Sunday, March 27, 2011
Is your 401k the global elites next target?
It should be very very obvious that all future money will be in the hands of the globalist elites who will rob and plunder the worlds economies into their privately owned and ruled banks who will dump all of the nations accumilated wealth into their coffers. Gone will be all social security and 401Ks and all pensions as they will take everything that people own and steal it for their own use (like paying interest on loans that can never be repaid).
It is very strange indeed that the FDIC is looking toward private pension investors to puchase toxic debt that the US government was practically forced to purchase in the wake of the Great Recession. This is because there is approximately 2 trillion dollars that are unaccounted for that were used to bail out various financial institutions, but we see that the likes of Geithner and Paulson were not able or unwilling to tell people where the money was spent. This is no joke.
Hardship withdrawals from 401(k) retirement saving plans rose to the highest level in 10 years during the second quarter, Fidelity Investments said on Friday, in the latest sign of a dismal economy.
Fidelity reported that, as of the second quarter, 2.2% of all 401(k) participants had made a hardship withdrawal at some point over the preceding 12 months. That's up from 2% in the prior year, and was the highest level in 10 years.
At the same time, the percentage of 401(k) participants that had an outstanding loan from their account rose to a record high of 22% in the second quarter. The average loan amount was $8,650 at the end of the quarter.
Boston-based Fidelity has $844 billion in retirement assets under management.
The top reasons people took loans and made withdrawals were to prevent foreclosure or eviction, pay for college, or purchase a home, according to the firm.
"The current economy has forced some workers to borrow from their 401(k) accounts in order to pay for critical living expenses, ultimately jeopardizing their future retirement," said James MacDonald, president of workplace investing for Fidelity Investments.
He added that for some investors "taking a loan or a hardship withdrawal from their 401(k) may be their only option because it's their only form of savings. However, we want to make sure that before workers tap their retirement accounts prematurely, they are fully educated about both the penalty that may be incurred and the long-term implications for their retirement."