CHAPTER TWO Protecting Retirement Accounts
Let’s start out by answering a question that I have been asked quite a bit lately: Should a person buy Gold or Silver or even Cryptos? Well, there are thousands of media commercials and newsletter articles warning of coming hyperinflation like Germany experienced back in the 1920s. On the other hand, Ben Bernanke, the former head of the Federal Reserve Bank, was afraid that we were going to have deflation, so he increased the money supply to guard against that possibility. Quite a contrast to those who want to protect themselves from hyperinflation and favor investing in gold and other precious metals. He also used annuities as his personal largest portfolio holdings. I believe having money in a well-designed, dividend paying whole-life insurance policy along with precious metals like the American Eagle silver dollar or even American Eagle gold dollars is a smart move seeing how inflation is eating away at the dollar bill. I even think an understanding of Cryptos is needed as we see our financial world change. What most people don’t realize or remember is that President FDR, back in 1933, made it illegal to use gold or any other precious metal as legal tender. The government confiscated all the gold they could find in America and placed it in Ft. Knox, KY, so we are told. In fact, history tells us that people were arrested and put in jail if they tried to use precious metals instead of U.S. dollars as legal tender. However, today, we are seeing several States now endorsing gold and silver as currency and even Bitcoin. Anyway, after World War II, the United States came out of the war as a superpower, and with the signing of the Bretton Woods agreement in 1944, the U.S. used its influence and power to establish the U.S. dollar as the world’s standard of exchange. The government established the price of gold at $35 an ounce.
37
Made with FlippingBook. PDF to flipbook with ease