Gold Stocks Hopping In Pre-Open...
GG up .95 c, ABX up + .90 c, AUY up .29 c, NEM up .87 c.
GLD up $1.37, SLV up .18 c.
Let's see if we can turn this around today and close Friday strong.
SOTB
PS: Excellent link from jim below.
Katherine Austin Fitts, is a must read for everyone.
One of the best.
From: Jimh068
the-peoples-forum.com
...thanks Jim
Katherine Austin Fitts has a very interesting opinion
concerning the potential of any future confiscation of
gold by the government... as well as some valid thoughts
on the lack of safety in your 401K accounts...
“Finally, gold and silver today don’t represent the huge pool of wealth they represented in 1933. [Solari note: the US government confiscated gold in 1933.] Why risk wide-spread disobedience to steal such a tiny plum? If the government wants to steal a big pool of wealth, they’ll snatch your pension funds and IRAs, not your gold.”
In fact, if you look at the value of most 401(k)s and IRAs lately, a great deal has already been “confiscated.” The mainstream media has described these losses as part of the normal economic cycle, but this is a fallacy. These losses are the result of a financial coup d’etat, including fraudulent housing bubbles, pump and dump schemes, naked short selling, precious metals price suppression, and active intervention in the markets by the government and central bank. Which begs the question, where is all this going?
I began hearing questions about whether it was safe to leave money in 401(k)s and IRAs late last year. These questions were due, in part, to a report in the Carolina Journal that floated the idea of federally-managed retirement accounts. And there were other concerns: the ease with which financial interests have manipulated Congress, the passage of the highly unpopular bailout package in 2008, and the growing federal deficit. These issues have raised the possibility of greater financial losses in 2009, increased capital controls, and possible constraints on 401(k)s and IRAs.
Enter the Wall Street Journal. Last week, a front-page article in the Journal examined recent 401(k) losses: Big Slide in 401(k)s Spurs Calls for Change. Here’s an excerpt:
“About 50 million Americans have 401(k) plans, which have $2.5 trillion in total assets, estimates the Employee Benefit Research Institute in Washington. In the 12 months following the stock market’s peak in October 2007, more than $1 trillion worth of stock value held in 401(k)s and other “defined-contribution” plans was wiped out, according to the Boston College research center. If individual retirement accounts, which consist largely of money rolled over from 401(k)s, are taken into account, about $2 trillion of stock value evaporated.”
First of all, as I have pointed out many times, money does not simply disappear. It goes somewhere. The fact that $2 trillion has suddenly “evaporated” means that some corresponding value is now under new ownership. And, in this case, the owners are no longer ordinary investors. If you have doubts about this, see my definition of “pump and dump”.
The Journal article also raised the possibility of changes in the structure of 401(k) accounts:
“Congress has begun looking at ways to overhaul the 401(k) system … One such plan called for establishing accounts that would receive annual contributions from the federal government, and would offer a guaranteed, but relatively low, rate of return. Another proposed automatically investing contributions in an index fund that holds stocks and bonds, with the mix getting more conservative as workers approach retirement.”
So, the solution is that the victims cede even more power to the perpetrators. Who’s pushing these ideas? Why is the Wall Street Journal floating such a trial balloon on the front page?
-- Katherine Austin Fitts |
