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    Peter Schiff on Currency War: ‘The Object is To Kill Our Own Troops’

    Mac Slavo
    October 8th, 2010
    SHTFplan.com
    Comments (58)
    Read by 524 people

    Peter Schiff opines on the economy, global trade, the currency war, jobs, inflation, precious metals, offshoring and more. Schiff, who called the real estate bubble, debt crisis and the rise of precious metals well before they happened, was at one time laughed off of television for his dire predictions. More people are now taking him seriously, because he might just be on to something:

    Most wars – the object is to kill the enemy. In the currency war, the object is to kill your own troops.

    Because, in a currency war it’s a nation’s own citizens that suffer because they’re the ones being made poorer.

    Unfortunately, America is going to win the currency war, so our citizens have the most to lose because we’re going to be the greatest casualties in the currency war. It’s going to be American retirees, people living on fixed incomes – because unforetunately that’s how you win the currency war.

    Whichever country succeeds in making its citizens the poorest is the winner.

    This is very similar to what Federal Reserve Chairman Ben Bernanke discussed at a recent conference when he said:

    “…history makes clear that countries that continually spend beyond their means suffer slower growth in incomes and living standards and are prone to greater economic and financial instability.”

    We have not only analysts and economist like Peter Schiff and Marc Faber saying it – the head of our monetary system has alluded to the same thing. Folks, this is serious. When we talk about losing the currency war, we’re not talking about a 3% to 7% decline in purchasing power per year, as has been the traditional loss of purchasing power for the dollar over the last hundred years.

    We’re talking about losing 3% to 7% PER MONTH. It’s actually happening right now! The Federal Reserve is pumping massive amounts of “liquidity” into the system either directly (through offshore bank accounts) or indirectly (through lending to so-called banks, which are actually large investment firms), and this money is making it’s way into commodities like oil, rice, wheat, etc. Just in the last thirty days we’ve seen a 7% devaluation in the US dollar vs. these critical assets. And the Fed doesn’t plan on letting up soon. At 7%, you’re looking at losing more than half your purchasing power per year.

    If you are saving money, the intention of the Federal Reserve and powers-that-be is to wipe you out. Recommendation: Put your money into a hard asset or two.

    Watch Peter Schiff:

    Hat tip: Chef contributed to the content of this article.

    Please Spread The Word And Share This Post
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    Author: Mac Slavo
    Views: Read by 524 people
    Date: October 8th, 2010
    Website: www.SHTFplan.com

    Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats.

     

    58 Comments...

    Vote: Click here to vote for SHTF Plan as a Top Prepper Web Site
    1. mushroom says:

      this false sage couldn’t even win an election in connecticut. what a loser. i’m saving ten dollar bills as the ultimate protection against what the crooked chinese financial terrorists are doing. our federal reserve is fighting for us and eventually will win -then every ten dollar bill will be worth twenty dollars. god bless obama and god bless america and god bless the american ten dollar bill…

      Rate This Comment: Thumb up 0 Thumb down 2

      • Kenan Safadi says:

        You, sir, are deluded. Ten-dollar bills are not any less vulnerable to inflation than any other Federal Reserve Note.
        If you want to hold on to something, buy gold, which has been shown to be consistently stable, regardless of where inflation goes. In fact, with inflation, you would, at least nominally, make money off gold, in that you would make a profit which would make up for inflation.

        Rate This Comment: Thumb up 1 Thumb down 0

    2. Tina says:

      I just want to throw this question out there to all you “experts” .

      I am extremely fortunate to have a full time (well paying) professional position at an area hospital. I have a 401K that frankly has been keeping up at night. I owe approx 27K on my house, which I would love to bottow against the 401K and pay completely off.  I can NOT borrow against it at all and my fund choices are limited.  I found out I can NOT borrow against it for any reason. I also can not pull it out without QUITTING MY JOB…This is a hell of a dilemma.

      Since I can’t borrow against it and can’t move into more stable funding choices under my current plan (other then bonds….OH BOY!!!). Would anyone suggest transfeering into a Gold Backed IRA at a “chance” of preserving what I have should TSHTF?

      Rate This Comment: Thumb up 0 Thumb down 0

    3. Redgypsy says:

      Figure out a way to rob your 401k there are usually loopholes to clean them out you will take a tax hit.
      Having your home free and clear is the best thing you can do.
      Unless you need to move.

      Red

      Rate This Comment: Thumb up 0 Thumb down 0

    4. wheedle says:

      The president will be out of the country for 12 days after the November elections. Some websites suggest this may be part of a false flag event that could occur regarding the outcome of the election. Or this could simply be nothing. But it is unusual timing.( Search,,,,petty controversy : is obama fleeing the country ? ,,,)

      Tina:
      You might consider finding a new job. Once you leave your current position you then have the option to roll your 401K into an IRA you will have complete control over. You can then cash out your IRA early and pay off your home. The taxes and penalties will be stiff. If the current economic crisis in this country continues, this might be the only way to insure any return from your investment. A financial SHTF event could wipe out any retirement investment people have left. In reality, your 401K  is a promise on paper. It’s just a suggestion and completely up to you. Good Luck

      Rate This Comment: Thumb up 0 Thumb down 0

    5. If  anyone is  around 60  and getting close  to retirement, get out of the market and index funds now, (S&P etc) and get into  safety (gov securities).  Interest rates are low, but the market can tank.   If you buy stocks for income, get good high rated utilities such as Duke or AEP, etc. and draw dividends as income or reinvest  dividends back into the stock  until retirement.  Downsize your house; retirees don’t need houses much over 1600 sq ft.

      Rate This Comment: Thumb up 0 Thumb down 0

    6. You might consult a Certified Financial Planner on an hourly consult. They sell you nothing but can discuss options and probably calculate the tax repercussions of pulling money out of the 401K.
      A fully paid off home is a blessing but if you do need to move the market is not favorable for a sale in less than 6 months so your liquidity is zero.  If you know you can stay put then discuss the tax penalties but if you lost your job would you need to move to find work in your field?
      Ask around for a CFP who gets paid based on increased income of their clients rather than getting paid for every sale or purchase.  And hire them for an hour. You might also need to speak with an attorney who specializes in 401K info and find out how to get at that money. Redgypsy is correct, there are always loopholes.  Good luck and go carefully.

      Rate This Comment: Thumb up 0 Thumb down 0

    7. Tom says:

      @Tina  Is there any fine print about pulling it out in a “hardship clause”?  If you can I would take the hit on taxes, especially before #1 takes them all over, devalues FRN IOU promises even further & the SHTF.  I know you realize that.  Good luck.  When you do hold a copy of your deed, wall paper bathroom with it and get a certified copy of it registered at county court house.

      Rate This Comment: Thumb up 0 Thumb down 0

    8. bruno says:

      so bernanke quotes are credible when they back your argument?  worthless lies when they don’t? interesting.

      Rate This Comment: Thumb up 0 Thumb down 0

    9. Anonymous says:

      wheedle,
      obama leaving the country 12 days before the election would be a lot more suspicious to be honest with you.  once the election is over and most repubs. win, how would a false flag help him?

      Rate This Comment: Thumb up 0 Thumb down 0

    10. Barack Obama Jones says:

      @ mushroom

      What a fucking idiot

      Rate This Comment: Thumb up 0 Thumb down 0

    11. Sketch says:

      I’m guessing Mushy writes in satire – or at least, thats what I’m HOPING for.

      Rate This Comment: Thumb up 0 Thumb down 0

    12. Anonymous says:

      Bruno, your probably smarter than you look.  Which part about him do you trust the most?  His Phd thesis?

      Rate This Comment: Thumb up 0 Thumb down 0

    13. Anonymous says:

      To Mushroom,
      Are you out of your mind?  The $10 bill being worth $20?  Since when in our current monetary system, which began in 1913, has money gotten more valuable.  Our currency has lost 97% of its value since 1913.  That $10 bill in 1913 is now worth 30 cents.  Good luck with your investing strategy!!

      By the way, its not an easy thing to get yourself elected to the US Senate; I don’t you could get yourself elected as toilet bowl engineer!

      Rate This Comment: Thumb up 0 Thumb down 0

    14. assayer says:

       mushroom…..  you been getting in the gravy??????s…..

      Rate This Comment: Thumb up 0 Thumb down 0

    15. Tina says:

      Wheedle – You might consider finding a new job.

      Wheedle you must be kidding. In this economy? Great paying job are a rarity. I’m more inclined to look for the loopholes like RedGypsy said. 

      I have spoke with several people that  oversee or help maintain my companies 401K plan and I was told that the only way I could get any funds out was to BE IN ARREARS WITH MY MORGAGE. In essence….if I was going to be foreclosed on THEN I could borrow enough to get caught up. Now how ridiculous is that? 

      I also spoke with a financial advisor and have made another appt. He is telling me that there may be a way to roll it into a Gold IRA but still I will be unable to access any of it.

      Rate This Comment: Thumb up 0 Thumb down 0

    16. Tom says:

      God bless you Mushroom.  A little comedy satire is always welcome.  But I think it damn near killed him to go to church with his family a couple weeks ago & before Nov.

      Rate This Comment: Thumb up 0 Thumb down 0

    17. lostinmissouri says:

      Tina,
      Getting your wealth out of the FRN system, is the only way, you are going to protect it.   That means moving out of government paper,  into gold/silver.   No government paper is good, in a world wide currency war.

      The only “gold IRA” to own,  is the one in your possession, and not part of  the FRNs system.

      not financial advice,    just  mho.

      Rate This Comment: Thumb up 0 Thumb down 0

    18. Tina says:

      Lost…I totally agree and I have PM’s to prove it. Over the years I have moderately invested in the stock market and had at one point 20% going into my 401K. That since has been reduced to 5% (only bc of the company match) and I have all but totally gotten out the the stock market (I plan on wiping the rest of that out in about a week when the new financial report comes out).

      NOW….I have that 401K just sitting there and I could use that $  wiser by prepping more or paying off my house. 

      I just don’t understand why I can NOT just close the acct and pay the tax penalty if I so choose…..afterall THAT IS MY HARD EARNED MONEY!!!!  

      Rate This Comment: Thumb up 0 Thumb down 0

    19. eagleclaw says:

      Tina,

      I will check to see if there could be any legal recourse ( in the form of a class action lawsuit) or as an individual to challenge this egregious & unethical restriction that prevents people from getting their own money( as they still must pay the tax penalty anyway if they get some of their own money from the 401K).  This type of restriction that puts an individual in a position to have to quit their job in order to borrow or use their own money would be consider “unconscionable” and a shock to the public conscience, and I think the majority of people in this country, including a jury of my peers would certianly AGREE !   I have nearly $70K in my state 401K and was told I can’t touch it unless I quit state service or I must show a HARDSHIP and I must exhaust all my options to get the money by other means (including proof that a bank turned me down for a loan).  So they are saying I must borrow money from a bank first & put my self in more debt just to fix my needs when I have my own money sitting in a 401K.  This is disturbing & I believe very winnable if it goes to court.   What say all of you ?

      Rate This Comment: Thumb up 0 Thumb down 0

    20. TnAndy says:

      Laura said :  “If  anyone is  around 60  and getting close  to retirement, get out of the market and index funds now, (S&P etc) and get into  safety (gov securities).

      WHOA Laura…..you clearly don’t understand government securities if you think they are “safe”, huh ?

      Right now, the vast majority of US debt will mature in less than 10 years.  Right now, the rates on them are at historic lows.

      IF you buy US Debt ( or invest in a fund that does ), and interest rates rise,  ( and really, WHERE else do they have to go  ? ), then THE VALUE OF YOUR BONDS FALL ! 

      If you need to sell them ( or the fund ) down the road, the value is less…..maybe a LOT less.

      If you hang on to them in a rising interest market, you are getting killed by inflation because rising interest rates mean inflation.

      You might really want to study up on this………….that advice used to work, and a lot of financial folks are still passing it out…..and a LOT of folks are gonna get hurt by it.

      Rate This Comment: Thumb up 0 Thumb down 0

    21. mushroom says:

      i just heard the good news that social security recipients are not getting a cost of living adjustment next year.                         

      actually these entitlement payments should be reduced ten percent every year until they are phased out. we also need a five thousand dollar deductible on medicare plans that increase one thousand dollars every year. these entitlement reductions would help our government reduce our debt. god bless america…and god bless our patriotic hard working tea party members such as dick armey and the koch brothers…

      Rate This Comment: Thumb up 0 Thumb down 0

    22. TnAndy says:

      “What say all of you ?”

      I say you signed up for a savings plan that sucks, is set up by Federal law and good luck fighting it. 

      Nobody was bitching when the DOW was rising, and your employer was kicking in matching funds and you got the tax shelter from it.

      You dance with the devil, you get burned.

      Best thing to do is move to another job, even if it pays less, take your 401k money out, pay the taxes/penalty, and buy silver/gold.

      Which is exactly what I did 7 years ago.  Something beats nothing….and that is what they have in mind for you to get….nothing.

      Rate This Comment: Thumb up 0 Thumb down 0

    23. TnAndy says:

      Mushroom,

      That’s the FIRST sensible thing you allowed to slip out since you’ve posted here.

      Rate This Comment: Thumb up 0 Thumb down 0

    24. Tina says:

      Now TnAndy….please don’t give the chroom too much credit.

      Yes MC needs to be phased out but I would much rather see a STOP to the US doling out a Medicade card to everyone crossing the boarder and the fact that every “teenager” between the ages of 15 and 19 giving birth to child with every man that she lays down with only to be “on the system”….give me a break.   

      I see this Everyday and I’m feedup with it all. While my elderly parents have to scrap for everything they have. If it wasn’t for me helping out they would be homeless…..that’s the system for ya!

      Rate This Comment: Thumb up 0 Thumb down 0

    25. Tom says:

      Check out future commodities on grains “just” today as of 3:55EST:

      9% up on wheat
      6. 6% up on soybeans
      6% up on corn

      I don’t buy commodities but the chickens are coming home to roost!

      Rate This Comment: Thumb up 0 Thumb down 0

    26. Anonymous says:

      Mushroom, you need to get laid or release some spores or something…..

      Rate This Comment: Thumb up 0 Thumb down 0

    27. Tom says:

      Tina, if you don’t mind disclosing, who owns your loan on house?  That is a chunk of money that could really help you & taking care of your parents.

      Rate This Comment: Thumb up 0 Thumb down 0

    28. DurangoKidd says:

      Tina: If you are a medical professional you have many choices, as there are many jobs available in that field and it is also the industry with the most growth. So you won’t have trouble finding another job if you live in a metro area.

      I would recommend finding another job that pays as much or better. A VA hospital would be the best answer because they will never go broke or run out of patients. They also don’t have to worry whether their patients have insurance or not. The pay scale for most medical professionals in the VA system is pretty good too from what I have seen.

      After you have another job, cash out of the IRA, take the penalty, pay off your house, complete your preps, and then use the rest to purchase a little gold (even at these prices) and the rest in silver. PHYSICAL gold and silver. Stay away from paper and promises.

      You will be generating sufficient cash from your income to get liquid again in a hurry. If your house is paid for, what’s there for you to worry about? Assets should be highly leveraged or have no leverage.

      I believe you mentioned previously that you are married so, if your husband is working too, the cash should start stacking up in a hurry. You will make up for the 25%? penalty on the IRA withdrawal on the gold and silver. There is no bubble in precious metals. There is only global demand.

      After Israel nails Iran in the not too distant future, sell half your gold and then reload with the profits after the price drops back down.

      Rate This Comment: Thumb up 0 Thumb down 0

    29. Tom says:

      I’m going to have to disagree with you DK.  Do not sell gold/silver.  Barter for other hards assets.  I like your thoughts on other points.  There’s a shit storm coming!

      Rate This Comment: Thumb up 0 Thumb down 0

    30. Tina says:

      Tom I’m not sure what you mean…..my mortgage is held by a mortgage company. I owe approx 27K on it. If thing get real bad my parents probably will end up living with me (or if something happends to one of them the other will). They are both 79 + 80. Right now in decent health. But financially they have a hard time making it and THIER HOUSE IS NOT PAID OFF believe it or not.

      I have always vowed that I would not end up in the sharp that they are in. That is why I have socked away everything I could for retirement….now here I am 48 and trying to liquidate most of it……sometimes I think I crazy but I feel I’m on the right track if I can just get it done in time. 

      While I am a professional I am not a doctor or nurse. I reaaly do not want to relocate for many reasons….family at the top of the list and having to relocate elderly parents as mentioned above. 

      I have 3+ acres and another 24+ acres across the county. We have most of what we will need or at least a way to produce it. I really do not wish to relocate I just WANT TO PAY MY HOUSE OFF with MY 401K money!!!
       
      Is that TOO much to ask???? 

       

      Rate This Comment: Thumb up 0 Thumb down 0

    31. Tom says:

      Tina   Many mortgage firms are in big trouble right now, as of last week.  Go over to jsmineset   .com and take a quick read.  All options should be considered now days.  Your very wise to toss it out there & get many different view points.

      Rate This Comment: Thumb up 0 Thumb down 0

    32. DurangoKidd says:

      Tom: As you know, for lots of reasons, the price of gold and silver will continue to increase over time. Barring unforseen events, the trend over time is up for both metals against the dollar.

      However, once Israel makes a First Strike on Iran, the price of gold will SPIKE bigtime. Thats when some people who own gold now should sell some, wait for the price to settle back down to lower but higher than current prices, and then back up the truck and reload.

      Don’t see any need to “barter” gold. In a SHTF scenario, gold will NOT be a good tool for barter as it will be too valuable to make “change” on any purchase. It is an asset to preserve some wealth through the changes and until we emerge on the other side of that experience.  

      Silver will be useful for “barter” and other purchases which is why everyone should own some after their preps have been acquired and their 27K mortgage has been paid.

      Rate This Comment: Thumb up 0 Thumb down 0

    33. Tom says:

      Think big toys or land, no change required.  25% tax on” profit”, don’t forget that.  Do you really think Au/Ag would dip after WWIII?  Silver is for barter unless your holding 100 oz bricks.

      Rate This Comment: Thumb up 0 Thumb down 0

    34. Goldenfoxx says:

      Comments….. Tina:  I would start paying as much as you can towards your mortgage. Quit investing in your 401K and apply that money to paying down the mortgage. Or, refinance it at a lower interest rate which would mean lower payments and cut the time remaining on the loan down – say take out a 5-year loan of $27,000, but pay it down even faster by applying more money to the principal each month.  If you plan to do this, make sure there’s a no prepayment penalty on the loan.  At any cost, avoid dipping into your 401K.  Bite the bullet and pay it down.

      Being mortgage free is a wonderful feeling and being debt free is even better.  It does take discipline to not live beyond ones means.

      Rate This Comment: Thumb up 0 Thumb down 0

    35. DurangoKidd says:

      Don’t see the Israel First Strike on Iran as the start of WWIII. I see it as the third war of pacification for the NWO, after Iraq and Afghanistan: and just a prelude to the BIG DANCE coming later.

      Do agree gold could be used to purchase machinery or land. And yeah 100 oz silver bricks will not likely be bartered except for the same machinery and land. I have bricks, cold aren’t they? But recommend 1 oz silver bullion impressed for quarter division.

      Gotta run Tom. 

      Rate This Comment: Thumb up 0 Thumb down 0

    36. Tom says:

      Ever pick up a 1000 ouncer?  I have, but not mine.  Just drooled over it at coin shop.  Funny thou, felt very very warm!

      Rate This Comment: Thumb up 0 Thumb down 0

    37. DurangoKidd says:

      GF: Good advice pre 2008, but 401K’s will soon be rolled over into a government managed retirement account to support the deficit, which will make them a real bad idea, going forward, in the not too distant future.

      People would be better served to get out of these paper promise instruments, take the penalty and buy physical gold and silver; both of which will retain their value and increase in value over time, going forward.

      There is 5,000 years of history, 1.3 billion Chinese, 1.2 billion Indians, and scores of central banksters buying 100′s of tons of gold to support that theory. See, SHTF America: Economics Page

      The Dow hit 11,000. It has nowhere to go but DOWN, the major players are just waiting for the suckers to jump in before they create a “correction”. What will that do to your 401K THIS time?

      Rate This Comment: Thumb up 0 Thumb down 0

    38. Anonymous says:

      She has already said she wants to dump the 401. 

      Rate This Comment: Thumb up 0 Thumb down 0

    39. Tina says:

      TOM….

      I went to   jsmineset.com but I did not find anything about the mortgage companies listed. My company is called PHH. Origionally it was with Cendent but they sold it or they changed to PHH years ago and it has been that every since.

      Great website by the way….tons of info on there.

      Rate This Comment: Thumb up 0 Thumb down 0

    40. Tina says:

      Thank You Anonymous

      Sometimes people don’t read the above posts before chiming in.

      Rate This Comment: Thumb up 0 Thumb down 0

    41. Fed Up In TX says:

      I assume you are not still investing in the 401k?  If you are, stop now and start applying all of that to the mortgage.

      Secondarily, will they let you transfer it into a self directed 401K?  If so, then you might look at investing in real estate as an inflation  hedge.

      Finally, the 24 acres should be a option to add as collateral to the note and get a local bank to refi on a very fast payoff.   Then you could take any extra income you have and slam the note pretty fast.  Then when you get the 401K liquid, you won’t have to spend it on the house.

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    42. Mushroom, you are something, a plant , no a fungus I think, definetly without a brain. What are you doing here?  

      Rate This Comment: Thumb up 0 Thumb down 0

    43. sharps says:

      Mushroom,
      Your name says it all, mushrooms are kept in the dark and fed bullshit.
      Stop drinking the kool-aid you moron!

      Rate This Comment: Thumb up 0 Thumb down 0

    44. greaseman says:

      Comments….. Concerning 401k’s. Any penalty you pay for withdrawing funds will be cheaper than losing everything you have. Look at what your leaders are doing.  They have legislation currently being considered that will take part of YOUR money, and put it in a government annuity. The Feds want your money.  They will do whatever they have to to get it. No investment you can put it in is going to stop them from geting it sooner or later. Don’t listen to what they say, watch what they do.  They are continuosly working on seizing all 401ks’.If it isn’t in your hand, you don’t own it.
             Just do some research on what’s happening to 401k legislation in congress.  You cannot win, unless you seperate youself from the system. it’s all about control.

      Rate This Comment: Thumb up 0 Thumb down 0

    45. yourdaddy says:

      Tina-
      Please don’t consider this qualified advice for your situation, but since you appear to be boxed in, allow me to toss an “outside of the box” possibility out there.

      Not sure exactly what you do for the hospital, nor do we know how well connected you are within the department, but what if you went to your direct supervisor, shared your plight, and asked if he could temporarily let you go, and then re-hire you in two weeks?  I know that carries some risks, as once you’re let go, there are no guarantees they’d take you back, but only you can weigh in on that possibility.  If you have been there a long time, and trust these folks, seems to me like you might be able to get around this thing.

      Again, definitely not a CFP here…Just reaching at a straw that might work.
      Dad

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    46. Anonymous says:

      It’s poss that all foreclosures are getting ready to lock up.  JP Morgan & Bank of Amer have already.  Think nation wide.  #1 already has vetoed a bill that was snuck in.  (Think about that for a minute).  It’s not about being smart, it’s about deception & being wise.  Derivatives have been invested by states, cities through pension funds & more…..  They are broke, another BIG domino has just fell.  Big investors know this.  Look at commodities today.  It’s won’t jump out at you unless you take a peak every day or somebody helps you see.  Pay attention to the fundamentals.
      Tina, find every avenue that you can to get out or “transfer” out of your 401.  All here but 2 have given you good advice.  You are a very good person.   

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    47. mushroom says:

      i am sorry everyone, i have been smoking a lot of crack lately ijust start writing gibberish when i am high.  i know, obama sucks, i just think he is cute, sorry for bringing down the iq of the whole site god bless you all

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    48. wheedle says:

      Anonymous,
      There have been rumors for more than a year that some type of ‘event’ may take place to allow the current administration to stay in power. An ‘event’ that would allow a state of martial law to be implemented might allow the current administration to remain in power indefinately. This would undermine the transfer of power to the newly elected representatives in Jan 2011. Of course, these are ‘rumors’, as something like this has never happened before.
      What if,,,, while the president were out of the country, a cyber-attack occurred ? If disruptions in communication were to affect chain of command decisions, you might see states engaging security protocals with state military and police personnel. You might see the Federal troops deployed to predetermined locations with national security interest.( The military carried out exercises with local law enforcement last year with Homeland Security to secure nuclear missle silos in the event of a national crisis.). You might see Biden ‘and’ Pelosi assuming leadership roles in their respective areas if neither can contact the president or each other. Who knows ? Rumors abound all over and no one knows what the current administrations true agenda is. It became clear last year that creating jobs was not on the top of the list. And as you know a financial crisis has been looming over the economy for quite some time. The president might just like flying around in Air Force One. Maybe he’s pulling his own strings. But having the power and authority to declare martial law can create a very powerful leader with the ability to literally do whatever they want.

      Tina,
      From my own experience, I became aware of how to gain control of a 401K by rolling it into an IRA. 401K’s were designed to benefit your employer more than you by increasing the over-all value of the company. The timelines of maturity allow the company to retain control of it until you quit or retire.My suggestion to you was just a suggestion. It’s your money, as soon as you meet the criteria to receive it.Good Luck to you and the decision you make.

      I apologize for taking so long to respond. I agree that work is very hard to come by as part-timing is all I can find these days.You work the hours you are given. Good Luck To All

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    49. eugend66 says:

      Comments….. IMO you should quote P. Shiff more often. He blogs at least once a week.

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    50. Anonymous says:

      Wheedle, watch what happens your way when Cuba has big news. 

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    51. MadMarkie says:

      This whole economic mess has been carefully preplaned and executed for one reason; the elites and the PTB know that in order to bring into being their New World Order & One World Govenment that they must first destroy the United States financially. They must first achieve the destruction of the US Dollar before they can introduce their One World Currency. The a–holes have never been as close to getting the entire world’s economy under their thumb as they are today.

      Tina ~
      1.  The penalty for early withdrawal of funds from a 401k, prior to age 55, is 10% + normal income tax.
      2. You didn’t indicate exactly what your position is. I am assuming that you are employed in a professional administrative capacity. Find out who the #1 ‘head-hunter’ agency is in your area, get hooked up with them and let them find your next job for you. Your new employer generally pays their fee. Your current employer won’t know that you are looking for another job until the day that you turn in your notice.
      3.  Quit making contributions to your 401k and apply the amount of  your contribution towards reducing your mortggage.
      4. Once you find another position you can take all of your 401k – the 10% penalty and 20% income tax that will be held back and paid to the government; IRS. Or you can take just enough to pay off your mortgage and roll the balance over into a self directed IRA that you control.

      God Bless and good luck in the future.

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    52. Tina says:

      Many Thanks to all.

      I have an appointment with a financial advisor on Tuesday…Do not worry… I will not let him talk me into something that I do not want to do. 

      Again…Thanks. I enjoy reading all the opinions and advice. 

      Enjoy your weekend!!! 

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    53. Tom says:

      How did it go Tina?

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    54. Tina says:

      My appt is at 2:00 ET.  It can’t get here fast enough for me. I will post as soon as I get back….hopefully with good news. Thanks

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    55. Tina says:

      Well…TOM.

      It turns out that “currently” there is not a damn thing I can do BUT because my plan offers limited choices there maybe some recourse.

      There has recently been a lawsuit where a company was challenged because their offers were limited and they didn’t offer what is called “in-service distribution”. This is where you can roll over into something else while you continue to work there.  In this particular situation the employee of this company sued their employer because its 401K limited it’s choices therefore the employee was limited in the amount of money they felt they could have made. Of course a compamy can’t offer EVERYTHING into one plan so the way around it is this in-service distribution and allow the employee (once fully invested) to roll into whatever they want. 

      Currently my company does not offer an inservice distribution but after the finanical advisor called our CFO (while I sat there) and explain that by not offering one was not in the best interest of the company, our CFO has agreed to forward the paperwork to the investent group before next week. 

      Once I could roll over then I can pull it out. 

      I did not expect to find a financial advisor that would encourge me to PM’s and pull money out and pay off my house but I did………WHAT DOES THAT TELL YOU THE ECONOMY????   

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    56. Tom says:

      Did you meet with somebody from your employer or investment provider?  Do you have all of your fine print documents?  Have you gone to another investment provider just by off chance to see what they could do?  If there is a way, I promise they will work to get it and then there is a way of a couple of other paper investments that seem (to me) a little bit wiser which is TIPS or gold/silver IRA.  I’m only aware of these, don’t own any.  Please go back & review all of the comments above while your visit is fresh in you mind & something may stand out.

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    57. Armed and Concerned says:

      You said, “once Israel makes a First Strike on Iran, the price of gold will SPIKE bigtime. Thats when some people who own gold now should sell some, wait for the price to settle back down to lower but higher than current prices, and then back up the truck and reload.”
       
      I have very little gold as well as some silver. When gold spikes as per your scenario (or another major event causing gold to skyrocket) would you recommend selling some gold for USDs so I can pay off or reduce debts…? Or if not pay off/reduce debt, would you recommend using proceeds from gold sales for things like ammunition, survival supplies, food, etc? I have some of all these three but wonder whether it would be wise to use USDs from gold sales on such items – assuming that at such a time the prices for such goods won’t be too much higher than now, and that the proceeds from gold sales would be very substantial.

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