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Peter Schiff gets SS Trustee to admit its a Ponzi Scheme
SchiffRadio.com ^ | February 14, 2011 | Peter Schiff

Posted on 02/14/2011 6:14:56 AM PST by GlockThe Vote

http://www.youtube.com/watch?v=ITMEZImvNio

Money quote:

"Writing yourself a check for $1,000,000 does not make you a millioniare"


TOPICS: Business/Economy; Conspiracy; History; Miscellaneous
KEYWORDS: peterschiff; ponzi; schiff; socialsecurity
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To: SeeSac

I’m not blaming you, but understand that when you demand everything you think you have coming to you, its coming from your kid, china, grandkids, and other taxpayers.

There is no money there. You paid into a ponzi scheme and its broke.


21 posted on 02/14/2011 7:44:32 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: GlockThe Vote; SeeSac; Wurlitzer
Glock has it right.

No matter how much you think the government has "promised" something to retirees, the fact remains that the cupboard is emptying fast.

And the demographics are inexorable. You can't get what you were "promised" without a colossal tax hike on your kids and grandkids.

Cutting other programs to pay for SS and Medicare is a myth, it'd be like draining Lake Superior with a teaspoon.

22 posted on 02/14/2011 7:52:26 AM PST by Notary Sojac (Who's Damaged America More? (a) Al Qaeda (b) Wall Street Investment Bankers)
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To: Notary Sojac

The truth is hard for many to accept.


23 posted on 02/14/2011 8:02:25 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: Notary Sojac; GlockThe Vote; SeeSac; Wurlitzer

The gov made a previous written contract and has not kept it, so the lie on SS and Medicare as far as I am concerned no big deal. End SS, medicare and welfare. The broken contract is of course the constitution.


24 posted on 02/14/2011 8:51:01 AM PST by Ratman83
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To: SeeSac
It wasn't the retirees that broke the system. My payout is about what I put in plus about 1% appreciation. What broke the system was the deviation from its basic mission into a welfare system for all sorts of non-retirees.

The very first retiree broke the system:

Fuller was born on a farm outside Ludlow, Vermont. She spent most of her life in Ludlow, working as a legal secretary, but lived with her niece in Brattleboro, Vermont, during her last eight years. She retired in 1939, having paid just three years of payroll taxes. She received monthly Social Security checks until her death in 1975 at age 100. By the time of her death, Fuller had collected $22,888.92 from Social Security monthly benefits, compared to her contributions of $24.75 to the system.

25 posted on 02/14/2011 9:43:24 AM PST by whd23 (Every time a link is de-blogged an angel gets its wings.)
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To: whd23

Ok. Blame her. Just don’t blame me. My funds entered have been redistributed to others.


26 posted on 02/14/2011 9:51:05 AM PST by SeeSac
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To: whd23

Wow. crazy post.


27 posted on 02/14/2011 9:57:11 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: SeeSac

Yes, and your “payments” are going to be a product of borrowing from the chinks, raising taxes on your kids, raising them even more on your grandkids, etc.

They money is long gone.


28 posted on 02/14/2011 10:00:22 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: whd23
The very first retiree broke the system ...

Fuller was not the first.

29 posted on 02/14/2011 10:02:54 AM PST by SeeSac
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To: Ratman83
I would agree to end SS and Medicare GOING forward but certainly not for those who were FORCED to pay into the system all the while the scum of the earth lawyers (redundant yes) of the ruling class had their own “special” plan.

If we had any citizens left with a backbone we would surround Washington and tell those elite pieces of whale excrement “Before you touch a single domestic program STOP ALL FOREIGN AID, close every military base in Germany, Japan, S. Korea...,”

Why should a single penny be cut from taxpaying US Citizens while we are throwing money at a bunch losers who only end up hating us? Reduce our commitment to the UN to reflect our percentage of the world's population. It is insane that we have allowed these mealy mouth diplomats to steal more of our money for their failed projects than our population in relation to the rest of the world dictates.

After all foreign aid is eliminated, then eliminate all subsidies for NOT growing or producing. The free market works much better with minimal regulation (not no regulation) and if some businesses fail then they were not viable in the first place and we should not be subsidizing bad business.

30 posted on 02/14/2011 10:12:48 AM PST by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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To: GlockThe Vote
raising taxes on your kids, raising them even more on your grandkids, etc.

My SS payments are being put away for them. Not a problem.

31 posted on 02/14/2011 10:14:25 AM PST by SeeSac
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To: Wurlitzer
If we had any citizens left with a backbone we would surround Washington

Wonder why we don't have a FR moment in DC? Didn't these things used to happen? Been pretty quiet lately.

32 posted on 02/14/2011 10:17:51 AM PST by SeeSac
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To: SeeSac

Wrong - your SS payments are going to be borrowed and payed back by them in the firm of higher taxes and a lower standard of living.


33 posted on 02/14/2011 10:28:18 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: Wurlitzer

Because SS and Medicare are where the biggest liabilities are.

www.usdebtclock.org


34 posted on 02/14/2011 10:31:23 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: GlockThe Vote
My SS payments are being put away for them. Not a problem.

Wrong - your SS payments are going to be borrowed and payed back by them in the firm of higher taxes and a lower standard of living.

Let me restate for you. My SS payments are being put away by me for them. Not a problem.

35 posted on 02/14/2011 10:45:48 AM PST by SeeSac
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To: GlockThe Vote
It is not relevant that they are the biggest liabilities as some here seem to be ignoring the fact that we paid into SS. I think it sucks but I like millions of other were forced to pay into it. I laid out a good plan IMO for cuts yet you want to cut something we actually paid for?

If AND ONLY EFFEN WHEN ALL FOREIGN AID IS ELIMINATED AND FOREIGN MILITARY BASES ARE CLOSED AND WE CUT FUNDING OF THE UN should we start looking at domestic programs.

Why not shutter permanently the departments of energy (they have done less than nothing to make us energy independent), department of education (this is a state responsibility and the effen feds have not educated a single child).

If you want to eliminate SS and Medicare for those entering the system fine, I'd support that! But if you want to take what I was FORCED to pay into for my entire working career, then you will be looking at one of the reasons for the 2nd Amendment.

36 posted on 02/14/2011 10:46:49 AM PST by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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To: Wurlitzer

What don’t you understand about there being no money there and we are broke?

Did you listen to the clip? The Trustee admitted that there is NO TRUST FUND. Its gone.

If you feel fine about jacking young peoples’ payroll tax to 30% as the Trustee said just to pay off promises that can’t be paid, well, we are different in our views.

Again - the amounts due are over $100 Trillion between the two programs.

Tell me how closing a few bases is going to make that up?

www.usdebtclock.org


37 posted on 02/14/2011 10:58:31 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: Wurlitzer
To put a sharper point on my previous post, it is possible that, given BO and yes Bush are spending or did spend without any thought to the consequences, we might as a VERY LAST resort have to look at Medicare (1st) then SS.

This should not be done until every single penny spent by the ruling class for foreign aid, military bases, UN is eliminated.

If we are forced to steal, because that is what it would be, money from current SS recipients then not a single penny should go to any non-US Citizen.

To get us started, I'll gladly escort BO’s Keynan pig of an aunt, who has stolen US taxpayer's money yet blames us for her plight, to the dock to get on the first freighter back to Kenya.

To summarize: NO, ZERO, ZIP, NADA dollars to any non-citizen (in or out of the country) or to any foreign government BEFORE you start stealing what was paid for. When you start on the domestic programs start first on those that have done nothing before you steal from those who have paid into the system for 40+ years.

38 posted on 02/14/2011 11:02:27 AM PST by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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To: Wurlitzer

Look, you need to accept the fact that you were lied to your entire life and paid into a giant ponzi scheme on the verge of collapse. There is no more there and none left. Unless we import tens of millions of young immigrants, sell off land, sell off resources, or means test, or raise the retirement age or something like the above, it will either implode on its own or will require taxation of young people at 100% orbetter who will be using the 2nd amendment on older people if they are told tobe slaves teir entire lives to pay for promises that should never ave been made.

Its not fair, it stinks, but reality is a bitch. Its a maddoff scam and nothing else. Just like the Wilpons are finding out.


39 posted on 02/14/2011 11:03:03 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: GlockThe Vote
What you do not understand you thief is before you steal a single penny from a program we were forced to pay into you MUST without a single reservation stop all spending on areas I clearly identified but you lack the intelligence or honesty to debate.

You use Saul Alinsky tactics like only mentioning my suggestion of closing the bases yet like the lying Saul you omitted the other high dollar programs I addressed even the entire departments of energy and education.

Until you are willing to have an honest debate don't waste my time responding to my posts as I'll only debate with honest people. Don't expect people to sit back and let you steal money from us while at the same time NEVER eliminating COMPLETELY every nonessential program, department. Why for example should I allow the likes of you to demand I lose what I paid for while at the same time this vile federal government lead by a Mudslime is allowed to send my tax dollars to Mudslimes around the world?

40 posted on 02/14/2011 11:12:01 AM PST by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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