May 6, 2014 at 3:08 pm #12687Raúl Ilargi MeijerKeymaster
Russell Lee 3-room shack of hired man for tenant farmer and family of 10, Dickens, Iowa 1936 Hurray! Americans have found a new source of spending mon
[See the full post at: Debt Rattle May 6 2014: Americans Find A New Source Of Spending Money]May 6, 2014 at 4:12 pm #12688
Why would one keep money outside his personal control, in plain sight of an international banking system that is enamored with the philosophy of Bail Ins, coupled with a Congress so greedy it can, with the stroke of a pen, raise taxes far in excess of the ten percent penalty and present tax rates combined?
Like, first con the public into supporting a wealth tax in the form of a Capital Gains tax increase to say, 50%, to punish the rich, mind you, then simply include Retirement Accounts in the fine print? Possible, you ask? Just book it!
All the while our benevolent rulers are depreciating the value of those retirement funds at rates somewhere between 7% and the penalty rate of 10%, while holding rates of return artificially low.
Use it or die? More like use it or lose it. Folks must finally see the folly of entrusting a rigged system with their money, if they understand the Fed’s principal of “Inflate or Die.” It only makes sense to pull funds now at lower tax rates and brackets, than to risk all the known forms and unknown forms of confiscation available to out of control Central Power.
Besides, those funds were put away to use on a rainy day in the first place. Well, it’s raining!
Of course, the entire IRA/401K program was set up to fund .gov and it’s enablers on Wall Street from the get go. Now that the tables have turned, look for the Power to do everything it can to restrict access to those funds in a panic of self preservation. It’s in the “national interest,” you see?May 6, 2014 at 5:24 pm #12689
The entire World’s economy in the tank, and we are supposed to worry about the sea level rising?
I would worry more about the Financialization of the weather on Wall Street and the open ended taxing abilities handed to governments, than I would buying ocean front property in Arizona.
Add the fact that there is a big “Economic Recovery Act” sign down at the waterfront in front of the new government financed harbor renewal project in my town, all constructed just 6 feet above High-High Water. Guess they don’t really “believe” back there in DC? Other than in the “Control”`aspect, that is?
“Obama’s Top Science Advisor Warned In 1971 that a New Ice Age Was an Imminent Threat … Which Could Destroy Agriculture and Cause a Sudden Slump In the Antarctic Ice Cap, Leading to the Biggest Tidal Wave In World History”
So, which is it? Are we in Recovery, as the government assures us? And are the seas going to drown us, as they also claim to know for a fact? Or is this all nothing more than another way for the anointed to persuade us to surrender more liberty and treasure in exchange for illusive security?
But, sure, nuclear power plants are safe, the wars in Vietnam, Iraq, Afghanistan and all the other points of our interventionist forays were as necessary and winnable as the domestic wars on drugs, poverty, and inequality. And especially all the campaigns to insure the enforcement of “morality.”
So how could the war on Climate Change be disputed?May 6, 2014 at 5:38 pm #12690
“Nobody knows, from sea to shining sea, why we’re having all this trouble with our Republic.”
— Tom McGuane, Ninety-Two in the Shade
What Republic?May 6, 2014 at 6:01 pm #12691desertratParticipant
Forget the penalty. The insulation on my walls was a much better investment than watching my 401k get smaller every year since I started working…this is my third bubble now, and the 401k falls off a cliff every time, while the mutual fund companies send out 40 page glossies advocating ‘patience’. I think I’m about out of patience. The world has gone mad with greed. My back is my only pension now, until it isn’t. At least there’s no more false sense of security. You’re about better off taking the penalty and putting the cash in a matress to battle with inflation now, if you have a real investment in mind for it (as in no stocks/bonds involved), so much the better…
DesertMay 6, 2014 at 7:37 pm #12692jalParticipant
The Destabilizing Truth: Only the Wealthy Can Afford a Middle Class Lifestyle (May 6, 2014)
In Canada, if you work for the gov., you got to contribute to your defined benefit plan and you cannot withdraw from it
Ferguson said the government should re-examine the design of the three defined benefit plans for Canada’s public servants, military and RCMP to ensure it can manage risks that could affect the long-term affordability and “sustainability” of the plans.May 6, 2014 at 7:45 pm #12693lateStarterParticipant
Also, please keep in mind that although you might be able to file (and get) financial hardship, you can also get the penalty amount defered. I still owe and have a funny feeling that it will never get paid off. In the meantime, I put that moeny to good use – buying land (in another country). YMMV…
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