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#3196825 - 03/19/13 05:10 AM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: fishboy1]
MUP
Non-Typical


Registered: 08/01/07
Posts: 44774
Loc: Just North of Chatt-town

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 Originally Posted By: fishboy1
 Originally Posted By: MUP
So, again, should we, the ones who have been suckered into the 401k's, clean them out before it's too late, then invest in other more secure investments after research?


That is a difficult decision to make and a personal one. You must evaluate your situation based on many factors.

Don't take the advice of some numb-nut on an internet hunting forum who doesn't know your situation. The same numb-nut who just told you NOT to trust institutional retirement vehicles and managers!

For me, it made sense to take the hit and cash out. I was ready to take personal charge of what was left of my IRA money. Discipline, study, practice, mentors, experience......all led me to the decision that I was ready to move what little I still had into something that
I CONTROLLED AND UNDERSTOOD.

The risk paid off and I have almost broken even on the taxes and penalties 16 months later. Looking forward, my returns should be positive and my retirement GROWING instead of getting slaughtered every time we have a correction.
My investment is NOT going up in value, but it cashflows back to me. Boring, steady, predictable.

Unlike the wild ride of the stock market...place your bets and pray they go up and pay off winners when you need them.


I'm not a stockmarket analyser by any means, but I'm so sure that this admin is headed toward something similar to Cyprus that I'm about to take the hit I believe, and cash out. I've already taken out all CD's b/c there was nothing there for that investment at all. What prompted me to take them out was when I asked for an APR match from another institution and was told "we are not matching interest rates anymore", when I had always been able to get a match from this bank. I just said "well, cash it out then".
_________________________
MUP

Amateurs: Built the Ark

Professionals: Built the Titanic

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#3197544 - 03/19/13 04:45 PM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: MUP]
FLTENNHUNTER1
16 Point


Registered: 11/21/07
Posts: 16206
Loc: Tampa FL

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I think the key is be as diversified as possible and spread the risk. I own land, have a 401k, company pension, tangibles. Some PM's. Some cash. Some lead. Some beans.

A bottle of Jack Daniels and popcorn for the upcoming show.
_________________________
The Second Amendment - George Washington didn't use free speech to defeat the British, he shot them.
"If there must be trouble, let it be in my day, that my child may have peace." - Thomas Paine





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#3197990 - 03/20/13 04:57 AM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: FLTENNHUNTER1]
MUP
Non-Typical


Registered: 08/01/07
Posts: 44774
Loc: Just North of Chatt-town

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Bout the same here FLTN, minus the Jack and co pension.
_________________________
MUP

Amateurs: Built the Ark

Professionals: Built the Titanic

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#3198327 - 03/20/13 12:46 PM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: MUP]
OHVATN
4 Point


Registered: 10/09/12
Posts: 376
Loc: Middle TN

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"Those entrapped by the herd instinct are drowned in the deluges of history. But there are always the few who observe, reason, and take precautions, and thus escape the flood. For these few gold has been the asset of last resort."

Antony C. Sutton
_________________________
"Democracy is the theory that the common people know what they want and deserve to get it good and hard." H. L. Mencken

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#3198346 - 03/20/13 01:01 PM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: OHVATN]
MUP
Non-Typical


Registered: 08/01/07
Posts: 44774
Loc: Just North of Chatt-town

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This is an honest and sincere question. So, why, if the economy tanks and widespread mahem ensues, is gold going to do you any good whatsoever? I mean, I guess if the economy miraculously resurrects itself, you'd have gold to work with, but what if the economy is dead? Seems bartering items that are useful for actually sustaining life would be more on order. DORDTHASB (Dumb ol red neck thinks he's a stock broker)
_________________________
MUP

Amateurs: Built the Ark

Professionals: Built the Titanic

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#3198393 - 03/20/13 01:50 PM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: MUP]
OHVATN
4 Point


Registered: 10/09/12
Posts: 376
Loc: Middle TN

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I think you ask a very good question.

The guy quoted refers to gold as the "asset of last resort," and I take that to mean there are other important assets to have on hand to be prepared, i.e., beans and bullets. Without question, there are other necessaries that one should have to barter with in a collapse situation. Needed skills could be the best, but then there are cases of liquor, cartons of cigarettes, toilet paper, extra food, batteries. Anything that people would need. There's an article written by a survivor of Sarajevo that is chilling, but also very informative of life in an economic collapse and civil war. I think his conclusion was food and gold were necessary to survive, but guns and ammo (and a family or trusted community) were more important. I'll try to find that article and post it. At the end of the day, gold (and silver) have been used as money for 5,000 years. Some argue that if the dollar reserve currency system collapses, gold will be used by the central banks to rebalance the system and an once of gold will go sky high, but a loaf of bread in that situation will cost $300. I view gold as a transition asset. An asset that preserves your wealth/purchasing power as you and your family move from one economic system to the next. Anyone who is smart won't be using their gold to get anything in an economic collapse/civil war. If one does, they will be marked, followed, killed along with their family, and their gold taken. As you surmise, being able to barter with other items will be just as important. Once the horrible times end, those with gold (and silver) will have transitioned to the new era with some wealth while everyone else is impoverished.

Think of it this way: what would you and your family have needed to survive in Tennessee in 1864 and needed upon transition to a new era for you beginning April 1865?
_________________________
"Democracy is the theory that the common people know what they want and deserve to get it good and hard." H. L. Mencken

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#3198694 - 03/20/13 07:14 PM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: OHVATN]
Stalkhunter
10 Point


Registered: 07/17/11
Posts: 3952
Loc: Knoxville TN

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Hey if the economy goes wont matter, the currencey is only good if others will except it.
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#3198695 - 03/20/13 07:14 PM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: Stalkhunter]
Stalkhunter
10 Point


Registered: 07/17/11
Posts: 3952
Loc: Knoxville TN

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revealed that the NWO was displeased with Pres. Obama, as he went against their wishes by canceling the Keystone XL pipeline plan, among other things. The Elite do not want a financial collapse or catastrophic event with the American dollar for at least two to three years, which gives people temporary economic opportunities, he continued. The reason behind this is "forced debt creation" such as through college loans, and government spending, he said. This will bring debt levels up so high that when the Elite get ready to pull the plug on the currencies of the world, people will give up the Constitution, and accept a new world order, he outlined, adding that the end game for this scenario was four years.

While the super rich make up their own rules, the middle class will be taxed into oblivion, and be put into more and more debt, he continued. Within four years, 70% of Americans will be receiving some sort of check from the government, and the dollar will be phased out as the reserve currency and petro dollar of the world, Williams stated. Regarding gold and silver, he suggested that confiscation was unlikely-- the Elite are keeping this from being bothered. "One thing the Elite fear more than anything else, is the masses waking up...and as a result they are having to escalate their plans," he warned.
_________________________
Semper Fi

Μολων λαβε
I am a cancer Killer.

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#3198724 - 03/20/13 07:46 PM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: Stalkhunter]
OHVATN
4 Point


Registered: 10/09/12
Posts: 376
Loc: Middle TN

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http://www.caseyresearch.com/cdd/three-levels-survival-skills

This is the article I referred to. The piece from the Sarajevo survivor is the third article. Also consider what he discusses in the current context of the assault on our Second Amendment guarantees.

I'm not a survivalist and don't think it will come to this (maybe I'm simply hopeful). I think an Argentine hyperinflation or fall of USSR type situation could be more likely ( or we just muddle through for years). Who knows. The point is prepare as best you can with the resources available. I'd rather be as we'll armed as possible with a good family and/ or trusted friends than have 100 ounces of gold without.
_________________________
"Democracy is the theory that the common people know what they want and deserve to get it good and hard." H. L. Mencken

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#3198756 - 03/20/13 08:21 PM Re: 6.75 to 9.9% tax on bank accounts in Cyprus [Re: FLTENNHUNTER1]
TN RDG RNR
12 Point


Registered: 06/28/07
Posts: 7064
Loc: Rhea County

content Online
This would never happen in America! \:D
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"Forty is the old age of youth; fifty is the youth of old age,"

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