…….. The IRA LLC I must lead with a caveat here that I am biased to this concept. I am a ‘for profit’ consultant and facilitator of the IRA LLC. This platform has its pros and cons as any other. The upfront cost can range from $1,500 to $3,000 to have an attorney or professional facilitator set one of these up, and the proper setup is crucial. Involved are numerous legal documents, affidavits, and compliance requirements that must be met. Once setup the flexibility is great and the ongoing fee structure is very low, typically $115 to $200 per year. Within the structure the LLC acts as an investment company that is managed by the individual, whom is also the beneficiary of the IRA. As long as there are no prohibited transactions the investor can invest in literally anything except collectibles and life insurance contracts. Many include: investment real estate, bug out property, private placements, oil & gas leases, loans, currencies, Bitcoin, other LLCs, etc. The LLC also adds another layer of protection from potential Govt pillaging of retirement accounts as referenced above.
Perhaps the biggest advantage of the IRA LLC to the Precious Metals investor is that the individual (manager of the LLC) can take physical possession of Gold and Silver Eagle Coins with IRA funds and it is not a taxable distribution. The metal does not have to be held at a depository. For folks that have considered cashing out their IRAs or 401ks thus paying taxes and penalties, this can be a much cheaper alternative to physically holding precious metals. There are no additional IRS reporting requirements, merely an annual dollar asset valuation reported to the custodian…
… Congratulations Cyprus savers – you were just betrayed by both your politicians, and by Europe – sorry, but you are the “creeping impairments” in the game known as European bankruptcy. And so is anywhere between 6.75% and 9.9% of your money, which you were foolish enough to keep with your banks (where at least you were compensated with a savings yield of… 0%).
More importantly, as of this morning Europe has finally grasped that there is a 6.75% to 9.9% premium to holding physical cash in your mattress rather than having it stored with your local friendly insolvent bank.
Luckily Cyprus is so “small” what just happened there will never happen anywhere else: after all in Europe nobody has ever heard of “setting an example”. Or so the thinking among Europe’s unthinking political elite goes.
And congratulations Europe: just when people almost believed you things are “fixed” you go ahead and prove to the world that you are as dis-unified (because size doesn’t matter in a true union), as confused, as stupid and as broke as ever…via …Saver “Panic”, Frozen Assets, Bank Runs, Broken ATMs | Zero Hedge.
Responding to this ZerHedge article, Ann Barnhardt posted this:
Finance: The Cypriot Confiscation is Terrifying. Posted by Ann Barnhardt – March 16, AD 2013 9:27 PM MST
Yes, it is every bit as bad as it sounds, and worse. Word is that the initial plan was for a 40% (!!!!) levy confiscation of Cypriot bank accounts. They settled for a MERE 6.75% and 9.9% dual-layered compromise.
Yeah, you all need to do what I have been doing for the last several months and live within spitting distance of being overdrawn in your bank accounts. In other words, keep the BARE MINIMUM in the bank and feed your account just enough to cover the bills. As soon as money comes in, get it the heck out of there.
Looks like the IRS may prove to be the least of my worries with regards to levying bank accounts!
This has the potential to spark bank runs in other Southern European nations MERELY BECAUSE OF THE FACT THAT IT ACTUALLY HAS HAPPENED. Pray the Greeks, Italians, Spaniards and Portuguese are all watching talent shows or soccer and don’t notice. But if it does, if you have watched my eight-part economic presentation on YouTube, then you understand that we will blow sky-high as the big banks and their tens of trillions of dollars in repos and reverse repos and credit default swaps, many-to-most of which are written on European sovereign debt, blow.
… UPDATE: I agree with various commentators that this is almost certainly a test-run by Brussels to see what the reaction of the Cypriots is. If no one is hanging from light poles by sunset on Tuesday, they will likely move on to Greece and the other Southern European economies, satisfied that the people have been sufficiently conditioned to roll over. Tiny Cyprus, an ISLAND mind you, makes the perfect test lab.
I anticipate that the light poles will remain undecorated. There is no fight left in the men of former Western Civilization; only indifference punctuated by self-loathing. Say goodnight, Gracie.
Overview. The United States government has five interrelated motivations for destroying the value of the dollar:
- Creating money out of thin air on a massive basis is all that stands between the current state of hidden depression, and overt depression with unemployment levels in excess of those seen in the US Great Depression of the 1930s.
- It is the most effective way to meet not just current crushing debt levels, but to deal with the rapidly approaching massive generational crisis of paying for Boomer retirement promises.
- It creates a lucratively profitable $500 billion a year hidden tax for the benefit of the US government which is not understood by voters or debated in elections.
- It is the weapon of choice being used to wage currency war and reboot US economic growth; and
- It is an essential component of political survival and enhanced power for incumbent politicians.In this article we will take a holistic approach to how individual short term, medium and long term pressures all come together to leave the government with effectively no choice but to create a substantial rate of inflation that will steadily destroy the value of the dollar…via FINANCIAL SENSE….
While nearly half of Americans don’t have enough money saved to cover emergencies, one-quarter don’t have any money saved, according to Bankrate.com’s Financial Security Index survey.The general rule of thumb is to have enough cash saved to cover at least six months of expenses.However, only 25 percent of Americans have saved that amount and 17 percent have three to five months’ expenses saved, while 28 percent have no emergency savings and 21 percent have less than three months’ expenses saved. Continue reading