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 ...
The first time the scumbag government makes a move for people’s retirement savings there will be a run on the banks. That will be followed by chaos. And in the US, that would probably be followed by rooftop sniper fire from pissed-off citizens. Thank God for the Second Amendment. I don’t see a brazen theft happening here the way it has in sissy Europe.
Therefore, the government’s “work-around” will be further movement to a “paperless” monetary system and controlled inflation. Part of the scheme involves making sure welfare, food stamps, and the rest of the Democrats’ vote-buying hand-outs to the party’s base of moochers are automatically increased based on “cost of living”, while social security is squeezed. It will be a long term, “frog-in-the-kettle”, scheme.
Me.
“Option two (controlled inflation) 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.”
I’d like to get a 76-81 CJ 5 or 7 to compliment my Willys CJ5. My killer is nowhere to park it.
Inflation will destroy the banks as cash savings will be converted to commodities.
Real Estate? The notion that you own your property is no longer operative. Try to build a garage or finish your basement and your neighbors will report you to the Statsi who will immediately increase your taxes, or rent if you prefer, and then order you to demolish the fruits of your labors on your property. You, nor I, own anything.
This. Over your lifetime you will lose 90% or more of the purchasing power of the money you worked for.
Who benefits? The ones who are first in line to receive the newly emitted funds - the banks of the Fed cartel, primarily, and most of Wall St secondarily.
I did some dumb things and until this year had no 401 or anything else really.
Mine is doing OK from the last statement I saw but will not be surprised when the moochers and looters come to seize everything. I don’t plan on just giving it all away freely.
I’m not a big fan of the companies that help people to invest in gold, silver, and platinum certificates, but I do like precious metals with physical possession. I am especially fond of gold and silver jewelry when I can admire it on my wife, along with my favorite metals: lead, brass, and blued steel. I don’t think inflation, deflation, or confiscation will affect the value of those investments.
There is a blogger, FerFal, that blogs about surviving Argentina, and he has said that jewelry was a good thing to have as it was useful for bartering.
too late......they already got that in the crash.
To a large extent, the FED is already confiscating your savings.
$85 billion per month of QE, zero interest rates, massive Government debt monetization - your savings earn zero, and the principle is being reduced steadily by inflation.
If Conservatives are really serious about ending Leftist-Progressive big government, and all their social engineering schemes - they will kill the FED. The progressive state can not exist unless it controls money creation
“All property is theft” to Marxists.
I say end all public pensions NOW.
They can’t take MY retirement savings and then demand a monthly stipend of 90% of their salary especially while they continue to work in another line of work.
bump
they have been doing that for decades
Ditto that!
You know its bad when currency has expiration dates
They became legalized thieves the moment the began to tax people’s personal property..income and homes.
And the income tax is actually a tax on our labor, not property.
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