Posted on 01/24/2010 6:21:51 AM PST by Daisyjane69
As the United States moves into a new decade of military overreach abroad and national bankruptcy at home, Washington is in a desperate search for more revenue and a solution to the future financing of the trillions in national debt obligations currently held by foreign central banks and investors. Economists, politicians and smart investors know the dollar’s days as the world reserve currency are numbered as is our ability to finance the national debt.
Although the historical government solution to unsustainable government debt loads has always been the destruction of the debts by currency depreciation and eventual hyperinflation, there is always an intermediate step used to buy more time for the politicians in power. This action, usually sidestepped and downplayed by the establishment historians paid to hide the real facts of history is wealth confiscation. Napoleon had it right when he stated, “History is a state of lies agreed upon.”
(Excerpt) Read more at whiskeyandgunpowder.com ...
So, what can we do NOW to prepare?
Hoarde cash?
Take your pick, rock or hard place. They are both available yet.
The only thing I can think of, is to stop contributing to our 401k accounts (losing the tax advantage in the process) and self-fund our retirements.
Without the tax-favored blessing of gov’t. They know that confiscating private savings accounts will result in a civil war, I’m thinking.
We want to wait to see if this becomes law, before we do anything, of course.
With a good big strong gunsafe and a place for a good amount of cash, confiscation or assessment of retirement accounts wouldn't bother me as much, personally.
You know, one of Clinton's czars actually campaigned for a 'one-time' retirement account 'assessment' of 15-20%. Can you imagine the percentage amount Zer0 is thinking of? In the end, they either print the money (with no value behind it forcing hyper inflation), or they raise taxes (certainly possible), or the just take money from existing accounts. The largest source of untapped funds right now available are the third choice.
What if that is what Obama is really after? Convince a lot of people that 401(k)s are no longer safe politically to get people to stop contributing (and thus start paying taxes on there non-contributions) or even empty out the accounts to bury in the back yard (and pay taxes and penalties, ka-ching!).
Buy land, guns, ammo.
If you read closely, “cash” (dollars) won’t be worth much. You need something with “hard” value like land or precious metals. Think of things that will retain it’s value globally. THAT is the best hedge against a dollar meltdown.
it appears that he is trying to save the Treasury market from crashing. That’s the only thing that allows him to keep spending.
http://market-ticker.denninger.net/archives/1830-401kIRA-Screw-Job-Coming.html
No one is buying our debt. China has bailed. Evidently his solution is to FORCE Americans to buy the debt no one else wants.
I hate this man. I truly do.
and I also hate every single person that voted for him. That includes misinformed friends.
I’m madder than a hornet in September.
I agree about diminished value to an extent, but when in a period of like we’re talking (confiscation or ‘freezing’ of accounts) having cash is still better than numbers on a piece of paper with your name on it. Yes, land (I own free and clear), valuables (metals, ammo and firearms) other durables, are good too, and getting my hands on cash doesn’t mean that I wouldn’t look for the best I can get under the circumstances. Think about how screwed you’d be if the IRS froze all your credit and bank accounts.....the same thing could happen to your paper retirement accounts.
The key to taking your money out of your IRA’s and 401k’s will be the when they first start talking about this scheme. When they are at the money stealing phase, yes, have cash stuffed in a safe deposit box.
During a period of hyperinflation, US dollars will be worthless. Better to invest in gold, goods, or perhaps Euros.
If I produce a product and the only people willing to purchase it are my own insiders, via force, it’s time to worry, no?
:(
Cash won't do you any good if the dollar isn't worth anything. Better to hoarde gold, tobacco, firearms, ammo, liquor, fuel and anything you can easily barter with.
I'm just sayin...
Most Certainly!
Not cash — whiskey and gunpowder.
Sounds like their plan.
perhaps....
Let’s face it; there is all kinds of risk in this. Including the one you mention.
There are lots of awful things a far-left government can do to destroy our dreams and quality of life. Fortunately, this one is still a hypothetical. Financially, there is little that most of us can do to “Prepare” or “Escape”.
The only real solution is to elect a Congress and President which will move us back from the brink of financial disaster. Time is running short. We need one house of Congress in 2010 to stop further power grabs and investigate the ones that have happened, and need to take back the Presidency in 2012.
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