Close Your Brokerage Account Immediately (IRA's, Mutual, etc)

[GlassSteagallfan]

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Renowned economics professor Laurence Kotlikoff says "Right now, nobody should have a brokerage account. They should close them immediately and not spend your money for six years. If you spend your money . . . they can sue you for every dollar of return, and that can be far beyond what you put in because of compound interest."

There is a bill before Congress to stop this ponzi insurance fraud, but it is not being pushed.

Watch the Laurence Kotlikoff interview by Greg Hunter. Approx 30 minutes.


http://www.youtube.com/watch?v=H-jpsVmXCW4&feature=player_embedded


Complete article and video with links to Laurence Kotlikoff's website:

http://usawatchdog.com/sipc-insurance-scam-from-fraud-street-professor-laurence-kotlikoff/

[ThePythonicCow]

My own plan has been to close my accounts and spend the money, which I've mostly already done, in years past. A major reason that I moved from California to Texas in 2007 was to avoid state income taxes on the money I took out of IRA's and 401K's. Mission accomplished. I no longer have to worry much about where to invest or how to avoid taxes ... for lack of income or much savings to cause such problems :).

My overall take, looking past my particular circumstances, is that "they" (the bastards in power) have set things up so that they can steal whatever they dang well choose to steal, under the "cover" of superficially proper laws, regulations and court proceedings.

I doubt that they will actually take as much as they have provided themselves cover (or sufficient force) to take. Rather they will try to leave as many people as possible with as little as possible, beyond the feeling that "thank goodness ... I got by ... just the other guy got ripped off." They (said bastards) want the goods and the subservience, not an open revolt by the peasants.

So, in general, I'd recommend to people that they continue to ask themselves what they would wish they had done earlier, if this or that paper wealth (investments, IRAs, 401Ks retirement funds, bank deposits, stocks, bonds, mutual funds, cash on hand, mortgaged property, debt encumbered property, ...) was somewhat or substantially stolen by far more powerful and dastardly bastards than us.

If I knew the specifics of when and what, I could advise as to when to panic and run for the hills with whatever you can carry (or the financial equivalent). But obviously, I don't have a clue when or what will go down.

So keep plugging away at it, improving one's resistance to financial and monetary crises, the collapse of the US Dollar, the major restructuring of the world monetary system, and whatever might come along with or be used to justify such.

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When I listened to this interview of Laurence Kotlikoff by Greg Hunter a day or two ago, I found it quite credible. I haven't researched it carefully myself, but I'd wager that some people have indeed been sued by the SIPC for prior withdrawals from funds that failed later on due to fraud.

[Joe Akulis]

I agree with the other sentiments here. The eye of Sauron has turned to our savings and retirement accounts.

No economy can stand up under the kind of current accounts deficits that we have consistently run for decades. UNLESS: You force many other nations to trade in the same currency as yours. Then you can use the power of inflation to sustain your deficits. The reason the inflation is somewhat accepted by your citizenry is because many other nations around the globe are also feeling the pain of that inflation.

If another nation needs to stockpile or hold in "reserve" a large amount of US Dollars in order to buy and sell oil, for example, then they (perhaps unwittingly at first, but forcibly later on) are helping the U.S. to survive economically even though it holds an outrageous deficit. We're simply inflating away the value of their holdings. Not many nations are fond of that.

The change in the weather that is happening right now is, everyone is dumping the dollar. Russia unloaded just about all of their treasuries this spring, and are leading the charge along with China to establish alternatives to the dollar to use in global trade, and now they are also working to put into place an alternative to the SWIFT system, which is another tool the US has abused for decades to survive with such huge deficits.

Now all the little scams are falling apart, and what is left? Who else can the stooges running the US turn to when they need to take out another credit card to pay the bills on their credit cards?

The retirement accounts of its citizens.

If it goes slow, my prediction is that you will see more and more moves to get retirement accounts to forcibly invest a percentage of their funds in US treasuries and bonds. But, if it goes downhill fast, it may not be as pretty as that. They won't have time to wait for the citizens to continue to sit in the pan while the temperature of the water keeps increasing gradually. Then we'd probably see bank closures, outright confiscations in various disguises... who knows.

Seeker