166 posted on
05/04/2010 11:41:13 AM PDT by
Uncle Miltie
("young people, African-Americans, Latinos and women" - 0. Ageist, Racist, Sexist.)
This is not something I am sure of but it may make sense. If you are lucky enough to live in a state who will assert states rights on your behalf
* you would be wise to keep your account at a local institution - even a credit union if they can be custodians for a reitirement plan. If one is not self-employed, then one would either have to cash out of the 401K, borrow as much out as possible or roll into an IRA to make this work. It would be wise to have all of your cash in an institution that is local not just your retirement funds. One problem with this thesis might be Federal Insurance on accounts in the local institution - they might need to resign from the Fed. insurance pool or the opt out might have to be covered in a state law. Probably the worst place to keep money is in a branch of a huge bank with its headquarters in a blue state that has taken Federal bail out money.
Capital controls are already in place:
It's Official - America Now Enforces Capital Controls (The Obama Fascists destroy Investing)
... so it is late in the game to move money outside of the country.
Then there's always the mattress..... which won't help much if the U.S. $ gets devalued. There are no easy choices out there right now for protecting the fruits of a lifetime of labor.
*TX, AZ, CO, ID, ND, SD, MO, TN, VA, NH (Oklahoma is close behind in the 2nd of 5 quintiles). Freedom In The 50 States: An index of personal and economic freedom. (http://www.statepolicyindex.com/?page_id=143). It was authored by William Ruger and Jason Sorens of the Mercatus Center of George Mason University (hat tip on this link to Windflier).