like to share a few with you today. In my assessment, these ideas are not so much predictions, but rather mathematical near-certainties that underpin some of my own plans and investments.
Note– the timing for these is loose, not based on some fixed calendar date (Mayan or Gregorian). Some may occur this year, others may not arise for another 3, 4, even 5-years. But with each passing day, the likelihood becomes stronger.
1) Social Security in the US, and public pensions in Western Europe, will be completely restructured.
That which cannot be sustained will not be sustained, and theRead More »Simon Black’s Forecast is Black or Bleak
The media scores the debate over the reduction in payroll taxes as a victory for Democrats. That may be true, depending upon how you assess… Read More »Another Raid of Social Security is No Tax Cut
Would you want to dump your IRA or 401K retirement funds into social security? Of course I am kidding, asking such a question. You wouldn’t, nor would any other sane person. Yet that may be the next move by government.
Instead of forcing your money into social security, it appears some politicians are talking about forcing your IRAs and 401Ks into Treasuries so they can continue to fund the deficits. As I understand it, this is the same Ponzi scheme they set up with Social Security. It is actually Social Security on steroids.
It becomes another “slush fund” for government to cover up its insolvency. The new fund, like Social Security, ends up insolvent. They spend the money when they get it, and nothing is left to pay your “annuity” when it is time to collect.
The crooks in Washington (current and their predecessors) have done their best to bankrupt the nation. If this scam passes, it finishes the job off. They will have stolen your retirement. These guys make Bernie Madoff look like a saint!
I don’t have any idea of how close or serious these ideas might be. The fact that they are even being considered is enough to make one run for the hills. The scheme is nothing more than the same Social Security scam that is hopelessly underfunded and unable to honor its obligations. It is so stupid it is likely to be considered a good idea in Washington only because it provides a windfall of new spending for them.
This proposal, if it gets that far, will receive pushback from all kinds of political groups and quietly disappear, temporarily. In the event of something approaching an economic collapse, these ideas will reappear, carefully buried in some National Emergency Legislation that suspends whatever Constitutional protections and laws remain. This legislation will relieve you of both your freedom and your retirement funds. It will all be done for the “good of the country.” After all, we must all pay our fair share.
I would rather lend money to Louie the Bookie than these crooks. I believe I might trust Madoff more than our current group of politicians.
Here is the email and article on the subject that triggered this post. It was sent by a reader. The idea is so outrageous that one hopes we never get to the point of having to deal with it. However, in these times of no Constitution or Rule of Law, anything can be tried and passed. We are finished as a people and a nation if it ever gets this far.
TREASURY SEARCHING TO FUND DEFICIT ON 14-15 SEPTEMBER 2010 WILL PROPOSE A MANDATORY TREASURY ANNUITY FOR 401(K) AND IRA.
NII ACTION: If you do not want this program, contact your Congressman and Senator if this plan moves out of the hearings.
NII: Be aware of this method to partially nationalize your retirement account.
1) “Retirement USA is basically an effort that amounts to nationalizing 401(k)s and IRAs,” David John, a senior research fellow at the Heritage Foundation, told WND.
2) Not surprisingly, the U.S. Treasury and Department of Labor are getting serious pushback from the mutual fund industry objecting to what some financial planners see as a government attempt to divert hundreds of billions of dollars of private retirement accounts into federal government debt, regardless whether the investment in Treasury bonds is in the best investment interests of the retirement-oriented investor.
Government wants your 401(k)Hearings set on plan to require Treasuries in
The Investment Company Institute member companies manage some $11.62 trillion in mutual fund assets for some 90 million mutual fund shareholders, including retirement-oriented investors participating in defined contribution plans such as employer-sponsored 401(k) accounts.
Posted: August 26, 2010
11:03 pm Eastern by Jerome R. Corsi
© 2010 WorldNetDaily
The Obama administration appears to be proceeding with a novel way of financing trillion-dollar budget deficits by forcing IRA and 401(k) holders to buy Treasury bonds by mandating the placement of government-structured annuities in their investment accounts.
The requirement to invest private retirement assets has been cleverly buried within plans to create “automatic IRAs” that would mandate employer groups enroll all employees in 401(k) or IRA plans.Read More »Put Your IRA into Social Security