Wednesday, 26 July 2017

More Bad News About Pensions: Be Your Own Central Bank

We just published our latest review of the ongoing pension funds collapsing and must have inspired ZeroHedge as they are reporting this morning a much gloomier forecast than we had previously imagined.

These thieves in corporate America, managers of state and local government pension funds and social security can no longer hide their incompetence and blatant theft.

Here’s the opening to the article we published on July 19:

We write about pension funds a lot. The theft of our pensions and retirement savings is, not only, an ongoing situation, the “big one” is on the horizon and seems to be approaching the apex for millions upon millions of people.

As reported by ZeroHedge July 21:

We spend a lot of time talking about the public pension crisis because, well, it’s a massive $5 – $8 trillion dollar overhang on the economy and one which will undoubtedly result in some heartache for investors at some point in the future. Unfortunately, there are some problems that are too large for even U.S. taxpayers to fix and, with an underfunding of $52,000 (mid-point) per household, somehow we suspect this is one of them.

Of course, our nation’s various governmental institutions aren’t the only ones to have unwittingly created massive ponzi schemes from which there is no escape. In fact, as Bloomberg points out today, as of the end of 2016 over 90% of the top 200 corporate pensions in the S&P were unfunded to the tune of $382 billion.


Here’s a look at the funded status of the top 20:


Meanwhile, just the top 20 corporate pension funds are underfunded by over $100 billion. 


As you can see, the pension problem is far larger than is being discussed. This situation should be front and center on a daily basis as the impact upon millions and millions of Americans is going to be devastating. The deadstream media is just about silent on the subject as it would paint a picture of reality and, well, that’s not their job. They can only push lies, deceit and propaganda to keep the public ignorant and continuing to “punch the clock” to feed the beast.

If you don’t believe these companies are stealing our wealth then please explain why Catherine Austin-Fitts would make this comment:

Since 1947 we have progressively had a more out of control hidden system of financing, black budget, that has grown increasingly dependent on fraud and financial fraud and narcotics trafficking, organized crime. We’ve literally created an out-of-control model that is so far outside the Constitution. Nobody cared about that as long as they were getting their check.

****

This means that your house and my house and our property and retirement savings are on the table and the $40 TRILLION has been stolen since the early 1990’s is off the table. Then guess what, there’s a giant sucking sound coming out of our pension funds, our retirement funds and our personal assets in order to balance the budget . Source

I can’t think of a better time for a person to consider becoming their own central bank. In 2009 when I removed all of my funds from a company sponsored 401k it cost me approximately 25% of my savings in taxes and fees. This was 100% recovered within three years. As most people understand, taxes will be higher tomorrow than they are today and the tax savings alone would probably mean a person would be way ahead of a collapsing pension program.

With several options to move one's pension, 401k/IRA or retirement savings into an LLC or other sanctioned account it may be time to explore these options.

- Source, Rory Hall

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