Saturday, November 17, 2012

IRA/401k Confiscation Coming?

To start, I would like to report that my MBA alma mater, the University of Chicago (class of '91, Dean's list 1990), just received the #1 business school ranking by Businessweek:  LINK  Unfortunately, the professor I had for a high level "forensic" accounting course is not longer there. His course was the best course in any MBA program anywhere and made the 2 years there worthwhile.

An article about Obama starting the process of nationalizing the private retirement fund system went viral in the blog community yesterday.  The truth is that the these "genius" bloggers are about 4 years behind the curve on this.  Here's the report:  LINK

Let me make one thing crystal clear before the world erroneously blames this on Obama.  The IRA confiscation movement started at least during, if not before, the Bush administration.  Four years before the recent hearing sponsored by the Treasury/Labor Dept, there was a Congressional hearing On October 7, 2008 sponsored by the House Education and Labor Committee at which pension reform academic Teresa Ghilariducci presented a paper on her Guaranteed Retirement Account program.  Her idea is to replace IRA/401k accounts with a Government administered program which would provide retirees with a guaranteed annuity stream annuitized by good old U.S. Treasuries.

This symposium was held before Obama was elected.  In fact, I warned 10 years ago, that the elitists (note: real elitists, as in the handful of men who pull the strings) would print money and keep our system from collapsing until they had swept every last crumb of middle class wealth off the able the table and into their own pockets.  Note:  "middle class" = everyone who is not wealthy enough to buy their own Congressman;  in my view this would be anyone with a liquid net worth under $100 million.

This movement to de facto seize your private retirement plan was started years before Obama was even a local politician in Chicago.  Regardless, once these movements begin in the Government they happen slowly and then all at once (sound familiar?).  Anyone with two operational frontal lobes will do what I did 6 years ago and cash out their IRA, pay the 10% penalty plus any income tax for that year on the proceeds and put the money into physical gold and silver outside of the system.  Over the next 4-5 years you will more than make up for the 10% penalty/taxes with the appreciation of the bullion AND your wealth will be safe from the Government.  Capito?


  1. sigh-someone has to buy those good old treasuries.

    why are other govts and CB's buying PM while the US CB is buying Treasuries (a rhetorical question)?

  2. Reading that gave me chills. I actually wrote an online piece about how I had recaptured the 10% penalty by investing in silver and gold in the first year after I cashed out.

    Now that tax rates are going up...those waiting to cash out are gonna face another whammy.

    Government has absolutely no business interfering in investments and capital markets EVER. But they do. And the sheep let them.

  3. Dave,
    EXACTLY as I warned on letthemfail 3 years ago, and the link (a different one though) was already at least 4 years old. It was definately during the Bush era, but I wouldn't exactly blame him either. It's the system, and it's architects, the 13 or 14 generational banking dynasties, that cleverly crafted a system in which "the only honorable thing to do is lie cheat and steal".

    Thank you for having the balls to do 6 years ago what I did 3 years ago - you have already well beaten the 10% in dollar terms, but when fiat gold crashes you will exponentiate that wealth.

    When half the "credit worthy" (e.g. debt worthy) figure out that they need to do this, the can will have no more floor beneath it ... but when half the debtors realize that they are honoring debt that has already been repaid well into the future, and stop honoring all their fraudulent loans, what a wonderful world of empty JPM and B of A skyscrapers to rebuild from.

    Those who honor debt today are being raped with the hidden (and soon to be not so hidden) taxes that come with the looting of future promises today.

  4. Kyle Bass: Fallacies Such As MMT Are "Leading The Sheep To Slaughter" And "We Believe War Is Inevitable"

    Below are some of the key highlights from Kyle Bass' latest, and as usual, must read letter:

    On central banks and the final round of global monetary debasement:

    Central bankers are feverishly attempting to create their own new world: a utopia in which debts are never restructured, and there are no consequences for fiscal profligacy, i.e. no atonement for prior sins. They have created Potemkin villages on a Jurassic scale. The sum total of the volatility they are attempting to suppress will be less than the eventual volatility encountered when their schemes stop working. Most refer to comments like this as heresy against the orthodoxy of economic thought. We have a hard time understanding how the current situation ends any way other than a massive loss of wealth and purchasing power through default, inflation or both.

    In the Keynesian bible (The General Theory of Employment, Interest and Money), there is a very interesting tidbit of Keynes’ conscience in the last chapter titled “Concluding Notes” from page 376:

    [I]t would mean the euthanasia of the rentier, and, consequently, the euthanasia of the cumulative oppressive power of the capitalist to exploit the scarcity value of capital. Interest today rewards no genuine sacrifice, any more than does the rent of land. The owner of capital can obtain interest because capital is scarce, just as the owner of land can obtain rent because land is scarce. But whilst there may be intrinsic reasons for the scarcity of land, there are no intrinsic reasons for the scarcity of capital.

    . . .

    Thus we might aim in practice (there being nothing in this which is unattainable) at an increase in capital until it ceases to be scarce, so that the functionless investor will no longer receive a bonus[.] (emphasis added)

  5. "This symposium was held before Obama was elected"

    I FED UP with the Obankster-Lover's constant attempts to blame everyhting on the Mental Retard that preceeded him. This fucker has been in office for 4 years now's HIS fuck-ups now.

    Enjoy your Third World Shithole nation !

    1. Anon, you have not been paying attention or you have never read any of Dave's previous posts-he recognizes BOTH parties for what they are, toadies to the rich. Both parties are to blame for the mess we are in, Neither party could fix this mess without Greek austerity or Wiemar/Zimbabwe printing, two choices that no member of congress would dare suggest.
      Dave has blasted the Obama administration for its protection of Jon Corzine, the banksters in general, the Wall Street Hustlers/whores, etc.
      Dave prefers to tell the truth, The Golden Truth, that both parties will sell out 99.9% to stay in power, to avoid paper investments, which ETFs to avoid, etc.
      Dave an Obama supporter? Romney and Ron Paul would be Obama supporters before Dave would be one.

  6. Making suckers out of the middle class...

    Eric Sprott ~ Investment Realist

  7. man, if she got to your #(100 mil), who knows if she would have gotten caught? many others?

    Ex-Comptroller Faces Jail in $53M Scam

    A former comptroller for a small town in Illinois pleaded guilty to embezzling $53 million from city accounts to feed a lavish lifestyle that included a nationally known horse-breeding operation.

    Rita Crundwell, 59, pleaded guilty Wednesday to wire fraud in federal court for siphoning off taxpayer dollars to her secret bank accounts while comptroller of Dixon, Ill., the boyhood home of former President Ronald Reagan.

    Crundwell spent most of the stolen cash on extravagant items such as a $2 million custom RV, a Florida vacation home and her most prized possession – a world-class horse breeding farm.

    "If nothing else, what we have in this case is an object lesson in how not to manage public funds," Gary Shapiro, the acting U.S. Attorney for northern Illinois, said. "This is a crime that should never have been allowed to occur."

    All of Crundwell's items are up for auction by the U.S. Marshals, including 400 horses. Only $7 million has been recovered so far.

  8. Piotroski? That guy needed a make-over like nobody's business...

  9. Oliver Stone on the Untold U.S. History from the Atomic Age to Vietnam to Obama’s Drone Wars

    Academy Award-winning Oliver Stone has teamed up with historian Peter Kuznick to produce a 10-part Showtime series called "Oliver Stone’s Untold History of the United States." Drawing on archival findings and recently declassified documents, the filmmakers critically examine U.S. history, from the atomic bombing of Japan to the Cold War, to the fall of communism, and continuing all the way through to the Obama administration. Contrary to what’s taught in schools across the country, the filmmakers found the atomic bombings of Hiroshima and Nagasaki were militarily unnecessary and morally indefensible. They also suggest the Soviet Union, not the United States, ultimately defeated the Germans in World War II. And, they assert, the United States, not the Soviet Union, bore the lion’s share of responsibility for perpetuating the Cold War. The filmmakers also found U.S. presidents, especially in wartime, have frequently trampled on the Constitution and international law, and they note the United States has brought the world dangerously close to nuclear war by repeatedly brandishing nuclear threats. The first episode of the series aired Monday night on Showtime. For more about this series and the companion book, we are joined by Stone and Kuznick. [includes rush transcript]

    1. The bombings of Hiroshima and Nagasaki were unnecessary unless you want to put on the table the losses that would have been incurred during a mainland invasion...on both sides. They COULD have bombed Tokyo or another large city, but didnt.

      As for the former USSR "defeating Nazism"...another historical fact taken out of context. The Russians were getting their asses handed to them until the West entered into the war. Thanks to the Western allies, pressure was taken off the Eastern Front, to include the US and British bombardments of German facilities. Once Germany was forced into a two front was a matter of time for them. About the only thing Russia did do was put up one hell of a fight and held on until the pressure was taken off.

      As for the cold war...Russia was innocent? Did they or did they not try and park nukes in Cuba? Was or was not Khrushchev's rhetoric inflammatory? Did or did not Russia attempt the spread of Communism throughout the world resulting in some of the most enslaved and dominated people on the planet...not to mention the mass killings?

      Stone is your typical America hating douche bag. He relishes in tearing her down, and besmirching her. About the only reason I even watched this piece of garbage is so I know what indoctrination is being fed the public. And its sad that a bunch of attention deficit sheep, with limited memories and poor investigatory skills (if they even care), will gooble this up.

      It cracks me up that these "Blame America First" clownshoes remain here, since we are so bad...but that should end shortly as we descend into third world status

  10. U.S. pension insurer reports record $34 billion shortfall

    WASHINGTON The federal agency that insures pensions for more than 40 million Americans last year ran the widest deficit in its 38-year history.

    The Pension Benefit Guaranty says its deficit grew to $34 billion for the budget year that ended Sept. 30. That compares with a $26 billion shortfall in the previous year.

    Pension obligations grew by $12 billion to $119 billion last year. Assets used to cover those obligations increased by only $4 billion to $85 billion.

    The agency has now run deficits for 10 straight years. The gap has grown wider in recent years because the weak economy has triggered more corporate bankruptcies and failed pension plans.

    If the trend continues, the agency could struggle to pay benefits without an infusion of taxpayer funds.$34-billion-shortfall/

  11. They're coming for your gold and silver as well. Do you really think they will let you keep it?

    1. They're not coming for mine. I'll go down shooting defending it. But the risk of confiscation is zero until the U.S. goes back on a gold standard. If you study the differences between now and 1933, you'll understand why that is so. By the time the U.S. might decide to go back in a gold standard, the world will be at war and it won't matter anyway.

    2. They won't be able to confiscate our PM because we will not turn it in. It's that fucking simple.

      What they may try to do is tax the shit out of any gains or the sale of PM. I prepared a nice little spot in Canada for just such an event. Planning prevents poor performance.

    3. Ya I agree. The event in 1933 gets blown way out of proportion by the internet bloggers. Very little gold was actually turned in and the Govt was only able to seize gold that was left in unclaimed safety deposit boxes.

  12. Dave,

    Thanks for writing your blog. It is one of the few I always must read. And when you write about 401ks and IRAs I always get nervous!

    This time I am thinking about pulling out for real. One question, when you say outside the "system" are you saying basically home storage, vs. not even a bank safe deposit box?

    Also, are the only gold and silver "paper" vehicles you can recommend the Sprott funds?


    Mike Cortopassi

  13. I don't recommend ANY paper bullion vehicles. If you have enough money to take delivery of what Sprott offers, then Sprott is fine. Home storage is best. I wouldn't keep it in a bank. Private depositories are fine also.

  14. Prison of Debt Paralyzes West

    Be it the United States or the European Union, most Western countries are so highly indebted today that the markets have a greater say in their policies than the people. Why are democratic countries so pathetic when it comes to managing their money sustainably?

    Creating Money out of Thin Air

    Until 1971, gold was the benchmark of the US dollar, with one ounce of pure gold corresponding to $35, and the dollar was the fixed benchmark of all Western currencies. But when the United States began to need more and more dollars for the Vietnam War, and the global economy grew so quickly that using gold as a benchmark became a constraint, countries abandoned the system of fixed exchange rates. A new phase of the global economy began, and two processes were set in motion: the liberation of the financial markets from limited money supplies, which was mostly beneficial; and the liberation of countries from limited revenues, which was mostly detrimental. This money bubble continued to inflate for four decades, as central banks were able to create money out of thin air, banks were able to provide seemingly unlimited credit, and consumers and governments were able to go into debt without restraint.

    This continued until the biggest credit bubble in history began to burst: first in the United States, because banks had bundled the mortgages of millions of Americans, whose only asset was a house bought on credit, into worthless securities; then around the globe, because banks had foisted these securities onto customers in many countries; and, finally, when these banks began to totter, debt-ridden countries turned private debt into public debt until they too began to totter, and could only borrow money from banks at even higher interest rates than before.

    At the moment, the world has only one approach to getting out of this labyrinth of debt: incurring trillions of even more debt.

  15. Basel III And Gold

    This shows the vast switch that has taken place since the '70s in bankers' confidence away from gold reserves into the blizzard of printed money as reserves. Keep in mind that the supply of new gold is flat while the supply of new paper money is boundless. To just get back to the gold/currency balance averaged over the decade of the '80s, gold would have to increase in price some 15 fold. Many investors fear gold when they look at a price chart (especially a linear one) and see the sharp rise well beyond the 1980 high. The word "bubble" floats into their mind. But if a monetization trend is to be a major fundamental driving gold, charts like the two above (and there are many more) suggest we are nearer the beginning of a bubble than the end. The price may seem so overextended only because you have such a massive amount of "money" wanting into such a small space. The move of this money could still be in the early stages.

    As if the bank currency reserves were not unstable enough, I think there could be rotation soon away from bonds into gold as a safe haven not only by banks, but by all investors. The bond market is 14 times the size of the gold bullion market. The supply of bonds can be increased willy nilly while the investment gold supply is increasing at just 0.5% a year. It wouldn't take much of a rotation to force the price of gold sharply higher.

  16. China: Big Plans For Future Silver Investment

    China has been patient by only producing 600,000 (annually) of its one ounce Silver Pandas for nearly a decade. However, last year China decided to increase its mintage of its 2011 Silver Panda from 600,000 to 6 million… and in 2012, they plan on increasing it to 8 million. Why the sudden 10 fold increase of their Chinese Silver Panda sales in one year?

    Well, according to Jim Orcholski who runs J & T Coins LLC

    The main reason the mintage of these coins was increased so much starting last year is that it became legal in 2011 for Chinese citizens to own silver coins.

  17. Billions in bearer bonds could be lost due to Hurricane Sandy: sources

    It’s the biggest mystery on Wall Street.

    Hurricane Sandy floodwaters inundated a 10,000-square-foot underground vault downtown, soaking 1.3 million bond and stock certificates — including bearer bonds that function like cash — and putting them in danger of turning to mush.

    A contractor working for the vault owner, the Depository Trust and Clearing Corp., is feverishly working to restore the paper.

    But the value of the threatened notes under 55 Water St. remains unknown to all but the innermost circle of Wall Street bankers.

    One source said $70 billion in bearer bonds were in jeopardy.

  18. From George Carlin
    "And now they are coming for your social security money. They want your f***in' retirement money. They want it back so they can give it to their criminal friends on Wall Street."

    Prophetic words to remember.....

  19. Thanks, Dave. Any opinions on GoldMoney? Do you consider that a private depository?


    1. I don't know the specific mechanics of how GoldMoney works. My impression is that it works best if you plan on leaving the country and want to have gold delivered at your destination abroad, but I havent' studied it closely. I would assume that since Turk is behind it, that it's fine.

  20. Dave,

    Not that I don't believe the govt will make a grab for our 401K/IRA, but conisdering this will take an act of Congress, won't it be clearly telegraphed when the risks of it actually happening are rising? Such as when they are about to vote on the legislation?

    BTW, I've recently buried gold outside the country, in SE Asia.

    And with respect to that, coincidentally, just before I flew to SE Asia, I got a letter from my bank saying I was in arrears on my safe deposit box account. They had fouled the paperwork, and they were claiming I was late on my payment and that they would close my box if I didn't pay up soon.
    Such an issue is not a big deal at your local USA bank, but if you are storing assets overseas in SE Asia and stuff like this happens? Considering this and all the other things that could happen to a foreigner's safe deposit box/financial account overseas, I've concluded it is much better/cleaner to find a nice spot and just bury your gold.
    Friends and family think I'm crazy, of course. But they don't read TruthInGold, ZeroHedge, Kyle Bass, Faber, Grant Williams, etc. etc.

    Once again, thanks for all your work.


    1. It's being telegraphed now. It happens slowly, then all at once

  21. Central Banks’ Gold Likely Gone-Eric Sprott

    Money manager Eric Sprott says, “The central banks’ gold is likely gone with no realistic chance of getting it back.” Don’t expect this revelation to get any coverage by the mainstream media. In an interview last week, Sprott’s analysis was met with words such as “gold bug” and “conspiracy theory.” Sprott answers that sort of disrespect by saying, “We’ve had so many conspiracies, I don’t know why anyone would think this was unusual.” To back up his point, he named “LIBOR, electricity markets in California and the Madoff” scandals. Sprott’s analysis shows a “flat supply” and at least a “2,500 ton net increase in gold demand” since 2000. “Where’s all the gold coming from?” asks Sprott. He says Western central banks “. . . keep supplying this market with product in order to keep the price down so nobody knows how vulnerable the situation is.”

  22. DOD elite live extravagant corporate 1% life

    The problem is, there’s too much of this sense of entitlement among the 1% and the political/military class. Oh sure, it’s no problem to cut things like Medicare or Social Security, but touch the government healthcare plan, or the incredible retirement that they have, and it’s war.

    In their minds, they’re our betters — and shouldn’t have to give up this lifestyle.

    In the end, they’re not that much different from the Wall Street bankers who were more concerned about their lifestyle being bailed out than saving the country. We no longer have isolated pockets of these people, but an entire class of them that live at the top of the food chain yet still aren’t happy with what they have.

  23. Wall Street’s Great Scapegoat Hunt

    When things go well -- the firm lands a big underwriting or a high-profile merger or executes a profitable trade -- there is no shortage of people around to claim credit. Of course, when something goes terribly wrong -- see “Whale, London” or “Synthetic CDO, Abacus” -- the senior executives disappear from the scene faster than cockroaches when the light is turned on. In return, employees get paid more working on Wall Street -- without putting any personal capital at risk -- than they can at almost any other job on the planet. This is not a subject open to debate on Wall Street. This is the way it is. If you don’t like that bargain, you leave. (Sorry, Greg Smith.)

    Botched CDO

    And yet, we are now supposed to believe that many things that went wrong leading up to the financial crisis were caused by a handful of junior bankers and traders supposedly acting on their own.

    This month, the Commodity Futures Trading Commission zapped Matthew Marshall Taylor, another former Goldman Sachs vice president, for allegedly concealing an $8.3 billion trading position in 2007 that cost the company $119 million (the losses were hard to see in a year when Goldman Sachs made $17 billion in pretax profit). The CFTC alleged that Taylor fabricated trades and then obstructed Goldman Sachs’s “discovery of his scheme” by providing “false, misleading or deceptive information and reports.”

    No so fast, says Taylor’s attorney, Ross Intelisano. His client “strenuously denies all of the allegations”; he never “intentionally entered ‘fabricated trades’”; and it was Taylor who brought the losses to Goldman Sachs’s attention, not the other way around, Intelisano said in a statement. Is what we have here a failure to supervise?

  24. When money dies

    Fergusson explains with great insight how, in the end, the inflationary cycle could not be concluded without horrendous pain and upheaval. The inflation had profoundly destroyed and redistributed wealth. The underlying economic structure had been badly maligned by distorted price structures and dysfunctional resource allocation. People's confidence in money, policy, democracy, capitalism and civil society had been shattered.

    No two inflationary cycles are alike. Each is nuanced, with different types of credit instruments, modes of financial intermediation, methods of speculation, fallacies, malfeasance, policy doctrines and economic structures. At the same time, I would argue that inflationary cycles also share important common ground that is critical to a better understanding of today's unique global inflationary cycle.

    To be sure, the longer they last the deeper the maladjustment to economic structures. They also always invite destabilizing speculation. The longer the cycle is allowed to unfold, the greater the redistribution of wealth and associated social/political consequences. While this important reality is masked throughout the inflationary boom, credit bubbles are powerful yet seductive machines of wealth destruction. Importantly, various constituencies develop that are determined to perpetuate inflationary excess, complete with flawed policy doctrines and fallacious theories. The grander the cycle, the more conspicuous the necessity for perpetually postponing the inevitable day of reckoning.

  25. Elites Will Make Gazans of Us All
    There are 47.1 million Americans who depend on food stamps to eat. The elites are plotting to take these food stamps away, along with other “entitlement” programs that keep the poor from destitution. The slashing of trillions of dollars from Medicare, Medicaid and other social programs, given the political impasse in Washington and the looming “fiscal cliff,” now seems certain. There are 50 million people considered to be living below the poverty line, but because the poverty line is so low—$22,350 for a family of four—this figure means nothing. Add the tens of millions of Americans who live in a category called “near poverty,” including all those families attempting to live on less than $45,000 a year, and you have at least 30 percent of the country living in poverty. Once these people figure out that there is no economic recovery, that their standard of living is going to continue to drop, that they are trapped, that hope in the future is an illusion, they will become as angry as protesters in Greece and Spain or the militants in Gaza or Afghanistan. Banks and other financial corporations, handed trillions in interest-free money from the Federal Reserve, meanwhile hoard $5 trillion, much of it looted from the U.S. Treasury. The longer this worldwide disparity and inequality is perpetuated, the more the masses will revolt and the faster we will internally replicate the Israeli model of domestic control—drones overhead, all dissent criminalized, SWAT teams busting through doors, deadly force as an acceptable form of subjugation, food used as a weapon, and constant surveillance.

    In Gaza and other blighted parts of the globe we see this new configuration of power. What is happening in Gaza, like what is happening to people of color in marginal communities in the United States, is the model. The techniques of control, whether carried out by the Israelis or militarized police units in our inner-city drug wars, whether employed by military special forces or mercenaries in Pakistan, Afghanistan or Iraq, are tested first and perfected on the weak and the powerless. Our callous indifference to the plight of the Palestinians, and the hundreds of millions of poor packed into urban slums in Asia or Africa, as well as our own underclass, means that the injustices visited on them will be visited on us. In failing them we fail ourselves.

  26. Geithner's Final Trick: Bye Bye Dodd-Frank, Volcker Rule

    The term "lame duck" ought to be reconsidered. The notion of an impotent government official about to leave office, cleaning out his desk and taking his secretaries to lunch has been transformed into a time in which some of the most authoritarian measures may be taken by those in high office, as the limit to accountability asymptotically approaches zero. While the POTUS has his recess appointments and pardons, Treasury Secretary Geithner has his own bag of tricks from which to pull a rabbit (or bird, as it may be) as he winds down his final days, waiting for his successor to be named later this month.

    Late Friday, just before the sleepy Thanksgiving week when most Americans turn their sights to turkey, Geithner finally got around to dressing [down] his own turkey: Dodd-Frank.

    DF is the financial regulatory monster which will create havoc over the entire financial industry, with new rules and regulations. But not for FOG (Friends of Geithner)
    With a quiet pen stroke, Geithner exempted $410.8 trillion, or 64%, of the entire OTC derivatives market from impending clamp-downs, which mostly benefits FOG.

    Note well, we are not fans of the DF Byzantine mess of "regulation," which we doubt a single Congressman read, or VR. We only wish to illustrate yet again what you hopefully already know: banksters win by cronyism and back door deals, while all others are crushed by the FOG.

  27. Bush was raked for trying to give people more options / control over retirement via SS. These guys will embrace the opposite. Plus, they have accelerated us into the crisis that will make the plan palatable. Maybe not quite the 180 degrees difference you may be looking for, but certainly not the same.

  28. SEC Rocked By Lurid Sex-and-Corruption Lawsuit

    Move over, adulterous generals. It might be time to make way for a new sexual rats'nest – at America's top financial police agency, the SEC.

    In a salacious 77-page complaint that reads like Penthouse Forum meets The Insider meets the Keystone Kops, one David Weber, the former chief investigator for the SEC Inspector General's office, accuses the SEC of retaliating against Weber for coming forward as a whistleblower. According to this lawsuit, Weber was made a target of intramural intrigues at the agency (which has a history of such retaliation) after he came forward with concerns that his bosses may have been spending more time copulating than they were investigating the SEC.

    Read more:

  29. Special Report: How gaming Libor became business as usual

    The investigations cover the period from 2005 to 2009. But as Engel's letter - obtained from CFTC archives - shows, regulators were alerted to the possibility well before U.S. and British authorities began investigating the matter in 2008. Further, a review of investigation documents and public records, as well as interviews with dozens of traders, suggests that Libor manipulation began as early as the 1990s, driven in large part by the growth of the CME's Eurodollar contract into a multi-billion-dollar casino for betting on interest rates.

    Indeed, by the mid-2000s, manipulating Libor to profit on Eurodollar futures and other derivatives had become standard operating procedure among banks in a position to do so, according to people familiar with the market. In at least three instances, Barclays traders sought to manipulate Libor in the key months when Eurodollar futures contracts settled in 2006, according to the CFTC and U.S. Justice Department inquiries into trading at the bank.

    ...but not gold?

  30. Dave, you Americans have been relatively lucky, at least till now. In Italy there has never been a private retirement fund system. No IRA, no 401K. Only a Government administered program which provides retirees with a guaranteed annuity stream annuitized by Italian Bonds. May be, pension reform academic Teresa Ghilariducci knows the italian retirement system very well.....

    Thank you for your great website and advises about gold and silver


  31. Good news for all people who want to gain more from their 401k plan. Now we can contribute up to $17,500 in year 2013. IRS has already announced this increase in OCT 2012. Also, If you are aged 50 or over it, you can contribute an additional amount of$500 to your account also.

  32. Does FDR in 1933 ring a bell?