Goodbye 401K, Goodbye IRA, Hello Argentina
by John Galt
November 30, 2012 05:00 ET
IF anyone within the sound of my voice, the view of my pages, or with even the most remote of memories about the past five years, today’s Rush Limbaugh show will provide a stunning flashback into what I was warning about in 2007 and 2008 along with the “Talkmaster,” one Neal Boortz out of Atlanta via his syndicated radio program. More on the background later, first a brief video of the “economist” who created a plan for a mandatory national retirement program, one Teresa Ghilarducci via YouTube from May 11, 2009:
Bad enough? Nah, she’s the lightweight and irrelevant one regarding this discussion. For a true understanding of the idea behind nationalizing everyone’s retirement account unless they are a member of a union pension program, a brief historical review of the circumstances which created the impetus for this proposal.
In late 2007 the evidence of an impending economic collapse was about the most obvious event on the horizon for everyone except the blind, ignorant, or willfully born with the stupid DNA as part of their genetic heritage. Beyond the obvious signals such as distress within the real estate industry unseen since the 1930′s and structural deterioration of the financial industry, politicians were observing a futile effort by the Federal Reserve to preserve asset prices in the face of a massive deflationary tsunami and those attempts were not only failing on a monthly basis, but by mid 2008, an almost hour by hour deterioration and collapse of various programs to stem the crisis de jour. Needless to say every effort ended up a complete failure culminating with a massive stock and commodity crash which wiped out trillions of dollars of America’s wealth.