450,000 Businesses Shut Down in Italy; Constitutional Crisis in Spain

Townhall.com ^ | November 26, 2012 | Mike Shedlock

[steve86]

One thing that definitely, absolutely will happen is that the bond bubble will burst. So you want to be short bonds, or long interest rates, possibly in an ETF. But no one knows when this event will happen. Could be tomorrow or a long time from now.

[GeronL]

You think the “deal” will fool people for a whole month??

[Varsity Flight]

Taxpayer paycheck > Taxpayer Federal and Government Contractor Retirement > Fund Manager > Market (so called).

No taxpayer extortion money and Extortion Care shakedowns
..........V
No Federal and Contractor Retirement $
..........V
No Fund Manager Cut
..........V
Stock Government Market
..........V

[onyx]

Some make more than one donation
Many make none
Have YOU contributed?

Some make more than one donation
Many make none
Have YOU contributed?

[vette6387]

“How long do you think 401K’s will be safe?”

Depends on what you consider “safe.”

Apart from the market conditions, which could end up like 2008, there is also the specter of the government “confiscating” retirement funds and “giving you” an anutity ( which I would bet you would be a whole lot less than if you were allowed to spend the money you had saved).

[GeronL]

It would definitely be less

[Cronos]

Many folks create their own personal companies as IT developers for instance with just them as employees and then they negotiate contracts with "actual companies". this has a benefit for the employers as they don't have to pay severence, medical, insurance etc. and this has a benefit for the 'employees' as they get more money in hand

i didn't do it here, but most people seem to want to do this -- i can't understand it though.

[trebb]

I’ve been able to document 483 companies that closed their doors since the election, with zero reported jobs lost.

It's the latest iteration of "new math"; if a job doesn't exist, how can someone be out of it?

[Ghost of Philip Marlowe]

You can switch it to something like Fidelity Cash. They actually hold the capital. You don’t earn anything, but at least you can get it out faster than from a 401K and they actually have the money.

If the government decides to steal private retirement, I think the first thing they’ll do is freeze 401Ks. Private IRAs held in some sort of cash will probably be available for a while longer.

Who will care about penalties at that point?

Of course, the safest way to go is to buy physical PMs and keep them on-hand.