The Coming 2014 Expropriation of 10% of Everyone’s Accounts

Armstrong Economics ^ | 1-2-14 | Martin Armstrong

[RKBA Democrat]

Anyone who thinks it is a fantasy that government will simply just confiscate 10% of everyone’s accounts in Europe better have another look at the fool they see in the mirror staring back at them. This IMF solution is traditionally French and is really coming because the people in charge are effectively Marxists and this idea came from the IMF under the control of French ideology. They will expropriate these funds to save a banking system that they screwed up and will never reform anything because they are incapable of admitting any mistake.

These European government officials really are playing a dangerous game that is inviting total chaos, civil unrest, and may set themselves up for invasion. Instead of Napoleon invading Russia, it may be the other way around when they smell weakness.

Let me make this very clear. I have many French friends and they know the people in charge are just Marxists. Adam Smith wrote Wealth of Nations because he visited France to investigate Physiocracy that argued agriculture was the only real wealth. Karl Marx did not come up with Communism himself. He was more of a socialist. He did not advocate confiscating all property. It was the French movement of a commune at the time that convinced him their way was better. It was Engels who steered Marx into Communism. These ideas have emerged from France and this is why we have some of the most insane ideas still emerging from this country. There is a core philosophy among some that this socialism is correct.

The IMF proposal to expropriate everyone’s accounts in Europe will happen. The consequences could be absolutely the collapse in confidence that will be off the charts. Why should people trust government ever again or any bank for that matter?

My advise to Europe – move as much as you can buying US stocks for now and even take delivery of the share certificates to prevent them from finding accounts in New York and demand they too be handed over. Hollande will come up with that one you can bet. He will weaken Europe and destroy the future of generations yet to come.

[RKBA Democrat]

The author fails to recognize that a significant wealth tax could easily come to the US as well. See page 49 of the IMF report on recurrent taxes on net wealth.

http://www.imf.org/external/pubs/ft/fm/2013/02/pdf/fm1302.pdf

Just remember: if you LIKE your wealth, you can KEEP your wealth.

[RKBA Democrat]

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[JRandomFreeper]

if you LIKE your wealth, you can KEEP your wealth.

My ex-wives said otherwise. ;)

/johnny

[Slyfox]

Karl Marx did not come up with Communism himself.

Marx did spend loads of time in London libraries reading Adam Smith trying to figure out how to kill capitalism.

[Gaffer]

Proposed here in the US back in Billary’s day, pre 1994 takeover. A one-time retirement account ‘assessment’ of up to 15% to equalize inequities.

IIRC, the administration stalking horse for this was a female...youngish...a real radical FemNazi.....pre-Huma.

I forget her name, but she’s still out there.

[sauropod]

read

[aberaussie]

Bttt

[MrB]

That’s like studying to try to eliminate gravity.

[MrB]

The question in their minds now is - how do we do this without ending up decorating lamp posts?

[Kartographer]

I predict that 'The Emperor'will use this to 'fix' Obamacare.


"So it is written, so it shall be done!"

[Zuben Elgenubi]

Perhaps a 10% haircut. In the case in Cyprus, the haircut was for those who had over 100,000 Euros in an account.

So any FReepers who have over, lets say, $100,000 in one account, break up the total to five separate accounts at five different banks or credit unions.

[silverleaf]

her name be Teresa Ghilarducci

and she is still working as a progressive think tank “expert” on GRA’s or what is essentially a govt seizure and nationalization of retirement pans

Obama hasn’t mentioned this out loud
yet

but his views and open statements on “income inequality” will lead right into this one

Obama knows how much you “need” to retire on, you see
The rest of that money you saved but don’t “need”? Well Obama need to redistribute it and make thing more equal

http://money.cnn.com/2013/04/10/retirement/obama-retirement-saving/index.html

[circlecity]

"They will expropriate these funds to save a banking system that they screwed u"

Yet this can never "save" a flawed failed system, only delay the inevitable by pushing off the day of reckoning. They know this so the actual objective has to be the confiscation of private wealth and destruction of personal freedom. Ultimately the objective is to eliminate the middle class.

[GeronL]

would this affect foreign Swiss bank accounts?

[Kartographer]

"The question in their minds now is - how do we do this without ending up decorating lamp posts?

Simple we use pedestrian overpasses. ;-)

[Slyfox]

That’s like studying to try to eliminate gravity.

Yeah, the one thing Marx leaves out of his work is the fact of human nature.

Curiously, if you look at every idea connected to marxism you find an appalling lack of any regard for human nature.

Saul Alinsky dedicated his marxist tomes to Lucifer and neither one of them were fans of humanity as created by God.

[Noumenon]

Ask yourself - what would Michael Collins do?

[KC_Lion]

Great article thanks for the ping Democrat!

[MrB]

You misunderstand - I’m getting inside their heads.

They want to do this, but know it would end up with them being lynched.

[LostInBayport]

Curiously, if you look at every idea connected to marxism you find an appalling lack of any regard for human nature.

Like a law predicated on millions of healthy twenty and thirty somethings falling over each other to spend gobs of money on morbidly overpriced health insurance?