Yet another reason why taxes are going up, cities and states are going broke, and the world is approaching financial implosion…
As if the world needed another dangerous and volatile factor in the mix of looming economic downturn.
Unfunded liabilities for pensions have been a problem for a while now, but as investors continue to face fleeting returns, many states and cities are facing the music… and when it stops, there won’t be enough money to go around.
Someone will lose their savings, their standard of living, their retirement and maybe their future. Others will be taxed to death to clean up the mess of the many places were the system is cracked, fissured and falling apart.
According to FT:
The US public pension system has developed a $3.4tn funding hole that will pile pressure on cities and states to cut spending or raise taxes to avoid Detroit-style bankruptcies.
[…] the collective funding shortfall of US public pension funds is three times larger than official figures showed, and is getting bigger.
Devin Nunes, a US Republican congressman, said: “It has been clear for years that many cities and states are critically underfunding their pension programmes and hiding the fiscal holes with accounting tricks.”
Mr Nunes… added: “When these pension funds go insolvent, they will create problems so disastrous that the fund officials assume the federal government will have to bail them out.”
Large pension shortfalls have already played a role in driving several US cities, including Detroit in Michigan and San Bernardino in California, to file for bankruptcy. The fear is other cities will soon become insolvent due to the size of their pension deficits.
The inevitable result is, of course, tax increases and spending cuts – potentially on important and vital services.
Regardless, it is likely that many more governments will face bankruptcy and difficult choices… with the prevailing wisdom to kick the can down the road and pretend that funds will make extraordinary returns in the years to come despite continue misuse in schemes leveraging pensions in various funds and schemes….
Olivia Mitchell, a professor at the Wharton School at the University of Pennsylvania said: “I do believe that US cities and towns will continue to suffer, and there will be additional bankruptcies following the examples of Detroit,” she said.
[…]
Mr Rauh’s study claims the “true extent” of funding problems in US public pension system has been obscured because plans calculate both their costs and liabilities on the assumption they will achieve returns of between 7 and 8 per cent a year. The academic believes this rate is “wildly optimistic and unlikely to be achieved”.
In a perfect world, all this stuff would have been responsibly managed, and the returns would be modest and predictable.
But in the real world, pension managers have run with Wall Street sharks; they invest in derivatives together, and when things turn upside down (as they tend to do), it isn’t the fund manager who is out, but the diffuse and de-personalized millions have their retirement built into a dangerous system.
As negative interest rates are still trending, it is an atmosphere that ripe for disaster.
If you have your nest egg in a pension, it might be a good idea to take a look at your options for getting out… if you even can.
The problem is that so many are held captive by this financial system, and the lot of us will face the consequences, while the usual suspects head for the exits.
Read more:
Swelling State Debt and “Pension Tidal Wave” May Engulf Economy
Here Comes the Pain: Detroit To “Significantly Cut Vested Pensions” For Retirees
Pension Fund Ultimatum: A Haircut Looks Better Than a Beheading
This has been ongoing for far to long, the end of the Dollar is near. We as a nation cannot survive much longer at this pace. Prepare and be strong for all. Please keep prepping as this will be your last resort.
By the way, forget your retirement, as it is long gone into the vast black hole……
Wait til Social Security bails like your pension,then you have nothing. Hell on earth is coming.
Another Great Reason to Flee the Cities, owning property in the Cities will keep you Tax-Enslaved as they continue to raise taxes to pay for their mistakes, and nobody wants to buy your high taxed house, keeping you forever chained, and doomed on the City Treadmill Rat Race. Forced to drink Municipal Water, can’t grow a garden in your front yard. Then the fines if you disagree with Agenda 21 Rules, and Free Shit Army lurking around every corner. You will be cocooned within your city homes, and die an early death.
However the Good News is that there is still time to flee the cities before the collapse within a few months. You will need a good year to settle in to a new place out in the boonies. So get busy!!
Smart people already have their homes ready to sell, in a moments notice, all fixed up looking good always, de-cluttered, fresh paint, lawn mowed, make your own sign, and advertise on Zillow.com and get a dozen copies of your State’s Real Estate Contract, Sell you house yourself and save 6-7% on realtors commission. I paid a Real Estate agent in the city that found buyers for my over priced house a small commission. I sold my house and property the first day of listing it on Zillow. I never even had to put the For Sale Sign in the yard. How was that for OPSEC. I gave my close neighbors a week notice before I moved, that my house was being bought, and I was Poofed out of there. No kidding, the Realtor saw the my add the first day, and called me, wanting to show it. I was ready, and said OK come on over. Got a nearly top full price offer that day, because my house was clean as a whistle. And I paid the Realtor a finders commission negotiated to about 2.1% of the sales price. NOT 6-7%. I was moved out of the City within 45 days after the closing. If I can do it so can you. Get busy, and get out of the Cities. With your house profit go buy some physical silver. Put your stuff in storage and go find a new place to Bug Out to!!
~WWTI…
Prices will rise property taxes will rise until you can’t pay them . Then they will take your land for back taxes .
Jim
Just found out yesterday that I have to pay taxes on my S.S. check. 235 a month. Here is why., because I work a part time job. I still make under the minimum per month on that job. In short they are taking one S.S. check away from me a year. I paid into it for 46 years and now they are taking taxes out of it? Can we all say B.S.?
SOB get you coming and going.
How Jim got into my handle I don’t know?
Sgt.
Jim
Got one in moderation.
Sgt.
Illegals using fake social security numbers add much needed FUNDS to Social Security. I believe this is why the government ALLOWS this to continue.
89,700,000 Bad W-2s: IG ‘Concerned About SSN Misuse by Noncitizens Not Authorized to Work’
“According to a new report from its Office of the Inspector General, the Social Security Administration received 89.7 million W-2s in the ten years from 2003 through 2012 that it cannot attribute to any legal worker in the United States because the name and Social Security Number on the W-2 do not match.”
“The Social Security taxes paid on these no-match W-2s are put into what SSA calls the “Earnings Suspense File” and are NOT CRDITED TO ANY WORKER.”
ht tp://www.cnsnews.com/news/article/terence-p-jeffrey/89700000-bad-w-2s-ig-concerned-about-ssn-misuse-noncitizens-not
One woman’s nightmare…
One Social Security Number, 81 People
ht tp://www.cbsnews.com/news/one-social-security-number-81-people/
Court ALLOWS USE of Stolen Social Security Number
ht tp://www.wnd.com/2010/10/221161/
Direct links…
http://www.cnsnews.com/news/article/terence-p-jeffrey/89700000-bad-w-2s-ig-concerned-about-ssn-misuse-noncitizens-not
http://www.cbsnews.com/news/one-social-security-number-81-people/
http://www.wnd.com/2010/10/221161/
A friend of mines SSN was hacked and attached to 4 other names. The police wouldnt help him. He started doing a lot of research and found that all 4 of the other names belonged to kids that went to his old grade school. After talking to friends of his from school he found than many of theirs had been hacked too.
Someone at the school had been giving them to illegal students from the old student files. They tried to sue the school but the judge found that they had no standing. it was a Social security issue.
“Illegals using fake social security numbers add much needed FUNDS to Social Security. I believe this is why the government ALLOWS this to continue.”
Social Security Funds are NOT segregated, so it makes no real difference to Social Security. 🙂
The INTENT is to inundate America with latino foreign nationals to VOTE in a REFERENDUM to merge the USA and Mexico into the North American Union; dissolving the US CONSTITUTION and BILL OF RIGHTS: particularly the Second Amendment.
That’s the end game. 🙁
I live is a pretty small town and county. I couldnt figure out why we couldnt get some minor road repairs done so I tried to find out the budget. It was really hard to get a real budget from these people. All they said is that there a lot of expenses and said that we just dont have enough money this year.. I finally had to do some FOA’s. (They still played and it took me 6 months to get the real numbers),Then when I did get it, it was raw data line item by line item printed on paper so I had to spend even more time (Months) to enter it into the computer.
But to make a long story short, More than 60% of the budget went to pensions for former employees many who have been retired for 20+ years. The new group is ready to retire in the next few years and their pensions are much higher than the rest. Most of them seem to get a pension that is pretty close to what they made while working . Now they are telling us that we need to raise property taxes by 20% to cover increasing expenses. We don’t really have really high property taxes compared to many other places, but we don’t get any services either. Fire and all is volunteer. Sherriff has 16 deputies on duty and 37 getting retirement…. Figure that out. The vast majority of the income to run the county comes from Federal and State grants and payments for services. If the property owners had to foot the bill, We would probably need to have a tax rate of 30% per year to cover all the expenses.
So if this little conservative county is in this sort of mess. Im sure many more are in much worse.
Ed, thank you for that information. Wow.
SS won’t bail. We’re printing 40-50% of the money spent by the feds now…..we could just as well print the other half. The consequence, of course, is that the rest of the world wouldn’t accept our paper, but hey, the idiots have been since 1971 when the gold window closed…..so who is to say they won’t for another 100 years.
Pensions don’t have the the printing press, and will be dependent on Congress to back them up.
State and local government pensioners will not be able to get any support from the FEDS. These state and local individuals, including COPS, will have their pensions SLASHED !!!
The Federal Government will only print money for Federal Employee Pensioners. 🙂
Many reasons why the dollar is dead in the water and will sink into worthlessness. I take action based upon that premise.
People in all global nations that use usa dollars to buy or sell everything…Will Not abandon usa dollars as long as they can keep useing dollars to get and buy stuff.
And it shall continue to be so unless and untill the top major FEW Corp’s that Now Own or control most EVERYTHING a person Can buy…Decide to abandon the usa fed govnt which said FEW corp’s also Control at least at the 99% controls level.
As long as said corps accept usa dollars when folks globally buy corps stuff sold…They shall have ZERO good reasons to upset Their Cozy-masssive wealth generating controls of usa fed govnt apperatus.
And those few corps are who sets the standard of what type payment aka us dollars They the corps shall accept if people wish to keep doing buisness buying stuf’s.
so far every so called economic “Experts” and FICTION of Future scenario collapse Books or articles, writers or promotors or speakers…
Are just promoting various scenario Theories period.
Even so called austrian libertarian econimic’s books etc…Unless I missed it? NONE as YET has Ever actually been done nor put to the actual TEST of a nation copying said austrian policies of money matters, is this correct?
I ask as I am NOT any type economic expert..But I also do not recall any such policy as yet being done…Therefore untill proven Via actual nations use of such policy, it remains just a theory of what if’s or what can or may be etc.
But it seems due to those plans differ, folks automatically believe in it all…and if a book writers fiction scenario reads as well as a hollywood Red Dawn script?…That too is “IT”…But maybe It wont be it eh?
Maybe said FEW corps that have swindled 99% total global monetary controls and then Due to that massive Money Powers quickly began to scam full control of at least ALL but a small few, 3-4 nations globally now.
Are Quite content and Happy with it all now and other than continuing to do fraud wars and Regiem changes so to gain 100% global nations controls and monetary controls of those few hold-out nations…
Are able to and going to Keep their systems intact and up and running for a LONG while yet, sorta like that idea of “if not broke? Do NOT fix it”…
When they told us all They were going to GIVE Away at least $27-TRILLION in usa dollars CASH To crooked banks in usa and EU state nations…EVERY Online “expert” such as Snyder EtAl…Typed Woe end is HERE articles at Space Shuttle speeds!…Articles online everywheres faster than Lightening flashes!
ALL warning Us that end is upon the world folks.
Because why? Well such Massive cash printing causes wiemere republic and zimbabwee Hyper inflations and this time it will be global…
But….They..ALL was 100% Wrong eh…and as Long as a few corps controls ALL products globally, like Nestles corp which now offers aprox 550 seperate products 100% of everybody globally BUYS and NEEDS or wants, and Pepsico which also has aprox 600-such different products.
Which Used to all be owned amd sold by Individual companies or corps…Now with such mass controls of products AND most Every fed govnt globally Under Their FULL controls so usa style or UK type or germany/france et al type govnt is ALL but an Illusion now.
There is NOTHING to stop Them from continueing to produce Cash usa dollars as long as They determine and NOBODY worldwide of us consumers who rely on and Use that for monetary exchanges to make buy or selling eaiser and fair etc is going to complain period.
Maybe back in 1920-30 era they had so less controls and power that maybe they even were unable to halt zimbabwee type hyper inflation events?…OR, maybe They did it for their gains?
But I see zero good reasons that Todays massive power structures these small FEW has ammassed cannot also stop all forms hyper inflate events by simply Never allowing too many dollars to go Into Hands of said consumers, and ONLY allow massive amounts of cash to flow into Their own and their cronnies Hands for a Yaht or jet Plane and fancy home sales only for Them and never for Us types.
And unless and untill vast majority of a nations consumer base folks, that Us middle or poor class folk, are not kept deprived of mass amounts cash IN HAND to spend freely?
NO such zimbabwee Hyper inflate type events can ever happen period..AND…Even “If” they decided to Give Us types a huge amount of dollars to stimulate enonomy etc?
They at SAME time Can, and did back during, was it Nixon? Price and Wage FREEZE for a full Year controled event.
OR at Same time as pass out lots Loot to Us type folk, Can just place SALES prices Controls so stores private and corp owned alike Cannot Raise prices on any items period..and do so for as Lomg as They choose to do it!
Then who will complain?…Nobody is who! would You complain if govnt/banks began to issue a Fed govnt check to every houshold or every adult to stimulate economy, and also said NO prices will rise for Next few years so zero hyper inflation events will occure folks.
if an Honest person?…You not only wont complain but yes You would spend it and enjoy it period..
of course thats also a likley fiction book story for that aint likely to happen unles you are well conected or last name ends in any form of Stien, Burg, Berg, Man as in Goldman and sachs etc etc etc….Those folks may get such a, Deeeeeaaallll! but You and me wont.
But Yes those controlers could do such if they choose to keep it all afloat a long while yet..even another 100 years if they wish to…and thats Not a fiction book collapse theory story at all today.
So…remember while Yes prepping for whatever IS good to do…once one Has tons of preps, it can then become a case of if you deny self a new car or other item you’d like to own, or most ANYthing else thats not really a “prep” item per se…If one continues to deny self such items only so to buy MORE stacks and stacks of stuffs/preps…One can become a “MISERLY” Miser and even the bible has a verse or two that says a Miser is worse than even a cheepskate!…For the cheepskate only denies stuff or cash etc To Others!..But…
The Miser type person also denies his Own self so to not spend his loot/dollars and ends up DEAD and cannot take it with when he leaves this world.
those who stack more, more, more preps and deny self of ever owning a new or nicer better vehicle to do that…Are Very close related to a Miserly type if not an actual miser…I speak of them preppers what proudly boast of “I need build a bigger/new huge storage bedroom or barn to Hold it all incase collapse happens or riots evolve or whatever their lastest Fiction patriot collapse books promtes this time around.
Once one has enough preps to last 500+ yrs…It really IS Okay to buy that cool car or other item you always wished to own eh…and so far them what has done it that way have much better enjoyment of life and also has preps too.
Some folks that has tons preps already passed away several years or decades ago awaiting a snyder-or dave hodges event to become reality…I bet once hodges and snyder sells enough books or ad’s, they will own huge costly homes at some mountain top and all a sudden shall disapear from online writing and book writing.
How Many here really believe those guys are going to give You that new address or ask You to Join there “group”?
Come On you cannot be that delusional right!
“The problem is that so many are held captive by this financial system, and the lot of us will face the consequences, while the usual suspects head for the exits.”
The last line in this article is excellent and something everyone should think about.
Most of us are trapped in “the system” retirement accounts, annuities etc.
Make two lists: things should can control and things you cannot control in your life.
You can control debt (with a plan)
Can’t control property taxes etc.
Think it out.
After the lists are complete, look for ways you can distance yourself from the systems we are trapped in.
Debt reduction or elimination for example.
Bottom line the more you are ‘tied to the system’ the more you are at risk.
Note
I agree with your comments and have been untying since 2006. Not an easy process, but I didn’t sell up and go cold turkey. Probably should have.
Private pensions have been raided. My company is shorting the fund by 75 percent. That’s a lot I see the fund collapsing soon and retirees getting screwed. I’m not counting on anything when I’m old. I already plan to work till I’m dead then I will be retired. It used to bother me but I’ve come to terms with it. If I wanna retire it’s up to me to save for that. Pensions are an old fashioned thing anyway. You have to know any funds that can be raided will be. People with city jobs always thought they were safe from concessions bull. They have privatized the rubbish service in a lot of city’s those were good jobs with pensions. All they gotta do is tell city workers they gotta take concessions when the contract is up or its over and their job will be privatized. Anything to get out of paying. People always bitch when their property tax goes up. I don’t I like when it does it keeps scumbags away from moving into my area. Low cost of living equals low quality of people in the area. Crime rates go up in these area.
I paid into and continue to pay into S.S.I. I’m only 53. I’ll never see a dime of it.
What to say here.
There are so many fuses burning in many areas that could blow anytime.
It is about over. Recently, an article was posted regarding the Governments future intention to bring retirement accounts under Government control so that they may raid them as they have raided social security in years past.
I say as many of you will say and that is continue to prepare
because the fall will be hard and the food lines will triple over night to homeless shelters and churches that feed the needy.
Many will end up in Government Camps because they have no where else to go.
Government work for food camps?
WW: this is the approach I have adopted as well. I just expect to wake up one day and say to myself “oh, it finally happened.” While a lot of folks will be freaking out I am ready. It won’t be a surprise to me. At all.
Today bought all the bags of pinto beans Dollar Tree had on the shelf. $1 for a 2lbs bag. Great deal. 24 oz box of spaghetti for $1. Bought all they had of that too. Anyone else do any prepping this week?
I could care less. I don’t get any pension. I dont think government parasites should get one . I they don’t have that extra money.They will not buy stuff and cause inflation. The ones that need a break is the young folks who are starting out and working at productive jobs and raising a family. But no everyone thinks they need to be robbed to pay the taking parasites.
Silver screaming. Up to $16.27 so far today. Gold to Silver Price Ratio falling as expected. now at 77.76 Look for 72 threshold shortly, which would make silver climb to $17.45 at today’s Gold Price of $1255.90.
~WWTI…
US Congressional Politicians serve one term, and they get Lifetime Pensions.
Nothing like the F-n Tyrants looting our future for their self serving lying pieholes. Want to change something, start there, and dissolve that Government pension fleecing program along with their Free Healthcare. Ex-Pres should pay for their own security, out of office. Being a 8 year asshole with the backing of secret service security surely does not humble a man. If you have to pay for your own security you will not be out there pissing off 90% of the population. Its just more Presidential Commie Welfare.
Bet you didn’t know the price of Stamps Just dropped .02 Cents. So all those Forever Stamps you just bought for .49 Cents are now only worth .47 cents. Another .02 Cent Government Rip off to depreciate assets.
For the first time in nearly 97 years, the price of a stamp is set to go down.
On April 10, a first-class stamp will cost 47 cents, down from its current 49-cent price.
The reduction is part of a pre-arranged agreement with Congress. The Post Office got to increase the price of stamps by 3 cents in 2014 to help it raise $4.6 billion in revenue. But the price hike was only set to last two years. (It gets to keep one cent of the increase to keep up with inflation).
The Post Office is practically begging Congress to let it keep stamps at 49 cents. It says rolling back prices to 47 cents will cost the already badly bleeding Post Office $2 billion a year.
“Removing the surcharge and reducing our prices is an irrational outcome considering the Postal Service’s precarious financial condition,” said Postmaster General Megan Brennan in a prepared statement. “Our current pricing regime is unworkable and should be replaced with a system that provides greater pricing flexibility and better reflects the economic challenges facing the Postal Service.”
Congress has pegged stamp price increases to inflation, which has barely budged over the past decade.
Related: Postal Service gets geeky with Star Trek
The Post Office is still reeling from the Great Recession, when its sales fell by $7 billion in 2009 alone. The Postal Service says that package volume is way up over the past few years, but it’s “not nearly enough to offset the decline in revenues” from first-class mail.
Standard mail, such as first-class letters and postcards, make up 76% of the Postal Service’s sales — all of which have prices capped by Congress.
Postcard stamp prices will drop by a penny to 34 cents, and international stamps will cost $1.15, down from $1.20.
There’s hardly anyone alive who remembers the last time the price of a stamp fell. That was in July 1919, when first-class stamp prices dropped from 3 cents to 2 cents.
CNNMoney (New York)
First published February 26, 2016: 3:14 PM ET
~WWTI…
Actually I think the post office does a pretty good job. What would UPS or Fedex charge to send a letter from your front door in Podunkville, FL to Bumfudge, AK? If I recall correctly the reason they are always hurting for $ is that they are required by Congress to fund their pensions out to 75 years. That is after Congress takes several billion dollars from them. Remember when Ted Cruz shut the govt. down and read Green Eggs and Ham – well if ya’ll will remember it was the govt. raiding the post offices pension fund that kept things going. No worries I’m sure they replaced the fund with some crisp IOU’s.
The elite have made promises that they can not keep and never planned to keep. Now someone will be left holding the empty bag and it won’t be them.
The whole system needs a reset. Right now, they are just patching up the existing screwed-up system. It will never work. It requires ever-more tax from the remaining workforce and this will just crush them.
You can feel the bitter battles brewing. The tax haven story is a good example. People want to get their hands on that money. But that money will only last another five years, tops, at current consumption rates and rising world population. When that corn is eaten, what will the world do?
The hypothecated debts are unpayable. Only a reset can at least give people a chance to build wealth again. But that has a proviso: people would need to change their ways and save and build. I do not see that happening: the welfare class has grown too large and too lazy.
Frank Thoughts
most people are still trying to figure out how to maintain their glory days, not trying to jump out of the bus going over the cliff. Good news is the bus is moving slowly enough still that you will only sprain an ankle if you are brave enough to jump.
SGT. FRAIL –
For us to completely understand & comprehend where you are coming from.
Please show us on the Doll … where the bad man touched you.
FTW Pretty damn funny!
Remember: if Anybody ever touches you in places that just do not feel good nor right?….Just…Say…NO!!
Disclaimer: The above info does Not apply to various inbred minority third worlders who screw their sisters and first cousins.
when the people take out all the people that have a D or an R after their names , it will be than , when we will see a significant change in our quality of life, our individual wealth , and a stop to our constant loss of freedoms and rights
until that day, we the people will suffer in countless ways
this Shit storm party hasent even started yet , this is just the beginning
How about in July when the RNC Denies Trump his nomination then Trump goes Independent and wins the election. Trump is liked on both sides of the R and D. The Establishment creeps are working overtime right now lying their pieholes off slamming Trump for anything in the MSM. Another Monopoly Fraud faction that needs to be busted up in a billion pieces. Remember the Airwaves belongs to the Public. Not 5-ZOG Families.
~WWTI… Stop Feeding the Beast.
If this hits the teachers then good. I hope each one starves in the street after losing everything. They have destroyed our republic with their liberal brain washing of our kids for the last 50 years.
need to start with the “higher ups” if they want the gravy make them peel the taters
Seriously, what’s the difference between welfare leeches and .gov “worker” leeches when the country is already 19 trillion in the hole? The promises will not be kept.
Add it to the pile.
Put another zero at the end.
The next one’s on me, etc. etc.
It can never be repaid anywho…
This is the endgame of a monetary system based on debt. When the world, from top to bottom, is maxed out on debt it cannot grow any more. Growth = more debt. Including growth in pension funds. One man’s profit is another’s debt on the books with this system.
ALL “money” in today’s system is created as a loan with usury attached. The money supply must continually grow to pay the usury back. Nice Ponzi.
Think about this…because it is true…
If all the debt were paid back there would be NO currency left in existence. It is ALL debt…even what is in your pocket is debt owed somewhere on the books.
I need a drink…
Bernie Madoff vs. Social Security
“Why did Bernie Madoff go to prison? To make it simple, he talked people into investing with him. Trouble was, he didn’t invest their money. As time rolled on he simply took the money from the new investors to pay off the old investors. Finally there were too many old investors and not enough money from new investors coming in to keep the payments going…”
“Some of you know this… but not enough of you. Madoff did to his investors what the government has been doing to us for over 60 years with Social Security.
There is no meaningful difference between the two schemes… except that one was operated by a private individual who is now in jail, and the other is operated by politicians who enjoy perks, privileges and status in spite of their actions.”
ht tp://www.debatepolitics.com/general-political-discussion/69335-bernie-madoff-vs-social-security.html
What do Social Security and Madoff have in common?
“It’s difficult to comprehend how Bernie Madoff could have executed a $50 billion pyramid scheme that lasted over 30 years.
However, like all pyramid schemes, it had to come to an end because there were not enough new investors to fund redemptions.
If it is true that all pyramid schemes are terminal, can we honestly expect Social Security to last indefinitely? It’s not likely, especially considering that the Social Security Administration (SSA) itself has called the system unsustainable in the long run.”
ht tp://archive.boston.com/business/personalfinance/managingyourmoney/archives/2008/12/social_security_1.html
Direct links…
http://www.debatepolitics.com/general-political-discussion/69335-bernie-madoff-vs-social-security.html
http://archive.boston.com/business/personalfinance/managingyourmoney/archives/2008/12/social_security_1.html
KY Mom: but why was it only Madoff that went to prison?
I will tell you why…Because Unlike the Many tons of Others who did same as he did..Example John Coryzine for one of too many more to list here…
like Coryzine Madoff too was a Tribe member Khazar…
BUT!! Unlike coryzine Madoff voilated the One and ONLY one main Rule for every tribe member globally.
And what may that lone single rule be?…This too I shall tell you.
That lone single rule ALL members of said tribe Must always strictly Obey bar none is basically..
It is always 100% okay to lie to-cheat-rob blind aka Steal from-and even Kill the Goyim!
However if Ever a tribe member does any such things to another tribe member?…Then it becomes the Worst Possible ever Crime and/or Sin!
RE: Check whom Most if not all of madoff’s investors were to see why he went to jail….They were a huge group of the wealthiest tribe members in america.
Such as that hollywood film maker guy who did Swindlers List movie and too many more to list here.
Madoff voilated their main golden rule taught to Every tribe member since day of Birth!..
if he would have only swindled goyim folk?…he too be on a Yaht Boat 250 ft long enjoying a Pina’Colada with Ex NJ Govner Johnny Coryizine now.
Too bad Madoff wasn’t able to Flee to abject safty to Israhell since they give instant citizenship to fellow tribe and have state Laws that mandate zero allowed extraditions for ANY/ALL crimes when comitted against a…Goy person, like so many others has done once the Heat is on for their arrest eh…Should have been content to ripp off goys only Bernie!
I dont plan on seeing one dime of the hundreds of thousands i paid into SS or MEDI over the years,,,
Theres no difference between Madoff and the government
Kulafarmer,
My husband and I don’t expect to see anything from the years we have paid into SS either.
You must have been making an awful lot of money to have paid that much into Social Security. In my lifetime of work, I only paid a little over $30,000. So I’ll have all of mine back in less than 3 years.
Most folks who draw Social Security receive every penny that they paid back within 3 to 5 years. Nobody has paid in hundreds of thousands of dollars.
Bernie wasent the only one. There were and still are many. When someone says they will pay you 15% interest, long term, something is wrong. A friend of mine retired and took a cash payout of his retirement in 2006. He was shopping around for places to invest then came upon this group that promised him 15% in monthly checks for his $250k retirement payout. Many of his friends were investing there and so did he. When the stock market crashed, The company just evaporated along with his retirement. It was a pyramid scam just like the rest and when people could no longer pay in it all came to a screeching halt.
The tax base was largely derived from manufacturing, increasing debt both delayed and masked the effects of its absence. The US standard of living has been falsely propped up. If it was allowed to fall with the reduction in manufacturing from NAFTA there would have been considerably greater opposition to China Free Trade. The, “Illusion of normalcy” was quite intentional. Eventually, like a stage show the curtain closes and the lights come on.
“You can fool some of the people all of the time and all of the people some of the time but you can’t fool all of the people all of the time”.
Wait till the TPP swings into full gear
Whats left to leave? MIC will maintain domestic weapons production. TPP will stop a nation from banning a product because it sometimes makes women deliver babies with two heads. Individual nations lose the sovereign right to regulate. The FDA becomes moot but the end result will be to double its budget.
At what point does the citizenry put down the golf club, turn off the worshipping the sphere service on TV and say, “Hay, I think something is wrong”? I have a friend that is defending the Republican Primary in Colorado saying, “Trump should have known the rules”. No opinion that “The Rules” circumvent the vital democratic process of voting inherent in Representative Government. Wasn’t there a rule somewhere a long time ago regarding surrendering your first male born child? How conditioned can people be brought to accept blatant corruption?
Yup, seems like its pretty much just swirling the drain way way down in yhe bowl
You mean MICM- Military Industrial Complex Mafia. Not to disparage against the real Mafia, that at least has honor, since they don’t target women and children, UNLIKE these MICM Corp creeps do in carpet bombing for a mega-bucks profit.
~WWTI…
Rich people and powerful people dont want manufacturing except when it comes to strategic resources.
I used to do a lot of work overseas in piss ant countries. I tried to get people to invest in machinery and produce goods. However the one thing that I heard again and again is that local manufacturing was bad for their bottom line. Neither the government nor the rich and powerful wanted it. The Government wanted the people dependent and working in a job. Not having their own business. It was much eaisier to collect taxes from a few rich as they imported goods than from the masses producing them. The rich would always say that they make plenty from importing. Manufacturing in their own countries will be good at first but as the workers learn to make the product they will start their own and compete with them. It was much better in the long run to keep the people dependent instead of independent.
The US serves TPTB by being their Frank Nitti, the chief enforcer. USMC MG 2x MOH Recipient Smedley Butler wrote his epic, “War Is A Racket” about being the, “Bully Boy” for Wall Street.
The manufacturing that they’re holding on to is weapons, energy and food. TPTB need some level of political stability to maintain their Chief Enforcer and no more.
more proof….
http://money.cnn.com/2016/04/12/news/economy/imf-global-economy-slowdown/index.html
The world is heading back to where it came from…root hawg or die.
If you can’t grow enough food to live on you will die along with the billions of other unfunded liabilities.
The only reason there can be those who do not labor in the fields for food is because of surplus energy. First wood, then coal, then hydrocarbons. That time is coming to a close. Most of the cheap oil has been found. What’s left is oil that has too low of an EROEI to support today’s society of non-producers.
This is the reason for the slowdown in the economy and the maxing out of debt to mask it. Peak oil is here.
Peak oil doesn’t mean running out of oil. It means it takes more energy drill it, lift it, transport it, refine it and move it to the end user than you get from it. It then stays in the ground. This is happening now in the tight oil fields as the rigs are laid down and the companies file for bankruptcy or merge to try and cut expenses.
This is only the start. It is all downhill from here.
Better get the food production in high gear so you can avoid being one of those unfunded billions.
Regards
History shows that small farmers become either dead or slaves to whomever is in charge in the beginning of any crisis. Its hard to farm low profile. Probably the best bet is to keep a small garden so you can acquire the necessary skills and materials but plan to abandon it and live off of preps if things really go south. Plant it when things stabilize.
This is why i am planting edible weeds in all my borders
You live in Hawaii, Yes? SO there is no place to go. At least you have lots of rain and lots of sun year round. A friend of mine lives on the equator just like you. He put some of those solar tube skylights in his garage and had quite the year round garden going in buckets and no one was the wiser.
Spot on JRS !
That is why we’ve spent years of cheap oil getting our infrastructure as ready as possible to be self sustaining as long as possible. Loads of sand or animal manures to add to depleted clay soil, for example…..’dirt’ cheap now at $300-400/tandem load….completely out of the question at some point.
Get fencing built, get orchard in, get the experience of raising, slaughtering, butchering, preserving meats, and so on….all the tools, setup, and everything it takes….right NOW, all that is obtainable IF you simply plan to take it on (and maybe drive used cars and don’t have to have that vacation every year)…but at some point, that will not be an option.
People have NO clue what is coming….that is a fact.
Andy, we lived in a small house on a lot in a small dirt street town. No running water, no electricity. We had a well with a bucket. We milked a Jersey cow and fed three pigs for fall butchering.
Each spring we raised 100 chicks for meat and eggs. We kept a dozen hens to replace the layers as needed.
We had a rabbit hutch. Our small garden was mostly rocks, but we picked wild greens for vitamins and minerals. We could grow taters among the rocks. Greens were mostly dandelions, plantain, dock, sorrel and lambs quarters.
Only difference today is we have electricity, indoor plumbing and running water. We kept our coal oil lamps; might come in handy.
Always had a .22 and 12 gauge. Still have ’em and a scope sighted deer rifle with lots of ammo.
As to the clueless, they’re probably corrupt delegates in Colorado. f ’em.
“……I see a bad moon arising,I see trouble on the way,I see a hurricane a-blowing,I see bad times today….”
how much money do hedge fund folks and “friends of wall street” get from “gaming” the stock market and such? How about the pension folks take a lesson and get the needed trillions that way?
stevor
They have information unavailable to you which allows them to perpetuate the scam.
Ohhh they try,,, our state teachers retirement fund is heavily invested in manhattan realestate holdings for dome stupid reason, wonder how thats going to work out?
Professional Investors make themselves money not the client.
See The Big Short.
Took my fully funded civil service pension and retired from municipal drudgery after 20 years…Next to spending other peoples tax dollars at my leisure, I get no greater spiteful joy than reading all the bitterness others have towards pensioners.
Keep laughing…..your day is coming. Private pensions will go first, public second, social security last.
Even if you get a ‘check’ (as SS will no doubt do right up to the end), you’ll find it won’t buy much of anything due to massive inflation.
So enjoy it while you can, OR be putting most of it into something that will sustain you down the road….those are your two choices.
And people wonder why I have bought silver? This is one reason, among others.
I said it before. If Hillary wins the election S&W (SWHC) stock will double.
When TPTB get the population down to Georgia Guidestone numbers everythink in their estimation will be hunky dory. Then they can scheme to get rid of each other until the richest one rules the world. Isn’t that what the obvious conclusion of capitalism holds in store for the not too distant future?
Communism so far is the undisputed leader in murder.
I don’t blame capitalism. I blame neoconservatives which include so called progressives.
The Chapter on Money/Banks/Ecomonies within the Protocols of the Elders of Zion, States that They..Their learned top honchos is who invented BOTH Communism AND Capitalism and also whom Controls Both. Difficult to deny since we Know now that it Was NY bankster Jacob Shiff working as a Rothschild’s usa agent banksterboy that Funded Most of the soviet bolsheviks takeover of russia 1917 eh.
One shall find by reading said protocols that Their end game scenario plans include the combining of both systems of capitalism and communism into a blended New global JWO control system.
One shall also find and learn by reading all of their 22 chapters( 22? or?) of their protocols.
That as stated by Henry Ford in 1922, when asked by newspaper reporters if he believed the protocols, then just found out about for a meere 25 years or so prior, were real? Or as most tribe members claimed only a “Forgery”? ( a forgery Is just a Copy of the original so it matters not either way of course!)
Henery’s answer was “Well after reading it all, about all I can state for now is that…It amazes one to realize that every part as read Has happened as written….So far at least and it has just been aprox 25 yrs since first discovered and published in english!”
Fast FWD to, 2016 and it has now been aprox 117+ yrs since protocols were published in english…and those who have read it cannot, if Honest, state Any other conclusion as Henry Ford said prior…IE: Almost EVERY word in it all has happened and as written!…All but for a small few items that as yet have not happened…But appear to be On Track to occure soon.
Too bad so many folks that are otherwise awake to reality issues as yet still refuse to even read any of those protocols eh…For indeed they sure do show that all what has happened so far Has been Pre-planned and by some ironic “coincidence”! Been done and controled by the decendandts of the actual zio writers of it all!
Maybe those who refuse to research it all are Fearfull of learning too much real truth as it will burst that delusion bubble they have believed regards a certain group of persons not to be named here.
Talk about cutting your own throat. In the final throws of 8 long, devastating, completely wasted years. Keep voting for unqualified presidents America!
Get rid of the delegate process and electronic voting machines…..NOW!
They’re not unqualified they’re corrupt.
I agree with Kevin and Aljamo. Indications are that structural unemployment because of roboticizing is eliminating any chances for a Trump sort of make America great again, aside from a recent TED talk about making everyone collective thinkers for a living. We need to get into a field and plant seeds that make food and more seeds. Soylant Green, the movie, could happen. Its a complex picture, but capitalism according to Adam Smith and others is dependent on ownership by people not corporations and governments. On top of that, people, with 4 appendages driven by blood, used to own companies for the long haul, sharing in corporate decision-making and earning an interest payment on their thoughtout investment. Now, over 70% of trading volume on the NYSE is between computers. People are irrelevant. And dont forget that capitalism involves fair competition with equal access to information about prices, quantities and qualities. Kids today think that competition is something out of WWF or cheating better on tests, papers and homework. Its ridiculous and unsustainable for a nation to have this view of life.
I spent my entire adult working life, starting at 18 years old, yes 18 in the Chemical Industry then at 21 in the Oil Refining industry. Yes I was bringing up the rear of the good old days catching the caboose as that train was leaving station in the mid 1970s. I was never laid off a single day. Those facilities, and others like it still need people and will continue to do so for both operations and maintenance.
And Please, Mac Slavo, and your well-informed clan, tell the people what capitalism is supposed to be. Lets educate our followers… I was an economics adjunct and sometime full time teacher for 22 years. All of my students what competition meant. And please, get Judge Napalitano on to write about the need for an American Justice system and equal access to our day in court as a bullwark of capitalism. Less bitching, more information and write in Ron Paul in November …..
lawrence plante
Ron Paul was the choice but alas its not going to happen. It would be wise of Trump to make him VP. In event he is elected you call in a few bankers and tell them, “You get to me and you get him” Remember Teddy Roosevelt?
The Last and Only person in 800+ years, that actually agreed with Adam Smith…And actually booted Out the germany Bankster tribe members and had germanys govnt treasury regain monetary controls…So to make it reality that, yes indeed it IS the Nations individual Peoples as a Whole are the number one Main reason for any Govnt or banks to even exist…And to exist Soley For said peoples Benefit!
Ended up with 40+ Other zio controled nations, including usa, to make haste quickly in putting an end to such a Normal proper system of banks/moneys, and fed govnt rule etc.
What usa and euro folks back then were NOT told was the Real main reason 40 united nations had to Stop Germany at all costs!
Real main reason was…What will happen if germany is allowed to go on?…
I will tell you what would happen…
Back then besides Germany, Only Japan knew of, and began to copy those details and what really was going on to switch back banks and monetary controls To the top govnt and FOR benifit of its Nations Peoples…
And if allowed to continue much longer than the 5 years or less it took for a huge greatest comback of germany from the worlds worst ever great depression state that made ours here in usa seem mild in comparision…
Then once Every other global nations peoples learned of it all, they too would DEMAND a big Boot Out of Their nations bankster swindlers and usury/intrest on debt based creation of money!
If That was allowed to occure?…What would become of the worlds biggest nation wrecker tribe once all that easy free cash, scammed from the rest of the worlds aprox 99.98% of Goyim peoples globally, dried up totally?
Well, like ALL other folks globally the tribe too would have to do actual Labor work! or starve!
And what was and still Is the number one main type labor work they consider to be The Most Lowest of low types work or labor one might ask?
That too I shall tell you…
They consider Farming labor work to be The Number One lowest of all forms labor!…That type work exists ONLY for the Lowly Goyim to perform, while “They” the tribe sit and eat and get filthy rich off the backs and labors of said global Goys.
So indeed if germanys systems of “Govnt AND Banks AND Nations Life Blood aka Money” was allowed to spread global wide?….One can just picture NY Wall street tycoons and banksters and hollywood types etc etc going ape shit loony tunes at the thought of life same as those lowely Goyim eh!
So…That is number one main reason for WWII, that and because after WWI and Balfour doctrine of, screw prior promices made to arabs, and Give away Land of Palestine, which Brits did Not Own!..To…The Zionists for their own “homeland”…Didn’t yet work out as prior planned.
Because even with the WWII Transfer agreement between zios and hitler to allow and ASSIST jews to Move To Palestine and begin to WORK at makeing it a prosperous nation etc….Most of worlds jewish folks Rejected a move to a barren hot desert wastlands. Especially if They had to be whom did said hard labor intensive work to create a “Nation homeland”…Probably why to date they never in all history ever yet created any civilization nor Nation eh.
So indeed Yes! Adam Smith’s ideals can and Did work for a very short span of time in germany and took it out of wiemeere hyper inflation status and did so in Less than 5 years!…untill that certain violence prone and revengefull desert dewller tribe swindled 40 nations to litterally lay waste to and destroy what Was europes Best and Finest nation and Peoples!…
Stay tuned folks as soon germans just might get the final laugh eh!…And get vindicated for past 75 years of 98% falsehoods as taught of past WWII history events etc.
For Today it be America as the unfortunate “Host” nation hosting what can best be called a small but deadly group of…Human-Termites! 109 Other nations that have done the big Boot Out’s cannot All be wrong now can they?
Most the problem with unfunded retirement has to do with government workers. Historically Government unions support Democrats. When bargaining time comes guess what happens? The tax payer loses, the union gains, and the can gets kicked down the road. Eventually the debt becomes so great the tax base cannot support the weight and it breaks. In this scenario it is mostly Democrat government retirees that suffer, I can’t honestly say I give a shit.
In the absence of a “Black swan” or SHTF event, we will have SS forever. It certainly cannot continue to be as generous as it presently is( I say that tongue in cheek as you can barely survive on SS alone).
As far as I know, the tax base is far away from funding any reserves but largely pays interest on debt and pet corporate projects. In absence of income, the government simply prints money and contributes to value in strictly nominal terms. The Wealth of a Nation is its ability to produce and not just production of progressive ideological pablum, but of tangible goods and useful, supportive services. The government, third world criminals and a lot of big, oligopolistic (spell checker didnt know this was a word, omfg) companies today do not produce tangible goods and then dont use unionized labor. Labor unions, the countervailing force to syndicate corporate boards, have been declining to zero since the 80’s I think.
Slavery is expensive and counter productive.
There is something like 50 cities in Bankruptcy in the US today. In almost every case the government retirees took it in the shorts with their pension checks. Some got relief from the FEDs but I doubt that will keep happening.
Found a similar article over on the SGT Report.
Here is a brief excerp from that article:
The Collective Funding Shortfall of US Public Pension Funds Is THREE TIMES LARGER than Official Figures Showed, and Is Getting Bigger
Posted on April 11, 2016 by WashingtonsBlog
We’ve reported for 8 years that U.S. pension shortfalls were a grave crisis.
“The Financial Times reported yesterday that things are indeed bad:
The US public pension system has developed a $3.4tn funding hole that will pile pressure on cities and states to cut spending or raise taxes to avoid Detroit-style bankruptcies.
According to academic research shared exclusively with FTfm, the collective funding shortfall of US public pension funds is three times larger than official figures showed, and is getting bigger.”
http://www.washingtonsblog.com/2016/04/collective-funding-shortfall-us-public-pension-funds-three-times-larger-official-figures-showed-getting-bigger.html
Bring on the civil war only thing thats going to cure this country is revolution.
Forget telling junior to become a doctor or lawyer when he grows up. Tell him to become a public employee. California is especially screwed!
http://spectator.org/articles/60778/california-faces-death-pension
My biggest mistake was not getting a rather easy law degree after my engineering degree. I always wanted to stick the bat up the Sierra clubs ass and send the EPA to jail. I’m too old now to bother. I’ll just shoot them.
This is humor of course.
Lawrence competition should mean lower prices but the crony capitalist own whole industries. I work in freight these companies underbid each other. Soon we will be making nothing. Everything is rigged for the share holders and CEOs. The trickle down crap don’t work. Capitalism is a failure. It should reward hard work. I see guys work twice as hard as I do and get the same $. It’s called industry standard pay. Wages are based on the least productive worker. I go just a little faster than the slowest guy so I can fly under the radar. I’ve been playing this game for 20 years now I know what’s up. There is nothing that will surprise me. Remember free shit trumps empty promises. Nothing will stop the screwing of the worker. It’s just like going to the dog track and watching the dogs race. No matter how fast they run they never get the rabbit on the stick they are chasing. Capitalism makes those with the capital rich. Not falling for it. Your right about the union being weak. They have been losing ground for many years. Membership has declined. It’s not what it used to be. However I’ve seen management change so many times and it gets worst everytime.
too many takers and not enough makers. It simply is not sustainable.