People who are about ready to retire are broke! 42% of all workers have less than $10,000 in savings and investments! Nobody is saving money for their own retirement. As government takes more responsibility for things, the people take less responsibility. Our government is broke and will never live up to what it’s promising people and yet people support a guy like Donald Trump. Trump is promising people the moon and they believe it! A major crisis is coming our way so prepare yourself!
Social security turns 80 years old this year and look at how it has been destroyed by these benevolent politicians who are always “looking out for us.” Social Security is currently, $25.8 Trillion in the RED right now and guys like Trump want to leave it as is! Trump said it’s fine how it is right now and we will worry about it later! How can people say Social security is a success when it’s $25.8 Trillion in the hole right now and 30% of people age 65-69 are still working!? Obviously this is unsustainable and this destruction has happened in 80 short years. How much wealthier could society be if we never had social security? All this and more addressed on this episode!
Central Banks around the world are engaging in negative interest rates! In a free market, negative interest rates because it completely goes counter to time preferences! We would always prefer to have a good in the present, as opposed to a good in the future! Negative interest rates would imply that someone would prefer a good in the future as opposed to a good in the present! This is ridiculous and negative interest rates are even being contemplated in the United States! What does well in a negative interest rate environment? Gold and Silver!