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Prepare to be taxed.
Behind the veneer of “all is well” being promoted by both world
Governments and the Mainstream Media, the political elite have begun
implementing legislation that will permit them to freeze accounts and use
your savings to prop up insolvent banks.
This is not conspiracy theory or some kind of doom and gloom. It’s basic
fact.
In the last 16 months, Canada, Cyprus, New Zealand, the US, the UK, and
now Germany have all implemented legislation that would allow them to first
FREEZE and then SEIZE bank assets during the next crisis. I expect more
countries to join this movement. The IMF actually openly suggested it as the
best means of dealing with future crises in the financial system.
Outside of this, we’ve also seen the beginning of moves to ban the use of
physical cash in France, Spain, Uruguay, and elsewhere… as well as a growing
chorus of experts calling for negative interest rates and possibly even a
“carry tax” on cash itself.
Why is this?
The world will soon be facing a tsunami of defaults on bad debts.
This will include municipal or local government defaults, governments
“defaulting” on promises they’ve made to the people (e.g. Social Security,
Medicaid), a default on the social contract between society and politicians
such as the one in Cyprus (a default on the notions of private property and
Democracy), stealth defaults on debts in the form of inflation and finally,
of course, outright sovereign defaults.
The sovereign defaults will come last; all other options will be tried
first.
The reason for this is that sovereign bonds (think of US Treasuries,
German Bunds or Japanese Government bonds) are the senior most collateral
posted by banks for the hundreds of trillions of Dollars worth of derivatives
bets they’ve made with each other.
The minute an actual sovereign default occurs in Europe, Asia or the US,
then the large global banks will all be vaporized. End of story. As is
now clear, the Central banks do not care about ordinary citizens. They only
care about propping up the big banks.
This is why Cyprus decided to default on the social contract with its
people and steal their funds rather than simply instigating a formal default.
And it’s why in general we’re going to see Governments implementing more and
more theft in the form of “taxes” (Cyprus called its theft a tax) in the
future.
Make no mistake, the words “wealth tax” mean freezing of assets and then taking
some of your savings. Anyone with more than $250,000 in a bank account should
be prepared for this. It has happened in Cyprus. It will happen elsewhere
too.
This will be sold to the public as either an attempt to tax those
with a lot of money because it’s only fair that they put in more to bailout
the nation OR as a form of financial terrorism e.g. “either you take a 7% cut
on your deposits and the bank stays afloat or the bank crashes and you lose
everything.”
This will be spreading throughout the world, GUARANTEED.
Spain, Canada (which allegedly has the safest banks in the world), New
Zealand and now even Germany have already begun discussing confiscation
schemes for depositors in the event of a banking crisis. The US and UK have
also developed similar schemes to freeze “systemically important” financial
entities during the next crisis.
This is just the beginning. Indeed… we've uncovered a secret document
outlining how the US Federal Reserve plans to incinerate savings.
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