They can't print Boz. It would destroy the US and its power. They are only creating money now to allow banks to clear their checks. This has absolutely nothing to the economy and all to do with banks. The purpose of the Fed was to provide funds for banks. This is what allows banks to continue to mark to fantasy, while taking time to convert as much of our property to theirs. They destroy the money, they destroy the credit of the US and this has only a little to do with how much debt the US government has. Just watch Europe.

I'm 57 and I'll give up any claims to Social Security as long as I get the free services of a personal servant who was a member of the FSA prior to the collapse.

Quote:

services of a personal servant

Que Louis Black's "personal ball washer" video....LOL.

This is exactly why I took an up-front cash-out. California still prints an "expected" return on investment of something like 7 or 8%. Disneyland's Fantasy Land has been in Sacramento for ages.

Randy,

Sell the house, buy a tent.

Maybe then you'll have something left over for your golden years.

(Applies to most of us, unfortunately.)

Rickl wrote..

Yep. I'm 54 and have been paying into SS my whole working life, but I don't expect to see a dime out of it. Hell, I'd relinquish any claims to it right now if only they'd quit taking it out of my paycheck.

You have not been paying into anything. You have been taxed.

You have no claim to anything. It is just a line item tax. The money taken from you is not your it never has been

Those pieces of paper you get each year from the fed...? They are nothing more then Official Lies told by the State, paid for, of course - by you

Lowbeyond wrote..

You have not been paying into anything. You have been taxed.

+10

Rickl wrote..

Yep. I'm 54 and have been paying into SS my whole working life, but I don't expect to see a dime out of it. Hell, I'd relinquish any claims to it right now if only they'd quit taking it out of my paycheck.

Same here. I'm 52 and I'd give it up in a heartbeat if they'd let me out of the system. But, you see, since it's a "pay-as-you-go" system, they're in a bind: let people out now in exchange for lower payouts later, and they'll run larger deficits. Ain't gonna happen.

A Fine Mess. Enjoy the show, people. Tragedy, comedy, farce, suspense, horror, all for the measly price of 50% of your income. What more can you ask from your tax dollars?

Low wrote..

You have not been paying into anything. You have been taxed.

You have no claim to anything. It is just a line item tax. The money taken from you is not your it never has been

I'm torn between which Ceauşescu moment I want a front-row seat for:

1. The day they tell the .gov retirees they ain't getting that $30 an hour any more.

OR

2. The day they tell the rest of us that Social Security was just a tax, and we ain't getting any, because they spent it.

Wonder what the over/under is on how many Regular Army divisions they're going to need to keep order...

Uppity_peasant wrote..

I'm torn between which Ceauşescu moment I want a front-row seat for:

1. The day they tell the .gov retirees they ain't getting that $30 an hour any more.

OR

2. The day they tell the rest of us that Social Security was just a tax, and we ain't getting any, because they spent it.

Wonder what the over/under is on how many Regular Army divisions they're going to need to keep order...

I don't think that'll happen until the very end if at all. TPTB will try to boil away the value of the dollar via their good friend and trusted ally, inflation. As Karl and others have pointed out, that probably won't work this time, so, in the end, TPTB will point to everyone but them ("It's the greedy corporations! The 1% won't pay their fair share!") -- as you can see, the groundwork is already being laid to place blame anywhere but where it belongs.

So I don't think we'll see any kind of harsh retribution aimed at government officials, because our society has been subject to a very different kind of propaganda and a diffused form of tyranny (they like to call it 'democracy', and since the officials will be able to claim, with some accuracy, that they were just doing the people's bidding -- what percentage of the voters object strenuously and loudly to Social Security, Medicare, etc?)

I'll be surprised if the majority of those who have been screwed are able to correctly identify and punish the thieves who stole their wealth and prosperity. Perhaps things will change. I don't know.

Trust me, people will know who the money was siphoned to in the last 4 years.

I have some small amounts of money in 3 different State of Illinois pension funds. Some years back, I asked the HR folks at my university about buying my military servitude time from the State University Retirement System. I heard nothing until several months ago. I got some forms from them, so that I could, instead, buy back the 6 years of time from when I worked in the civil service portion of this university. When I quit to go back for my doctorate, they just sent me a check for what I had in the fund, and most of my 403b account. I rolled them into my IRA. Now, they wanted me to transfer more than twice what I received, out of the IRA, and back to the pension fund. I am 63 years old, working part-time as an adjunct, and already receiving my modest Socialist Security payments. Why would I want to take about $15,000 out of my IRA to put into a plan where I get a lump sum payment, and when I could be terminated at the end of each semester? It makes no sense for me to do this, but with senior staff and faculty at all the state universities retiring in droves to try to escape pension Armageddon, I suspect that their actuaries are screaming bloody murder, and they are desperate for capital.

Many people here on this blog are rightly saying that public pensions, and even Socialist Security are doomed, and they are right. But, I see most of the same factors applying to IRA, 401k, and 403b accounts. These are also Ponzi schemes, and are extremely vulnerable to governmental and corporate pillage. There is no safe haven in the financial markets these days, and I am hoping to buy enough time to set up my family to be as self sufficient as possible, before things get much worse.

Quote:

Trust me, people will know who the money was siphoned to in the last 4 years.

What about the last 75 years? What makes the last 4 so unique? Who will the masses identify as the culprits?

It seems to me that the last 4 are merely a continuation of a long line, though I suppose there's been an acceleration of late.

Because of the size of the deficits in the last 4 years, BSfootprint. The looting went into overdrive.

Too bad that Obama is so stupid he doesn't realize he's going to be responsible for getting a lot of people killed.

how can you say they wont get any pension? Calpers has what, 300 bill in AUM? the pensioners may get less than what theyre expecting but their going get something. Not to mention the fact that the taxpayers of CA will prolly' cover the Calpers' losses....

Something tells me government leech****s and their financial siblings on welfare will be fine....

I've known this for a long time. About a year after I went to work for the state, I tried to opt totally out of my state retirement system. I found out that I can't. The money they take out my check I won't ever see as I have another 16 years to work before I am eligible to retire. The US has at best 2-3 years before everything collapses. They tell me they are giving me 6% on my money which is total .

Does Dave Ramsey still say you get an 8% return?

Mo wrote..

Because of the size of the deficits in the last 4 years, BSfootprint. The looting went into overdrive.

No disagreement there. But I'm still not convinced the proletariat will 1) recognize what's been done to them and 2) place responsibility where it belongs. I hope I'm wrong.

Mo wrote..

Too bad that Obama is so stupid he doesn't realize he's going to be responsible for getting a lot of people killed.

Are you sure he doesn't, and, if he does, are you sure he gives a ****? "Breaking a few eggs" being a necessary step in omelet-making, and all that.