Posted on 01/24/2010 6:21:51 AM PST by Daisyjane69
As the United States moves into a new decade of military overreach abroad and national bankruptcy at home, Washington is in a desperate search for more revenue and a solution to the future financing of the trillions in national debt obligations currently held by foreign central banks and investors. Economists, politicians and smart investors know the dollar’s days as the world reserve currency are numbered as is our ability to finance the national debt.
Although the historical government solution to unsustainable government debt loads has always been the destruction of the debts by currency depreciation and eventual hyperinflation, there is always an intermediate step used to buy more time for the politicians in power. This action, usually sidestepped and downplayed by the establishment historians paid to hide the real facts of history is wealth confiscation. Napoleon had it right when he stated, “History is a state of lies agreed upon.”
(Excerpt) Read more at whiskeyandgunpowder.com ...
Very interesting.
Several comments recommend buying land or precious metals.
This will not protect you!!!
Land gets taxed. I own land, and I know. The tax rates rise at various rates, but they always go up. How will you pay the taxes?
Precious metals sound good. I have some Au myself. However, as inflation takes off and the nominal price of gold rises, you are not really “making” any money. At best, you are only get inflation-adjusted value back for what you saved. Also, this nominal increase in value (that is, the value in newly inflated currency) will be taxed as capital gains, even though the gain is illusory, due to inflation. This means that the government will be confiscating a huge part of your savings right there.
And it is worse than that. In a crisis situation, who will be so rich as to be buying your gold? In real terms, the gold market will be depressed, so you will not even be getting back what you put in (in real, material terms). Picture buying a dozen eggs with an ounce of Au.
When the economy breaks down, wealth is no longer being created at the previous rate. In the entire society, there will be shortages. It will do little good to think that you can somehow avoid the crash for you and your family merely by preparing ahead-of-time.
There will be no place to hide.
They are not going to confiscate our retirement accounts for force at the point of a gun to trade them for government bonds that would be political suicide
They simply will raise the taxes you pay when you cash out
An ounce of prevention is worth a ton of cure.
Vote them out en masse like MA as fast as possible.
deeptrout
bookmark
“They are not going to confiscate our retirement accounts for force at the point of a gun to trade them for government bonds that would be political suicide”
Exactly....it’s too easy to keep the printing presses rolling and take the money though devaluation and inflation.
The effect is the same. If you’re good, you can even shift the blame to your political opponents.
Chavez did this - he halved the currency, and then blamed business if they raised prices.
That’s the best way, politically speaking, for this to go.
I feel the same. There are people in my life who voted for that P.O.S., who I will NEVER speak to again. No matter what they think now, or do, they can never redeem themselves in my eyes. Just like any politician who supported “government healthcare reform”. No matter what stance they assume from now on, they have shown themselves to be traitors.
Even Roth IRA's?
” I’m pretty much thinking of withdrawing out my total retirement stash in one, two or three increments - whichever chunks breaks the single disbursements into amounts not considered ‘rich’ by Zer0......”
Careful. I’m wondering how the AMT is going to affect us if we do the same.
Yeah, I’m wondering that too.....I got hit with AMT this year. First time ever. The funny thing is that there was nothing special about my taxes. I didn’t get any mortgage interest deduction, no special retirement fund payouts, no nothing, just straight, plain old run of the mill filing. Trouble was my income went up too much last year.
Laws don’t mean anything to this administration, they’ve already shown that with a myriad of flauntings of the law this past year.
“The only thing I can think of, is to stop contributing to our 401k accounts (losing the tax advantage in the process) and self-fund our retirements.”
I cut mine way back, for a number of reasons. First reason is that it freed up money that I could use to hoard necessities (which I’m now in good shape on, although my house is bursting at the seams). Second reason is because the dollar crash that HAS TO happen will triple the price of everything (hence the hoarding) and make retirement money worth much less. Third reason is that the so-called tax advantage of deferring almost certainly will go away as this country is forced to go to pre-Reagan tax rates, just to try to service the debt. Today’s tax rates are about as low as they’ll ever be, so trying to avoid taxes makes less sense.
“There will be no place to hide.”
So just put a bullet in my head, and do the same to my family then - so they don’t have to suffer?
I agree that the options are not great, but there are reasonable steps that people can take that may make the difference between being poor and being destitute (and there are dumb steps, too).
Unfortunately, confiscation is only the most overt way to seize the lion’s share of your dollar-denominated savings. INFLATION by devaluation of the dollar is FAR easier, and FAR more encompassing than any kind of proportional taxation. The only protection from that requires a shovel, a secret location, and high-value physical assets - and the will to defend them!
Yes sir!! All of us must participate this year in getting conservatives elected in every race. Get involved in your local government. Make your voices heard. Let’s take back our government at all levels before the bad things happen. We are positioned. They are scared. The truth is starting to come out.
Yes, just imagine you build $250,000 fund in your 401 (K) and when you cash out at 62, the dollars you saved are worth .25, if you are lucky, on the dollar and are taxed at 50 % of value.
Yeah, no need to outright take it, just devalue it and tax the crap out of it.
I hate this man. I truly do.
It is far far deeper than "this man." Barack Obama is not personally bright enough to conjure the fraud. He is the front, and was put there consciously.
But NOOOO there ain't no friggin conspiracies.
If I produce a product and the only people willing to purchase it are my own insiders, via force, it’s time to worry, no?
Nice!
INFLATION by devaluation of the dollar is FAR easier, and FAR more encompassing than any kind of proportional taxation.
We have been saying this for a long time. Inflation is the most pernicious way for politics to maintain its deception of action and caring, while obscuring the constituencies' plunge into poverty. The dumber the constituency the easier it is. Inflation and Depression are two forms of the same thing - impoverishment.
The only way out, which is what much of this thread is about, is to produce, innovate, design, create, as a nation, as a company, as an individual, things of such globally competitive value there is no option for denial.
Brutal, but fact. And I don't think Barack Obama, Hillary Clinton, Rahm Emmanuel, Cass Sunstein, Barbara Boxer, Dianne Feinstein, have EVER, EVER, produced anything of global value whatsoever. Fundamentally they are a joke. See tagline.
And please consider converting it to gold and sliver, as well. Because by the time the obamanation starts the 401k confiscations that dollar's decline will be well on its way.
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