Best of the Week
Most Popular
1. Gold Final Warning: Here Are the Stunning Implications of Plunging Gold Price - P_Radomski_CFA
2.Fed Balance Sheet QE4EVER - Stock Market Trend Forecast Analysis - Nadeem_Walayat
3.UK House Prices, Immigration, and Population Growth Mega Trend Forecast - Part1 - Nadeem_Walayat
4.Gold and Silver Precious Metals Pot Pourri - Rambus_Chartology
5.The Exponential Stocks Bull Market - Nadeem_Walayat
6.Yield Curve Inversion and the Stock Market 2019 - Nadeem_Walayat
7.America's 30 Blocks of Holes - James_Quinn
8.US Presidential Cycle and Stock Market Trend 2019 - Nadeem_Walayat
9.Dear Stocks Bull Market: Happy 10 Year Anniversary! - Troy_Bombardia
10.Britain's Demographic Time Bomb Has Gone Off! - Nadeem_Walayat
Last 7 days
Stock Market Crash Edition - 26th Mar 19
Handy Ways to Boost Your Home Income - 26th Mar 19
US Treasury Bond Yield Inversion and Political Fed Cycles - 26th Mar 19
Golan Heights Oil all about the Shekels - 26th Mar 19
Falling Yields a Catalyst for The Gold Catalyst - 26th Mar 19
Can We Lock Up Rachel Maddow Now? - 25th Mar 19
Real US National Debt Might Be $230 Trillion - 25th Mar 19
Friday's Stock Market Sell-Off - New Downtrend or Just Correction? - 25th Mar 19
20 Days Left to Find Buying Opportunities In Gold - 25th Mar 19
Will the Historic Imbalance in Gold Stocks to Gold Price Resolve ? - 25th Mar 19
EasySMX Wireless Games Controllers Review - 25th Mar 19
Stock Market Short-term Top - 25th Mar 19
UK Population Growth - Latest ONS Immigration Statistics and Consequences - 24th Mar 19
The Fed Follows Trump's Tweets, And Does The Right Thing - 24th Mar 19
Yield Curves, 2yr Yield, SPX Stocks and a Crack Up Boom? - 24th Mar 19
Risk/Reward in Silver Favors Buying Now, Not Waiting for Big Moves - 23rd Mar 19
Similarities Between Stock Market Today and Previous Bull Market Tops - 23rd Mar 19
Stock Market DOW Seasonal Trend Analysis - 23rd Mar 19
US Dollar Breakdown on Fed Was Much Worse Than It Looks - 23rd Mar 19
Gold Mid-Tier GDXJ Stocks Fundamentals - 23rd Mar 19
Which Currency Pairs Stand to Benefit from Prevailing Risk Aversion? - 23rd Mar 19
If You Get These 3 Things Right, You’ll Never Have to Worry About Money - 22nd Mar 19
March 2019 Cryptocurrency Technical Analysis - 22nd Mar 19
Turkey Tourist Fakes Market Bargains Haggling Top Tips - 22nd Mar 19
Next Recession: Finding A 48% Yield Amid The Ruins - 22nd Mar 19
Your Future Stock Returns Might Unpleasantly Surprise You - 22nd Mar 19
Fed Acknowledges “Recession Risks”. Run for the Hills! - 22nd Mar 19
Will Bridging Loans Grow in Demand and Usage in 2019? - 22nd Mar 19
Does Fed Know Something Gold Investors Do Not Know? - 21st Mar 19
Gold …Some Confirmations to Watch For - 21st Mar 19
UKIP No Longer About BrExit, Becomes BNP 2.0, Muslim Hate Party - 21st Mar 19
A Message to the Gold Bulls: Relying on the CoT Gives You A False Sense of Security - 20th Mar 19
The Secret to Funding a Green New Deal - 20th Mar 19
Vietnam, Part I: Colonialism and National Liberation - 20th Mar 19
Will the Fed Cut its Interest Rate Forecast, Pushing Gold Higher? - 20th Mar 19
Dow Jones Stock Market Topping Pattern - 20th Mar 19
Gold Stocks Outperform Gold but Not Stocks - 20th Mar 19
Here’s What You’re Not Hearing About the US - China Trade War - 20th Mar 19
US Overdosing on Debt - 19th Mar 19
Looking at the Economic Winter Season Ahead - 19th Mar 19
Will the Stock Market Crash Like 1937? - 19th Mar 19
Stock Market VIX Volaility Analysis - 19th Mar 19
FREE Access to Stock and Finanacial Markets Trading Analysis Worth $1229! - 19th Mar 19
US Stock Markets Price Anomaly Setup Continues - 19th Mar 19

Market Oracle FREE Newsletter

Stock Market Trend Forecast March to September 2019

The War On Cash: Governments Grabbing or Taxing Cash At Will Now

Politics / Fiat Currency May 07, 2015 - 11:22 AM GMT

By: Jeff_Berwick

Politics

We have been warning for years that as bankrupt Western countries came closer to being completely insolvent that they would begin instituting capital controls, doing bank bail-ins, taxing cash and outright just stealing cash.

All of these things have come to pass now in one form or another.  Here are four examples of the countless that we could choose from.


THE USA - LAND OF THE FREE

The first is a heartbreaking story of spent a man who spent more than a decade running L&M Convenience Mart, a gas station, restaurant, and convenience store in rural Fairmont, North Carolina. Then, one year ago, without any warning, agents from the IRS seized his entire bank account, which was his entire life savings, totaling more than $107,000.

The reason?  They said he had been depositing money in small amounts (as a convenience store just might do) under the amount that would trigger a reporting requirement for the last decade.

That's all they needed.  No charges, no arrest.  They just deemed that he had been depositing small amounts of money into the bank for years and that was reason enough to impoverish him.  What is a "big amount", by the way?  It is anything over $2,000.  The Bank Secrecy Act (BS), which, like all cute regulatory names, requires banks to do the exact opposite of "secrecy" and to betray their customers’ financial secrets to the US government, mandates that anything over $2,000 is "suspicious" and must be reported.

And if you deposit anything under $2,000 regularly?  That is suspicious too, as that man found out.

The US government has stolen billions from Americans in just this way. 

FRANCE - LAND OF THE COMMIE

France instituted some staggering capital controls.  

  • The limit on cash payments have been reduced from 3,000 euros to 1,000 euros.
  • Tourists can pay no more than 10,000 euros in cash.  Heretofore it had been 5,000 euros.
  • If a Frenchman wants to change money into another currency, they can only change 1,000 euros without presenting ID, whereas before it was 8,000.
  • If a bank customer takes out more than 10,000 euros in a month from his account, the bank must report the transaction to the Money Laundering Authority TRACFIN.
  • Banks must report all cargo transfers in the EU exceeding 10,000 euros. This regulation checks, pre-paid cards and even gold are affected.
  • The control of crypto-currencies like Bitcoin will be drastically tightened.

AUSTRALIA - TAXING YOUR MONEY

Australia decided just to jump right into the deep end of the pool and tax all money in bank accounts! According to the 2015 Australian budget Australians must pay taxes on their savings. This will be quickly brought to Europe and North America if it does not meet resistance in Australia.

GREECE - ON A TAXING SPREE

Greece, on the verge of a complete collapse for about the tenth time in the last seven years, thought they'd try a different approach from the rest.

They are trying to institute a tax when you take money out of an ATM. While they need the tax revenue, they mostly also don't want people taking money out of the bank at all. 

CONCLUSION - RUN!

If you can't see the big picture here then you may be watching too much CNBC or CNN for your own good. Western countries, around the world, are seizing, freezing, restricting or taxing cash.

To keep a sizeable amount of cash in a bank account in any of the above named countries is tantamount to leaving your porkchops in the doghouse... know that when you come back for it, it won't be there.

If that poor man in North Carolina had paid any attention whatsoever he would have moved a sizeable amount of his life savings outside of the US.  If he had, the IRS would have no way to seize it and he'd still have his life savings.

Unfortunately, most don't pay attention but if you are reading this right now it means you are.

Here is the good news.  It is incredibly easy, still (not for long we are sure), to open an offshore bank account in a tax-free jurisdiction, outside of the ability of seizure by your own government and in a country in no danger of going bankrupt and in banks much, much more well capitalized than banks in the US, Europe and Australia.

It's all completely legal still (not for long we are sure) too.  And it can all be done from the comfort of your own home.

Why millions aren't running to do it I don't know.  But by the time millions realize what is happening it will be too late.  The doors will be shut.

Luckily, you are one-step ahead of them right now.  TDV Offshore (http://tdvoffshore.com) offers free consulting on your needs and what is right for you and can help you through the entire process.

Don't say we didn't warn you.

Thoughts? Let us know at TDV Blog...

Anarcho-Capitalist.  Libertarian.  Freedom fighter against mankind’s two biggest enemies, the State and the Central Banks.  Jeff Berwick is the founder of The Dollar Vigilante, CEO of TDV Media & Services and host of the popular video podcast, Anarchast.  Jeff is a prominent speaker at many of the world’s freedom, investment and gold conferences as well as regularly in the media.

© 2015 Copyright Jeff Berwick - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Jeff Berwick Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules