The confiscation is cyclical and is done by the banks - as they've always done. Debt is caused by borrowing, and govt borrowing requires taxes to retire the debt. If you elimimate taxes (yea-ya), you'll still have debt. Bankers, who are not responsible to the public, currently control the quantity of money available. By eliminating borrowing and directly issuing money itself, the control of the quantity of money available will be in the hands of elected govt that is directly responsible to the people.
http://www.irs.gov/taxstats/article/0,,id=102886,00.html Top 1-percent Adjusted Gross Income (AGI) break (TY 2008) [3,4] $380,354 [billion] Ummm... you could take 100 % of the Adjusted Gross Income of the top 1 % of Individual Income Tax Returns and it would still take you sixteen years to pay off the existing debt.
Spending does not creat debt - borrowing does. If you pur 100 large on your visa card, you just might experience a problem with debt. Might. But if you make the same purchases without visa - with cash - it's not likely you'll experience a debt problem. The govt borrows money collateralized by the good faith and trust IN the govt. Instead, it could directly issue the money - wikthout debt - with the SAME good faith and trust backing the value of that money. We do not need debt. But those few and powerful American and European banking families WANT us to need debt in order that they might maintain their power, control and wealth. After the charter for the first incarnation of the Fed expired, the congress voted to charter a new one. Recognizing that the bankers were a "den of vipers", president Jackson vetoed the charter. In 1832, Nicholas Biddle, head of this second bank, threatened depression of Jackson's veto was not overturned by the congress: "Nothing but widespread suffering will produce any effect on Congress ... we (bankers) must persue a course of monetary restriction (tightening the money supply to cause depression) which will lead to the restoration of the currency and the re-charter of the bank." Jackson's veto was not overturned and Biddle and his henchmen made good on his threat. In the absence of the debt-money system, our economy flourished to the extent that the 'powers' feared that the rest of the world might catch on. Recognizing their power and foreseeing their intentions, Jackson, in his farewell address in 1837 proposed: "Have designs been formed to sever the nation?" He knew of the intent of the powerful European banking families' to keep the world enslaved to debt ... and the only way to prevent our success from spreading was to divide and conquer, ie: the Civil War. The 'powers' have had decades to deflect the public's attention away from the real (debt) problem to others ... like spending ... in the same manner that a magician misdirects our attention to create HIS illusions.
We were talking once about, for example, the Norwegian economic model and why it shouldn't be working, seeing as how it's socialism, etc. Their oil was pointed to as an explanation... So check this: http://www.reuters.com/article/2011/07/29/us-chevron-idUSTRE76S2YB20110729
Ric, that link was to a Chevron article on earnings that made no mention of Norway - is Chevron state-owned ? Canada is doing well with oil shale, BTW.
The state should go ahead and confiscate everyone's 401K plans and IRAs. Forward, Comrade ! Workers of the world unite !