Josh Sigurdson talks with author and economic analyst John Sneisen (for the first time in 4K) about an incredibly risky move made by Barclays as they dump 280,000 savers’ pensions into their “riskier investment banking division” which dramatically endangers the pensions.
Alongside the massive shortfalls we see in pension plans throughout the world (all ponzis), banks are risking people’s savings. If your money’s in the bank, its not yours, it’s the bank’s. So with that point made, one has to understand that banks make profits off of investing their depositors’ money in risky ventures. They don’t have to promise you the money back. They can lose it and the insurance on that money is incredibly minimal. A far cry from the old savings and loans banks.
People are basically forced to be involved in these banker ponzi schemes by losing a chip of each pay check to be thrown into pension plans that they do not choose where banks invest in risky assets and ventures. The upside is minimal and young people are likely to never get a pension. People are working to older ages than they have in the past. People are in debt. The biggest consumers (baby boomers) are going into debt. This is all very hazardous.
People have to as individuals be financially responsible and self sustainable. Being responsible for your own life and finances is incredibly important. Of course this is not advice, but our opinion. But it goes without saying. Humanity is intrinsically free, but then so many of us are tricked into these schemes. Thinking that the bank and government needs to take care of us when we are much better off taking care of ourselves. Saving for ourselves. Putting our money in our own investment strategies. Our own assets. Our own wealth insurance. This all comes down to individualism.
So we hope people learn from these risks and do what they can to plan for themselves, because a populace in debt is a populace in servitude.
Stay tuned for more from WAM!