COMMODITIES GURU JIM ROGERS:“I Suspect They’ll Take The Pension Plans Next; I For One Am Worried, And I’m Taking Preparations”

here is the deal: EVERYbody can't retire with benefits. Within our present system we are all dependents between birth and 18 and then again from age 65 until death.

On average that means that we are all living off of the work of other people for 43% of our lives. But that doesn't even account for the fact that only 60% of those in the working age group are employed. Once you account for that there are two dependents for each productive employed American.

This is completely unsustainable. It just doesn't work mathematically and it never will.

It has always been a certainty that the baby boomers would lose their retirement financing just when they need it most.

yes. the answer is : take action.

Everyone should be taking preparations...

Dodd-Frank changed the definition of a depositor to an investor/unsecured creditor...

This changes the whole game, you just lost 90% of your financial rights, and you never even knew it...

I wouldn't leave a dime in any of the big five banks, and I would investigate any bank I do account business with...

Don't believe me, read it and weep straight from the FDIC...

[link to www.fdic.gov]

Last Edited by Saddletramp on 04/06/2013 08:54 AM

I've been through economic collapse as well, hyper inflation...NO FUN!
Money disappeared overnight. It could and it will happen here!

People that have bought a few properties (houses for rent) ...what will happen to them?

I'm completely lost as to how to save for retirement and we are 38, soon 39. Not 1 penny saved...good income otherwise (for now)
I only knew not to put any money into 401K

If you have a lump sum of cash, is it better to pay off credit cards or buy something of substance?

What happens to credit card debt when the looting begins?

the looting is ON.
it´s our governments and politicians

I was living down in a Mexican resort area, when my neighbor, and Argentinean, had his accounts frozen, lost his business in Argentina, and had to find any shit work he could in Mexico to survive.

I gave him a bicycle, and a bit of cash to get by, and he found a job he could ride to.

If you'll pardon the pun, OP, you're right on the money.

and do what?

It has begun.

Looks like you hit the nail on the head. Following his modus operandi in first targeting "the rich", Obama's budget targets retirement accounts.

Obama budget to take aim at wealthy IRAs

"...Under the plan, a taxpayer’s tax-preferred retirement account, like an IRA, could not finance more than $205,000 per year of retirement – or right around $3 million this year..."

[link to thehill.com]

The strategy here is to boil the frog slowly - set the precedent for "taking" retirement accounts from the rich and go from there.

The first phase will be to force people to pay taxes on the excess contributions. In step one, the government will not get the whole excess, but at those levels will get 39% of it in the form if income tax.

Step two will be to add a penalty on "excess contributions". increasing the government's take to 90% or more.

Step 3 will be to lower the threshhold by perhaps half, roping more and more people into the trap.

Step 4 will be to eliminate all private retirement accounts and forcing a contribution (similar to social security) to a government retirement account. Any remaining private accounts will be provided a grace period for redemption or transfer to the government plan, and will be taxed at redemption as ordinary income.

So what's the solution?
Investing in gold and silver?

my best advice: we stop being a sheep and start increasing our financial iq

The vast majority don't have pensions. Those who do typically work for the govt. or in large corps. that
are dept. on govt. handouts or favorable legislation to be able to afford pensions. I have paid a fortune in property taxes so that some govt. sod can relax in their old age in florida. They can have the pensions, then when everybody is in the same boat maybe we can devolop a more fair system. There is no good reason why those without pensions are supporting those with. The first pensions that need to go are the pubic employee pensions.

A nice place to stash your gold, silver, jewels

Five Stars!

OP : Do you have any advice as to the previous questions asked here...

i.e.)
Go further on 'home not an asset'.. as in, the devaluation of it, or the actual confiscation of it?

What about credit card debt? Will credit scores matter? Lol...

Investing in physical gold and silver the answer?

Everyone go buy a life straw on amazon .. a year of filtered water... 7 ounces.. do it!

Love this thread. I believe economic collapse to trigger martial law... we see china & Russia stackin up the gold, and everyone requesting it.....

EMP woudl make electronic transactions impossible... Lots of things to think about. I'm a 28 year old girl and pretty much alone in this.. so trying to figure it out. Thank you!

I keep thinking, the jews that figured it out ahead of time either fled (high survival) or hid (medium survival). We figured it out. Do we flee or hide? That may be what it comes down to. Hard to hide with drones in the air too.

Wall Street did a good job of robbing people's 401Ks back in 2008. How is a private fund safer than a government fund? It's not.

"Taking Preparations"?

And here I always rhought that one should MAKE preparations but TAKE measures and precautions...

Those can be conviscated at any time.

David Stockman was Ronald Reagan's Budget Director. What he managed to do back then worked.

His thoughts on our current situation:

"...Over the last 13 years, the stock market has twice crashed and touched off a recession: American households lost $5 trillion in the 2000 dot-com bust and more than $7 trillion in the 2007 housing crash. Sooner or later — within a few years, I predict — this latest Wall Street bubble, inflated by an egregious flood of phony money from the Federal Reserve rather than real economic gains, will explode, too. ..

..Real median family income growth has dropped 8 percent, and the number of full-time middle class jobs, 6 percent. The real net worth of the “bottom” 90 percent has dropped by one-fourth. The number of food stamp and disability aid recipients has more than doubled, to 59 million, about one in five Americans...

... By default, the Fed has resorted to a radical, uncharted spree of money printing. But the flood of liquidity, instead of spurring banks to lend and corporations to spend, has stayed trapped in the canyons of Wall Street, where it is inflating yet another unsustainable bubble.

When it bursts, there will be no new round of bailouts like the ones the banks got in 2008. Instead, America will descend into an era of zero-sum austerity and virulent political conflict, extinguishing even today’s feeble remnants of economic growth..

... But even Mr. Obama’s hopelessly glib policies could not match the audacity of the Fed, which dropped interest rates to zero and then digitally printed new money at the astounding rate of $600 million per hour...

...Without any changes, over the next decade or so, the gross federal debt, now nearly $17 trillion, will hurtle toward $30 trillion and soar to 150 percent of gross domestic product from around 105 percent today. Since our constitutional stasis rules out any prospect of a “grand bargain,” the nation’s fiscal collapse will play out incrementally, like a Greek/Cypriot tragedy, in carefully choreographed crises over debt ceilings, continuing resolutions and temporary budgetary patches...

... When the latest bubble pops, there will be nothing to stop the collapse. If this sounds like advice to get out of the markets and hide out in cash, it is. "

[link to www.nytimes.com]

They'll get it all.
All of it.
Remember the day Social Security was sacred?
They're going to take everything you have and make you work until you are dead. Then they'll do the same to your children and their children and you will never ever live to see freedom and joy again.
THIS IS THE PLAN.
It's very very clear.
It's too late to do anything about it.
It is done.
It is history repeating itself.
There is NOTHING you can do. imho

visit the store and read kiyosaki books to understand why your house is not an asset
[link to astore.amazon.com]

Hi Strongman, I am in S America, and have some big royalty payments coming in soon. Were would you park the money? I will be paying all my taxes, locally, and to the IRS, so tax evasion is NOT the issue. I think to put large sums into US banks is just asking them to confiscate. I do hold physical Silver and Gold.

Thanks

stay phyz.
and if you have royalty money
move your money around
the richer you are, you put more money in different safe haven countries . globally diversified.
convert your royalty money in real things like income producing land

if youa re even richer, try to buy land in different countries and save money in different countries.
spread your wealth around. but keep most of it tangible or physical

I love silver for long term. I only recommend phyz silver

We need a flag, sticker or hand sign so we can see each other on the road!!!

Once again he misses the big picture: all of that money that the Fed is "printing" is more debt owed back to them at interest. That's the root of the problem.

The Treasury could "print" its own dollars without borrowing them from a bank. That money could then be used to pay back the debt, rebuild the infrastructure, create jobs, stimulate the economy, all debt-free.

The banksters don't want the American People to know this. Abe Lincoln and Jack Kennedy were killed for trying to create a debt-free US Dollar.

Last Edited by Gimme Some Truth on 04/06/2013 10:03 AM

We need a flag, sticker or hand sign so we can see each other on the road!!!