Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

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E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

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US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

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Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

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Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,” FDIC spokeswoman Michele Heller said in an e-mailed statement. “We welcome and work

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Canadian government admits recovery never happened

Canadian government admits recovery never happened

“Not only did their stimulus fail to create the jobs of tomorrow, it also failed to protect the jobs of today,” Scott Brison, the opposition Liberal Party’s spokesman for finance issues, said by telephone. "Most of us were shaking our heads in disbelief early last year w

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Content By: The Coming Depression Editorial Staff (dates cited below)
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uncle obama 401k

“The government is preparing a banquet for 300,000 people, but inviting 3 million to partake,” said pensions expert Alberto Bonadona. “It will collapse.” Jacob Funk Kierkegaard, an economist at the Peterson Institute in Washington, says he knows of no other country lowering its retirement age at a time when higher life expectancy is burdening national budgets with pension obligations. “

Politicians are the same everywhere. It’s all theater. Nationalize this and that just before an election. “We need security in these times of peril.” Newsflash! Times are always perilous. Always. The Bolivian government is going to use their social security fund in the same way that the U.S. government is using theirs; as a credit leverage tool. Governments need to get out of the business of “saving” their people. Let the people rely on themselves for once.

bolivia

The government is seizing the Bolivian retirement savings (401k in America; RRSP in Canada) and that’s akin to raiding your bank accounts. What’s even more significant, is that what’s good for the Argentinian government will be viewed as a good option for the Canadian and American governments (more so the Canadians) We’re here to forewarn our readers that their retirement plans are not safe.

Bucking trend, Bolivia lowers retirement age to 58

LA PAZ, Bolivia (AP) – Bolivia enacted a law Friday lowering the country’s retirement age to 58, bucking a global trend in which countries push people to work longer to counteract the burden on national treasuries of rising life expectancy.

Critics say the law, which also nationalizes the pension system and generously extends coverage to the poor, is overly ambitious and unsustainable.

Leftist President Evo Morales signed the bill surrounded by members of the powerful Bolivian workers federation, which helped draft the law.

Bolivia’s current retirement age is 65 for men and 60 for women.

“We are fulfilling a promise with the Bolivian people. We are creating a pension system that includes everyone,” Morales he said at the signing ceremony.

The law, which takes effect in a year, also extends pensions to the 3 million people—60 percent of the working population—who labor in the informal economy as everything from street vendors to bus drivers.

“Evo Morales thinks about the poor people, so they can have something for when they get old,” said Juan Quispe, 45, a father of three without a pension who sells ice cream on the street outside the National Palace.

What happened to Argentina?

In the year 2008, Argentina nationalized and seized private pension funds. According to AFP, the measure, a flashpoint of controversy since Kirchner last month announced her intent to nationalize 10 bank-owned pension funds to protect retirees from the effects of the global financial crisis, was approved by a 46-18 vote in the Senate. Kirchner defended the plan at last weekend’s G20 summit in Washington, saying the 1994 privatization of Argentine pension funds was responsible for “42 percent of external debt” and played a large part in Argentina’s 2001 default on its international debt obligations.

Retirement will become more of a joke as the years go by. Does Germany’s retirees of 2029 really expect to get money that’s worth anything at age 67? An aging and growing population, combined with reduced availability of natural resources will gut what’s left of today’s “consumer economy” to the point that pension system investments will be worthless. This is guaranteed to happen. Due to the characteristics of today’s economy, the only people maintaining or increasing their weight are the very rich; everyone else is progressively getting poorer. The young of today are fed the dream that they will retire in guaranteed absolute luxury as long as they get into lots of debt for a degree or more and they get a huge mortgage for a house since house prices go up by 20% every year forever, right? We should tell them, “don’t every expect to retire; plan accordingly.”

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  1. Bolivia cancels fuel price decree after riots“The fuel price hike – which protesters were calling the “gasolinazo” – caused the cost of transport to soar, and pushed all food prices up.” — BBC News Bolivian President...
  2. European governments steal private pensions; Is the US, Canada, Brazil next?“Hungary, Poland, and three other nations take over citizens’ pension money to make up government budget shortfalls. The article goes on to detail other pension grabs in Bulgaria, Poland, France...
  3. 401k withdrawals spike 10 year high; will Obama steal your pensions?‘”The current economy has forced some workers to borrow from their 401(k) accounts in order to pay for critical living expenses, ultimately jeopardizing their future retirement,” said James MacDonald, president...
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