A Comment About

Barack Obama Is the Next U.S. President

November 4, 2008 - 6:10 pm
bobby b
2008-11-04 19:53:26

Putting money in tax-frees? No, no, no . . . .

There are no actual safe-dollar-havens anymore, at least among the approved-and-legal asset types. You can try to put money into real estate for safety, and then the bottom can drop out and your basis is gone.

You can buy big-cap stocks for safety, and the market can easily be trashed (and you’ll usually then see four or five major “oo – oo – oo it’s-going-back-up-quick-buy-back-in oo – oo – oo it dropped AGAIN?!” harvesting cycles towards the end of the crash, as every available dollar from that class is sucked into the drain).

You can tuck bucks into qualified accounts (401k’s, IRA’s, etc), only to see the gummint “change its mind” and either wickedly raise distribution tax levels, tax balances, or outright “take them under its wing” (i.e., confiscate them) by taking away your property rights in them and leaving them mostly as an accounting tool by which to figure your future (possible) benefits. (Yes, this is a current proposal.)

You can bury lots of gold or other rare materials, but if assets seem to be disappearing from a population, they can deport you from the area and keep you from recovering it.

You can invest in expensive art, but that can be nationalized.

No, you’re never going to put yourself out of reach.

You are the rich he’s been waiting for.