Sunday, March 08, 2009

What's Dead? (Short Answer: All Of It)

New Karl Denninger Article - A Must Read


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4 comments:

Anonymous said...

Here's another interesting article.

http://informationclearinghouse.info/article22168.htm

Shannon said...

Sobering...

Anonymous said...

Pretty scary - Help me out in understanding how the government can seize someone's 401K?

Randy said...

Anon,

Don't really know, but they own the rulebook and changing the rules midstream seems to be their modus operandi these days.

Lets say they don't seize them but 1) tax them at extremely high rates or 2) limit withdraw amounts to a pittance per year.

Result: Impact remains the same

Ultimately, our whole financial system is just a giant ponzi scheme built on debt and many of these 401K investments are invested with or in (already/soon to be) insolvent organizations and/or debt products that won't be paid @ 100% of the value assigned...

Just wait for the fireworks once the bond & treasury markets tank...