Personal Liberty Poll
There is nothing “safe” about your savings if you have them in a bank or a retirement account.
Don’t believe me? Wait and see. Government bureaucrats and/or your Congressmen have lots of dirty tricks planned for the people.
So what’s new? Governments have been confiscating the savings of citizens for decades through deficits, inflation/devaluation and outright theft. And here and now, it is about to get worse.
Bankrupt governments will do whatever is necessary to keep politicians in a special status and feed the welfare state. They have never been more bankrupt and desperate than they are right now.
This is true for governments around the world. In January, Poland confiscated half of its citizens’ pensions. In the U.S., the government is coming for your money. The fatter government is, the skinnier the people are.
But when governments are broke, everything is fair game. Government officials are parasites. They don’t produce anything. They only feed off of those who do.
There is not one bureaucrat who does not know that citizens’ individual retirement accounts, 401(k)s and pension funds amount to $19 trillion. Here’s what they plan for us: The government will nationalize retirement accounts and force the funds into government debt. This debt is in default, and the sham is kept going only by the government printing presses. Government will carry out this giant theft under some guise of “protecting the public.” I am betting that most people will fall for their chicanery.
The Internal Revenue Service will block the transfer of retirement savings from going overseas. The IRS is blocking all retirement accounts from going out of the country so as to keep all wealth accessible to the government.
Marc Faber, publisher of The Gloom, Boom, & Doom Report, warns that the threat of wealth confiscation in the U.S. is very real. “As a result of the Federal Reserve’s monetary policy,” Faber explains, “huge wealth and income inequality [was created]…You have 1 percent of the people in a system that benefited incredibly from rising asset prices…[and] a lot of people are dissatisfied. They have the same vote as the 1 percent, except they are the 99 percent…so to them, it will be very acceptable to take money away from the 1 percent.”
Faber predicts that one day something big will happen. “What I would really hate is if one day the government comes and says, ‘Okay, we’re going to take 50 percent of your money and give it to social programs’…I think that is a real threat.”
Zerohedge.com’s Tyler Durden’s advice to guard against government thievery by confiscation is to spread out your loot. “So what does all of this mean for us? It means that the governments of the world are eyeing our money as part of the solution to any future failures of major banks. As a result, there is no longer any truly ‘safe’ place to put your money. One of the best ways to protect yourself is to spread your money around. In other words, don’t put all of your eggs in one basket. If you have your money in a bunch of different places, it is going to be much harder for the government to grab it all. But if you don’t listen to the warnings and you continue to keep all of your wealth in one giant pile somewhere, don’t be surprised when you get wiped out in a single moment someday.”
The Federal Deposit Insurance Corporation (FDIC) once provided protection for funds up to $100,000 in case of a bank failure. But as a result of the bank meltdown in 2008, that shield was raised to $250,000 per depositor, per insured bank, for each account ownership category.
It “does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investments are purchased at an insured bank,” according to an FDIC brochure available on the FDIC website.
That $250,000 threshold could be dropped to a lower amount at the drop of a hat, just as quickly and easily as it was raised. And if another banking crisis like 2008 erupted suddenly, a bail-in penalty on deposits in excess of whatever the insured amount is could be enacted just as suddenly as it was imposed in Cyprus. I would also recommend that you withdraw your money now. I know you probably think your bank is solid as a rock.
The FDIC has only $40.8 billion on account while insuring trillions of dollars. And you may not know this, but banks don’t hold all the money they supposedly have as assets. Study fractional reserve banking. Banks lend out $10 for $1 in asset they hold, and most of what they do hold is not even worthless strips of fiat. They are simply electronic blips or debt listed as assets.
All it takes a little bit of panic for a bank run to start. When depositors line up to demand their money, only the first few in line will get any before the banks run out of cash.
I liquidated my retirement account some 18 years ago, took the penalty and paid the taxes. I took a hit but overcame my loss with the silver and gold that I bought with the balance. I would do it again today.
I believe gold and silver escalation will still overcome any losses of liquidation by a large margin. The biggest rally in gold and silver is now ready to blast off. It has been a long time coming, more than two years. Many thousands have given up because they don’t stay in tune with the market.
The big Wall Street market is now headed down. As many people wake up, they will get into gold and silver. The giant Wall Street bear market has now started.