The Health Ranger Mike Adams has warned that inflation will wipe out the pensions and Social Security of Americans, adding that this wipeout is already taking place.
Adams shared an announcement from a state pension fund that one of his listeners received. According to the Natural News and Brighteon.com founder, the cost of living adjustment (COLA) for pensions Americans receive annually can only go up a maximum of five percent a year – given that people are already facing inflation of more than 20 percent.
He said the five percent maximum yearly COLA increase in the said pensioner's state would not be able to cover much. This is because of inflation rates that will devalue the dollar and subsequently increase the actual cost of living by 30 percent or more each year. He also warned that while banks won't fail, the money in them will.
"Your money will fail, or currency technically. The pensions will fail for the same reason," Adams said. "The pensions won't necessarily fail all at once overnight, like you don't get any more money. You may still get your checks, they will just become increasingly worthless."
Aside from pensions, the "Health Ranger Report" host said contributing a part of one's paycheck into individual retirement accounts (IRAs) – such as a traditional IRA and a Roth IRA – is a bad idea. This is because nobody is calculating inflation that reduces the value of this dollar. The same also holds true with Social Security; Adams remarked that contributions to this are "stolen" from every American paycheck throughout their working life.
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Buy gold instead of contributing to pension funds, Adams advises
According to the Health Ranger, inflation happens because the Federal Reserve keeps on printing money. This empowers the Federal Deposit Insurance Corporation (FDIC) to bail out failed banks such as Silicon Valley Bank. With these factors, Americans' money becomes worthless as the actual cost of living skyrockets.
He also mentioned a ZeroHedge article about Russia's support of the Chinese yuan as a currency for trading with various countries.
"We support the use of Chinese yuan in payments between Russia and countries of Asia, Africa and Latin America," said Russian President Vladimir Putin. He further expressed confidence that such "forms of payments will be developed between Russian partners and their colleagues in third countries."
According to the Russian leader, "national currencies are more and more actively used," citing that two-thirds of the trade turnover between Russia and China are already "made in rubles and yuan." This means bad news for the dollar, Adams remarked, as a decreasing global demand for it would lead to hyperinflation and the dollar's total demise.
He disclosed to listeners that he had privately told some people to buy gold instead of contributing to pension funds. The Health Ranger stressed that gold gains more value through the years compared to dollars that lose their value. Moreover, a person buying and keeping gold will earn more than those buying stocks and bonds and contributing to pension funds. (Related: Health Ranger Report: Gold and silver can help safeguard your assets as COLLAPSE of traditional pension systems looms.)
Follow Collapse.news for more news about the collapse of pensions and Social Security in America.
Listen to the full segment of the "Health Ranger Report" where Mike Adams warns of inflation wiping out pensions and Social Security.
This video is from the Health Ranger Report channel on Brighteon.com.
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