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Social Security: Lies, Myths & Reality : The Truth About Social Security, the Trust Funds & the National Debt
131 pages, Paperback
First published August 1, 1992
8 people want to read
About the author
James Turk
21 books6 followersJames Turk has specialized in international banking, finance, and investments since graduating in 1969 from George Washington University with a B.A. degree in International Economics.
He began his business career with Chase Manhattan Bank (now J.P. Morgan Chase), which included assignments in Thailand, the Philippines and Hong Kong. In 1980 he joined the private investment and trading company of a prominent precious metals trader. He then moved to the United Arab Emirates in 1983 to be appointed Manager of the Commodity Department of the Abu Dhabi Investment Authority, a position he held until resigning in 1987 to begin Greenfield Associates. He established the firm to publish his work and to provide investment research and trading advice, principally to investment managers, hedge funds and commodity trading advisors in the United States and Europe.
James is the founder of goldmoney.com, which he established in 2001 to provide a convenient and economical way to buy and sell gold, silver and platinum online using the digital gold currency for which he was awarded four US patents. He is the Lead Director of Goldmoney Inc., which is listed on the Toronto Stock Exchange (symbol: XAU).
James has written several monographs on money and banking. He has frequently appeared as a featured guest on radio and television and at investment conferences to speak about gold, money, and the international monetary and banking system by drawing upon over five decades of experience in international finance.
He began his business career with Chase Manhattan Bank (now J.P. Morgan Chase), which included assignments in Thailand, the Philippines and Hong Kong. In 1980 he joined the private investment and trading company of a prominent precious metals trader. He then moved to the United Arab Emirates in 1983 to be appointed Manager of the Commodity Department of the Abu Dhabi Investment Authority, a position he held until resigning in 1987 to begin Greenfield Associates. He established the firm to publish his work and to provide investment research and trading advice, principally to investment managers, hedge funds and commodity trading advisors in the United States and Europe.
James is the founder of goldmoney.com, which he established in 2001 to provide a convenient and economical way to buy and sell gold, silver and platinum online using the digital gold currency for which he was awarded four US patents. He is the Lead Director of Goldmoney Inc., which is listed on the Toronto Stock Exchange (symbol: XAU).
James has written several monographs on money and banking. He has frequently appeared as a featured guest on radio and television and at investment conferences to speak about gold, money, and the international monetary and banking system by drawing upon over five decades of experience in international finance.
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Displaying 1 of 1 review
July 25, 2024
A NOTED GOLD ADVOCATE CRITIQUES SOCIAL SECURITY
James Turk is also the co-author of 'The Collapse of the Dollar and How to Profit from It: Make a Fortune by Investing in Gold and Other Hard Assets.' He wrote in the Preface to this 1992 book, "It is my objective to present to the reader the cold, hard facts of Social Security. Using these facts and the accompanying analysis, every reader can determine whether this financial program is what the government and its leaders contend it to be."
He wrote that "Millions of retired Americans today depend upon Social Security for income... It is unthinkable that the US government would break this bond. But, in 1932 it was also unthinkable that this great nation would break its bond to its creditors by defaulting on its obligation to repay its debts in Gold." (Pg. 8) He argues, "There is a direct relationship between (Social Security) expenditures and the annual Federal deficit... Since interest expense if a non-discretionary item it therefore follows that it is impossible to eliminate the annual deficit without reducing Social Security expenditures." (Pg. 62)
He points out that "The benefits received by ... Social Security beneficiaries are not the result of each individual's personal savings and the investment decisions made on that money. Rather, there is a transfer of wealth from current producers to current retirees." (Pg. 99) He concludes, "Let us act purposefully now to dismantle in a controlled fashion this abominable manifestation of the welfare state, rather than waiting until it collapses around us from its own sheer weight." (Pg. 127)
Although 40+ years old, the issues addressed in this clearly-written book have a lot of "contemporary" relevance, given our current discussion of Social Security and Medicare.
James Turk is also the co-author of 'The Collapse of the Dollar and How to Profit from It: Make a Fortune by Investing in Gold and Other Hard Assets.' He wrote in the Preface to this 1992 book, "It is my objective to present to the reader the cold, hard facts of Social Security. Using these facts and the accompanying analysis, every reader can determine whether this financial program is what the government and its leaders contend it to be."
He wrote that "Millions of retired Americans today depend upon Social Security for income... It is unthinkable that the US government would break this bond. But, in 1932 it was also unthinkable that this great nation would break its bond to its creditors by defaulting on its obligation to repay its debts in Gold." (Pg. 8) He argues, "There is a direct relationship between (Social Security) expenditures and the annual Federal deficit... Since interest expense if a non-discretionary item it therefore follows that it is impossible to eliminate the annual deficit without reducing Social Security expenditures." (Pg. 62)
He points out that "The benefits received by ... Social Security beneficiaries are not the result of each individual's personal savings and the investment decisions made on that money. Rather, there is a transfer of wealth from current producers to current retirees." (Pg. 99) He concludes, "Let us act purposefully now to dismantle in a controlled fashion this abominable manifestation of the welfare state, rather than waiting until it collapses around us from its own sheer weight." (Pg. 127)
Although 40+ years old, the issues addressed in this clearly-written book have a lot of "contemporary" relevance, given our current discussion of Social Security and Medicare.
Displaying 1 of 1 review