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Old July 23rd, 2017, 01:30 PM   #1
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Is there a future for pensions, 401ks and IRAs

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When you look at how much debt and future obligations are clinging to our financial system, it’s difficult to comprehend how it has lasted this long without imploding. Unfortunately, the inevitable collapse can’t be avoided for much longer, and it might be coming sooner than you think.

Greg Hunter of USA Watchdog.com recently interviewed Lynette Zang, who is the Chief Market Strategist at ITM Trading.com. She clearly and concisely lays out why our financial system is crumbling, and why there isn’t much time left before it all comes crashing down. Perhaps the most obvious sign is how underfunded our public and private pensions are:



Zang: Number one regarding the pensions, they’re so severely underfunded that the choice to pass the law in 2014 was that corporations could underfund them even more. So what happens when you know you’re going to declare bankruptcy, if someone gives you a credit card you spend it because you know you’re not going to repay it, so I think really that is a lot of what’s happening in the system. The pensions will go away. The teamsters ran out of money, I believe it was March 1st, and UPS just the other day said that they’re freezing pensions of 70,000 employees. So people may feel safe but frankly, if you don’t hold it you don’t own it, and when the computer says no, what are you going to do?

Greg: Do think anybody with a pension is going to get creamed, even a government pension?

Zang: Absolutely. Anybody with a pension, anybody with a 401k, anybody with an RIA, any wealth that is held inside of system – because it’s not there, it’s air. It’s been leveraged with all the derivatives which are bets against all of that. Plus it’s severely underfunded. They can’t pay the promises. Even social security – people will ask me about social security all the time. Well that’s been underfunded since even before the baby boomers started to take social security. Do I think they’re going to halt it? No. I think they’ll give you dollars. It’s just that the dollars won’t buy anything. So that’s why the system has to reset…

In short, Zang believes that the system is running out of steam. The Fed can’t dump anymore helicopter money into the economy, because that just doesn’t work anymore. Despite those efforts, the amount of spending in the economy (known as the velocity of money) is at a record low. As Zang puts it, “there’s very little left for them to inflate away, yet that is the only tool they really have.”

So there’s only one way this can go. Once it becomes obvious that the government, unions, and major corporations can’t pay what they owe, the only thing the Fed can do is inflate the dollar until those debts can be paid. That’s why Zang is predicting that silver will reach $600 an ounce, and the price of gold will increase to $8,900. Note, that’s not because there will suddenly be more demand for precious metals (though that is very likely). Those number only account for the level of inflation it will take to balance out the system.
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Old July 23rd, 2017, 01:43 PM   #2
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Dude, your link is a site that sells gold and silver.
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Old July 23rd, 2017, 02:19 PM   #3
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Dude, your link is a site that sells gold and silver.

What is your point?
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In 2007, its parent company, Kos Media, LLC, began a fellowship program to help fund a new generation of progressive activists. About a dozen contributing editors provide content for the site, with three to four new editors being chosen from the Daily Kos community every year.

It is financially sustained by advertising, with Google AdSense and Blogads. The ads focus mostly on activist causes, media, and political candidates. The site also offers an ad-free subscription to members.


http://www.google.com/url?sa=t&rct=j...cTEJXEkBUGVUAQ
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Old July 23rd, 2017, 03:52 PM   #4
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It's a site whose revenue is dependent on ads selling gold and silver, so they put out a piece that says "everything is fucked except gold and silver".

It's like Lays putting out the "Potato Chip Diet", you need to filter before you buy in...
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Old July 23rd, 2017, 04:32 PM   #5
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If Public pensions are in the future then I think The United States as we have known it will cease to exist. These public pensions are destroying the economy. 401ks on the other hand are simply individual saving accounts. They grow or shrink based on the investments and the economy and thus do not have a deleterious effect on the economy but rather the opposite.
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Old July 23rd, 2017, 05:13 PM   #6
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The future for pensions ended with Ronald Reagan.

As long as stupid people keep voting Republican, there isn't much future for any retirement funds at all.

But hey, at least they won't have to worry about the gubmint taking their shotguns.

It's a good thing, because that's the only way their dumb asses will be eating.
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Old July 23rd, 2017, 05:52 PM   #7
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Originally Posted by goober View Post
Dude, your link is a site that sells gold and silver.
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Originally Posted by goober View Post
It's a site whose revenue is dependent on ads selling gold and silver, so they put out a piece that says "everything is fucked except gold and silver".

It's like Lays putting out the "Potato Chip Diet", you need to filter before you buy in...
And criticizing an article just because of the linked source w/o looking at the article itsself would be what...

Disingenuous?

Lazy?

Or just a regular old ad hominem?
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Old July 23rd, 2017, 07:22 PM   #8
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Originally Posted by skews13 View Post
The future for pensions ended with Ronald Reagan.

As long as stupid people keep voting Republican, there isn't much future for any retirement funds at all.

But hey, at least they won't have to worry about the gubmint taking their shotguns.

It's a good thing, because that's the only way their dumb asses will be eating.
Pensions are failing because it was inevitable. They promised more distributions than they are capable of providing. They continue to do this today and it is ruining our economy.

401k's are retirement plans so it is foolishness to lump them in with pensions.
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Old July 23rd, 2017, 07:43 PM   #9
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Originally Posted by skews13 View Post
The future for pensions ended with Ronald Reagan.

As long as stupid people keep voting Republican, there isn't much future for any retirement funds at all.

But hey, at least they won't have to worry about the gubmint taking their shotguns.

It's a good thing, because that's the only way their dumb asses will be eating.
Well that about sums it up.


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Old July 23rd, 2017, 09:08 PM   #10
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The recession cycle is three years and it has been early 2009 since the last recession and the next one will be a whopper. People will jump out of stocks and bonds and buy gold. I sold all of my gold in 2012 when gold peaked and am thinking about buying gold again while the price is still low. It's true that you can't eat gold but the precious metal is highly valued world wide. I do not recommend silver because there is too much silver.
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