The Great Global Tax Grab is Already Underway

Phoenix Capital Research's picture




The world will soon be facing a tsunami of defaults on bad debts. This will include municipal or local government defaults such as the one now occurring in Stockton California, governments “defaulting” on promises they’ve made to the people (Social Security, Medicaid), a default on the social contract between society and politicians such as the one in Cyprus (a default on the notions of private property and Democracy), stealth defaults on debts in the form of inflation and finally, of course, outright sovereign defaults.

However, the last option will be sovereign defaults; all other options will be tried first. The reason for this is that sovereign bonds are the senior most collateral posted by the banks for their hundreds of trillions of Dollars worth of derivatives bets.


The minute an actual sovereign default occurs in Europe, Asia or the US, then the large global banks will all be vaporized. End of story.  As is now clear, the Central banks do not care about ordinary citizens. They only care about propping up the big banks.


This is why Cyprus decided to default on the social contract with its people and steal their funds rather than simply instigating a formal default. And it’s why in general we’re going to see Governments implementing more and more theft in the form of “taxes” (Cyprus called its theft a tax) in the future.


This will be sold to the public as either an attempt to tax those with a lot of money because it’s only fair that they put in more to bailout the nation OR as a form of financial terrorism e.g. “either you take a 7% cut on your deposits and the bank stays afloat or the bank crashes and you lose everything.”


This will be spreading throughout the world, GUARANTEED.


Spain, Canada (which allegedly has the safest banks in the world), and New Zealand have already begun discussing confiscation schemes for depositors in the event of a banking crisis.


As Cyprus has shown us, when push comes to shove, rule of law goes out the window. I fully expect that when things get really bad in the financial system the money grabs will come fast and furious. Foreign accounts, including possibly even Gold held aboard, will come under attack. Heck, the US got Switzerland to throw its 300-year-old banking secrecy out the window…


The Swiss bank Wegelin is to close, after admitting that it helped about 100 US clients evade paying taxes.


The news that Switzerland's oldest private bank will cease to operate has potentially huge implications for Switzerland's entire banking sector, and for the long tradition of Swiss banking secrecy.


Thirteen other Swiss banks are under investigation by US authorities, among them Credit Suisse, a bank now termed "too big to fail" by the Swiss government.


When Wegelin's managers pleaded guilty in a New York court, the case was watched with mounting horror by the financial communities in Zurich and Geneva.


Many had expected Wegelin to continue to try to fight the case. For months, the bank had failed to turn up in court, saying the summons had not been delivered correctly.


Instead, Wegelin's guilty plea included the admission that it intentionally opened accounts for US citizens to help them avoid tax.



If you’re an individual investor worried about what Europe’s Crisis really means for your portfolio, we’ve published a FREE Special Report outlining exactly that. It’s titled, What Europe Means For You and Your Savings.


In this report, we outline the risks Europe’s banking crisis holds not only for those in Europe, but for savers around the world. We also explain how this crisis will most likely unfold, including which areas are most at risk in the financial system. And we cap it off by listing multiple backdoor plays on Europe that investors can use to profit from Europe’s Crisis.


You can pick up a FREE copy here:


Thank you for reading!


Graham Summers





Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Sat, 04/13/2013 - 10:47 | 3444423 Aussiekiwi
Aussiekiwi's picture

'and New Zealand have already begun discussing confiscation schemes for depositors in the event of a banking crisis.'


Not sure what he is talking about here, the big four banks in New Zealand are actually Australian banks, while these banks are registered in New Zealand, New Zealand does not own them, I suspect they are more branches of Australian banks rather then individual legal entities. Apart from Building societies and a few regional banks the BNZ, ASB and Kiwi banks would be the only real targets.


Sat, 04/13/2013 - 10:41 | 3444418 Clever Name
Clever Name's picture

I hope Simon Black is paying attention...

including possibly even Gold held aboard, will come under attack

This would get real interesting, real quick.

Sat, 04/13/2013 - 10:31 | 3444402 Savvy
Savvy's picture

It's coming, there's no way to avoid it, just how well are you prepared? Bubble, bubble, toil then trouble. I'll sell you a roll of t.p. for an oz of silver. muaha

Sat, 04/13/2013 - 09:57 | 3444368 fatman51
fatman51's picture

Complaints about social inequality seem like liberal left whining until said inequality paralyzes the economy and then puts it in a downward spiral. At this point, the world has so far invented three choices: fascism, socialism or economic reset through expropriation.

I grew up behind the iron curtain. I learned this: the only thing you really own is what is in your head. The rest is a social construct that can go away at any minute.

Sat, 04/13/2013 - 09:03 | 3444304 mendigo
mendigo's picture

The system is very unstable - defaults will propagate.
They cannot let the system function without central control - crony capitalism.
If you are one of the chosen, you will know about the event shortly before the rest of us.
It seems to me that what we practice as capitalism is not really much like capitalism and that what pass as laws are only a facade that collapses when SHF.
Many people vent ill will toward the bankers but they are the ones with all the resources.

Sat, 04/13/2013 - 07:28 | 3444242 de3de8
de3de8's picture

I hope my orderly withdrawal plan outlives tptb implementation.

Sat, 04/13/2013 - 06:21 | 3444220 new game
new game's picture

anyone in authority needs to be told to fuck off or die.

better yet, avoid the muther fuckers in the first place.

under the radar, as they say.

always hated school and stupid rules...

especially wormy fucks in authority positions.

Sat, 04/13/2013 - 02:44 | 3444138 Iconoclast
Iconoclast's picture

Started off full of promise this article then faded. Particularly would have liked a bit more forensics on the Swiss banking situation.

Sat, 04/13/2013 - 10:35 | 3444408 Matt
Matt's picture

I think if you want actual content, you're supposed to sign up for the newsletter.

Fri, 04/12/2013 - 23:09 | 3443932 ebworthen
ebworthen's picture

Bernanke condoned what was done in Cyprus, and did not deny that it could happen in the U.S.

Fri, 04/12/2013 - 22:17 | 3443820 What you talkin...
What you talkin about Willis's picture

Fuck the system

Fri, 04/12/2013 - 22:03 | 3443794 toys for tits
toys for tits's picture

I don't understand why Obama doesn't have to count his food, shelter, and personal transportation as income.  If anyone else tried to have their company pay for those personal items, they'd be in jail.


Fri, 04/12/2013 - 23:47 | 3443998 ebworthen
ebworthen's picture

"It's good to be the King!"

Fri, 04/12/2013 - 21:10 | 3443667 Milestones
Milestones's picture

Wisefool, point on question---and answer.           Milestones

Fri, 04/12/2013 - 20:24 | 3443506 wisefool
wisefool's picture

Obama's 2012 taxes were released today. 18%. One MSM pundit sais "Well Obama donates alot to charity" .. Another pundit said "But if the president of the united states ...

(factually implying that the man's food shelter, water, medical and security needs are set for the rest of his and 2 subsequent generations lives)

... Then who should be paying 35%?"

Sat, 04/13/2013 - 01:03 | 3444074 BooMushroom
BooMushroom's picture


Fri, 04/12/2013 - 23:26 | 3443961 Handful of Dust
Handful of Dust's picture

"If you don't hold it you don't own it," some one here on ZH said a while back. They'll probably right!

Sat, 04/13/2013 - 10:42 | 3444420 Savvy
Savvy's picture

That was Ponce Cuba @ GIM

Do NOT follow this link or you will be banned from the site!