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News Link • Corruption

It’s Another Assault On Retirement Accounts

Retirement funds have become the ultimate fudgemaking tool of corrupt fiscal policy around the world. Treasury Secretary Tim Geither has been robbing federal pensions for the last several months in the absence of a debt deal, and several governments overseas have also stolen from retirees in order to continue financing their largess. Bottom line- if these bankrupt governments and agencies owe to retirement funds, they’ll stop paying whenever it suits them. If they have access to steal from the retirement funds, they’ll steal. We’ve seen several examples of this over the last two years, and we’re seeing more all the time. This is one of the issues that concerns me the most because I know how many people are completely unprepared for this eventuality. Even private retirement accounts are fair game in the political calculus… and it’s a simple matter of arithmetic. When a bankrupt government has to come up with at least $1 trillion annually to plug its budget gap, and several trillion dollars worth of retirement accounts are ripe for pillaging with few other options available, the choice is clear. I’ve been a vocal advocate of internationalization. With the right kind of structure, it’s possible to safely and legitimately ship your assets overseas to a place where your money cannot be plundered by bankrupt politicians.

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