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

[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?'

 

[oldtime]

Quote from Bob111:

can you clarify? i have more than that in the bank,but never saw any taxes or any other tax forms,besides 1099 INT

looks like it's time to spread the money all over the place.

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

 

[clacy]

Quote from euclid:

Yes, except the bank deposits have already been invested in government bonds and they've already spent it.

The depositor haircut is just an admission that the money is already long gone.

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.

 

[zdreg]

Quote from 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.

it's all fine until it is not fine.
what is your plan of action?

 

[JamesL]

Quote from Bob111:

can you clarify? i have more than that in the bank,but never saw any taxes or any other tax forms,besides 1099 INT

looks like it's time to spread the money all over the place.

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.

 

[oldtime]

Quote from zdreg:

it's all fine until it is not fine.
what is your plan of action?

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

 

[Bob111]

Quote from 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.

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?

 

[Zr1Trader]

Gold
Silver
Platinum
Whiskey
toilet paper
land
guns
wheat
corn
hogs
cattle
chickens

 

[clacy]

Quote from zdreg:

it's all fine until it is not fine.
what is your plan of action?

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.

 

[vicirek]

keep your money in brokerage account not in the bank (which is not bank anymore but rather a bond house and insurance company)