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IMF Discusses 'One-Off' Wealth Tax

Tyler Durden's picture





 

Submitted by Pater Tenebrarum of Acting-Man blog,

IMF Discusses 'One-Off' Wealth Tax

It is undoubtedly nice to have a job with the World Bank or the IMF. One of the most enticing aspects for those employed at these organizations (which n.b. are entirely funded by tax payers), is no doubt that apart from receiving generous salaries and perks, they themselves don't have to pay any taxes. What a great gig! Since these organizations are so to speak 'extra-territorial', they are held to be outside the grasp of specific tax authorities.

This doesn't keep them from thinking up various ways of how to resolve the by now well-known problem of the looming insolvency of various welfare/warfare states. In fact, they have quite a strong incentive to come up with such ideas, since their own livelihood depends on the revenue streams continuing without a hitch. One recent proposal in particular has made waves lately (it can be found in this paper – pdf), mainly because it sounds precisely like the kind of thing many people expect desperate governments to resort to when push comes to shove, not least because they have taken similar measures repeatedly throughout history. 

The recent depositor haircut in Cyprus has also contributed to such expectations becoming more widespread. We believe is that it is far better to let shareholders, bondholders and depositors (in that order) take their lumps in the event of bank insolvencies rather than forcing the bill on unsuspecting tax payers via bailouts. What was odious about the Cypriot haircut was mainly that the government steadfastly lied to its citizens about what was coming and that certain classes of depositors, such as e.g. the president's relatives, got all their money out just a week or two prior to the bank holiday, by what we are assured was sheer coincidence (this unexpected twist of fate which proved so fortuitous to the president's clan increased the costs for remaining depositors).

Still, the entire escapade was a salutary event in many respects. It proved that government bonds are not a reliable store of value (it was mainly their holdings of Greek government bonds that got the Cypriot banks into hot water) and it was a reminder that fractionally reserved banks are inherently insolvent. In short, it has helped a bit to concentrate the minds of many of those who still remain whole and has sensitized them to other attempts of grabbing private wealth that may be coming down the pike.

This is probably also the reason why a paragraph in an IMF document that may otherwise not have received much scrutiny as it would have been considered too outlandish an idea, has created quite a stir. That such proposals are made from the comfortable environment of a tax free zone is quite ironic. Here is the paragraph in question:

 

“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 appeal is that such a tax, if it is implemented before avoidance is possible and there is a belief that it will never be  repeated, does not distort behavior (and may be seen by some as fair). There have been illustrious supporters, including Pigou, Ricardo, Schumpeter, and—until he  changed his mind—Keynes. The conditions for success  are strong, but also need to be weighed against the risks  of the alternatives, which include repudiating public  debt or inflating it away (these, in turn, are a particular form of wealth tax—on bondholders—that also falls on nonresidents).

 

There is a surprisingly large amount of experience to draw on, as such levies were widely adopted in Europe after World War I and in Germany and Japan after World War II. Reviewed in Eichengreen (1990), this experience suggests that more notable than any loss of credibility was a simple failure to achieve debt reduction, largely because the delay in introduction gave space for extensive avoidance and capital flight—in turn spurring inflation.

 

The tax rates needed to bring down public debt to  precrisis levels, moreover, are sizable: reducing debt ratios to end-2007 levels would require (for a sample of 15 euro area countries) a tax rate of about 10 percent on households with positive net wealth.”

 

(emphasis added)

It is actually not a surprise that there is a 'wealth of experience to draw on'. Throughout history, governments have thought up all sorts of methods to get their hands on their subjects' wealth. It would have only been a surprise if there had been no 'experiences to draw on'. In fact, as wasteful and inefficient as the State is otherwise, this is one of the tasks in which it proves extremely resourceful, inventive and efficient. The extraction of citizens' wealth is an activity at which it excels.

Apparently the IMF judges that stealing 10% of all private wealth in one fell swoop is perfectly fine as long as 'some see it as fair'. Some of course would. There is however a crucial difference between imposing such a levy at gunpoint and letting bondholders take losses. The latter have taken the risk of not getting repaid voluntarily. No-one forced them to buy government bonds.

As to the pseudo-consolation that such a confiscation should be presented as a 'one off' event so as 'not to distort behavior', let's be serious. The moment  governments gets more loot in, they will start spending it with both hands and in no time at all will find themselves back at square one.

 

States and Taxation

As Franz Oppenheimer has pointed out, States are essentially the result of conquests by gangs of marauders who realized that operating a protection racket was far more profitable than simply grabbing everything that wasn't nailed down and making off with. In modern democracies it has become easier for citizens to join the ruling class (i.e., the more civilized version of these marauders), which has greatly increased acceptance of the State. Also, a large number of people has been bought off with 'free' goodies and all and sundry have had it drilled into them throughout their lives that the State is both inevitable and irreplaceable.

There are of course other advantages to be had in democracies, such as the fact that a market economy is allowed to exist (even if it is severely hampered) and that free speech is tolerated. One considerable drawback though is that taxation has historically never been higher than in the democratic order (and still these States are all teetering on the edge of bankruptcy anyway).

As an aside, conscription and the closely associated concept of 'total war' are also democratic 'achievements'. Whereas war was once largely confined to strictly localized battles between professionals, the French revolution and its aftermath was a pivot point that marked a change in thinking about war and ultimately paved the way for legitimizing the all-encompassing atrocities of the 20th century, with civilians suddenly regarded as fair game.

A little historical excursion: Under medieval kings there was at least occasionally a chance that a tax might actually be repealed, even if only temporarily. For instance, in 1012 the heregeld was introduced in England, an annual tax first assessed by King Ethelred the Unready (better: 'the Ill-Advised'). Its purpose was to help pay for mercenaries to fight the invasion of England by King Sweyn Forkbeard of Denmark.

Ethelred had been forced to pay a tribute to the Danes for many years, known as 'Danegeld'. In 1002 AD he apparently got fed up and in a fit of pique ordered the murder of all Danes in England, an event known as the St. Brice's Day Massacre. Not surprisingly, this incensed the Danes and Sweyn Forkbeard's invasion was the result. Sweyn seized the English throne in 1013, but died in 1014, upon which Ethelred was invited back by the nobles (under the condition that he 'rule more justly'). However, he soon died as well, which left Edmund Ironside in charge for a few months in 1016. Sweyn's son Knut eventually conquered England later in the same year. Knut simply continued to collect the heregeld tax after ascending to the throne. The heregeld was a land tax based on the number of 'hides' one owned (the hide is a medieval area measure, the precise extent of which is disputed among historians; one hide was once thought to be equivalent to 120 acres, but this is no longer considered certain). The tax was finally abolished by King Edward the Confessor in 1051 (Edward was Ethelred's seventh son and was later canonized. He was the last king of the House of Wessex). The tax relief unfortunately proved short-lived. Shortly after Edward's death in 1066, the Normans conquered England and 'hideage' was reintroduced.

 

Ethelred_the_Unready

 

Ethelred the Unready, inventor of the heregeld tax, holding an oversized sword. Although he is generally referred to as 'the Unready', this translation of his nickname is actually incorrect: rather, it should be 'ill-advised' or 'ill-prepared'. In the original old English “Æþelræd Unræd”, the term 'unread' is actually a pun on his name.  'Ethelred' means 'noble counsel' (in modern German: 'Edler Rat') – his nickname thus juxtaposes 'noble counsel' with 'no counsel' or 'evil counsel'.

(Image source: Wikimedia Commons)

Sweyn_Forkbeard

Ethelred's nemesis, the Danish King Sweyn Forkbeard, likewise holding an oversized sword

(Image source: Wikimedia Commons)

 

Edward_the_Confessor

The man who abolished the heregeld tax, St. Edward the Confessor. It is noteworthy that he is usually not depicted holding an oversized sword (he was however reportedly not inexperienced in military matters. When Welsh raiders attacked English lands in 1049, they soon had reason for regret. The head of one of their leaders, Rhys ap Rhydderch, was delivered to Edward in 1052. The head was no longer attached to the rest of Rhys). Edward is probably not mainly remembered for this, but he gave England fifteen glorious years free of hideage tax.

(Image source: Wikimedia Commons)

 

As Murray Rothbard writes in 'The Ethics of Liberty' on the State's monopoly of force and its power to extract revenue by coercion:

 

 

“But, above all, the crucial monopoly is the State’s control of the use of violence: of the police and armed services, and of the courts—the locus of ultimate decision-making power in disputes over crimes and contracts. Control of the police and the army is particularly important in enforcing and assuring all of the State’s other powers, including the all-important power to extract its revenue by coercion.

 

For there is one crucially important power inherent in the nature of the State apparatus. All other persons and groups in society (except for acknowledged and sporadic criminals such as thieves and bank robbers) obtain their income voluntarily: either by selling goods and services to the consuming public, or by voluntary gift (e.g., membership in a club or association, bequest, or inheritance). Only the State obtains its revenue by coercion, by threatening dire penalties should the income not be forthcoming. That coercion is known as “taxation,” although in less regularized epochs it was often known as “tribute.” Taxation is theft, purely and simply even though it is theft on a grand and colossal scale which no acknowledged criminals could hope to match. It is a compulsory seizure of the property of the State’s inhabitants, or subjects.

 

It would be an instructive exercise for the skeptical reader to try to frame a definition of taxation which does not also include theft. Like the robber, the State demands money at the equivalent of gunpoint; if the taxpayer refuses to pay his assets are seized by force, and if he should resist such depredation, he will be arrested or shot if he should continue to resist. It is true that State apologists maintain that taxation is “really” voluntary; one simple but instructive refutation of this claim is to ponder what would happen if the government were to abolish taxation, and to confine itself to simple requests for voluntary contributions. Does anyone really believe that anything comparable to the current vast revenues of the State would continue to pour into its coffers? It is likely that even those theorists who claim that punishment never deters action would balk at such a claim. The great economist Joseph Schumpeter was correct when he acidly wrote that “the theory which construes taxes on the analogy of club dues or of the purchase of the services of, say, a doctor only proves how far removed this part of the social sciences is from scientific habits of mind.”

 

(emphasis in original)

In the pages following this excerpt, Rothbard expertly demolishes numerous spurious arguments that have been forwarded in support of taxes by people claiming that they are somehow akin to voluntary contributions.

 

The Vote Changes Nothing

In the course of this disquisition Rothbard also discusses whether the democratic vote actually makes a difference in this context, whether, as he puts it, the “act of voting makes the government and all its works and powers truly “voluntary.”  On this topic he quotes from the observations of anarchist political philosopher Lysander Spooner, who wrote the following in 'No Treason:The Constitution of No Authority':

 

“In truth, in the case of individuals their actual voting is not to be taken as proof of consent. . . . On the contrary, it is to be considered that, without his consent having even been asked a man finds himself environed by a government that he cannot resist; a government that forces him to pay money renders service, and foregoes the exercise of many of his natural rights, under peril of weighty punishments.

He sees, too, that other men practice this tyranny over him by the use of the ballot. He sees further, that, if he will but use the ballot himself, he has some chance of relieving himself from this tyranny of others, by subjecting them to his own. In short, he finds himself, without his consent, so situated that, if he uses the ballot, he may become a master, if he does not use it, he must become a slave.

 

(emphasis added)

Discussing taxation in the same text, Spooner famously compares government to highwaymen. He is however not merely equating one with the other, but rather concludes that highwaymen are to be preferred. After all, neither are their activities attended by hypocrisy, nor are their demands without limit (we would add to this that no-one ever published learned papers advising them how to best go about grabbing more loot).

 

“It is true that the theory of our Constitution is, that all taxes are paid voluntarily; that our government is a mutual insurance company, voluntarily entered into by the people with each other. . . .

 

But this theory of our government is wholly different from the practical fact. The fact is that the government, like a highwayman, says to a man: “Your money, or your life.” And many, if not most, taxes are paid under the compulsion of that threat.

 

The government does not, indeed, waylay a man in a lonely place, spring upon him from the roadside, and, holding a pistol to his head, proceed to rifle his pockets. But the robbery is none the less a robbery on that account; and it is far more dastardly and shameful.

The highwayman takes solely upon himself the responsibility, danger, and crime of his own act. He does not pretend that he has any rightful claim to your money, or that he intends to use it for your own benefit. He does not pretend to be anything but a robber. He has not acquired impudence enough to profess to be merely a “protector,” and that he takes men’s money against their will, merely to enable him to “protect” those infatuated travelers, who feel perfectly able to protect themselves, or do not appreciate his peculiar system of protection.

 

He is too sensible a man to make such professions as these. Furthermore, having taken your money, he leaves you, as you wish him to do. He does not persist in following you on the road, against your will; assuming to be your rightful “sovereign,” on account of the “protection” he affords you. He does not keep “protecting” you, by commanding you to bow down and serve him; by requiring you to do this, and forbidding you to do that; by robbing you of more money as often as he finds it for his interest or pleasure to do so; and by branding you as a rebel, a traitor, and an enemy to your country, and shooting you down without mercy if you dispute his authority, or resist his demands. He is too much of a gentleman to be guilty of such impostures, and insults, and villainies as these. In short, he does not, in addition to robbing you, attempt to make you either his dupe or his slave.”

 

(emphasis added)

Somehow we don't think that Mr. Spooner would have been a very big fan of the IMF and its ideas.

 

LysanderSpooner

Lysander Spooner had their number.

(Image source: Wikimedia Commons)

Conclusion:

The particular wealth tax proposal mentioned by the IMF en passant is odious in the extreme, especially as the wealth to be taxed has already been taxed at what are historically stratospheric rates.

It is noteworthy that the alternatives discussed by the IMF for heavily indebted states which are weighed down by the wasteful spending of yesterday appear to have been reduced to 'default' (either outright or via hyperinflation) or 'more confiscation'. How about rigorously cutting spending instead?

One must also keep in mind that any proposals concerning so-called 'tax fairness' are in the main about 'how can we get our hands on wealth that currently still eludes us'. People need to be aware that worsening the situation of one class of tax payers is never going to improve the situation of another. The IMF's publication is a case in point: in all its yammering about 'tax fairness', the possibility of lowering anyone's taxes is not mentioned once (not to mention that it seems quite hypocritical for people who are exempted from taxes to go on about imposing 'tax fairness' on others).

Lastly, a popular as well as populist target of the self-appointed arbiters of 'fairness' are loopholes, but as we have previously discussed, they are to paraphrase Mises 'what allows capitalism to breathe'. Closing them will in the end only lead to higher costs for consumers, less innovation, lower growth and considerable damage to retirement savings.

 

Loot_and_Extortion_-_geograph.org.uk_-_88390

Two apposite statues at Trago Mills, UK, dedicated to HM Inland Revenue – Loot & Extortion.

 


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Fri, 10/18/2013 - 11:11 | Link to Comment wcvarones
wcvarones's picture

Get your squid off the grid.

They can't confiscate what they can't find.

Fri, 10/18/2013 - 11:24 | Link to Comment imapopulistnow
imapopulistnow's picture

So Soros & Buffet may have to give up a few of their billions.  I'm supposed to be upset?

Fri, 10/18/2013 - 11:31 | Link to Comment Ying-Yang
Ying-Yang's picture

Where is Robin Hood when you need him?

I would wager more than a few Zhers would become his Merry Men!

Fri, 10/18/2013 - 11:37 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Mike Maloney is my Robin Hood.  The Robin Hood of knowledge. 

The wealth grab has been going on for a good century now.  However, as this article points out, the wealth grab will just be more in your face in its tactics.

Here is Mike Maloney putting the wealth grab in the most understandable terms, teamed with a great video production.  Steal this knowledge from him and spread it to your fellow country men.

http://www.maxkeiser.com/2013/10/the-biggest-scam-in-the-history-of-mankind/

Fri, 10/18/2013 - 13:06 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

One-Off Wealth Tax my ass.  Does anyone really think that they would not do it again and again?

Fri, 10/18/2013 - 13:12 | Link to Comment Winston Churchill
Winston Churchill's picture

A bit like a singular gang rape.

It only happened once,what are you comlaining about.

Fri, 10/18/2013 - 16:09 | Link to Comment zaphod
zaphod's picture

And people mock bitcoin. How is the imf going to confiscate that?

Fri, 10/18/2013 - 16:18 | Link to Comment lemonobrien
lemonobrien's picture

by having the FBI bust in and steal their computers; confiscate their accounts.

Fri, 10/18/2013 - 16:31 | Link to Comment Bunga Bunga
Bunga Bunga's picture

LOL

Sat, 10/19/2013 - 09:02 | Link to Comment Scarlett
Scarlett's picture

>> The particular wealth tax proposal mentioned by the IMF en passant is odious in the extreme  

 

Not at all.  To all those who don't/can't see it coming, well, let them let our gold/silver/land/bitcoin appreciate.  That's capitalism: fools parting from their money.  Fools chose to believe in govt's.  

 

So we get to watch: i) the fools lose it all; ii) gold/land/bitcoin to the stratosphere; iii) the same fools employing guillotines against the IMF robberbarons.  

 

Nice.

Fri, 10/18/2013 - 16:32 | Link to Comment zaphod
zaphod's picture

You obviously don't understand bitcoin. A locked and backed up wallet is inaccessible to the fbi even if they confiscate my computer. See the silk road raid. They only got the coins running on the live server.

Mon, 10/21/2013 - 16:38 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Doesn't matter - you lose, not them, so it's inaccessible, period.

Mon, 10/21/2013 - 16:39 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

hold on just a second there, pal.
you mean... they LIE?

Fri, 10/18/2013 - 16:29 | Link to Comment Ruffcut
Ruffcut's picture

Robin Hood is a myth just like these cunts at the I Mother Fucker.  Fucking lunatics, thinking they can bullshit us any longer. They are lucky I never won the big lotto, because I would of had an historical hunting trip.

Fri, 10/18/2013 - 13:05 | Link to Comment bob_stl
bob_stl's picture

Robin Hood is that ass hole in the White House who keeps taking my money and giving it to blood sucking lazy asses.

Fri, 10/18/2013 - 15:27 | Link to Comment Harbanger
Harbanger's picture

So the IMF is now poised to be the Robin Hoods of the leftist class warfare meme.  A Wealth tax for rich, meaning for everyone not in the club.  And since there's no lie that the statist MSM can't convince the FSA of, we can see where this is heading.

Fri, 10/18/2013 - 15:29 | Link to Comment kaiserhoff
kaiserhoff's picture

Who is the government idiot with the bowl on his head?

Oh.

Fri, 10/18/2013 - 13:09 | Link to Comment F-Tipp
F-Tipp's picture

Robin Hood robbed from the government, who was extorting and stealing money from the people.

Fri, 10/18/2013 - 15:44 | Link to Comment CPL
CPL's picture

Yeah, and it didn't fix the problem.  Here we are a thousand+ years later and something new needs to be put in place.

Sat, 10/19/2013 - 12:29 | Link to Comment Liberty2012
Liberty2012's picture

Nothing in life is set it and forget it. Everything requires maintenance.

Fri, 10/18/2013 - 13:13 | Link to Comment CPL
CPL's picture

lol...just wait.  It's going to get so weird we won't be needing a robin hood for this one. 

<jazz hands>

 

The Hunters Moon starts tonight all the way to Samhain with a Lunar eclipse for those that are interested.

Fri, 10/18/2013 - 11:32 | Link to Comment Lost My Shorts
Lost My Shorts's picture

Here here.  I am totally for a wealth tax, something like 30% of anything over $10 million.  Think about it:

-- The bills for stupid foreign wars in Iraq and Afghanistan will push $4 trillion by the time it's all done.  The people didn't want those wars.  They were forced down our throat with massive blitz of lies and propaganda by the rich.  Let them pay for it.

-- Fake "free" trade and financialization of our economy were engineered by the rich to transfer all the wealth of Main Street into their pockets.  Now let's claw it back.

Let them run to the ends of the earth trying to hide.  We got ace gamers in Nevada with predator drones ready to chase them down.  Blasting oligarchs is more fun that dimwit Taliban trogs anyhow.

Fri, 10/18/2013 - 12:04 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

The slight of hand taking place to direct the conversation to equitable taxation is a red herring.  The conversation should, and will always need to be, regarding the monetary system of fiat dollars.  Until the masses understand the incedious nature of our currency, and the currency throughout the world, the talk of taxing this person or that person is merely a means to divide and conquer the many, while the few reap the wealth.  Think about it. 

Fri, 10/18/2013 - 12:11 | Link to Comment Anusocracy
Anusocracy's picture

It is a matter that those who are human ants want government and all the evil flows from that.

The human ants deserve to get screwed over every second of their useless idiot lives.

Fri, 10/18/2013 - 12:18 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

On the way?

Fri, 10/18/2013 - 13:05 | Link to Comment Herd Redirectio...
Herd Redirection Committee's picture

How about we find a way to end the looting, then afterwards worry about justice in re: the return of that which has been stolen.

Fri, 10/18/2013 - 14:12 | Link to Comment dontgoforit
dontgoforit's picture

Start with Jon Corizine - but I bet you can't find that billion any more than he can....heeheehee

Fri, 10/18/2013 - 12:58 | Link to Comment Proofreder
Proofreder's picture

@head

incedious ???    Maybe incestuous, incredible, incendiary, insidious ???    Ahhhh, they all work.

spellchecker is that little blue ABC with a checkmark ;-)  You could try it sometime.

Fri, 10/18/2013 - 16:36 | Link to Comment Ruffcut
Ruffcut's picture

Hey poofreder,

FUK YU!

Sat, 10/19/2013 - 12:37 | Link to Comment Liberty2012
Liberty2012's picture

Are you really someone who has no standards? He even did it in a playful way.

Life is good- even the bad parts ;)

Sat, 10/19/2013 - 12:59 | Link to Comment Liberty2012
Liberty2012's picture

And how to do that, short of collapse? Do as you are - speak truth in all matters. Very well said.

Thank you!

Fri, 10/18/2013 - 12:55 | Link to Comment MachoMan
MachoMan's picture

You're playing with fire.  The power to tax the wealthy is the same power to tax the poor.  If you can accept that a one-off wealth tax wouldn't even pay off the debt and, further, would do nothing but promote fiscal irresponsibility, then the idiocy of a wealth tax becomes apparent...  and I say this as someone who would be completely exempt from your proposal.  In short, be careful what you wish for, as the jackboots will be on your doorstep soon enough.

If you want to fix things, then you need to remove the mechanisms of control and change the incentives of the system, which ensure money flows to the top...  a one-off tax as proposed not only fails to fix the underlying problems, but also sets a dangerous precedent.  My suggestion is to get your jealousy in order and put on your thinking cap.

Fri, 10/18/2013 - 13:07 | Link to Comment Herd Redirectio...
Herd Redirection Committee's picture

I don't have a problem with the taking/taxing of stolen wealth, but for that money to go into the pockets of gov't, or to pay off the existing debt, HA.  HA HAHAHAHHAHAHAHA.

That is just wealth transfer from one group of criminals to another.

Fri, 10/18/2013 - 14:14 | Link to Comment dontgoforit
dontgoforit's picture

You would think that with all the PRISM data collected by NSA they would know exactly where to go to pick up the truckload of drug money, Wall St ill-gotten booty, etc.  Right?  Well, think about it.

Sat, 10/19/2013 - 12:47 | Link to Comment Liberty2012
Liberty2012's picture

@Redirection... The next required step in your line of thinking would be: since everyone is participating in the current system, then everyone is a criminal. Therefore nothing matters and anything goes.

Most people are unwitting accomplices - even you were, and probably still are in some respect.

Fri, 10/18/2013 - 16:14 | Link to Comment hound dog vigilante
hound dog vigilante's picture

 

Yes. Build an objective, agnostic system that provides incentives.  Once you start picking winners, losers & targets, the next guy will bend those targets for personal/political ends.  Not good.

But here is my BIG question:  Why is the IMF even having this discussion?  How does this topic arrive on the IMF's agenda? 

The IMF doesn't have the power to tax, nor does it collect/enforce taxes.  How is this subject anywhere near their jurisdiction?  The IMF is WAY OUT OF BOUNDS in approaching the topic of taxation, thus the fact that they have had this discussion - and felt confident enough to issue a statement/paper about it - should tell you something about the IMF itself and how the global elite perceive the IMF and how they intend to use it. This is the truly disturbing aspect of this news/discussion, IMO.

 

Sat, 10/19/2013 - 13:00 | Link to Comment Liberty2012
Liberty2012's picture

Very good point. Thank you!

Sat, 10/19/2013 - 23:37 | Link to Comment DigDeepDown
DigDeepDown's picture

That's exactly what I was wondering!

Fri, 10/18/2013 - 12:55 | Link to Comment Thisson
Thisson's picture

It doesn't seem that you have comprehended the points expressed by this article.  Perhaps you should read it again.  Stealing more doesn't improve anyone's lot.  Better to downsize the government so that we're all better off.

Fri, 10/18/2013 - 15:39 | Link to Comment Marco
Marco's picture

Fine, give me about 200K$ worth of arable land and I'm on board.

My current job is completely dependent on the consumer economy filled with service jobs which are only really sustainable through wealth redistribution and I don't have enough savings ... so if you don't have a better alternative I prefer can kicking.

Fri, 10/18/2013 - 16:26 | Link to Comment DOT
DOT's picture

Down vote for, "give me".

Fri, 10/18/2013 - 13:45 | Link to Comment smartstrike
smartstrike's picture

A REAL thinking man.

Fri, 10/18/2013 - 14:50 | Link to Comment Bob Sacamano
Bob Sacamano's picture

So those not in favor of particular pieces of government should not have to pay for them?  Perfect - because I am not in favor of 70% of what the government does (which is being "forced down my throat").  So I don't want to pay for those.  What I pay in taxes more than covers the government I want.  No wealth tax needed for me, thanks.

Fri, 10/18/2013 - 15:11 | Link to Comment Ident 7777 economy
Ident 7777 economy's picture

 

 

 

 

 

 Lost My Shorts (BRAINS is more like it) : " Here here.  I am totally for a wealth tax, something like 30% of anything over $10 million.  Think about it: ... "

 

 

Just WHO is it that gets to vote all those G-D shares they confiscate?

 

John McCain?

 

Barack Hussein Obama?

 

What!!? You thought it was ALL tucked away in a corporate mattress somewhere?

 

CLEARLY you have not thought this through ...
Fri, 10/18/2013 - 11:35 | Link to Comment Winston Churchill
Winston Churchill's picture

Like the rich won't be excempt.

You have not been paying attention.

Laws only apply to us serfs.

Fri, 10/18/2013 - 12:34 | Link to Comment James-Morrison
James-Morrison's picture

Case in point:  Obamacare. 

Fri, 10/18/2013 - 12:41 | Link to Comment rlouis
rlouis's picture

Perhaps only the rich and connected - like the president of Cypress and his relatives and friends, or the big Wall Streeet bankers in advance of the stock market crash 1929 and again in 1932 with the gold confiscation.

Fri, 10/18/2013 - 11:42 | Link to Comment CoastalCowboy
CoastalCowboy's picture

Soros and Buffet will be exempt there chief as they are V.I.P's.  This is only for anyone who happens to have a 1/10 of a pot to pee in.

Fri, 10/18/2013 - 14:54 | Link to Comment El Vaquero
El Vaquero's picture

"So Soros & Buffet may have to give up a few of their billions.  I'm supposed to be upset?"

 

At Soros and Buffet getting bitchslapped, not so much.  At the government just usurping the power to do this?  You should be very upset if it comes to pass.  If they can take billions away from oligarchs, they can take away everything you have. 

 

Although, I will admit that it is entertaining in a perverse sort of way.  It would be like watching a snake eat itself. 

Fri, 10/18/2013 - 11:29 | Link to Comment bagehot99
bagehot99's picture

It's not yours. It's 'ours'. Government is the name of the things we do together.

 

Do your part Citizen! 

Fri, 10/18/2013 - 16:32 | Link to Comment DOT
DOT's picture

Sharing is so much fun!

 

btw your share of the $17 Trillion debt is about $189,500.

Fri, 10/18/2013 - 16:49 | Link to Comment Ruffcut
Ruffcut's picture

Please send me that payment booklet, at the time of death. I'll take care of it then. check's in the mail, seriously.

Sat, 10/19/2013 - 12:52 | Link to Comment Liberty2012
Liberty2012's picture

LOL - Literally and figuratively true ;)

Fri, 10/18/2013 - 11:51 | Link to Comment joego1
joego1's picture

This is a hold up! Drop the squid and nobody gets hurt!

Fri, 10/18/2013 - 13:46 | Link to Comment Budster
Budster's picture

Right. They can't confiscate unknown assets. That's why it's much better to get rid of the debt that that you can find that composes those assets. Start with student debt by making it allowable in bankruptcy. I don't know too many poor people that own that asset. If you like the boost to GDP that that causes, move on to credit card and mortgage and all other forms. Any slight reduction in people's assets would be more than made up by vast increases in personal income and the commendable adjustment in relative wealth.

Fri, 10/18/2013 - 11:12 | Link to Comment Max Damage
Max Damage's picture

Thieving bastards. Should all be hung ala the French revolution

Fri, 10/18/2013 - 11:18 | Link to Comment NoDebt
NoDebt's picture

They'll make more.

Fri, 10/18/2013 - 11:27 | Link to Comment XitSam
XitSam's picture

Rope is re-usable

Fri, 10/18/2013 - 14:16 | Link to Comment dontgoforit
dontgoforit's picture

The day is dawning; watch for the signs so you don't miss the show.

Fri, 10/18/2013 - 16:53 | Link to Comment Ruffcut
Ruffcut's picture

What to watch more of this shit show?

Fri, 10/18/2013 - 11:13 | Link to Comment Surging Chaos
Surging Chaos's picture

Yes, there will definitely be a massive grab for money in a last desperate attempt by insolvent governments.

Let's think about this for a second. Governments are by definition monopolies on violence that acquire money through extortion. How could they NOT be seduced into stealing anything and everything?

Fri, 10/18/2013 - 11:19 | Link to Comment Quinvarius
Quinvarius's picture

After the stealing, the printing will really begin.  They cannot possibly steal enough to cover their bills.

Fri, 10/18/2013 - 11:14 | Link to Comment agent default
agent default's picture

One off my ass.  If they get their foot through the door, next year it will be a 30% wealth tax.  And the year after, whatever wealth tax.  Until there is nothing left.

Fri, 10/18/2013 - 14:09 | Link to Comment lakecity55
lakecity55's picture

"Today, July 4, 2014, every American is using EBT. We are at last independent from cash! The dream of our Flounders, Marx and Lenin, has been realized! Tonight, Reggie and I will enjoy the fireworks at the Internationale Mall."

Fri, 10/18/2013 - 15:01 | Link to Comment BigJim
BigJim's picture

"Why would you need wealth when the government will provide for you?

Here's your cabbage soup, citizen... don't drink it all at once, though, that bowl is all you get today."

Fri, 10/18/2013 - 11:14 | Link to Comment rehypothecator
rehypothecator's picture

Coercion is at the heart of government.  It's time to think about alternatives.

Sat, 10/19/2013 - 13:17 | Link to Comment Liberty2012
Liberty2012's picture

@rehypothecator, there is no "alternative"

Government is what people agree on about how to live together. There's really no such thing as "no government". You can say you're not part of it. Then the guy down the street objects to something you're doing. He gets the neighbors involved. You now have a government.

The question is how we want to live together. I want to live with people who value individual people.

I chose freedom.

Fri, 10/18/2013 - 11:17 | Link to Comment Quinvarius
Quinvarius's picture

Possibly people will begin to wake up a little more to the fact that they should not keep money in a bank.

Fri, 10/18/2013 - 11:28 | Link to Comment krispkritter
krispkritter's picture

If 1-in-10 people I know or are related to believe this, I'd be astounded.  They think I'm nuts because I've dropped so far out of the rat race and I don't play in all their reindeer games.  The Fed and it's Wall Street cronies are keeping the wheels turning but the hamsters are long since dead.  About the time most people get the scent of the rodents demise it'll be too late to get much if anything out.  The Corzine Tax will be a doozy, the ones that follow even worse....

Fri, 10/18/2013 - 13:07 | Link to Comment Herd Redirectio...
Herd Redirection Committee's picture

Bow down to the ALMIGHTY DOLLAH!

Or not.

Fri, 10/18/2013 - 13:30 | Link to Comment WillyGroper
WillyGroper's picture

When it happens you'll probably be beaten to a pulp for too much truthiness in not having forced them to take precautions.

No good deed goes unpunished. 

Fri, 10/18/2013 - 11:17 | Link to Comment NoDebt
NoDebt's picture

Article had me at hello.  Then it dragged on and on.  Like some hot chick who talks too much.

Fri, 10/18/2013 - 11:32 | Link to Comment Griphook
Griphook's picture

At first I was like "huh?"
Then I was like "What?"
Then I was all "I'm bored"

 

 

Fri, 10/18/2013 - 11:51 | Link to Comment falak pema
falak pema's picture

he did say "hot chick"; how does that fit with "I'm bored"?

Don't listen to her words listen to her body.

Fri, 10/18/2013 - 12:57 | Link to Comment Thisson
Thisson's picture

Hips dont lie.

Fri, 10/18/2013 - 11:19 | Link to Comment Housewife
Housewife's picture

Is a wealth grab "on the way"? Lol. Good one.

Fri, 10/18/2013 - 11:31 | Link to Comment XitSam
XitSam's picture

Note how this is a tax on "positive net wealth".  Not just bank accounts or cash or stocks or bonds or IRAs.  Wealth.  So, own a home and a summer cabin but have no cash and no debt?  You'll need to sell the cabin or take out a loan to pay your wealth tax.

Fri, 10/18/2013 - 12:12 | Link to Comment Winston Churchill
Winston Churchill's picture

Give that man a rubber chicken lunch.

That exactly what they will do.

Kills two birds with one stone: the banks create more money

in a closed loop, and anyone debt free becomes a debt serf again.

Already talking about a mansion tax in the UK.

Appears a mansion is anything with a roof.

Fri, 10/18/2013 - 13:55 | Link to Comment Winston Churchill
Winston Churchill's picture

Seems we have junker that owns a lot of property,and does'nt like reality.

Fri, 10/18/2013 - 12:43 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Laws/taxes that cannot be enforced are not very effective, but I suspect the majority might respond like this;

http://www.youtube.com/watch?v=ZAmpfS7u0BQ

 

Fri, 10/18/2013 - 13:12 | Link to Comment TPTB_r_TBTF
TPTB_r_TBTF's picture

How will the tax collector respond?

 

IRS Shotgun Qualification Course

The course tests the overall weapon handling ability of the special agent. 

 

 

I suspect the majority of sheeple will pay.  They'll bitch; they always do, but they'll pay.

Fri, 10/18/2013 - 13:36 | Link to Comment WillyGroper
WillyGroper's picture

FM

Fri, 10/18/2013 - 17:09 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Many well-trained vets in my tribe, good fucking luck.

Sat, 10/19/2013 - 03:16 | Link to Comment TPTB_r_TBTF
TPTB_r_TBTF's picture

David Koresh had a tribe.

 

The ATF tribe is bigger and stronger than your tribe.

Fri, 10/18/2013 - 14:04 | Link to Comment lakecity55
lakecity55's picture

"Dear Mr LC, you have a home. You did not build it. I am ordering the IRS to confiscate it as you are wealthy and other people have to rent. I must correct this inequality."

(signed)

BHB

Fri, 10/18/2013 - 14:28 | Link to Comment Winston Churchill
Winston Churchill's picture

You forgot the for  children part.

you may also need to work on faking the sincerity . Get that ,and you can go to congress.

Fri, 10/18/2013 - 11:19 | Link to Comment Gmpx
Gmpx's picture

I consider buying Leica and all Leica lenses. They may confiscate gold, but they cannot confiscate my camera and lenses. Right?

Fri, 10/18/2013 - 13:05 | Link to Comment Proofreder
Proofreder's picture

Grandfather reputedly aquired our leica II-f on the battlefield in '42.

Good as Gold.  Useful to this day.  None better. Fantastic lenses.

 

Fri, 10/18/2013 - 13:53 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

A good example of a specific item of Real Wealth that not only retains value, but is also useful. 

The same can be said for any Precious Collectible as a tax-free, untraceable "store of value".  E.g. Sport/Celebrity memorabilia, Precious Coins, Precious Art, Antique cars, etc, etc, etc.

Fri, 10/18/2013 - 16:57 | Link to Comment DOT
DOT's picture

Look for the weakest supply chain and aquire goods as you can. For the things that may not be stored, learn how to make them. Never before, in my strangest moments, did I think I would spend so much time considering "value".

 

Sat, 10/19/2013 - 13:32 | Link to Comment Liberty2012
Liberty2012's picture

Yep, value is transitory. The usefulness of an item changes as circumstances change.

People are the real value. How we trade our time is what really maintains value.

"The price of anything is the amount of life you exchange for it."
- Henry David Thoreau

Fri, 10/18/2013 - 11:20 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

The writer's question is like this year's flock asking if a shearing and fleecing is happening.

Just what do you think happens to each generation of sheep?

p.s. Note that what shepherds say is not always what they do. Especially some of them.

Graze accordingly.

Fri, 10/18/2013 - 11:21 | Link to Comment drooley
drooley's picture

One of my biggest fears is 401ks / IRAs being grabbed and turned into an annuity/ new social security

Fri, 10/18/2013 - 11:22 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Real inflation is already doing that stealing.

Fri, 10/18/2013 - 12:58 | Link to Comment MachoMan
MachoMan's picture

bingo...  and doing a damn fine job of it.

Fri, 10/18/2013 - 13:58 | Link to Comment Winston Churchill
Winston Churchill's picture

Not really.

The FedRes wants a lot more inflation but just cannot seem to get it.

Don't worry they will keep trying till they do.

Fri, 10/18/2013 - 15:17 | Link to Comment MachoMan
MachoMan's picture

Not at all...  it's the difference between shearing a sheep and skinning a sheep...  they want a "steady" level of inflation to ensure the control structure is never challenged. 

Look at it a different way, they can kill the currency at any time, if that was their objective.  The traditional currency cycles would be much shorter if this was really the goal...  the problem is that diminishing returns kicks in every now and again, and eventually they goose it too much.

Fri, 10/18/2013 - 17:10 | Link to Comment Winston Churchill
Winston Churchill's picture

Either they need growth, and inflation or just inflation.

If its just inflation they need at least 10%.

What do you think they are trying to achieve creating a $1tn a year, apart

from propping up insolvent TBTF..

Sat, 10/19/2013 - 13:36 | Link to Comment Liberty2012
Liberty2012's picture

Great illustration machoman. Thank you!

Fri, 10/18/2013 - 11:24 | Link to Comment Element
Element's picture

MERS

Fri, 10/18/2013 - 11:41 | Link to Comment ebworthen
ebworthen's picture

It'll happen, and under some perverse patriotic moniker:  "Freedom Funds" or "Liberty's Lamp" or some such nonsense.

Fri, 10/18/2013 - 17:03 | Link to Comment DOT
DOT's picture

Affordable Housing and Taxpayer Protection Act

(Also known as "ObamaHome")

Fri, 10/18/2013 - 11:47 | Link to Comment Toolshed
Toolshed's picture

"One of my biggest fears is 401ks / IRAs being grabbed and turned into an annuity/ new social security"

You can count on it. They have already laid the groundwork. They will confiscate our retirement accounts " for our own safety". They will issue "Patriot Bonds" as compensation which will be redeemable upon retirement. This action has already been proposed and is in the works.

Fri, 10/18/2013 - 13:38 | Link to Comment WillyGroper
WillyGroper's picture

And that retirement age is...

Age 85?

Fri, 10/18/2013 - 14:02 | Link to Comment lakecity55
lakecity55's picture

185.

Mon, 10/21/2013 - 16:28 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Then get rid of it. Once it's turned to real money now, cash + silver, gold for the longer term, you can forget about it.
As long as it's not bitcoin you're gonna do fine. If it's bitcoin it may as well be a 401k!!

Fri, 10/18/2013 - 11:25 | Link to Comment falak pema
falak pema's picture

the wealth grab has already occurred, or hadn't you noticed. The rich have gotten ultrarich thru this crisis.

Now if the governments start "bailing in" they will take the money where it is. They can't with the 99%, nor with the government itself as they are all "bailed out" dry.

Only one place : the 1% and the corporates...

So...is that whats up ahead in this ponzi? If you asked that question I would understand the issue in its true context.

Don't forget the past if you want to understand whats up ahead. 

Fri, 10/18/2013 - 13:46 | Link to Comment WillyGroper
WillyGroper's picture

I enjoy your POV. I also hope you're correct on this one, but have my reservations.

Sat, 10/19/2013 - 13:52 | Link to Comment Liberty2012
Liberty2012's picture

Interesting point. To have true global power would require destroying most of those around you also.

We have the world we create. People trading their time is the only real value.

Fri, 10/18/2013 - 11:27 | Link to Comment Running On Bing...
Running On Bingo Fuel's picture

We all must appreciate that the opportunities presented to you so far, were not YOUR opportunists, you did not build that wealth, therefore it is not YOUR wealth. Sweet land of Liberty of thee I sing, Land where I Led you to, socialist attitudes, FDICeeeee!

Thank you.

Fri, 10/18/2013 - 11:32 | Link to Comment Element
Element's picture

IMF don't care, when have they ever produced anything, or not lived on other people's labor and taxes, while they swan around in private jets tax-free, feeling bloated from the lobster bisque and bubbly. Only time they pipe-up is when they want more money, or they've pinched-off another wildly inaccurate global economic forecast, or fondled a CIA housemaid.

Fri, 10/18/2013 - 11:37 | Link to Comment Running On Bing...
Running On Bingo Fuel's picture

I can't blame. It's hard to keep the paws of a spooky little minx in full estrus.

Fri, 10/18/2013 - 12:56 | Link to Comment NIHILIST CIPHER
NIHILIST CIPHER's picture

Element,     IMF is just another CRIMINAL OPERATION that feeds on other peoples work and labor.    Maybe they have a charter like the FED RES that gurantees Stockholders 6% .  

Fri, 10/18/2013 - 11:30 | Link to Comment yogibear
yogibear's picture

It's the reason for the Homeland Security 2.x billion round purchase. When the masses get restless and hungry the world banksters in charge will lay down the law and come down hard on the people in the US.

Plenty of armored personnel carriers and drones. 

 

Fri, 10/18/2013 - 11:36 | Link to Comment Quinvarius
Quinvarius's picture

And they are going to be super pissed when they have to shoot first several times before they get their war.

Fri, 10/18/2013 - 11:36 | Link to Comment prains
prains's picture

i'll be welding up a rotisserie this weekend big enough to hold the family pet, rolling a massive and contemplating the future we're leaving behind for the innocents to inherit

Fri, 10/18/2013 - 11:41 | Link to Comment Shaten
Shaten's picture

I disagree with one point in this article.

At what point did people think that a depositor could not get a haircut?

Was the sign on the door that said all deposits insured up to 100000 euros not enough of a warning?

Did they need monthly reminders?

Fri, 10/18/2013 - 14:14 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

My bitch was that the real higher amount people, the Russian mafia got notice and the method to remove their funds in excess of the guaranteed threshold.

Fri, 10/18/2013 - 15:19 | Link to Comment Shaten
Shaten's picture

I agree that was a serious issue, the failure to close oversea branches left another vast hole.

The whole thing was handled by amateurs. I would like to know if the average citizen could see any clues to it happening or did they think it was business as usual.

Fri, 10/18/2013 - 11:43 | Link to Comment Mister Ponzi
Mister Ponzi's picture

I read the IMF paper yesterday night - and it was frightening. Five years ago, nobody except for communist party members would have come up with ideas like that. Now, it is mainstream. Nobody should be surprised anymore once the measures are implemented. I urge everybody to read the second part of the report - the part in which the different taxing options are discussed.

 

Fri, 10/18/2013 - 11:50 | Link to Comment prains
prains's picture

this is just a visible sign that the Statists are cornered

Fri, 10/18/2013 - 12:03 | Link to Comment falak pema
falak pema's picture

Charybdis and Scylla..

We are like Ulysses's boat in those narrow straits.

We've been taken clean by Charybdis, the financial whirlpool, who robbed us of all our future thru Kleptocracy unlimited and Plutocracy Incorporated.

Now we will crash into the rock of statist Scylla under the tax hammer and "bail in" galores.

Double punishment for several generations. I'd hate to think what would happen if the world went into famine and drought as Etna erupted saying : I'm your Nemesis as you polluted the air and the oceans beyond repair. 

Time for a cold beer! Shit, this is worse than  Breaking Bad (which I haven't seen but heard about).

Fri, 10/18/2013 - 13:17 | Link to Comment Proofreder
Proofreder's picture

+10 and a greenie for the double ref - Greek mythology and Edgar Cayce in the same post.

Impressive

re: BBad ...   As I heard it - a chemistry professor gets cancer and broke $o turns to making crystal meth and it all goes bad - redneck slapstick - disclaimer - have NOT seen it myself, probably a waste of time ... but on a rainy weekend, with netflickers, there may be opportunity for an orgy of entertainment.  Noticed Obummer mentioned the series in a press conference recently.  How bad is that?

Fri, 10/18/2013 - 15:01 | Link to Comment FrankDrakman
FrankDrakman's picture

Love people who critique TV shows they haven't seen.

High school chemistry teacher diagnosed with cancer, told less than a year to live, doesn't have enough life insurance for son with muscular dystrophy and soon-to-be born daughter. Meets up with meth-head former student, decides cooking meth is short term way to get the money to look after his family when he's gone. Figures he needs $750k, but he gets much more than he bargained for - money is just a part of it. It doesn't go 'all bad', although some bad things happen. There are humorous moments, poignant moments, scary moments, and suspenseful moments. Not bad for a TV show.

Fri, 10/18/2013 - 15:54 | Link to Comment SimMaker
SimMaker's picture

People still watch TV? Threw ours out 7 years ago..........best move ever.

 

Still, if you need your bread and circus acts to keep you entertained and dulled to reality.....feel free........ the best name ever for TV is; The Idiot Lantern.......like moths to a flame.

Fri, 10/18/2013 - 18:44 | Link to Comment RafterManFMJ
RafterManFMJ's picture

No, people don't but sheep do.

Fri, 10/18/2013 - 16:48 | Link to Comment Ying-Yang
Ying-Yang's picture

In one of the last episodes the main character's brother-in-law has a showdown out in the desert.

Two DEA dudes versus about 5 outlaws with full automatic assault weapons about 25 feet apart. The shooting starts and runs for what seems 2 minutes and no one dies..... chuckle.

Seven of the worst TV shooters I have ever seen.

Too funny. We laughed and replayed the scene over and over.

Mon, 10/21/2013 - 16:04 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

release the Kleptkraken!!

Fri, 10/18/2013 - 13:59 | Link to Comment lakecity55
lakecity55's picture

The "IMF" is the communist party memberz, hahhaha.

Fri, 10/18/2013 - 12:01 | Link to Comment ebworthen
ebworthen's picture

Ben Bernanke called the Cyprus Theft ("stability levy") a "valid policy tool".

Fri, 10/18/2013 - 13:52 | Link to Comment WillyGroper
WillyGroper's picture

His "Tool" belongs in a red hot vice.

Fri, 10/18/2013 - 12:01 | Link to Comment Racer
Racer's picture

How about taxing corporations at the same level as that of the lower middle class?

Fri, 10/18/2013 - 12:37 | Link to Comment hangemhigh77
hangemhigh77's picture

Taxes?  Where does the money go?  War, Banks, Corrupt politicians.  How about getting RID of ALL taxes and getting rid of this FUCKED UP GOVERNMENT?  Arm all the people, get rid of the cops, hang all the banksters, CEO'S and politicians, stop all these fucking wars and then WE GET TO LIVE IN PEACE.  Who needs a government?  Government does what? Stick a gun in your face and makes you give them your money. That's all.  STOP talking about TAXES like we have to pay them.  WE DON'T  FUCK THEIR TAXES!!!  My life wouldn't change AT ALL if the Federal Govt didn't collect taxes THEIR LIVES WOULD!!!  FUCK THEM!!!

Fri, 10/18/2013 - 13:01 | Link to Comment Running On Bing...
Running On Bingo Fuel's picture

Wonder how many readers are too afraid to green arrow you?

Silenced by their own governments actions. Afraid to act.

The US will not censor the Internet, rather institute policies that make you silence yourself. Cower in place you f'ing domestic terrorist.

We live in a country of men who have mostly been castrated. Chemically, intellectually, or castrated by their ambitions to live the American Dream. Corporate castration. Have you ever seen these .gov eunuchs or these 9 to 5 eunuchs? Pathetic.

It's sickening.

Instead of not paying taxes, go on disability, apply for the food scooters, and get yourself a good ambulance chasing lawyer to tax the system when you slip and fall at Walmart.

Tax the taxes.

Fri, 10/18/2013 - 12:54 | Link to Comment TPTB_r_TBTF
TPTB_r_TBTF's picture

The strongest Mafia is called the "Government".

 

If you get rid of your current government, then the second strongest mafia becomes the strongest mafia who takes over where the old government left off.

 

Humans have always been ruled by strong men.

Human will always be ruled by strong men.

Sat, 10/19/2013 - 13:58 | Link to Comment Liberty2012
Liberty2012's picture

Nice reminder. Government is how people agree to live together - nothing else.

Fri, 10/18/2013 - 13:10 | Link to Comment Count de Money
Count de Money's picture

Let me relieve you of a misconception you have: Corporations don't pay taxes, their customers pay it for them.

Follow the reasoning here. Taxes are levied on profits. Profits come from sales (minus costs). Sales come from customers.

What you have is that the taxes the corporation pays is built into the price of whatever they sell. Plus the costs of compliance with the tax code. So the corporate tax is really a stealth VAT.

Sat, 10/19/2013 - 14:00 | Link to Comment Liberty2012
Liberty2012's picture

Excellent reminder Count de Money. Thank you!

Fri, 10/18/2013 - 13:55 | Link to Comment James
James's picture

................................................................

Fri, 10/18/2013 - 12:22 | Link to Comment jaxville
jaxville's picture

  By stealing from accounts as a "tax" rather than a "bail in", there is no need to set a minimum threshold because deposit insurance would not apply to a tax. You would think they would be happy with a fractional reserve /credit based money scheme. Clearly that is not enough and they will not be happy until they nationalize our children to sell them as sex slaves to the Israelis. It just gets worse!

Fri, 10/18/2013 - 12:48 | Link to Comment hangemhigh77
hangemhigh77's picture

Solution???  STOP PAYING TAXES!!! We're feeding the beast.  It's seriously the ONLY collective way to stop them.  Of course I sound CRAZY, but we have been brainwashed into thinking we MUST pay taxes.  Like if you don't pay taxes, finance wars, luxury bankster lifestyles, politicians living and ruling like kings, you're a deadbeat.  Usually when I spend my money somewhere I GET SOMETHING FOR IT.  People, we are giving them our money so they can IMPOVERISH us while they live phat and steal our kids futures, and arm themselves to KILL US.  Now how CRAZY am I now?  Huh?

Sat, 10/19/2013 - 14:10 | Link to Comment Liberty2012
Liberty2012's picture

@hangemhigh77 Thank you for the refreshing splash in the pool of reality!

Trade your work, trade your time, trade your gifts. Invest in people. Life is beautiful, always. Even when it doesn't look like it.

"The price of anything is the amount of life you exchange for it."
- Henry David Thoreau

Fri, 10/18/2013 - 12:41 | Link to Comment hangemhigh77
hangemhigh77's picture

How about instead of going through these BULLSHIT machinations about how we're going to "pay off" the debt we just tell the banks, SOOOOORRY, we're not paying you JACK FUCKING SHIT and you're out of business.  So all your palatial plush offices are gone, all your expensive cars and whores...gone, all your mansions and yachts.....ummmmmGONE.  ALL YOUR SHIT IS GONE NOW so FUCK YOU and WELCOME TO THE PARTY BITCH. And by the way WE'RE GOING TO HANG YOUR ASSES TOO.    Now wouldn't THAT solve the problem?  WHY isn't THAT being discussed as a viable option instead of considering selling our kidneys for these lying thieving bankster SHIT?

Fri, 10/18/2013 - 13:25 | Link to Comment lasvegaspersona
lasvegaspersona's picture

hangem'

calm down, take your pill and munch the tall grass with the rest of us....baaa

Sat, 10/19/2013 - 14:13 | Link to Comment Liberty2012
Liberty2012's picture

Perfect. Thank you for the laugh lasvegaspersona! Laughter really is the best medicine ;)

Fri, 10/18/2013 - 13:34 | Link to Comment tvdog
tvdog's picture

How about instead of going through these BULLSHIT machinations about how we're going to "pay off" the debt we just tell the banks, SOOOOORRY, we're not paying you JACK FUCKING SHIT and you're out of business.

Sounds like a decent plan.

Fri, 10/18/2013 - 12:34 | Link to Comment eddiebe
eddiebe's picture

somebody stopp these fuckers from having all these ideas please.

Fri, 10/18/2013 - 12:45 | Link to Comment jo6pac
jo6pac's picture

Wealth tax, yep a tax on the 99% while the 1% parties on. Cypress is coming home to Amerika.

Fri, 10/18/2013 - 12:55 | Link to Comment whisperin
whisperin's picture

Ain't no such thing as a one off tax!! They'll be back for more!!

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