As reported by Forbes, the International Monetary Fund (IMF) dropped a bomb in its October "Fiscal Monitor Report":
- The report paints a dire picture for high-debt nations
- that fail to aggressively “mobilize domestic revenue”
- which is code for “aggressively tax its citizens”
- It goes on to build a case for drastic measures &
- recommends a series of escalating income and consumption tax increases
- culminating in the direct confiscation of assets
Why is the IMF proposing this?
- Because global governments and central banks pumped trillions of dollars of YOUR money
- into the banks and stock market over the last several years
- catapulting public debts to tens of TRILLIONS of dollars.
- But now, governments and central banks can no longer sustain these debt levels &
- global wealth confiscation is their only way to maintain the Ponzi scheme
So it’s more apparent than ever, if you want to keep your savings & retirement out of the hands of desperate governments
- there’s only one thing you can do.
The Wolves Are Starving for Your Money
First, here is the excerpt where the IMF clearly advocates a tax on your private savings to pay down government debt:
- "The sharp deterioration of the public finances in many countries has revived interest in a “capital levy”
- a one-off tax on private wealth — as an exceptional measure to restore debt sustainability…
- The tax rates needed to bring down public debt to pre-crisis levels are sizable.
- Reducing debt ratios to end-2007 levels would require
- a tax rate of about 10% on households with positive net wealth"
- You read that right: the IMF wants to take 10% of your private savings
- in addition to the taxes you’re already paying.
But is that only the beginning of the proposed wealth confiscation?
- The report’s most chilling aspect is the clinical manner in which it discusses
- how all governments can work together to track and tax your savings:
- "Financial wealth is mobile, and so, ultimately, are people…
- There may be a case for taxing different forms of wealth differently
- according to their mobility…
- Substantial progress likely requires enhanced international cooperation
- to make it harder for the very well-off to evade taxation by placing funds elsewhere"
There are 3 key points to take away from this report:
1. IMF economists know there are not enough rich people to fund today’s governments
- even if 100 percent of the assets of the 1% were expropriated
- That means that all households with positive net wealth
- everyone with retirement savings or home equity
- would have their assets plundered under the IMF’s formulation.
2. Such a repudiation of private property will not pay off Western governments’ debts or
- fund budgets going forward.
- It will merely “restore debt sustainability”
- allowing free-spending sovereigns to keep tapping the bond markets
- until the next crisis comes along
- for which stronger measures will be required, of course.
3. If politicians should fail to engage in this kind of wholesale robbery,
- the only alternative scenario the IMF posits is
- government bankruptcy and hyperinflation.
- The IMF makes no proposes to reign in the Ponzi-scheme entitlement programs
- that are bankrupting us.
Forbes argues that this is where the bankruptcy of the modern entitlement state is taking us
- capital controls and exit restrictions
- “so the proverbial 4 wolves and a lamb can vote on what’s for dinner.”
There’s Only One Place to Hide
- With our desperate governments gaining unprecedented access to your personal savings
- anywhere in the world,
- you need to take action NOW
- to protect your savings & retirement from possible capital controls
- But if the government has its hands in:
--- your bank accounts,
--- retirement accounts &
--- brokerage accounts
Is any place safe? Absolutely!
- There’s ONE asset class this sits outside the financial system &
- is completely secure from government confiscation &
- global economic collapse:
--- Gold & Silver
- Gold & Silver have been the best wealth protectors for over 5,000 years &
- have survived every government & currency collapse in history
Today, physical gold & silver are selling in record numbers around the world
- Central banks around the world and nations, like China, are stockpiling gold
- as a hedge to any possible collapse of all the dollars they hold.
- The government has spent way beyond its limits
- And now you know that the government is planning to seize control of your financial accounts
- So the time is now
- Protect your savings & retirement with physical gold & silver
- before you have nothing left to protect
BY DAMON GELLER