Under Siege From All Sides
This may be bad news for Americans in general. But what it spells for U.S. retirees is much worse. It means a life mired in debt as a prelude to death. It’s the American dream shattered.While the key to this decline rests with the policy decisions of the U.S. government and central bank, the one factor standing in the way of America’s complete wealth destruction—albeit, a problematic and painful irony—is the banking sector.
But even that’s under siege, not by the mechanisms of inefficiency that “big government” tends to bring but rather by an insidious ideology that wants to eliminate the power of citizens from the checks and balances of government.
Let me explain. Have you heard of the Office of the Comptroller of the Currency, aka the OCC? That’s a fancy title for a branch of the U.S. Treasury that regulates and supervises national banks. President Joe Biden nominated Cornell University professor Saule Omarova as the country’s top banking regulator.
Omarova’s academic writings have a singular theme: they all call for nationalizing banks. This model differs little from the Soviet-era system to which she, a native Khazak, was born. In short, her history of publications smack of socialism.
If banks were to be socialized, then the government would have full reign over nearly all the wealth mechanisms by which Americans exert their economic freedoms. There would be no true market, but rather, the illusion of a market driven by government mandate.
Inflation’s Time of Reckoning
Surely, you’re aware of the rising costs of goods and services because of supply chain gluts and a massive overcharging of goods from foreign conglomerates that clearly have no interest in the idea of America First.- Beef is up 25.4 percent year over year.
- Cooking oil is up over 60 percent in the same time period.
- Used car prices have risen nearly 40 percent.
- The gas to fuel your car has shot up 42.1 percent.
Inflation Is Eroding Your Wealth, Savings, and IRA
No matter how your IRA portfolio may be faring currently, the reality is that your total wealth—as measured in “purchasing power”—is likely eroding at the rate of 1 percent a month, just like the rest of us in the United States.This brings to mind Warren Buffett’s golden rules in wealth management:
Rule No. 1: Don’t lose money.
Rule No. 2: Don’t forget rule No. 1.
Gold Is About to Go Parabolic
On the authority of John Paulson, the famous hedge fund manager who made $20 billion from the housing crash in 2008, “gold is about to go parabolic.”And why shouldn’t it? Since the fiat money system was introduced in 1971, the U.S. dollar’s purchasing power has plunged by 85 percent.
If that sounds bleak, then the fact that 22 percent of that loss has occurred since 2008 should be downright dismal.
At the root of all inflationary ills is the basic principle that inflation is a monetary problem. Create more money, and you get more inflation. It’s really that simple.
Clock Is Ticking in Lockstep With Erosion of Your Wealth
All you have to do is check USDebtclock.org. It reports, in real-time, the federal printing press. It reports how the rapid accumulation of debt affects the nation along with every citizen for whom there’s an estimated debt load.The government is creating $3,606 for every ounce of silver coming out of the earth, and $21,606 for every ounce of gold!
Yet, gold and silver are hovering at their “inflation-adjusted” lows. But for how long can the U.S. dollar (and the U.S. government) uphold the illusion of the dollar’s monetary primacy over what used to give it its real value and meaning—in short, gold and silver?
How rapidly can gold and silver rise once the mainstream public’s perception of the dollar “gets real,” so to speak?
My aim is not to give financial advice. It’s a call for using common sense. What you decide to do is ultimately up to you.
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