The IMF Proposes Global Wealth Confiscation, by
Damon Geller
As first reported by
Forbes, the International Monetary Fund (IMF) dropped a bomb in its October
Fiscal Monitor Report. The report paints a dire picture for high-debt nations
that fail to aggressively “mobilize domestic revenue,” which is code for “aggressively
tax its citizens.” 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. Why is the IMF proposing
this? Because global governments and central banks pumped trillions of dollars
of YOUR money into the banks and stock market over the last several years,
catapulting public debts to tens of TRILLIONS of dollars. But now, governments
and central banks can no longer sustain these debt levels, and global wealth
confiscation is their only way to maintain the Ponzi scheme. So it’s more
apparent than ever, if you want to keep your savings & retirement out of
the hands of desperate governments, there’s only one thing you can do.
The Wolves Are
Starving for Your Money
First, here is the
excerpt where the IMF clearly advocates a tax on your private savings to pay
down government debt: 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… The tax rates needed to
bring down public debt to pre-crisis levels are sizable. Reducing debt ratios
to end-2007 levels would require a tax rate of about 10 percent on households
with positive net wealth.
You read that right:
the IMF wants to take 10% of your private savings in addition to the taxes
you’re already paying. But is that only the beginning of the proposed wealth
confiscation? The report’s most chilling aspect is the clinical manner in which
it discusses how all governments can work together to track and tax your
savings:
Financial wealth is mobile, and so, ultimately, are people. … There may
be a case for taxing different forms of wealth differently according to their
mobility… Substantial progress likely requires enhanced international
cooperation to make it harder for the very well-off to evade taxation by
placing funds elsewhere.
As Forbes points out,
there are three key points to take away from this report:
1.
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.
2.
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.
3.
If politicians should
fail to engage in this kind of wholesale robbery, the only alternative scenario
the IMF posits is government bankruptcy and hyperinflation. The IMF makes no
proposes to reign in the Ponzi-scheme entitlement programs that are bankrupting
us.
Forbes argues that
this is where the bankruptcy of the modern entitlement state is taking
us—capital controls and exit restrictions “so the proverbial four wolves and a
lamb can vote on what’s for dinner.”
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Comments
How about
having Congress cut federal spending by $1 trillion a year and using it to
repay principle and interest on the National Debt.
Norb
Leahy, Dunwoody GA Tea Party Leader
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