That this is not front page news in nearly every global media outlet should be a VERY strong lesson of exactly how Russia, Germany and China slipped into tyranny.
Note three takeaways. First, IMF economists know there are not enough rich people to fund today’s governments even if 100 percent of the assets of the 1 percent were expropriated. That means that all households with positive net wealth—everyone with retirement savings or home equity—would have their assets plundered under the IMF’s formulation.
Second, such a repudiation of private property will not pay off Western governments’ debts or fund budgets going forward. It will merely “restore debt sustainability,” allowing free-spending sovereigns to keep tapping the bond markets until the next crisis comes along—for which stronger measures will be required, of course.
Third, should politicians fail to muster the courage to engage in this kind of wholesale robbery, the only alternative scenario the IMF posits is public debt repudiation and hyperinflation. Structural reform proposals for the Ponzi-scheme entitlement programs that are bankrupting us are nowhere to be seen.Got that??? The ONLY listed alternatives were confiscation of assets from EVERYONE with positive net worth, AND the ONLY alternatives where hyperinflation and debt repudiation!!! (so much for the "safety" of holding government bonds!!
This is the IMF being reported on in Forbes folks. This is not some gold bug newsletter.
BTW, it you did or can make it to 55 prior to leaving the employer that you built your 401K with, it strongly appears that it is completely open withdrawal at current tax rates right off the bat ... no penalties, no "5 substantially equal payments".
http://www.forbes.com/sites/advisor/2012/05/09/did-you-know-you-can-access-your-401k-penalty-free-at-age-55/
The last quote from the report in the linked article is very much worth reading to the bottom for!
'via Blog this'
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