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« Bernanke's Last Supper And The Return Of Larry Summers | Main | THE BIG FOLD: Ryan Says GOP Considering Short-Term Debt Hike »
Thursday
Jan172013

VIDEO: Alan Greenspan On Social Security And Inflation

Greenspan on the USS Government Ponzi.

Runs 1 minute.  Recently discovered clip from congressional testimony in 2005.

“I believe that we should maintain the principles of Social Security, but I think the existing structure is not working. Until we construct a system that creates the savings that are required to build the REAL assets, so that the retirees have REAL goods and services. We don’t have a system that is working. We have one that basically moves cash around and we can guarantee cash benefits as far out and whatever size you like, but we cannot guarantee their purchasing power. Do we have the material goods and services that people will need to consume, not whether or not we pass some hurdle with respect to how legal financing occurs. Financing is a secondary issue and it is a means to create the REAL wealth, not an end into itself.”

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Reader Comments (7)

We can all become millionaires but as Alan states they cannot say if we can afford a loaf of bread with that million dollars.
Congress has looted the social security money so of course it cannot used to build a retirement wealth system. The money is gone. Borrowing the annual surplus was the method Congress and Presidents used to fund general spending and make the deficit appear smaller than it really was. Clinton stole more from the SS trust fund than any President..
Jan 17, 2013 at 7:51 PM | Unregistered Commentertom dee
It is a good thing Con-gress hasn't looted their retirements like they dd S.S., coincidence?
Jan 18, 2013 at 12:55 AM | Unregistered CommenterS. Gompers
Christa mighty John. Article does not say whether or not the cons pensions are wrapped up in this. I am guessing that they are in a seperate account.
Jan 18, 2013 at 7:10 AM | Unregistered CommenterSKINFLINT
Here is an interesting piece from ZH. It confirms my belief that the SS administration has on file a SS number for all of these folks who come here from other countries. I went to my local SS office a few years back to take care of an issue and when the woman there asked for my number two names came up. Mine and a Chinese fellow who worked in a diner in Annapolis. When I asked her about this she told me that she would take care of it and to not worry about it. According to this article it seems that when these people go home that they can collect by having funds put into their accounts. WTH?

http://www.zerohedge.com/contributed/2013-01-17/immigration-and-social-security
Jan 18, 2013 at 10:24 AM | Unregistered CommenterSKINFLINT
Crap John, I don't like the sound of that. Having my later years savings security tied up in any scheme involving "the good faith and credit" of our government gives me the willies...

Skin,

Years ago I heard there were unscrupulous individuals letting illegals use their S.S. number believing that the money sent in to S.S. would land in their account and give them a higher payout. I think they were selling those numbers to the illegals to help them get jobs and fake credentials as well.
Jan 18, 2013 at 12:22 PM | Unregistered CommenterS. Gompers
You see americans how deep this con goes, they lie about everything.

And as I have previously stated, SS is in its essence, not an expence, SS plowes moust of it, 90 % back to the comunety, thrue comerce and the use of common goods.
They dont burnm their money.
Inflation/deflation is the single most devestating enemy of any savings, the inlfation always eats up the gain, and stil people with litle or no fortune belive the make it bigg in this ponzi sceem, unless you have a 100 mill, where 5%, gives a anual income of 5mill.
And this is the reason for the TAXs the ritch is running away from and this is the pyramid sceem I am talking about.
The real welthy, with a billion, makes insaly amounts of money on Intress alone, do you understand this.

What they do, is to play the game of dividing and marginalaising. To divert people form the real truth about the pyramid ponzi sceem, they the robberbarons have created, and this is infact, income form nothing, and stil they wind and complain.

huh

peace
Jan 18, 2013 at 5:00 PM | Unregistered Commentermikael

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