IMF suggests one off wealth confiscation to pay for debt.

10/15/2013 @ 8:00AM
<B>The International Monetary Fund Lays The Groundwork For Global Wealth Confiscation</B>

The International Monetary Fund (IMF) quietly dropped a bomb in its October Fiscal Monitor Report. Titled “Taxing Times,” the report paints a dire picture for advanced economies with high debts that fail to aggressively “mobilize domestic revenue.” <B>It goes on to build a case for drastic measures and recommends a series of escalating income and consumption tax increases culminating in the direct confiscation of assets.</B>

The report itself says:
“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."

Note three takeaways. <B>First, IMF economists know there are not enough rich people to fund today’s governments even if 100 percent of the assets of the 1 percent 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.</B>

<B>Second, 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.</B>

Third, should politicians fail to muster the courage to engage in this kind of wholesale robbery, the only alternative scenario the IMF posits is public debt repudiation and hyperinflation.

http://www.forbes.com/sites/billfre...he-groundwork-for-global-wealth-confiscation/

Is this Obama's ultimate game plan too?

 

When i hear proposals like this i cant help but think that the government is directly trying to sabotage the economy.

You can sheer a sheep many times, but skin him only once, the first time the government tried to confiscate peoples wealth would be the last time they ever see a penny of tax revenue from those people.

 

Kinda like spreading out all the chips again after the end of a poker tourney, so the players can have another tourney!

 

More like stealing the chips from everyone at the head table while the tournament is still going on, in order to pass them off to the people who have no clue how to play, all the losers who already busted out.

 

This has been part of the progressives' game plan for a long time. Occasionally one of them like Jesse Jackson or some academic will mention it. The last case I recall was a professor, at NYU Ibelieve, who had a plan for basically converting all 401k's and IRA's into government pensions. Wealth confiscation by another name.

Obama and the democrats have zero interest in cutting the deficit or debt load. Actually, they want to increase it, witness the events of the last two weeks. Since there is no conceivable way of paying this accumulated debt off, they have to be planning on using some future crisis to ram through some sort of confiscation like the iMF is suggesting.

We used to have a constitution that would protect us from this sort of theft. Unfortuantely, the Supreme Court has basically repealed the protections against government overreaching.

 

Is it time to cash out of all funds and hide the cash under the mattress?

(or maybe invest it in ammo?)

 

I don't want to push analogy too far, but if we've reached the final table stage we've already let the game go on too long.

 

Really?

 

Isn't this the same guy who pounded the table the past few years that we didn't borrow and spend enough? The same guy who praised Krugger's arguments for going on a spending orgy preparing for a fictional alien invasion...

The same guy who kept pointing to rock bottom interest rates, implying that the free market was offering a once in a lifetime chance to borrow trillions more to "rain down" money on the struggling economy.

 

The only way to protect yourself is to buy untraceable gold coins.

Pay cash at a pawn shop.

They will make owning gold illegal too.

Anyone who leaves money in a bank after Cyprus is a fool and deserves to lose their money.