I get annoyed when people say they're going to "invest" in gold and silver or in metals. Gold and silver are not investments; they're simply money or perhaps hedges...so rather than saving dollars you save gold or silver...but that doesn't mean they are an investment vehicle like a rental property or a small business which have cash flow. Gold and silver do not make you money; they protect your purchasing power of the money you already have.
Regarding 401K's, here's Schiff's viewpoint:
Will funding multi-trillion dollar liabilities such as social security and Medicare eventually become a politically charged issue for the tax-free status of a 401(K) or Roth IRA twenty years from now?
Peter: These obligations are impossible to fund. They will be repudiated, either honestly or more likely through inflation.
"Do you think a 401k or IRA are of practical value in a hyperinflationary environment?"
Peter: In such an environment they will be practically worthless.
Other view point from LewRockwell.com:
"A slave could own no property, but from early times it was customary to give the slave a peculium, a fund that he could administer as if it belonged to him. Technically, this sum belonged to the master, but to some extent it was treated as a separate estate with which the master did not interfere except for good reason."
More from LRC:
"In November of 2008 the Carolina Journal Online carried a piece titled: Dems 'Target Private Retirement Accounts' where 'leaders' in the U.S. House discussed confiscating 401(k)s, and IRAs and turning them into a GRA (Government Retirement Account)."
And more from LRC:
"Let me tell you what this is - it is an attempt to prevent the collapse of the Treasury market!
Forcing people into Treasuries as an 'annuity' is exactly what Social Security allegedly is. Except that Treasury stole the money that was collected in FICA taxes and spent it!
Guess what? They'll do that here too - you're going to 'invest' in Treasuries which of course are effectively a CALL option on the future taxing ability of the government."
I'm a serial entrepreneur and liberty activist from Texas!
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