Josh Sigurdson talks with author and economic analyst John Sneisen about the coming pension crash as a new story comes out regarding Congress's new committee to bail out 200 pension funds!
You know it's bad when congress is so eagerly expecting the failure of the pension system.
So-called private plans or the 1400 multi-employer plans in question are in a $553 billion short fall.
In the new, big government spending bill, congress snuck in a provision that creates a committee that allows congress to use federal funds to bail out as many as 200 multi-employer pension plans. These are plans where employees and unions jointly provide funds. Of course this is corporatism to the max.
Pensions are dependence. Unfortunately so many have been thrown into that dependence unwillingly. Individuals should save for themselves. All people should be looking to save for their futures. Unfortunately, the government and banks force people into giving part of their earnings to some centralized authority that usually employees know nothing about and are supposed to trust them to correctly manage their savings.
So instead of saving in what one has done due diligence into, some insolvent bank will make the decisions. And they are insolvent.
We recently reported on the cash to deposit ratio at banks and they are completely bankrupt. So to trust them with your money is incredibly risky.
Young people are unlikely to ever get a pension which is why it's important young people learn about money and savings themselves and look to whatever they come to believe in.
As we approach a massive fiat crash, the likes of which the world has never seen (inevitably), it's time people start taking real precautions and be financially responsible. There's hardly anything more important. Self sustainability is the hallmark of freedom and life itself.
Stay tuned as we continue to cover this growing issue.
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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World Alternative Media ... What about all the state government and teacher pension plans. In PA the corrupt teacher pension funds are 60 billion in the hole. Company pension funds have been disappearing for years.
The real problem is these government pension funds that have been putting states in the hole.
Any information on this?
I'm in the same boat I've tried to warn people for years, show them the numbers and provided potential solutions for them. All I get is kill the messenger not the people who are doing this so I've given up on them. All the best
venezula has a thieving con artist self made little god who cares nothing for his people,he is lion devouring people who can't even eat,we have a infrastructure worth 23+ trillion worth,no we are going to suffer,life and fools,who think they can keep a bottom line in a world of chaos,no we aren't VENEZULA ,but we are in the hands of fools and corruption,old family thieves who steal from the world,not just individual countries
There would be plenty of money to go around if we didnt spend 60% of the budget on corrupt illegal wars...thats just one issue. What about the trillions missing stolen?? If we just held these Bastard accountable, we would have the healthcare we need, the education required to compete and much needs infrastructure repair. Your field of view is much to narrow.
you've been brainwashed, with 10% daily swings it will never amount to anything except something similar to a penny stock and a very risky gamble. Nothing will be priced in it because thats how you really go bankrupt.
Matt ward It's not an either or. Gold is currently a better store of value than Bitcoin, but gold is not capable of replacing the dollar when it inevitably collapses.
When the dollar collapses Bitcoin will take a significant share of the currency market, if not dominate it. Gold/silver cannot and will not do that.
You emotion in the matter clearly shows alternative motives
Matt ward No one is rushing to back crypto with gold and silver. It is impossible to do so because gold and silver have poor qualities of money. Gold and silver mandate 3rd party custody to be used in trade. 3rd party custody always results in Ponzi schemes. That is why gold and silver cannot be used as currency.
Here in Canada, tax laws dictate that any and all withdrawals of $10,000 must be reported to the tax department. However, after the 2008-2009 financial crises, the banks adopted a policy restricting withdrawals to $5,000 per day. A few years ago the policy was revised to only $2,500 per day. Also, the client must make an appointment to make the withdrawals and wait up to a week to get their cash.
Funny story, I went to the bank about two months ago for a draft. I didn't have a name to put on it but they REQUIRED a name to put on it. I said I'll take cash then and they handed over $6k in cash. The other day I took out $3k in cash without a hitch. Me thinks that policy is branch related.
gurvirj95v2 any bank in Canada. Just ask to withdraw the maximum amount of your own money. Paying bills and electronic transfers to other accounts or institutions do not count as a withdrawal. The $2,500 daily limit is for cash at the teller and ATM machines combined. Want a source for proof and you live in Canada, check your bank.
John if you are standing with a placard I will gladly join and help you. I keep telling people don't support the banks , don't keep money in the banks, don't take credits, loans, mortgages and I am taken as a crazy person by most of the people. That would be great to stand out with placards, that's the only way to make the banks broke: don't support them.
For those already retired (in the U.S.), there is no plan B because plan A is just Social Security which itself is on the ropes. A lot of people didn't make enough to create a large savings and were told their whole lives that they would get SS and some, a pension. It is criminal what has happened. No wonder the Deep State wants our guns.
Smufter16 as long as people pay into social security. Retired people will get it. You fucking morons lack simple common sense. What you pay in is not saved for when you retired. It’s paid out to people retired. If the government ever tries to stop paying out social security that will end this country. They are not that fucking stupid. They know this. They only attempt to get away with what they can. Further more I wished they would. I’m ready to kill as many people in congress as I can. Fuck them.
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