LOS ANGELES, Jan. 11, 2017 /PRNewswire/ -- With over $5 trillion in underfunded pensions, America is facing a pension crisis brought to a head on December 16th by the Treasury Department's unprecedented approval of a private pension fund's proposal to cut the benefits of 2,000 retired ironworkers in Cleveland. "It's called the American Dream because you have to be asleep to believe in it," a quote from the late comedic legend, George Carlin, embodies the national pessimism American workers are feeling as their financial stability erodes right in front of their eyes.
Jack Hanney, a senior partner with Patriot Gold Group, America's leading gold IRA dealer, stated that he'd "never before heard of the Treasury greenlighting cuts by private pension plans." With five other pension plans already under review, this move by the Treasury could open the floodgates to benefit cuts for millions more hard-working Americans.
Only a week earlier, members of the Dallas Police and Fire Pension Fund discovered unfunded pension liabilities totaling $7.6 billion, more than the city's overall operating revenue for five years. Dallas Mayor Mike Rawlings vowed to pursue criminal charges for the gross mishandling of city workers' pensions. The run on the Dallas Police and Fire Pension Fund resulted in withdrawals exceeding $500 million and resembled the Bank Run of 1933.
The first of four banking panics during the Great Depression began in 1930 with a small bank in Nashville, Tennessee. It took three years for the panic to escalate and trigger runs on over 4000 more banks by 1933, when President Roosevelt restored confidence in the financial markets. In today's ubiquitously connected society, it would take less than a week for a similar run on pension funds to cost millions of Americans their retirement savings.
Americans shouldn't allow the financially calamitous effects of the 1930s bank runs to repeat themselves. Precious metals have stood the test of time as a safe-haven investment and Americans can quickly and conveniently transfer their savings from private pension funds to a self directed IRA (SDIRA). With the death of the American dream looming around the corner, people are waking up to the fact that gold and silver investment could be the lifejacket American retirees need to preserve their wealth and protect their loved ones.
By Cash could become a relic of the past if credit-card companies have their way. Visa announced Wednesday that it will grant up to $10,000 to 50 restaurants and food vendors who stop accepting cash in favor of credit cards, debit cards and mobile payments.
via Wall St. Whisperer and Marketslant.com What's going on with silver? If you've been bullish silver, you might feel the same angst some investors have felt over the past two months. But, according to one anonymous analyst from Simple Digressions, it may be time to look at the grey metal again.
In early 2016, physical gold hit $1,050 an ounce, which marked a level that gold investors hadn't seen since the latter half of 2009. After hitting $1,900 an ounce in 2011, gold shed 45% of its value as the U.S. economy improved, the U.S. dollar strengthened, and the Federal Reserve teased at, and finally began, raising its benchmark federal funds rate.Read More
Gold price to 2 month high as fiery Trump declares New American Order - 'Trumponomics': Politics and economic policy in 140 characters - The 'intelligence' according to Trump - Trump, Putin and Russia - the great bromance - Trump - Bull in a China shop - Trade and currency wars with China and other nations - Trump - Fan of gold and golden tweets - Conclusion - Trump may be the 'Golden Ticket' "The market is now worrying about what would come out from the new administration," Bob Takai, chief executive officer and president of Sumitomo Corp.Read More
Half a world away at the World Economic Forum in Davos, Switzerland, Nobel Laureate economist Joseph Stiglitz made remarks earlier this week that the US should "get rid of currency." Physical cash means there is no one else standing between you and your savings. But Professor Stiglitz and his colleagues don't want that.Read More
Perhaps one of the clearest indications that a rally inspired by President-elect Donald Trump is starting to stall is shiny and yellow and is outperforming other assets by a healthy margin. Gold is up 4.1% in the early part of 2017 as Trump stock-market rally deflates; Silver is off to an even better start to the year, up 5.3%Read More
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