Wednesday, May 18, 2011

Raiding Party Coming to Your House

in New Zealand dollars: $1896.72 per oz
Previous all time high: $1955.10 per oz

Silver in New Zealand dollars: $43.31 per oz
Previous all time high: $48.58
per oz

It's becoming increasingly obvious, worldwide, that your retirement savings are doomed.

Retirement is a modern phenomenon anyway. Pre World War 2, older folk needed to contribute, how and when they could, to the finances of the family. I recall stories of my Irish Great-Grandfather, in the 1930s, working till he couldn't stand no more.

We could be on our way back to those times. Especially with debt levels the way they are, and with Governments sniffing an easy pot of dough for them to steal. Yes, your retirement savings.

Let's look at a number of stories, that confirm this, over the past week or two:

Last night I watched the first reading of a Bill in our Parliament that will allow Local Authorities to set up a Bond market for their borrowing needs. This to finance infrastructure in New Zealand. So Mum and Dad investors will be able to buy these bonds and 'invest' in these projects.

"Oh, quick, where do I sign!!"

Yep, you guessed it. Not many in their right minds would sign up. But wait, there is another lurking pool of funds that Government would like to get their wringing hands on. Yes, the National Superannuation Fund and your dear KiwiSaver Fund. These Funds may even be mandated to buy the bonds. Look out!

A second story came out of Ireland. The Government there are proposing to tax retirement schemes.

"Without the ability sell debt due to soaring interest rates, and with severe spending rules in place due to its EU-IMF bailout, Ireland has few ways of spending to stimulate the economy. Today's jobs program includes specific tax increases, including the tax on pensions, aimed at keeping government jobs spending from adding to the national debt."
Irish Prime Minister Enda Kelly
"Trust me"
The third story comes out of the US. There is huge interest as the debt ceiling of $14.3 trillion is about to be breached. This is an idea from Tim Geithner. It could be scare-mongering, but watch this space.

"The government could temporarily tap tens of billions of dollars from two federal employee retirement programs if Congress fails to raise the federal debt ceiling next month, Treasury Secretary Timothy Geithner told lawmakers."

Governments everywhere are broke, they have no money. They want yours and will go to extraordinary lengths to grab it. In the 1970s, the National Government in New Zealand spent the then Super Fund, citing extraordinary negative economic factors at the time. They changed the rules and stole it.

Don't let them do it to you again. Protect yourself.

Articles of interest:

Italy Next to Seek EU Bailout: Wealth Manager

See article here

Gold Coins Show Bull Market Unbowed in Commodities Decline

See article here

The Anglo-Far East Company
The Original Private Bullion Custodian
Your reference: an-001

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