The Confiscation Scheme Planned For U.S. And U.K. Depositors

Discussion in 'Economics' started by Banjo, Mar 28, 2013.

  1. Bob111


    deucy28-same question about 30% withoholdint tax. where can i find more info about it? are you sure that you not cunfusing it with 'exit tax?'
    #11     Mar 29, 2013
  2. I meant, a wealth tax on money over the FDIC coverage could be taxed (confiscated).

    keep in mind, in years past, the government was making money on deposits because they were paying interest, and like you say, interest is taxed. But now it is just sitting there, you aren't making any money and they aren't making in money by taxing practically nothing

    spread the money? Isn't that the big question? You can't give it to somebody else without first taking it from me

    but then again, I always said, "If the whole world spent like I do we would be in a great depression."

    take it from me, give it to the spenders, I'll get it back again

    some people like spending money
    some people like making money

    in my whole life it is very rare to find somebody, the old Silas Stingey, who just likes having money, so they are not really worth considering, but like the Bible says, invest it, or even that which you have will be taken away
    #12     Mar 29, 2013
  3. clacy


    Yes, the money is long gone.

    Fortunately for now at least, there doesn't seem to be a lot of inflation ramifications so printing seems to be working, here in the US at least.

    I can't see that working forever, as if it sounds too good to be true, it usually is.

    Maybe while we still maintain the word's reserve currency status we can keep printing and exporting our inflation however and thereby be immune from things like this.

    One thing is for certain..... the politicians WILL not reduce spending, until there is no alternative. The "people" want their government cheese, even though they claim they want spending reduced and taxes to not go up.
    #13     Mar 29, 2013
  4. zdreg


    it's all fine until it is not fine.
    what is your plan of action?
    #14     Mar 29, 2013
  5. JamesL


    Use multiple banks. There's no reason to have more than FDIC maximum sitting in any single bank as loss of funds has a greater probability than diversification. It's what I advcoate in my trading accounts too. MFG/PFG taught us that lesson for sure.
    #15     Mar 29, 2013
  6. how about the oldtime disaster fund?

    long gold
    short stocks
    short bonds

    doubt it would make any money, but it is very easy to talk the book
    #16     Mar 29, 2013
  7. Bob111


    that's what i'm planning to do ASAP. as for FDIC-there is a multiple owners on this particular account,so -for each of them 250K coverage should apply. i mean-if you have a joint account-the total coverage would be 500K. i'm wrong?
    #17     Mar 29, 2013
  8. Gold
    toilet paper

    #18     Mar 29, 2013
  9. clacy


    Oh I don't disagree. I happen to think the odds are better that it ends badly than not.

    I am fairly well hedged and do hold a wide range of asset classes, with plenty of inflation protection in mind.

    I don't hold a lot of cash in my personal bank accounts, but our business does hold a lot of cash at any given time out of necessity.

    I 10%+ haircut like they had in Cyprus would be a huge problem for the business that we operate.
    #19     Mar 29, 2013
  10. vicirek


    keep your money in brokerage account not in the bank (which is not bank anymore but rather a bond house and insurance company)
    #20     Mar 29, 2013