See how fast its beginning to fall apart? PBGC is begging for a bail out.

OK get this.  According to this article, the The Pension Benefit Guarantee Corporation (PBGC) in deep trouble and is begging the US government for a bail out.  The (PBGC) is supposed to be an insurance company which is paid a premium to guarantee a bunch of people's pensions from default.  The article states, "The P.B.G.C. is supposed to be self-supporting, financing its operations with premiums paid by companies rather than tax dollars".  Of course, like everything else that is even remotely tied to government, it is a scam.  The PBGC web site bills itself as "A U.S. Government Agency".   Now, how a government agency (which calls itself a corporation...) can be in charge of private pensions is beyond me, but that what the socialist scammers have done.   Under no circumstances should the US government or even state governments be in the retirement benefits business.  That is not a valid function of government.  Yet, here they are.  And what's worse, they have not been charging enough premiums to offset the fraud, err, defaults of the pension plans.

Face it folks, it's a scam, always was a scam.   I have been writing that the pensions would default for many, many years now.  When would they default? What did I always warn would be the timing?  Oh, that's right:  As soon as too many people tried to cash out, just like any other Ponzi scheme.  Anyone who believed these con men deserves to lose their retirement.  But in any case, they damned sure should not be able to put a legal claim on MINE.  But of course, that is exactly what Joshua Gotbaum, executive director of the Pension Benefit Guaranty Corporation is asking government to do.  He said“If Congress allows the P.B.G.C. to get the money and the authority it needs to do its job, then these plans can be preserved,” he added. “If not, the P.B.G.C. will run out of money, too, and multiemployer pensioners will get virtually nothing. This is not something that can wait a few years. If people kick the can down the road, they’ll find it went off a cliff.”

"Get" the money?  What does that mean?  Get???  Oh, he means STEAL from everyone else!!!  He means take out more DEBT in order to fund the Pension Ponzi!!  Oh yeah, and "authority to do my job"??  What does that mean?  Oh I see, it means stick a gun in the face of anyone who is outraged by the theft and use jackbooted centurions to subdue them and to force them to bail out the corrupt PBGC.  This this A$$HOLE had been doing his job instead of being a corrupt con man, the PBGC would not be in this trouble today.

It's too late to do your job in arrears, "Josh".  We know you really don't give a damn about the pensions or you would already have made sure that your organization had the money to cover its obligations.  You would have jacked up the insurance premiums as the debt Ponzi began to show signs of weakness.  Of course, if we don't do this then women and children will go homeless, blah blah blah blah!  Josh, you are the captain of your corrupt ship, have all those people whose pension insurance you COMPLETELY mishandled (and probably much, much worse) move in with you.  YOU take care of them.  They are your responsibility now, not that of the rest of us who don't get any pension in the first place!  And since we have to live off of our own hard won savings, we don't need more dilution to our buying power of the dollar just so you get a pension that you obviously aren't smart enough to deserve.  Yeah, that's the way it's going to be folks.  It's going to be a brawl.  Get use to it.  Welcome to the Ponzi collapse, courtesy of all those A$$HOLES that YOU voted into power.

And so it goes folks.  The bail out requests are just going to spiral up to high Heaven, everyone wanting to get bailed out until, at the end of the day, every single person who has kept their retirement wealth in fiat currency is going to need a bail out.  Folks, can't you see it coming?  Can't you read between the lines even a little bit?  The whole thing is one big corrupt organized crime syndicate which has taken lessons from Hollywood's school of bad acting.  They act like this wasn't completely predictable.  If so hard to see then how could I possibly have been writing about it since 2007 in private emails to my family and friends and then later on in this blog?

READ MY LIPS.  Get out of the system.  It is guaranteed to suck the life out of anyone who is dependent upon it.  Just a little bit of real wealth in your hands will be worth millions of fake accounting entries when its time to retire.  Go back and re-read what he wrote: "multiemployer pensioners will get virtually nothing."  Josh is admitting that he knows that the programs he is supposed to be insuring have already been stolen out the back door.  You don't get "virtually nothing" from honest mistakes!!  "Virtually nothing" is reserved for that cute 50s couple Patsy and Mark!  "Virtually nothing" is not an honest investment loss, that is getting raped by the con men.

I'll say it yet again since so few really get it still: any wealth that you think you are due but which is owed, not money in hand, is at huge risk of being appropriated by the collapse.  Think your annuity is golden?  Think again.   Think your 401k and Roth are solid because you have them in the money markets?  HA HA HA HA HA HA HA HA!!!!  With a stroke of the pen they can and will be converted to government debt "for your safety".  Any paper asset is at risk.  Paper is how someone accounts that you are owed something.  To owe is to be in debt and debts are dischargeable via default.

The money does not even exist to pay the 10s of trillions of promises that have been made and if they try to print the money up in order for the money to exist then we will have Zimbabwe bucks in a matter of a couple years.  Get whatever you can out of the system while you still can and convert it into hard assets over time.  Preferably gold and silver coins which, unlike real estate, cannot be taxed each year (or ever for that matter).  Get all your wealth out of the system but do the conversion over the course of time in order to ensure you are not buying a peak (picking up the pace of course as the signs get worse and worse).

The 4 basic elements of the coming collapse will be gold, silver, lead and steel (but only if properly formed into something that shoots the lead).