Joel writes: "Readers may recall the hoary adage, βit could never happen here!β". I wonder if that includes nationalization of private retirement accounts by Uncle Sam, similar to what Argentina did in 2008 (and Hungary in 2010)? There are trillions of dollars in these accounts for the taking. Uncle Sam has lots of debts to pay off. There's plenty of folks who don't have a fat 401K or IRA balance like you do, and could use more money in their pockets. The Feds want you to buy more bonds from them than you want to buy. Even if Uncle Same doesn't nationalize the accounts, I fully expect that some, if not all, of the "tax advantages" in IRAs and 401Ks will be reduced or eliminated in the near future as Uncle Sam's financial situation continues to deteriorate. Especially if the Democrats are in charge.
Seizing those accounts outright would run up against the βtakings clauseβ of the 5th Amendment, not to speak of the ire of millions of Americans who would likely "put into play" their rights under the 2nd Amendment to keep and bear arms.
If you or I were to acknowledge personal insolvency by declaring bankruptcy, weβd undergo a sale of our assets to satisfy the claims of our creditors. The federal government owns roughly 27% of the land mass of the United States. We should begin beating the drums for a sale of a good portion of those 2 billion acres. Does anyone think that the private sector would fail to make better use of those acres than does our profligate government? Or that that better use would not generate substantial revenue to all levels of government?
Alan -- Yes. The 5th Amendment. That's why I prefaced my comment with "it could never happen here". I don't trust them. Instead of outright seizure, they could move all the accounts into a "National Retirement Plan" to "protect your account." Your account balance would not change and you would still "own" the account. But by means of regulations and taxation, they could then dictate how your use the account (they do this now to a lesser degree with 401K and IRA rules) and slowly gut it for their purposes. How about a wealth tax on the account? Wealth taxes are a major objective for progressives. Yes, many would fight back, but look at what is happening to other amendments like the 1st and 2nd. which are under attack. I do like your idea about selling federal land!
When still working in financial services I was often asked by clients whether they should contribute to a traditional IRA or to a Roth IRA. I almost always suggested they take the immediate reduction of taxable income that a contribution to a traditional IRA offered. My reasoning was simple: I did not trust the feds to maintain the backend advantages of the Roth. And that was some years ago, before the numbers now being put before us by BPR are driving many of us to refresh our understanding of exponential functions!
"Do you really need all that money?" A common remark on the progressive website that I monitor! I am happy for you. They would want to tax you. Our government has a deficit, you know! LOL
Perhaps my traditional-IRA clients would have been better off if they had been able to put their own contributions into Roth IRAs for the βmany decadesβ afforded PG V. But here in Maryland, and across the country, they couldnβt get started until 1998, when the Roth first went into effect (lol).
Just a quick note on you reference to Francisco d'Anconia of Atlas Shrugged. In a book entitled, "Essays on Ayn Rand's Atlas Shrugged", Tore Boeckmann makes the case that Francisco's character was, to some extent, patterned after Friedrich Schiller's character of Fiesco in the play "Genoese Conspiracy", but with important differences. More importantly, the playboy image of Francisco was just a ruse. Boeckmann goes on to write: "Francisco d'Anconia's real purpose--the purpose he disguises by affecting the playboy persona--is to go on strike against the altruist-collectivist society for his own selfish benefit" And later writes, "Francisco embodies the full theme of Atlas Shrugged: "The role of the mind in man's existence--and, as corollary, the demonstration of a new moral philosophy: the morality of rational self-interest."" At another point Boeckmann writes: "Francisco is on strike. Like the other strikers, he wants to remove from the altruist-collectivist society the benefits of the rational mind--in his particular case, the benefits both of his own mind and of the minds of his ancestors, who built his copper company. To prevent the company from being taken over by the looters, he must destroy it. His playboy persona, he says, "was a part that I had to play in order not to let the looters suspect me while I was destroying d'Anconia Copper in plain sight of the whole world"". Note: by looters, Boeckmann means the corrupt socialist governments and their sympathizers in the universities and business sector.
I continue to be amazed by people who denounce capitalism. What they're really denouncing is their station; that is, they don't have the money they believe they're entitled. They are also ignorant. They are denouncing the only process by which wealth is created. And, of course, without wealth, there is nothing for socialist, communist or Free Market governments to tax. The optimum solution is a government that encourages risk-taking entrepreneurs to produce wealth. Alas, too many governments placate wealth-takers
They prompted me to wonder anew, if years ago, rather than invading two dirt pile countries -- Iraq and Afghanistan -- neither a threat to us, that we should have invaded Honduras, Salvador and Nicaragua.
By now, they would be free of marauding gangs; have stable and functioning democracies and thriving economies. The cumulative consequence would be no incentive for their citizens to flee to America
And when it comes to voting, I artfully combine ultra-liberalism with sensible conservatism.
To wit, I propose opening the doors to all polling stations to come one, come all. Children, felons, foreigners.
And I propose no limit on the number of times a person can vote. If there are any spare ballots, let toddlers fill in the blanks. Make voting festive. Beer and pizza allowed
However, if someone wants their vote to count, they have to provide proof they paid tax to the Federal government. One vote per certified taxpayer
"However, if someone wants their vote to count, they have to provide proof they paid tax to the Federal government. One vote per certified taxpayer"
THANK YOU! Been screaming that for YEARS. It would likely fix 90% of our problems with "government" overnight based on how honest politicians would have to immediately become if they wanted to get elected...
They also poison your water if you allow the jacaranda branches to overhang your gutters, if capturing rainwater for drinking. We have one that loves to reach out. I keep her cut back from getting there though she always tryβs again.
Yup - it is astonishingly beautiful when in bloom. However, the flowering season is rather short, the wood is on the weaker side (Hurricane concern), and it is messy, messy with foliage-drop some of the year
Fun Fact - I stopped patronizing anything Disney years ago, but there was a HUGE Jacaranda right next to the main entrance to Epcot back in the day. Orlando is WAY north for that species to thrive and I have no idea if it is still there, but we once visited the park when the tree was in full bloom and it was a show stopper...
The portal door opened 1 cm: βHello darkness, my old friend, Iβve come to talk with you againβ (Simon). The spirits enter and spread their wings, a beautiful sight indeed. π
Like the violin hymn βNearer, my God, to theeβ playing at the sinking of the Titanic, so are the masses on a helpless spending spree, fulfilling their every desire with every penny they have to the wire. Literally spending like thereβs no tomorrow, in a futile attempt to mask the sorrow. Hahaha
GDP numbers are fixed and manipulated by Warren Buffet, so expect some βhotβ economic percentages that will make the Cherry on top nice and frosty. π«‘ as you where Sir!!!
Bill, beautifully written as usual, and your description in Red Hot Pesos truly describes most democratic run cities in America. Third world shitholes. The only difference is most of the criminals from those countries have been sent to America, leaving the most dangerous criminals only in government. Communism at its finest π
Bill thought the first part was right out of a novel .. so cry for me Argentina .. and then the toreador's final thrust by that gringo form the big island Joel ! excellent capture of how we'll all be living in a future that seems a lot closer when you can compare it to a real Live model already up and running .. or should we say already well into the breaking down stage ..can't wait but then you already have a place to practice, so we can learn more about our upcoming future eh?
Question- You guys are available here and some of the content is available on Stansberryβs site. Iβm paying for both at the moment. Am I duplicating my expenditure or are there some content differences? Please advise.
Hi Tanto. Our JV with Stansberry includes letting them publish a once-a-month digest of the all the research we've published in the previous month at BPR. It does not include the full weekly research notes from Tom Dyson or Dan Denning, nor any of the Private Briefings, podcasts, or other Research Reports we may publish from time to time. It was designed to be a short and easy-to-read introduction of our work for investors who hadn't heard of us and weren't prepared to commit to a full premium subscription yet. You can contact us directly with questions at research@bonnerprivateresearch.com
Speaking of coincidences and numbers, we stayed in Palermo Soho, while we were in Buenos Aires, only 2 blocks away from Lo de Jesus, in a hotel/AirBNB called Soho Point on Malabia and Honduras. We ate at Tomate Estacion de Sabors (Beautiful indoor court where you can watch the cooks ply their trade) and the Cucina Paradiso (outside on their building covered patio). Both served wonderful food and drink.
BTW, the easy way to do the math (Pesos to USD) is drop 2 zeros and divide by 2. You actually paid $100/person, not $50 as originally calculated. Too funny, especially following on your comment:
"We donβt trust any number or any fact β even those we make up ourselves."
Using Joelβs unofficial exchange rate of 374 to one (from last week), I came up with about $54 per head. Thatβs versus the βofficialβ rate of 191 to the dollar. Iβm sure Bill goes with the rate that works best.
Hopefully, as a loyal BPR subscriber, you were aware of this during your visit to Argentina. The difference would pay for your subscription many times over!
I agree. The price of the subscription has been paid for many times over with the sage advice coming from its writers.
We were using that calculation (drop two zeros and divide by 2) as a worse case cost for ourselves, as we not only were converting from Pesos to USD, but USD to CAD.
All is good. We spent a lot less on this trip than we would have ever imagined possible.
you gotta a brain and memory but your soul is corrupted with hate for anything that threatens your minuscule ego/penis .. try not to jack your mouth off all the time and maybe folks will listen to your raves .. some intelligent but mostly twisted with nothing but hate mostly for your self .. try a little kindness and listen to the words of others .. they might just have a little more insight that you always think you have more of ...
A: WOW! You know you have to be a Republican in order not to get yelled and cussed at by old PGV. He loves all the attention he gets. He really needs another outlet. He doesn't respect others except the ones who agrees with him. Wish he would clean up his act and take another long vacation! I don't understand why he's not admonished more by this site.
I dunno - I'm a Conservative and agree with much of what PG posts (sans convid/vax, Ukraine, unflagging support for our obviously CORRUPT "government"), yet he yells at, curses and belittles me quite frequently. Mainly when I call him out on his occasional blatant bullshit.
Y'know, just like he brags about doing to BB and Crew...
Yes PG, all caused, bought and paid for by those damn broke Chinese. I, along with many friends and family are searching for that perfect place in the world, where a couple of hundred thousand dollar pension and a few mill in IRAs will give us the peace and life we deserve, after working like savages to support Americaβs useful idiots and demise with our over way over taxed salaryβs. Total devastation coming to this third world shithole and nothing nor no one can stop itβ¦.not even youβ¦π
Joel writes: "Readers may recall the hoary adage, βit could never happen here!β". I wonder if that includes nationalization of private retirement accounts by Uncle Sam, similar to what Argentina did in 2008 (and Hungary in 2010)? There are trillions of dollars in these accounts for the taking. Uncle Sam has lots of debts to pay off. There's plenty of folks who don't have a fat 401K or IRA balance like you do, and could use more money in their pockets. The Feds want you to buy more bonds from them than you want to buy. Even if Uncle Same doesn't nationalize the accounts, I fully expect that some, if not all, of the "tax advantages" in IRAs and 401Ks will be reduced or eliminated in the near future as Uncle Sam's financial situation continues to deteriorate. Especially if the Democrats are in charge.
Seizing those accounts outright would run up against the βtakings clauseβ of the 5th Amendment, not to speak of the ire of millions of Americans who would likely "put into play" their rights under the 2nd Amendment to keep and bear arms.
If you or I were to acknowledge personal insolvency by declaring bankruptcy, weβd undergo a sale of our assets to satisfy the claims of our creditors. The federal government owns roughly 27% of the land mass of the United States. We should begin beating the drums for a sale of a good portion of those 2 billion acres. Does anyone think that the private sector would fail to make better use of those acres than does our profligate government? Or that that better use would not generate substantial revenue to all levels of government?
Alan -- Yes. The 5th Amendment. That's why I prefaced my comment with "it could never happen here". I don't trust them. Instead of outright seizure, they could move all the accounts into a "National Retirement Plan" to "protect your account." Your account balance would not change and you would still "own" the account. But by means of regulations and taxation, they could then dictate how your use the account (they do this now to a lesser degree with 401K and IRA rules) and slowly gut it for their purposes. How about a wealth tax on the account? Wealth taxes are a major objective for progressives. Yes, many would fight back, but look at what is happening to other amendments like the 1st and 2nd. which are under attack. I do like your idea about selling federal land!
When still working in financial services I was often asked by clients whether they should contribute to a traditional IRA or to a Roth IRA. I almost always suggested they take the immediate reduction of taxable income that a contribution to a traditional IRA offered. My reasoning was simple: I did not trust the feds to maintain the backend advantages of the Roth. And that was some years ago, before the numbers now being put before us by BPR are driving many of us to refresh our understanding of exponential functions!
nothing like having 'bragging' rights' .. hope your coffin has BIG pockets !
"Do you really need all that money?" A common remark on the progressive website that I monitor! I am happy for you. They would want to tax you. Our government has a deficit, you know! LOL
Perhaps my traditional-IRA clients would have been better off if they had been able to put their own contributions into Roth IRAs for the βmany decadesβ afforded PG V. But here in Maryland, and across the country, they couldnβt get started until 1998, when the Roth first went into effect (lol).
Just a quick note on you reference to Francisco d'Anconia of Atlas Shrugged. In a book entitled, "Essays on Ayn Rand's Atlas Shrugged", Tore Boeckmann makes the case that Francisco's character was, to some extent, patterned after Friedrich Schiller's character of Fiesco in the play "Genoese Conspiracy", but with important differences. More importantly, the playboy image of Francisco was just a ruse. Boeckmann goes on to write: "Francisco d'Anconia's real purpose--the purpose he disguises by affecting the playboy persona--is to go on strike against the altruist-collectivist society for his own selfish benefit" And later writes, "Francisco embodies the full theme of Atlas Shrugged: "The role of the mind in man's existence--and, as corollary, the demonstration of a new moral philosophy: the morality of rational self-interest."" At another point Boeckmann writes: "Francisco is on strike. Like the other strikers, he wants to remove from the altruist-collectivist society the benefits of the rational mind--in his particular case, the benefits both of his own mind and of the minds of his ancestors, who built his copper company. To prevent the company from being taken over by the looters, he must destroy it. His playboy persona, he says, "was a part that I had to play in order not to let the looters suspect me while I was destroying d'Anconia Copper in plain sight of the whole world"". Note: by looters, Boeckmann means the corrupt socialist governments and their sympathizers in the universities and business sector.
Excellent insight!
I continue to be amazed by people who denounce capitalism. What they're really denouncing is their station; that is, they don't have the money they believe they're entitled. They are also ignorant. They are denouncing the only process by which wealth is created. And, of course, without wealth, there is nothing for socialist, communist or Free Market governments to tax. The optimum solution is a government that encourages risk-taking entrepreneurs to produce wealth. Alas, too many governments placate wealth-takers
Good points all.
They prompted me to wonder anew, if years ago, rather than invading two dirt pile countries -- Iraq and Afghanistan -- neither a threat to us, that we should have invaded Honduras, Salvador and Nicaragua.
By now, they would be free of marauding gangs; have stable and functioning democracies and thriving economies. The cumulative consequence would be no incentive for their citizens to flee to America
And when it comes to voting, I artfully combine ultra-liberalism with sensible conservatism.
To wit, I propose opening the doors to all polling stations to come one, come all. Children, felons, foreigners.
And I propose no limit on the number of times a person can vote. If there are any spare ballots, let toddlers fill in the blanks. Make voting festive. Beer and pizza allowed
However, if someone wants their vote to count, they have to provide proof they paid tax to the Federal government. One vote per certified taxpayer
You're welcome
Hi Jimm -
"However, if someone wants their vote to count, they have to provide proof they paid tax to the Federal government. One vote per certified taxpayer"
THANK YOU! Been screaming that for YEARS. It would likely fix 90% of our problems with "government" overnight based on how honest politicians would have to immediately become if they wanted to get elected...
Bill. $53 per head may be a reasonable meal for some folk , but for others it would be an annual extravagance!
Thanks Joel for the word "umbrageous". Never heard it before but extremely appropriate applied to jacarandas.
Hi Ewan -
Excellent word and an excellent tree. Kind of bland for most of the year and extremely messy for about 5 weeks. But man-O-man, when she blooms...
They also poison your water if you allow the jacaranda branches to overhang your gutters, if capturing rainwater for drinking. We have one that loves to reach out. I keep her cut back from getting there though she always tryβs again.
Hi Luke -
Thanks for that! I didn't know about the water...
Had to look it up. Not in my part of Virginia. Internet pictures show a very pretty sight when in bloom.
Hi Tim -
Yup - it is astonishingly beautiful when in bloom. However, the flowering season is rather short, the wood is on the weaker side (Hurricane concern), and it is messy, messy with foliage-drop some of the year
Fun Fact - I stopped patronizing anything Disney years ago, but there was a HUGE Jacaranda right next to the main entrance to Epcot back in the day. Orlando is WAY north for that species to thrive and I have no idea if it is still there, but we once visited the park when the tree was in full bloom and it was a show stopper...
https://eureka-farms.com/products/jacaranda-tree-mimosifolia?variant=44480193659161
The portal door opened 1 cm: βHello darkness, my old friend, Iβve come to talk with you againβ (Simon). The spirits enter and spread their wings, a beautiful sight indeed. π
Like the violin hymn βNearer, my God, to theeβ playing at the sinking of the Titanic, so are the masses on a helpless spending spree, fulfilling their every desire with every penny they have to the wire. Literally spending like thereβs no tomorrow, in a futile attempt to mask the sorrow. Hahaha
GDP numbers are fixed and manipulated by Warren Buffet, so expect some βhotβ economic percentages that will make the Cherry on top nice and frosty. π«‘ as you where Sir!!!
Bill, beautifully written as usual, and your description in Red Hot Pesos truly describes most democratic run cities in America. Third world shitholes. The only difference is most of the criminals from those countries have been sent to America, leaving the most dangerous criminals only in government. Communism at its finest π
Thanks both for this brilliantly humane commentary. That's why I subscribe, not just for figuring out the world economy.
Bill thought the first part was right out of a novel .. so cry for me Argentina .. and then the toreador's final thrust by that gringo form the big island Joel ! excellent capture of how we'll all be living in a future that seems a lot closer when you can compare it to a real Live model already up and running .. or should we say already well into the breaking down stage ..can't wait but then you already have a place to practice, so we can learn more about our upcoming future eh?
well done boys!
My Rio, Rio by the Sea-o,
Flying down to Rio where there's rhythm and rhyme.
Say feller, twirl that old propeller,
We've got to get to Rio and we've got to make time.
The Carioca from Flying Down to Rio?
One of those from that, but maybe that's the title song.
Hi Andrew -
Huh. After reading your first post, I can't get "Her name is Rio and she dances cross the sand" out of my head.
Yes, I know that was DuranDuran and he was talking about the River, not the City...
:)
Question- You guys are available here and some of the content is available on Stansberryβs site. Iβm paying for both at the moment. Am I duplicating my expenditure or are there some content differences? Please advise.
Hi Tanto. Our JV with Stansberry includes letting them publish a once-a-month digest of the all the research we've published in the previous month at BPR. It does not include the full weekly research notes from Tom Dyson or Dan Denning, nor any of the Private Briefings, podcasts, or other Research Reports we may publish from time to time. It was designed to be a short and easy-to-read introduction of our work for investors who hadn't heard of us and weren't prepared to commit to a full premium subscription yet. You can contact us directly with questions at research@bonnerprivateresearch.com
Thx for the clarification.
Speaking of coincidences and numbers, we stayed in Palermo Soho, while we were in Buenos Aires, only 2 blocks away from Lo de Jesus, in a hotel/AirBNB called Soho Point on Malabia and Honduras. We ate at Tomate Estacion de Sabors (Beautiful indoor court where you can watch the cooks ply their trade) and the Cucina Paradiso (outside on their building covered patio). Both served wonderful food and drink.
BTW, the easy way to do the math (Pesos to USD) is drop 2 zeros and divide by 2. You actually paid $100/person, not $50 as originally calculated. Too funny, especially following on your comment:
"We donβt trust any number or any fact β even those we make up ourselves."
Using Joelβs unofficial exchange rate of 374 to one (from last week), I came up with about $54 per head. Thatβs versus the βofficialβ rate of 191 to the dollar. Iβm sure Bill goes with the rate that works best.
My error. I was using the government, worse case scenario exchange rate of 200 Pesos to the US dollar. Correct.
If you run your crisp $100 USD through a "cambio" exchange on Florida St., you are correct. You'll get almost twice as much.
Hopefully, as a loyal BPR subscriber, you were aware of this during your visit to Argentina. The difference would pay for your subscription many times over!
I agree. The price of the subscription has been paid for many times over with the sage advice coming from its writers.
We were using that calculation (drop two zeros and divide by 2) as a worse case cost for ourselves, as we not only were converting from Pesos to USD, but USD to CAD.
All is good. We spent a lot less on this trip than we would have ever imagined possible.
you gotta a brain and memory but your soul is corrupted with hate for anything that threatens your minuscule ego/penis .. try not to jack your mouth off all the time and maybe folks will listen to your raves .. some intelligent but mostly twisted with nothing but hate mostly for your self .. try a little kindness and listen to the words of others .. they might just have a little more insight that you always think you have more of ...
A: WOW! You know you have to be a Republican in order not to get yelled and cussed at by old PGV. He loves all the attention he gets. He really needs another outlet. He doesn't respect others except the ones who agrees with him. Wish he would clean up his act and take another long vacation! I don't understand why he's not admonished more by this site.
Hi Dot -
I dunno - I'm a Conservative and agree with much of what PG posts (sans convid/vax, Ukraine, unflagging support for our obviously CORRUPT "government"), yet he yells at, curses and belittles me quite frequently. Mainly when I call him out on his occasional blatant bullshit.
Y'know, just like he brags about doing to BB and Crew...
SE: Gotcha!
Your statement PG V
β A merger of Government, Academics and Business Powers.β
Under the big house, donβt each R or D dude, look after the elites from each brand, in a big scratch each others back, reality right now ?
Academics fawning to whom so ever/wherever, the money flood is, e.g. Global Warming, Sun & Wind NO fossil - p.s the science is resolved.
Buckets of note printing to save the planet.
Business lobbyists & MIC war-toys sectors, all pay&play, to fund politicians & bureaucrats lifestyle & pet retirement projects.
Doesnβt this define Washington DC already?p
Yes PG, all caused, bought and paid for by those damn broke Chinese. I, along with many friends and family are searching for that perfect place in the world, where a couple of hundred thousand dollar pension and a few mill in IRAs will give us the peace and life we deserve, after working like savages to support Americaβs useful idiots and demise with our over way over taxed salaryβs. Total devastation coming to this third world shithole and nothing nor no one can stop itβ¦.not even youβ¦π