Posted on 04/27/2011 10:14:31 AM PDT by demsux
I heard that too and it sent a chill up my spine. Very unlike Rush to do that.
“The two trillion will be in addition to this years deficit. Hyperinflation is a guarantee.”
Well, on the bright side your Amazon.com will be $35,000,000,000 a share!/s;)
If the stock market crashes once again, and American workers lose 65% of their 401-(k)’s, I could imagine a lot of them would be more than interested in the prospect of a guaranteed return of 3-5% with no risk to principal.
Please explain this to me in simplistic terms... they will force us to buy their government debt with our 401ks?
All it takes is for Congress to pass a law, and the president to sign it.
I’m merely speculating as to the possibility of it at some point. Like the other poster said above, it’s probably political suicide to try it, but if the alternative is national default, who knows?
Looks like silver shot up about the same time of day.
That wouldn’t correspond to the press conference, now would it?
Rush is off to do some homework I bet! Yep..somethings surely up and we’ll learn of soon enough I’m certain...and it won’t be from a Bernanki press conferance in cahoots with Obama.
Well this administration has no fear of congress or the people....so yes he'd dare and would. This administration is not going to let the 401k money lay around without telling the American people they have a plan to invest it on their some whacky purposal to ease it out of from under the people sitting on it. It's pretty much a given IMO...as rules and regulations...congress and the people... are not this administrations concern.
Just like when Paulson went before Congress on bended knee saying the sky was falling....you can expect we'll hear that without using the 401k the people will be responsible for the downfall of the economic markets.
So when does QE3 begin? Without QE3, the government runs out of money regardless of whether they raise the debt ceiling. Being legally able to borrow is one thing. Having people actually lend you money is something else. And right now, no one is lining up to lend the US any money at current interest rates. No one.
The currency is being devalued..... inflation.
To save you retirement be sure it is invested in assets that will appreciate in the inflation.
It’s not rocket surgery
So how was he able to stiff the Chysler and GM bondholders?
That was blatantly illegal, but he did it anyway.
Plus baraq uses regulatory agencies to do his dirty work.
Just askin.
I don't put anything past them at this point.
If they ordered an indefinite trading halt, the price would collapse overnight as everyone rushed to sell.
The GM and Chrysler bond holders were in a weak position. The big ones were heavily beholden to the government for bailouts. The haircut they took was business as usual for rent-seeking crony capitalists. The smaller bond holders were few, isolated and vulnerable — low hanging fruit for gangster government.
America's retirement savings are a different kettle of fish altogether. Any effort to confiscate them would provoke a backlash that would make the reaction to Obamacare look like a lovefest. Remember that even when they were riding high the Dems didn't dare push overtly for a single payer healthcare financing system because that would gore too many oxen to be politically feasible. Swapping out valuable retirement assets for IOU’s from a bankrupt government would gore many more oxen much more deeply.
Long before they try that stunt they'll try to institute a VAT, but that won't go anywhere either. Dems wouldn't dare and the GOP won't permit it. When the government runs out of funds it also runs out of options.
As long as the media is carrying his lunch pail for him, he can pretty much get whatever he wants.
It is a big world. America doesn’t control the price of gold
It is a big world. America doesn’t control the price of gold
“They will force us to buy their government debt with our 401ks?”
You got it!
I remember reading this article
http://whiskeyandgunpowder.com/will-the-feds-fund-deficits-with-401ks/
Excerpt..
The writing is on the wall for retirement assets held in conventional ways. A report last week in Business Week shows that the U.S. Feds have 401(k) assets in their sights.
“The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.
“Annuities generally guarantee income until the retiree’s death, and often that of a surviving spouse as well. They are designed to protect against the risk that retirees outlive their savings, a danger made clear by market losses suffered by older Americans over the last year, David Certner, legislative counsel for AARP, said in an interview.”
Now ostensibly, the plan to offer an annuity option for 401(k) plans will seem sensible. But don’t be fooled.
This is the beginning of a money grab by the Feds for the $3.6 trillion in assets held by U.S. 401(k)s. The Feds need that money to finance the deficit. This is where some of the money to fund the deficits may come from, answering a question we asked earlier in the week. What you can’t take, you’ll have to print.
The Fed takes care of its special friends without any check and balance or accountability to the people. They hand out free money to anyone in their cabal and it dilutes the value of the dollar for all. Google the “Wives of Wall St” for a small example of their corruption.
They don’t want Americans buying US debt. They want other central banks holding our debt. They want Americans buying international corporations and sending capital off shore while enriching the bankers.
The Fed is a privately owned un-Constitutional entity that usurped the powers of Congress. It is owned by the same banks it bailed out.
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