Page 173 - Ready Set Retire

Ready. Set. Retire!

reaffirmed. Management wanted to raid the $400 billion in
capitalization it had in reserve to rescue the parent company,
but the state insurance departments and federal government
would not allow it, since the money belonged not to AIG, but
to the policy holders who had taken out the insurance.

The United States insurance system is the most secure financial
system on earth with over one trillion dollars in reserve
capitalization. It is far more solvent than the U.S. Government
and U.S. banking system combined. FDIC insurance was
created in response to the bank failures of the 1930s. It did not
include the insurance industry because there was no need; it
already had the proven safeguards of the Legal Reserve System
in place.

Had the banking industry complied by these same safeguards,
there may never have been a Great Depression, and we might
not have gone through the problems of 2008.

Don't take our word for it. Even Ben Bernanke, former
Chairman of the Federal Reserve and the man in charge of the
United States government's monetary policy, understands how
safe these policies are. He has most of his retirement plan
invested in annuities. If anyone should understand what is safe
and what isn't he should!

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