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But all of your responses indicate that you feel our governments are actually listening to us – the people – which clearly they are not and, that our votes actually count where some people (myself included), believe that elections are a complete charade to make us ‘feel’ as if we have a choice…
If the government’s finances are as catastrophic as we are told they are, where will this enormous amount of money for SS payments come from?
they will just print some more, but what does it matter anyway? it’s all fiat money, backed by nothing, not worth the paper they print it on. the sweeping changes to SS are not going to happen for a while — most of us will be dead by then. raising the retirement age to 67 or was it 69 will keep a lot of people trying to work and off the dole for a few more years. i can’t imagine that they would DARE to cut the benefits or they risk a revolution. and the last few articles i read said SS is actually good for another 35 years. i won’t care one whit by then.
Scott, I think maravilla makes the point. If those in power (regardless of how they got there) cut off 76,000,000 Social Security recipients, no army of any size could hope to quell the rebellion.
Increasingly, I share your cynicism about elections in the U.S. and everywhere else, but our puppet-masters don’t outnumber us. They’ve voted in our right to bear arms virtually everywhere. Cut off all us oldsters from Social Security and you’ll see just how many arms we can still bear.
And again, to quote maravilla, Social Security is good for another thirty-five years* or so and by then I’ll be gone. Again, so happy I never had kids . . .
*This is based upon the fact that the Social Security Trust Fund is wholly invested in U.S. government securities which are backed by the full faith and credit of that government. Sadly, the government has no means of ever redeeming those securities. It’s been too busy funneling the nation’s wealth to those few wealthiest Americans which own it. Taken together, the national debt, the unsecured “value” of the Social Security Trust Fund, and the unfunded projected Medicare liability would consume the entirety of the U.S. economy for about four generations — if they ever pay them off. And that’s if the economy recovers.
Scott:
Politicians really listen when they are voted down and they heard a murmur in 2010
wait until 2012 and they will hear a “ROAR”
just look at the POISON pill the UK had to swallow
look at France, Ireland, Portugal, Spain and other countries where the medicine has been POTENT and very bitter to swallow but swallow they will!!!
and look at Peru where the retirement age has been lowered to 58
the tide is turning but the politicians in Washington DC still don’t get itthese are interesting times to watch in the USA and the real CHANGE is comming or we will all sink
this is a Wikileaks revolution, which starts small and GROWS’, expands’ and cannot be stopped
stay tuned!! for part 2, should be interesting to watch
warren
Of course they are on a scale “to large to comprehend”, do people really know how much 9 Trillion dollars is? $9,000,000,000,000.00 the amount of money authorized to be “created”, and given away to banks overnight.
http://money.cnn.com/2010/12/01/news/economy/fed_reserve_data_release/index.htm
Also, according to the Fed, the money thats being created is not “going into circulation” , its being created out of thin air, its numbers going from one system to another or being created outright. How does that work? Do you know who is buying US Treasuries?? THE FED! Its insane.. Destined for collapse..
Whats really sad, is that people can still have faith in a system that is screwing them over in so many ways. The war in Iraq/Afghanistan giving money to the Corp. War sector, the “Bank Bailout” giving money to the Banking Sector, Politicians are working for the Corporations, not the people. The monetary system is such a joke right now, the only reason why its still going on and China, Russia, etc. are allowing things to go on.. is if the Dollar collapses, everything will go along with it. The US has made the world dependent on the Dollar, and thats the only way they are getting away with this stuff.. For now.
And as far as Elections and politicians caring about anything of that sort, ITS A JOKE! Look at Obama! Hes doing the same thing as Bush, Change? What change? Every single promise he made has been broken, there’s still war, there’s still massive spending, loss of civil liberties every single day, its the same thing with a different name. Its a show for the American people to “feel” like they still have democracy. When the politicians on the ballot ALL have corporate interests in mind, what choice do the people really have?
As to SS, when the US defaults on its debt, which could be very, very soon (within a year), that will be the first thing to go. Its all invested in government bonds, treasuries, when the US defaults they default on the debt owed to SS as well, just like the debt owed to China, Japan, etc. Every month the US is going more and more into debt, with a shrinking economy, how long can that be sustained? When it can’t be sustained or when some people want their money back (sell treasuries, ie. China), what happens?
Im younger then most who post on here, I’m 24 years old. I find it kind of funny (and kind of depressing) when older people (60’s, 70’s +) think that they will be fine, and the shit will hit the fan later on, and it will be the younger people who have to deal with the problem. American people have been living beyond their means for so long, and they know show will end one day, and they will leave it for the next generation to deal with. But in reality, its going down RIGHT NOW. Your lucky to have your SS and your pension checks, but you really think that will last if the US is Bankrupt? Even if you have millions in gold hidding somewhere, you think life will go on as normal? NO WAY! These problems are HUGE, life changing for most everyone on this planet. Most people don’t understand what all of this will mean, what printing $9 Trillion overnight really means, but it means WORLD ECONOMIC COLLAPSE.
The thing is, SS and Pensions will be gone not because of “a political decision”, like you mention, but a “economic consequence” of being Bankrupt! N
Sorry to say I agree with you caliskatari – The fiscal problems are indeed HUGE and it’s mathematically naive to think that we’ve been through these kinds of “bad times” before and “that we always pull through…”
To put things into perspective, take a peek at ‘Charting The US Fiscal Catastrophe’ at [ http://www.zerohedge.com/article/charting-us-fiscal-catastrophe ]
Scott
Your final outcome sounds very scary and I hope you’re wrong. For now the “markets” continue to function and I have done well with select ETFs in metals/mining and emerging markets. One of the guys I follow is Dan Sullivan, been good to me.
Scott: Zerohedge is in my blog reading list along with poorrichards…not for the faint of heart! I don’t presume to know what will happen, but full collapse of all systems? I’m betting against that. Time will tell.
the FEDs’ made a loan and transfered money to buy a secure debt from big banks not from Joe six pack, these are some o9f the biggest players in the market besides the automakers
they did not PRINT money since what they did was ASSUME a debt from the Banks and ask for collateral PLUS interest, NO money was printed or transfered
a debt was paid with a promise to transfer that debt to another person without any liability and with interests to be paid
the SPIN factor on this episode is hilarious and some well studied ecomonists are working on this problem
should I listen to a post in WLC to give me the real answer??
the government, automakers, banks and politicians are all in “CAHOTS” to bring down the US economy!! and the country
by the way the interest collected on the TARP program was close to $300 billion and 75% has been recovered already
whre is the real 13 trillion dollar debt with this bailout since the internal TOTAL debt is 13 trillion
are you telling me we are now 26 trillion in debt?? all of a sudden
next; falasy, SSA will not exits after 2035, then we do as the Eskimos did when they had reached the point of FAMIINE
collect all the old people and throw them into the frigid sea for them to die and not be a burden to their society
well!! we will collect 70 million old people and throw then from the Grand canyon in Colorado
ridiculous!! thinking
are you kidding !!
have to take a break and read some other thread, this one is going NO-WHERE
warren
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