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Jim Cook

 

RUNAWAY SOCIAL SYMPATHY

Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

 

Condensed Articles

February 27, 2015

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IRA NATIONALIZATION
By Simon Black

(condensed)

The Fed is not going to be in a position to write blank checks to the U.S. government indefinitely without becoming insolvent and causing an epic currency crisis. And when that happens, where else can Uncle Sam go? Who else will buy his debt? Simple. You. More specifically, your retirement account. According to Internal Revenue Service estimates, there’s close to $5 trillion in individual retirement accounts in the Land of the Free. This is money that taxpayers prudently set aside for retirement, hopefully cognizant that Social Security isn’t going to be there for them.

Devoid of any other easy lender, $5 trillion is far too irresistible for such a heavily indebted government to ignore. I’ve long warned that the government could easily nationalize a portion of all IRAs. It would be so simple for them to do– just a single executive order and a couple of phone calls. They’ll probably wait for some market crash, and then sell it to Americans like this: "For your own protection, we will henceforth require banks to invest your retirement savings in the safety and the security of US government bonds.” These bonds, of course, are so safe that they fail to pay an interest rate that even keeps up with inflation, effectively guaranteeing that you’re going to lose money.