I’m by no means wealthy but I went to cash shortly before the election based on technicals.
As a protest to wealth confiscation, we all should do two things: go to cash or metals and reduce spending. We need to shrink the enconomy in excess of taxation. This is our only power. Deflation is our weapon. Make them make an offer to us for a change.
Just the beginning
Do it like Indians (in India); after you’re paid, buy what you need and buy gold with the rest. It is the only way for them to protect their earnings against the inflation of the rupee. This doesn’t work if you pay any noticeable “fees” for the exchanges...
Going to cash may not work if your cash is still in a bank that will be investing. I’d say for long-term to beat inflation some necessity stocks will be good performers, a rebalanced portfolio is what I am looking at. But you’ve got it right, we should minimize many taxes paid so there’s limited funding for spending.
Going to cash isn’t any better. Worse, probably, for whereas they can tax “unearned” income they have a monopoly over the issuance of legal tender. Whether they know it or not, that’ll be how they pay their bills; it’ll have to be. There aren’t enough rich people, and the rich aren’t rich enough. There isn’t enough money anywhere in the country. Heck, you could confiscate 100% of money made by all, citizen or whatever, in a year and still not pay off the debt. As for borrowing, no one will invest in the US government just because it is the US government forever.
No, inflation is the only way. That won’t ultimately work, either, but in the meantime what else is there? Which is why we should run like Achilles away from cash.