Elon Musk and Vivek Ramaswamy Discuss World War III Risk
Tesla CEO Elon Musk and U.S. presidential candidate Vivek Ramaswamy have expressed concerns about the growing risk of World War III. During a discussion on the social media platform X, Musk stated, "I think we are sleepwalking our way into World War III." Ramaswamy further warned that if a major conflict were to occur, involving a Russia-China alliance with the potential inclusion of Iran and/or North Korea on the opposing side, the United States as we know it would cease to exist.
The discussion, titled "Where is Israel-Hamas war headed? Could this lead to WW3?," was hosted by venture capitalist David Sacks, with Ramaswamy serving as the co-host. Alongside Musk and Ramaswamy, the event featured several other speakers and attracted an audience of over 915,000 listeners.
Prioritizing the Avoidance of World War III
Musk emphasized that the most important issue to discuss is how to avoid World War III. He stressed the significance of prioritizing the prevention of such a conflict, as it poses a civilizational risk that may be irreparable. He stated, "World War III is a civilizational risk that we may not recover from," and urged the need to ensure that a regional conflict does not rapidly escalate into a global one. Musk cautioned that people are overestimating the military power of the United States, highlighting that a combination of Russia, China, and Iran should be viewed as strong relative to the West. He further explained that a Russia-China-Iran alliance could potentially outproduce the Western alliance in terms of industrial capacity.
According to Musk, for World War III to occur, there needs to be a situation where two superpower alliances cannot easily defeat each other. He emphasized that this is the case with the current global situation, where Russia has the raw materials and China has the industrial capacity. Musk expressed concern over the U.S. policy of driving Russia and Iran to ally with China, stating that it is unwise and puts civilization itself at risk. He urged the importance of avoiding such a scenario, as the United States, as we know it, would cease to exist.
The Risks Amplifying World War III
Ramaswamy echoed Musk's concerns about World War III being a civilizational risk. He emphasized that the United States would cease to exist if a major conflict were to arise, involving a Russia-China alliance and potentially including Iran and/or North Korea on the opposing side. Ramaswamy highlighted various factors amplifying the risks, such as Russia's hypersonic missile capabilities and nuclear capabilities, which are ahead of the U.S. He also mentioned China's naval capacity, economic dependence on China, and the alternative alliance between Russia, China, Iran, and North Korea, which have all heightened the risks.
The Need to Restore Normal Relations with Russia
Both Musk and Ramaswamy believe that it is imperative for the United States to restore normal relations with Russia. Musk emphasized that from a civilizational risk standpoint, it is crucial to seek peace and avoid prolonging the conflict between Ukraine and Russia. He stated that restoring normal relations is not a reward for Russia but rather an acknowledgment of the realities and risks faced by the world. Musk stressed that avoiding World War III should be the top priority, as the risk of it is rapidly increasing. He urged the need to avoid making foolish decisions that could lead to such a catastrophic event.
In conclusion, Musk and Ramaswamy's concerns about the risk of World War III highlight the importance of prioritizing peace and avoiding conflict. They emphasize the need to recognize the changing global dynamics and work towards restoring normal relations with Russia to lower the probability of a global conflict. The potential consequences of World War III are dire, and it is crucial to take proactive measures to prevent such a catastrophic event from occurring.
Frequently Asked Questions
How much gold should your portfolio contain?
The amount you make will depend on the amount of capital you have. If you want to start small, then $5k-$10k would be great. You could then rent out desks and office space as your business grows. Renting out desks and other equipment is a great way to save money on rent. You only pay one month.
Also, you need to think about the type of business that you are going to run. In my case, we charge clients between $1000-2000/month, depending on what they order. This is why you should consider what you expect from each client if you're doing this kind of thing.
You won't get a monthly paycheck if you work freelance. This is because freelancers are paid. You might get paid only once every six months.
Decide what kind of income do you want before you calculate how much gold is needed.
I recommend starting with $1k to $2k of gold, and then growing from there.
Is physical gold allowed in an IRA.
Gold is money and not just paper currency. Gold is an asset people have used for thousands years as a place to store value and protect their wealth from economic uncertainty and inflation. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Many Americans now invest in precious metals. Although owning gold does not guarantee that you will make money investing in it, there are many reasons to consider adding gold into your retirement portfolio.
Another reason is the fact that gold historically has performed better than other assets in times of financial panic. The S&P 500 declined 21 percent during the same period. Gold prices increased nearly 100 per cent between August 2011 – early 2013. During those turbulent market conditions, gold was among the few assets that outperformed stocks.
Gold is one of the few assets that has virtually no counterparty risks. You still have your shares even if your stock portfolio falls. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Gold provides liquidity. This means that you can sell gold anytime, regardless of whether or not another buyer is available. Gold is liquid and therefore it makes sense to purchase small amounts. This allows you to take advantage of short-term fluctuations in the gold market.
What Should Your IRA Include in Precious Metals?
It's important to understand that precious metals aren't only for wealthy people. You don't have to be rich to invest in them. There are many ways that you can make money with gold and silver investments, even if you don't have much money.
You might think about buying physical coins such a bullion bar or round. You could also buy shares in companies that produce precious metals. You may also be interested in an IRA transfer program offered by your retirement provider.
You will still reap the benefits of owning precious metals, regardless of which option you choose. Even though they aren't stocks, they still offer the possibility of long-term growth.
They also tend to appreciate over time, unlike traditional investments. So, if you decide to sell your investment down the road, you'll likely see more profit than you would with traditional investments.
How much money should I put into my Roth IRA?
Roth IRAs can be used to save taxes on your retirement funds. You can't withdraw money from these accounts before you reach the age of 59 1/2. You must adhere to certain rules if you are going to withdraw any of your contributions prior. First, you cannot touch your principal (the original amount deposited). You cannot withdraw more than the original amount you contributed. You must pay taxes on the difference if you want to take out more than what you initially contributed.
The second rule states that income taxes must be paid before you can withdraw earnings. So, when you withdraw, you'll pay taxes on those earnings. For example, let's say that you contribute $5,000 to your Roth IRA every year. Let's say you earn $10,000 each year after contributing. On the earnings, you would be responsible for $3,500 federal income taxes. So you would only have $6,500 left. Because you can only withdraw what you have initially contributed, this is all you can take out.
You would still owe tax on $1,500 if you took out $4,000 of your earnings. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). You only got back $4,000. Even though you were able to withdraw $7,000 from your Roth IRA,
There are two types if Roth IRAs, Roth and Traditional. Traditional IRAs allow you to deduct pretax contributions from your taxable income. When you retire, you can use your traditional IRA to withdraw your contribution balance plus interest. You can withdraw as much as you want from a traditional IRA.
Roth IRAs are not allowed to allow you deductions for contributions. However, once you retire, you can withdraw your entire contribution plus accrued interest. Unlike a traditional IRA, there is no minimum withdrawal requirement. You don’t have to wait for your turn 70 1/2 years before you can withdraw your contributions.
What is the tax on gold in an IRA
The fair market value of gold sold is the basis for tax. You don't have tax to pay when you buy or sell gold. It's not considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
Gold can be used as collateral for loans. Lenders seek to get the best return when you borrow against your assets. This usually involves selling your gold. This is not always possible. They might just hold onto it. Or they might decide to resell it themselves. In either case, you risk losing potential profits.
So to avoid losing money, you should only lend against your gold if you plan to use it as collateral. Otherwise, it's better to leave it alone.
How does a Gold IRA account work?
Gold Ira accounts are tax-free investment vehicles for people who want to invest in precious metals.
You can buy physical gold bullion coins at any time. To invest in gold, you don't need to wait for retirement.
An IRA lets you keep your gold for life. Your gold assets will not be subjected tax upon your death.
Your gold will be passed on to your heirs, without you having to pay capital gains taxes. And because your gold remains outside of the estate, you aren't required to include it in your final estate report.
To open a Gold IRA, you'll need to first set up an Individual Retirement Account (IRA). After you do this, you will be granted an IRA custodian. This company acts like a middleman between the IRS and you.
Your gold IRA custodian is responsible for handling all paperwork and submitting the required forms to the IRS. This includes filing annual returns.
Once you've set up your gold IRA, it's possible to buy gold bullion. Minimum deposit required is $1,000 The minimum deposit is $1,000. However, you will receive a higher percentage of interest if your deposit is greater.
When you withdraw your gold from your IRA, you'll pay taxes on it. You'll have to pay income taxes and a 10% penalty if you withdraw the entire amount.
If you only take out a very small percentage of your income, you may not need to pay tax. However, there are some exceptions. However, there are exceptions. If you take 30% or more of your total IRA asset, you'll owe federal Income Taxes plus a 20% penalty.
It's best not to take out more 50% of your total IRA investments each year. Otherwise, you'll face steep financial consequences.
What are the fees associated with an IRA for gold?
The Individual Retirement Account (IRA), fee is $6 per monthly. This includes the account maintenance fees and any investment costs associated with your chosen investments.
If you want to diversify, you may be required to pay extra fees. These fees vary depending on what type of IRA you choose. Some companies offer checking accounts for free, while others charge monthly fees for IRA account.
Many providers also charge annual management fees. These fees can range from 0% up to 1%. The average rate for a year is.25%. These rates are usually waived if you use a broker such as TD Ameritrade.
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Lawful – WSJ