Posted on 10/18/2013 7:39:48 AM PDT by Rusty0604
Another of history’s many lessons is that governments under pressure become thieves. And today’s governments are under a lot of pressure. Before we look at the coming wave of asset confiscations, let’s stroll through some notable episodes of the past, just to make the point that government theft of private wealth is actually pretty common...
Will more countries introduce capital controls or asset confiscations in the next few years? Duh, of course. Debt levels are unmanageable, so they have to be lowered. And there are only three ways to do it: deflationary collapse that wipes out the debt through default, inflation that wipes out the debt by destroying the world’s major currencies, or stealing enough private sector wealth to reset the clock. Option one – depression – is political poison so will be avoided at all costs. Option two is being tried and is failing because the deflationary effect of trillions of dollars of bad debt more or less equals the inflationary impact of trillions of dollars of new currency.
That just leaves door number three, demonize the successful and take what they’ve accumulated. Recall from the historical list that opened this post that governments like to pick on members of society who 1) have lots of money and 2) have lots of enemies or can easily be framed for crimes. This time around it will be “the rich” who are living well at the expense of the rest of us. The trick will be to define “rich” down far enough to make possible the confiscation of middle-class IRAs and 401(K)s, since that’s where the real money is.
(Excerpt) Read more at dollarcollapse.com ...
Guess I may as well spend it first.
We take in 250 billion dollars a month and they can’t control spending? Outrageous!!
They don’t have to confiscate our savings.
They can do the same thing by printing more money, to the point that inflation steals their value.
That option is discussed in the post.
It is what our Federal Government and the Reserve ARE doing.
All retirement money should be put into real estate and other non-tax advantaged investments.
The problem with real estate investments is the taxes on that.
Eventually you’ll be like Scarlett O’Hara trying to come up with gold money to pay the taxes on Tara.
The paper money will be essentially worthless IF you’re even allowed to have enough of that to pay taxes anymore.
Roger that. I am doing that right now. Hopefully, by the time they get around to trying to steal it, and they will, mine will be spent. The bastards.
That’s OK, I’m spending it all in the divorce.
Trip wire.
Do not do this.
Not kidding.
I delegated that task to ex-wives. They have completed that task.
/johnny
Don’t think they won’t be coming for your mattrees money either, especially hundred dollar bills.
Under the guise of eliminating bills that are too easy to counterfeit, all hundred dollar bills except the new bills will be deemed invalid.
Owners of old hundred dollar bills can replace these bills at any bank with a ten percent charge for each bill.
Obama has already said that three million is enough in retirement savings. That is not really a lot if you live on it for 25 years; about as much or less than public employees have as benefits. The only difference is public employees didn’t have to save it themselves.
I’m sure the dollar amount that is “enough” is negotiable (downward) with Obama.
Mattress...dang it.
“In 1933, in the depths of the Great Depression, president Franklin Roosevelt banned the private ownership of gold and ordered US citizens to turn in their gold. Those who did were paid in paper dollars at the then current rate of $20.67 per ounce. Once the confiscation was complete, the dollar was devalued to $35 per ounce of gold, effectively stealing 70 percent of the wealth of those who surrendered their gold.”
That’s what they did in NK...
I don’t think they can steal enough money directly to make a difference. It is a one-time inflow of cash that will be quickly spent, and, afterwards, their tax income will decline.
Stealing our money through inflation works better.
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