Wait until the nation figures out that the $85Billion Obama has printed every month under the smoke and mirrors of QE3 has taken so much value out of the dollar that it is only holding value based on people believing it has value.
If you are looking at the value of your 401(k) learn to think of it as worth about 70% of the number you are seeing.
When Bill Ayers and the rest of Obama’s pals talked about destroying the middle class...
Were I to want to start a revolution throughout the world, there is no better plan than this.
Make our day, progressives.
I can only hope that guillotine manufacturers can keep up.
And, if it is indeed a world-wide revolution, there will be nowhere for bankeers and progressives to hide.
And no lack of volunteers to pull the handles.
Maybe one of the reasons the government has been stockpiling ammunition? Things could get real ugly.
Remember Kirchner in South America nationalizing all of the retirement accounts so the government could administer them on a more equitable basis?
I expect at some point we will all be wards of the state.
This begins nothing.
The only thing that begins is people over in Europe will be more cautious in asking for bailouts now which is why the EU did this.
It’s not a tax or a levy. It’s confiscation. Theft.
There was another posting today lamenting the growing Grey/black economy and how it relies on cash transactions.
I’m not really sure if what we are seeing is greed, desperation of governments and the financial elites or blatant disregard for those who actually follow the rules and laws of society and nations.
What I think will happen in the long run is that we are going to see a long period of political upheavals worldwide. I’m pessimistic over any chance of democratic/republic style governments being the norm. It’ll just be more dictator/strong-man style governments leading into a new dark age for humanity.
Deposits are carried on the banks books as liabilities. This is just an obama styled rescue they dreamed up for GM and Chrysler bondholders, last in line boys.
ok do we need a law here to protect us from this?
This really isn’t what it appears to be.
NZ ended their FDIC program in 2011 and are looking to replace it with a new program called Open Bank Resolution to deal with a potential bank failure. The “potential” for a NZ bank failure is extremely low. Their system is nothing like the EU. Their “Reserve Bank” is much like our Federal Reserve system. Unlike the US however, they’re system is far more conservative and more conservatively run than the US or even Britain.
This is why we need to hang on to our guns.
The proposal in New Zealand is to charge higher premiums for Deposit Insurance at banks deemed at risk.
If this keeps up the price of gold & silver will be soaring and bank runs will become common.
It would be tougher to do with a 401K, unless they instituted some type of X% withdrawal fee. To liquidate accounts would cause the stock market to crash. Again though, this would be great news for holders of gold, silver, etc.