Now that the markets have given a shake to kick the herd awake...

As part of my ongoing financial learning I read an article from some other Elliotticans today.  The article which you can read here was from September of 2018 where some Prechter disciples were discussing the coming grand supercycle top.  This is what I have been referring in these pages to as the Prechtergeddon option.

You can read the article for yourself but I did not point you there for their Elliott wave market timing banter but rather because it also contains a very, VERY key piece of info for people who are retired or soon to retire.  It is this information that I want to focus on today and you can see it in the article snip below:
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Kevin:Dave, you and I oftentimes do thought experiments, something that Einstein used to do, and a lot of times when you can’t do an experiment on it because you can’t see forward, you have to do a thought experiment. Now, here is your thought experiment. I’m going to pretend that we have a time machine, and you know that in five years we will have completed a major crash of a grand super cycle ending. Now, I’m going to hand you whatever it is that you want to take on that time machine, but you have to pick one or the other – a stack of dollars – now, you’re going to show up five years from now after a grand super cycle crash – or a handful of gold. Now, in this thought experiment, Dave, and I want you to be quite honest on this, you only get one. Which one do you pick?
David:I can tell you why it is a no-brainer for me, because we are already seeing the periphery to core migration with the problem. These guys agree that we are seeing the emerging markets cave first. The credit markets, the stock markets overseas and the currencies are all in decay, some of them losing 40-50% in value this year. If, in fact, there is a migration and that problem is moving toward us next, yes, it does include a decline in those three categories – equities, fixed income, and in the currency itself.
So to me, I look at that as a no-brainer. I want to be in gold. I don’t want to be in a stack of $100 bills. By the way, if I had a stack of $100 bills there is no telling that the bank is going to take them from me without filling out a suspicious activity report. So what we really are talking about is, if you are in a large cash position you have to have your funds in the financial system. And that is my problem. Kevin, let me tell you a story. Today I cashed a check for $10. That $10 check came from MF Global.
Kevin:MF Global? Where are they now?
David:This is the final settlement for the cash position that I held with MF Global.
Kevin:What did you start with?
David:I started with more than $10,000. Let’s call it two to three times that.
Kevin:(laughs) Ouch.
David:So here I am getting the final settlement check for $10. And do you know what I was in? I wasn’t in commodities. I was prepared to trade commodities, but I was in a cash position. Cash did not save me because the institution failed and my concern is that in the greatest bubble in recorded history, U.S. financial history, that is (laughs), I don’t know that I want all my eggs in a basket, what have you, in a financial system, that is not necessarily reliable.

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So here this David guy had put $10k in his account and then he traded it up to 2x-3x that amount ($20-$30k.).  He was looking for his next commodities trade but was at the time in cash when MF Global suddenly when bankrupt.  As I have warned many times, when you deposit money in a financial institution, it is no longer your money.  Not legally.  It's theirs.  It appears on their balance sheet.  And if they go bankrupt you don't get to waltz in and say, "but I was in cash, give me my money back".  Being in cash does not matter to bankruptcy court.  Your assets appear on their balance sheet as a liability.  You are legally a creditor to them.  In bankruptcy court, all the creditors get in line, starting with bondholder and preferred shareholders.  Depositors like you are lower than whale $hit on the care scale.  You will get nothing.  The payout of $10 in the case above is only made so that the matter may be considered settled and done with from a legal perspective.

So I say again, retirement accounts, brokerage houses, ETFs and funds of all sorts in the fake paper money system are going to bust when the GDP (Global Debt Ponzi) finally goes under.  Everyone with wealth in fake money system will get screwed.  These accounts are gambling, not savings.  And you are gambling even if you are in cash. And the corrupt courts won't care even a little bit what you think because ignorance of the corrupt laws, which were made by the elite for the elite, is not going to save you from getting screwed when it all comes down.

Get your wealth out of the fake money system into real money which is gold and silver bullion or you will risk losing it all by 2023-2025.

George Carlin was right.