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Bank Account Raid Powers Needed Or Taxes Will Rise - UK Prime Minister

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DAILY PRICE
Today’s AM fix was USD 1,292.75, EUR 938.95 and GBP 765.08 per ounce.                            

Friday’s AM fix was USD 1,289.00, EUR 933.25 and GBP 762.54 per ounce.


Gold fell $0.50 or 0.04% Friday to $1,288.70/oz. Silver slipped $0.02 or 0.1% to $19.15/oz. Gold and silver were both down for the week 0.74% and 1.54% respectively.
 

Gold recovered on Monday after falling 0.5%. Safe haven demand from escalating geopolitical tensions in Ukraine is supporting gold. Gold is a proven safe haven at times of political and economic uncertainty.
 


Spot Gold Price in U.S. Dollars - 1 Month (Thomson Reuters)

Gold in euros has eked out marginal gains again after the European Central Bank said it was ready to loosen monetary policy even further next month. European gold buyers have realised that the euro is not going to be a store of value in the coming years.


In Ukraine, pro-Moscow separatists declared a resounding victory in a referendum on self-rule for eastern Ukraine. Fighting is increasing in a conflict increasingly out of control.



Spot Gold Price in U.S. Dollars - 10 Years (Thomson Reuters)

Chinese demand remains very robust and looks set to surpass 2,000 tonnes in 2014. Chinese gold premiums over the global benchmark have climbed to about $3 an ounce after trading at a discount for most of the last two months on weak demand, showing continuing demand. Chinese silver demand is very high and may hit record levels this year.


Bank Account Raid Powers Needed Or Taxes Will Rise - Cameron

Taxes will have to rise unless officials are given new powers to raid people's bank accounts, David Cameron told Sky News yesterday.

The Treasury select committee warned that allowing HM Revenue and Customs to remove cash from bank accounts without court orders is "very concerning" because of its history of mistakes according to The Telegraph.

The committee said that taxpayers could suffer “serious detriment” if officials are able, either by mistake or through an “abuse” of power, to take money from people who have done no wrong.


Mr Cameron bizarrely threatened that the alternative was to "put up taxes".

"We have a choice here. If we don't collect taxes properly and make sure people pay their taxes properly we look at the problems of having to raise tax rates. I don't want to do that, so I support the changes the Chancellor set out in the Budget which is to really say that not paying your taxes is not acceptable.”

"It is very clear that they can only do this if there is a debt of over £1,000, they can only do it if there's £5,000 or more in the account after this has been completed. The general principle – do we want to pursue every avenue of making people pay their taxes they are meant to pay before we put up taxes, because that's the alternative – absolutely, yes we do."


Yesterday, chartered accountants noted that monies should only be taken with citizen’s approval or by a court order. ICAEW, the body representing accountants, said that members are worried the about government "mistakes and misuse".

Under these proposed new measures, tax officials will have an automatic power to take money from a bank account when the holder has failed to act on four formal warnings requiring payment. Presently, monies can only be removed with the with the consent of a magistrate or judge.

The UK Treasury claims that the new power is only used against those who have repeatedly refused to pay their taxes. However, MPs say in their report:


“The ability directly to have access to millions of taxpayers’ bank accounts raises concerns about the risk of fraud and error. This policy is highly dependent on HMRC’s ability accurately to determine which taxpayers owe money and what amounts they owe, an ability not always demonstrated in the past. Incorrectly collecting money will result in serious detriment to taxpayers.”

The UK Revenue has faced repeated criticism over the accuracy of its tax records and its handling of citizen’s sensitive personal data.

 

This is another example of creeping powers that pose a real threat to bank deposits. It will create further jitters about the safety of deposits and heighten the risk of bank runs. These risks highlight the importance of diversifying and having some of your wealth outside the vulnerable banking and financial system.

Guide: Protecting Your Savings From Confiscation

 

 


 

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Tue, 05/13/2014 - 07:33 | 4753933 paul.bismuth
paul.bismuth's picture

The HMRC (British Taxman) are notorious for being a bunch of fuc*ing incompetents who can't get 2+2 right, covering up their mistakes, and use bullying as their primary tactic to get people to pay whatever bogus figures they come up with!

Oh yes, give them the power to "raid your bank account"...what could possibly go wrong?!?

Cameron is right up there with the best of them when it comes to demagoguery and gigantic contempt for the plebs, but the most unbearable must be hearing people like Exchequer Secretary to the Treasury David Gauke or himself lecturing on morality 24/7.

It is ironic that Cameron's father actually made his fortune in offshore tax-avoidance?

At the moment there is a very intense witchhunt in the UK on the theme of "paying your fair share" - translation: paying the maximum tax, the amount being whatever the HMRC demand! They are trying to surf on this wave to knock down the last remaining safeguards and possibilities of appeal that protect the tax payer.

The newest invention is "retrospective upfront payments" - a fuc*ing oxymoron if I ever saw one!

Generally, the atmosphere here is pretty rotten and oppressive these days... Orwellian "behaviour management" ads at every street corner...

Yes, people are completely apathetic, and accept all off this sh*t with typical composture. Hopeless!!!

I want out of here... but these days it is surely a herculean task to find a country that does not spy on its citizens 24/7, does not bleed you dry with taxes, does not regulate to death every single smallest aspect of life, and most importantly, does not move the goalposts during the game, and AFTER the game, cause, you know they just fuc*ing can...

Tue, 05/13/2014 - 06:39 | 4753889 PFLasaguilas
PFLasaguilas's picture

Bitcoin is the future!  f*ck the banks. Vitargo chocolate

 

 

Tue, 05/13/2014 - 06:24 | 4753875 Martian Moon
Martian Moon's picture

Already so in Quebec, Canada

It is now well known in the local business community that the local revenue agency raids bank accounts on Friday afternoons

They then mail out a supposed predated warning letter by mail

That makes it all ok

 

Mon, 05/12/2014 - 23:07 | 4753367 Buster Cherry
Buster Cherry's picture

I don't know what difference it will make in the method. The result will be the same.

Enough of government theft from us will result in revolution at some point.

Mon, 05/12/2014 - 22:20 | 4753240 rsnoble
rsnoble's picture

Fuck gov't stooges and their goddamn taxes.  Unbelievable how much these cum belching fuckheads make to do nothing but fuck us over.

Mon, 05/12/2014 - 22:45 | 4753318 robertsgt40
robertsgt40's picture

Why anyone would leave money in banks, other than bar minimum, is beyond me. Pick up 1/4%? Yippie. A marginal run would lock the system up...and its coming.

Mon, 05/12/2014 - 21:56 | 4753167 robnume
robnume's picture

Yeah, that's just what the UK Customs officials need; the unmitigated gall to seize assets from working class Brit's bank accounts and/or imprison them when they can't pay up.  You know, like the power over life and death that our dirtbag IRS officials have over the citizens of the USSA - United Stasi States of Amerika. Yeah, I'm REAL fuckin' proud to be an Americant! Quick, to the Walmart-mobile, Batman!!

Mon, 05/12/2014 - 21:37 | 4753116 orangegeek
orangegeek's picture

INTRUDER ALERT!!! INTRUDER ALERT!!! INTRUDER ALERT!!!

Mon, 05/12/2014 - 20:22 | 4752902 Polymarkos
Polymarkos's picture

WANING! DANGER! WARNING! DANGER!!

 

Where's robby the robot now that we need him?

 

WARNING! DANGER!

Mon, 05/12/2014 - 19:57 | 4752809 stant
stant's picture

France, just like last time with credit anssault. Which was in Austria but owned by the french

Mon, 05/12/2014 - 19:51 | 4752791 evernewecon
evernewecon's picture

 

 

 

 

That means get out of Dodge.

Was he supposed to say that?

 

 

India accelerated bank

loss taking, raised interest

rates modestly, and the rupee

bounced.

 

 

Mon, 05/12/2014 - 19:14 | 4752669 Grouchy Marx
Grouchy Marx's picture

I think the rank and file would feel better about asset confiscation if it begins with all the political elites. First impoverish them before the people. After all, it has been their short sighted policies that have wreaked the system. 

Mon, 05/12/2014 - 19:13 | 4752664 whisperin
whisperin's picture

I wonder Great Britain is the black swan swimming amongst us?

Mon, 05/12/2014 - 19:10 | 4752656 AdvancingTime
AdvancingTime's picture

So not only don't they want to pay you interest higher than the current inflation rate they want to be able to take a chunk of your money. Never before has mankind diverted such a large percentage of wealth into intangible products or goods. Money placed in a bank is an investment in a promise. I contend this is the primary reason that inflation has not become a major economic issue.

The modern economy is loaded with interwoven contracts reeking of contagion. If faith drops in these intangible "promises" and  money suddenly flows into tangible goods seeking a safe haven inflation could soar even as debts go unpaid and promises are left unfilled. This could really shake up the world, more on this subject in the article below.

http://brucewilds.blogspot.com/2014/04/inflation-seed-of-economic-chaos.html

Mon, 05/12/2014 - 21:44 | 4753136 TheReplacement
TheReplacement's picture

Blog blog blah

Tell us something we don't know - how it is going to all go down, in detail.  Otherwise, blah blah blog away.

Mon, 05/12/2014 - 18:06 | 4752482 richsob
richsob's picture

I'd be OK with it here in the U.S. too with 1 major addition to the law. Any amount taken which is later proven to be not owed to the IRS would be refunded along with a penalty 10X that amount. Want to screw someone to the wall? Go ahead IRS and try it but you're taking a hell of a chance. In other words, I'd let it happen but the government had better be DAMN SURE they're right. I don't like tax deadbeats. I don't like the IRS screwing people either. Let's level the playing field a bit shall we?

Tue, 05/13/2014 - 04:20 | 4753827 StychoKiller
StychoKiller's picture

With Eric "Jerk" Holder upholding the law?  Get Real!

Mon, 05/12/2014 - 17:56 | 4752432 RaceToTheBottom
RaceToTheBottom's picture

Seems like the UK needs to get a better printer....

Won't that solve it?

Mon, 05/12/2014 - 18:56 | 4752524 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

The higher the food chain in the empire the less likely they are to debase that particular idoltry. It is always the lower rungs that are used and abused like pack mules first...

Some fun little facts.

https://en.wikipedia.org/wiki/Deutsche_Bundesbank

The Deutsche Bundesbank (German for German Federal Bank) is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks (ESCB). Due to its strength[clarification needed] and former[when?] size[clarification needed], the Bundesbank is the most influential[clarification needed] member of the ESCB. Both the Deutsche Bundesbank and the European Central Bank (ECB) are located in Frankfurt, Germany.

...

Which influential banking family's home town is Frankfurt?

What other major Central Bank that is not Switzerland do they also control?

...

The Deutsche Bundesbank was the first central bank to be given full[clarification needed] independence, leading this form of central bank to be referred to as the Bundesbank model, as opposed, for instance, to the New Zealand model, which has a goal (i.e. inflation target) set by the government.

...

The duties of the Bundesbank are defined in Section 3 of the Bundesbank Act:[3]

The Deutsche Bundesbank, being the central bank of the Federal Republic of Germany, is an integral part of the European System of Central Banks (ESCB). It shall participate in the performance of the ESCB's tasks with the primary objective of maintaining price stability, and shall arrange for the execution of domestic and international payments. In addition, it shall discharge the duties assigned to it under this Act or other legislation

Unlike other central banks such as the Bank of England and the U.S. Federal Reserve (but like the ECB), the Bundesbank is not officially responsible for maintaining the stability of the financial system and is not a lender of last resort.[4] Based on the Bundesbank Act and the ECB Statute, the Bundesbank has four areas of activity, which it mostly handles jointly with the ECB:

  • the Bundesbank as a note-issuing bank
  • the Bundesbank as the banks' banker (clearing house and bank supervision)
  • the Bundesbank as the state's banker
  • the Bundesbank as the manager of currency reserves

...

The Bundesbank as the keeper of the currency reserves

Currency reserves are all assets of the Bundesbank that are not specified in EUR, including gold reserves, securities in foreign currency, credit with foreign banks, foreign exchange, etc. Currency reserves can be invested for profit and also provide a possibility of intervening in the market if the exchange rate fluctuates strongly. The gold reserves of the Bundesbank are the second largest in the world (after the U.S Federal Reserve). As of late 2011, the Bundesbank has over 3,000 tonnes of gold reserves

...

Some more color

http://www.cfr.org/world/germanys-central-bank-eurozone/p29934

Due to its political independence and unwavering commitment to its mandate, the Bundesbank became the most powerful central bank in Europe in the second half of the twentieth century--and, ultimately, the model upon which the European Central Bank was constructed when the eurozone came into being more than a decade ago. While the Bundesbank's power has since been curtailed, its president remains a key player in crafting eurozone monetary policy at the ECB. However, in the wake of the eurozone sovereign debt crisis, the Bundesbank has been increasingly at odds with ECB, accusing it of overstepping its mandate and monetizing debt through its government bond buying programs.

...

And for people just tuning in

Jens Wiedmann is the current President of Bundesbank.

Taking the IMF and BRIS out of the equation the basic pack mule order (highest to lowest) one can infer from all this including what we see as we travel closer and closer to the center of the empire aka the ESCB. The outer layers/colonies/territories always get used and abused first to protect the center so with that in mind.

FED and in turn their vassal/colony BOJ->BOE->ECB (as cover for...) ->those in turn as a layer above ->

 

 

Mon, 05/12/2014 - 17:25 | 4752354 Uncle Remus
Uncle Remus's picture

That is some despicable shit right there.

Mon, 05/12/2014 - 17:08 | 4752299 Bemused Observer
Bemused Observer's picture

Anyone who keeps their money in one of those banks deserves to lose it all. The only money that should BE there should be what is needed for the current month's expenses. This way they can only get a fraction of your money.

But if you keep it all banked, and you wake up one morning and find it's gone, you have no one to blame but yourself, because YOU HAVE BEEN WARNED!

Mon, 05/12/2014 - 18:13 | 4752509 donsluck
donsluck's picture

Interesting logic. So if I'm standing next to you in an elevator and say "I'm going to shoot you", then proceed to shoot you, it's YOUR FAULT?

Mon, 05/12/2014 - 18:49 | 4752592 Not Too Important
Not Too Important's picture

If you tell me you're going to shoot me in a week, in that very elevator, and I show up at the time you say you're going to be there, yes, there is a shared responsibility.

They're telling us they're going to do it. It's up to us to prepare or not. It's not like they're springing it on us with no warning.

Tue, 05/13/2014 - 09:25 | 4754272 Bemused Observer
Bemused Observer's picture

Thanks, you beat me to it!

Donsluck, I meant that folks have been WARNED. They can't say they were surprised, or couldn't see it coming...It's not right, but people have to get more pro-active these days, and watch out for themselves. These guys aren't gonna do it, and they are TELLING us in advance...

Mon, 05/12/2014 - 16:42 | 4752196 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

All I can think of when I saw this headline is Blazing Saddles and Cleavon Little putting the gun to his own head to save himself.

The next man makes a move, the nigger gets it!

https://www.youtube.com/watch?v=AjPBp6DOwgU

 

Mon, 05/12/2014 - 16:39 | 4752191 jo6pac
jo6pac's picture

Coming to Amerika sooner than we would like, the dead uncle milton freidmans plan to rid the masses of what little $$$$ they have.

Mon, 05/12/2014 - 19:37 | 4752741 andy_pandy
andy_pandy's picture

yep. screw the babyboomers and their kids; best way to strip ass and head for utopia;

message from gov-work like a dog but you aint getin any richer

Mon, 05/12/2014 - 16:38 | 4752185 kchrisc
kchrisc's picture

"You produce for us and we take our 'share.' But then even what is left is still ours to come and take as we desire. Isn't freedom grand?!"

Mon, 05/12/2014 - 16:35 | 4752170 ebworthen
ebworthen's picture

Paper Gold market to suppress the price?  Check.

Ponzi casino equities market people are forced into with IRA's/401K's/Pensions?  Check.

Forcing retirees to chase yield in securitized/deriviatized bonds and momo stocks?  Check.

Slowly getting rid of cash and forcing people to hold money digitally in bank accounts?  Check.

So, of course, the next logical step is to line up deposit confiscation.

Mon, 05/12/2014 - 17:21 | 4752344 zipit
zipit's picture

A perfect storm for Bitcoin

Tue, 05/13/2014 - 01:58 | 4753736 JustUsChickensHere
JustUsChickensHere's picture

Bitcoin currently has a weakness. It is not truly anonymous.   Dark Wallet technology as an add-on will correct that. A Dark Wallet prototype has already been released at alpha level... testing only.  You should expect it to become robust and reliable within a year.

At that point, Bitcoin+ offers people a genuine way out of the servaillance banking system. A learning curve is required to utilise it ... but a way out none the less.

A certain percentage of people will invest the time and effort needed to use this tool... the unanswered question is 'how many people?' - that number will set the upper bound of the utility value of Bitcoin, and indirectly it's exchange rate to other currencies.

Mon, 05/12/2014 - 16:30 | 4752154 Fishhawk
Fishhawk's picture

Debt slaves have no rights under the 14th Amendment, only government-granted privileges (check out the definition of 'US citizen' in 26 USC), including the right to own property.  Thus your checking account is already owned by the United States of America Corporation, and the only debate going on is whether the money (what money? you mean the debt...) is better spent by you or the TBTF banks, all to the furtherment of the debt ponzi. When the banks decide that the time is right to take it, they will take it, and the sheeple will also take it (guess where?)

Fishhawk 

Mon, 05/12/2014 - 16:30 | 4752142 Haole
Haole's picture

These "strategies" transcend taxes owing, BTChez.

Mon, 05/12/2014 - 17:20 | 4752340 zipit
zipit's picture

Bitcoin, BTChez

Mon, 05/12/2014 - 17:31 | 4752371 Pladizow
Pladizow's picture

"Bank Account Raid Powers Needed Or Taxes Will Rise" - So either we steal your money or we steal your money?

Mon, 05/12/2014 - 22:01 | 4753187 Buck Johnson
Buck Johnson's picture

Sounds like the end is near doesn't it.

 

 

Mon, 05/12/2014 - 18:09 | 4752492 toadold
toadold's picture

So unless we tax you by taking money from your bank account we will have to tax you by taking money from your wages, meanwhile we tax you by printing money and reducing the buying power of your wages and your savings in the bank....There are other uses for cricket bats besides cricket you know. 

Mon, 05/12/2014 - 19:14 | 4752668 fonestar
fonestar's picture

Keep your "money" in a bank and lose like the rest.  Join the Satoshis and rise to Olympian hights!

Tue, 05/13/2014 - 02:03 | 4753740 JustUsChickensHere
JustUsChickensHere's picture

hey foney ... see my comment above.  Bitcoin is not perfect ... it needs Dark Wallet (and friends) to become an effective way to escape the prying eyes of the NSA.

At that point .... to the moon!  /sarc

Ohhh, and one other thing, it's design presumes that people can be educated...  some can, but sheep graze.. that attribute (of people) limits it's maximum uptake.

Tue, 05/13/2014 - 02:21 | 4753747 zipit
zipit's picture

People also herd.  And herds can be lead (greed, desire to stay with the herd) or even caused to stampede (panic).

Tue, 05/13/2014 - 07:34 | 4753961 paul.bismuth
paul.bismuth's picture

The HMRC (British Taxman) are notorious for being a bunch of fuc*ing incompetents who can't get 2+2 right, covering up their mistakes, and use bullying as their primary tactic to get people to pay whatever bogus figures they come up with!

Oh yes, give them the power to "raid your bank account"...what could possibly go wrong?!?

Cameron is right up there with the best of them when it comes to demagoguery and gigantic contempt for the plebs, but the most unbearable must be hearing people like Exchequer Secretary to the Treasury David Gauke or himself lecturing on morality 24/7.

It is ironic that Cameron's father actually made his fortune in offshore tax-avoidance?

At the moment there is a very intense witchhunt in the UK on the theme of "paying your fair share" - translation: paying the maximum tax, the amount being whatever the HMRC demand! They are trying to surf on this wave to knock down the last remaining safeguards and possibilities of appeal that protect the tax payer.

The newest invention is "retrospective upfront payments" - a fuc*ing oxymoron if I ever saw one!

Generally, the atmosphere here is pretty rotten and oppressive these days... Orwellian "behaviour management" ads at every street corner...

Yes, people are completely apathetic, and accept all off this sh*t with typical composture. Hopeless!!!

I want out of here... but these days it is surely a herculean task to find a country that does not spy on its citizens 24/7, does not bleed you dry with taxes, does not regulate to death every single smallest aspect of life, and most importantly, does not move the goalposts during the game, and AFTER the game, cause, you know they just fuc*ing can...

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