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.
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.
By While the Labor Department's fiduciary rule is scheduled to take effect April 10, some experts predict that President Trump will somehow, someway put the kibosh on the rule that requires financial advisers to act in their client's best interest, adhering to a fiduciary standard with respect to retirement accounts such as IRAs and 401(k)s.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
U.S. lawmakers recently introduced legislation calling for 2020-dated coins in commemoration of Muhammad Ali, the legendary boxer, advocate and philanthropist. The Muhammad Ali Commemorative Coin Act, numbered H.R.579 in the House and S.166 in the Senate, seeks up to 100,000 $5 gold coins in 90% gold and up to 350,000 silver dollars in at least 90% silver.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
This looks more like the beginning of a market correction than the start of a serious bull run, according to Julian Emanuel, U.S. equity and derivatives strategist at UBS. "The wall of worry which has supported stocks for 8 years has given way to a deep sense of hope and optimism," Emanuel said in a recent research note.Read More
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