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Martin Armstrong Warns Europeans Of The Coming Expropriation Of 10% Of Everyone's Accounts
As we have discussed in depth previously (2 years ago here as "muddle through has failed" and most recently here as the IMF discussed a "one-off" wealth tax), a confiscation (akin to Cyprus overnight debacle) is coming and Martin Armstrong believes sooner than most think.
Submitted by Martin Armstrong via Armstrong Economics,
Anyone who thinks it is a fantasy that government will simply just confiscate 10% of everyone’s accounts in Europe better have another look at the fool they see in the mirror staring back at them. This IMF solution is traditionally French and is really coming because the people in charge are effectively Marxists and this idea came from the IMF under the control of French ideology. They will expropriate these funds to save a banking system that they screwed up and will never reform anything because they are incapable of admitting any mistake.
These European government officials really are playing a dangerous game that is inviting total chaos, civil unrest, and may set themselves up for invasion. Instead of Napoleon invading Russia (1812.479), it may be the other way around when they smell weakness.
Let me make this very clear. I have many French friends and they know the people in charge are just Marxists. Adam Smith wrote Wealth of Nations because he visited France to investigate Physiocracy that argued agriculture was the only real wealth. Karl Marx did not come up with Communism himself. He was more of a socialist. He did not advocate confiscating all property. It was the French movement of a commune at the time that convinced him their way was better. It was Engels who steered Marx into Communism. These ideas have emerged from France and this is why we have some of the most insane ideas still emerging from this country. There is a core philosophy among some that this socialism is correct.
The IMF proposal to expropriate everyone’s accounts in Europe will happen. The consequences could be absolutely the collapse in confidence that will be off the charts. Why should people trust government ever again or any bank for that matter?
My advice to Europe – move as much as you can... - Hollande will come up with that one you can bet. He will weaken Europe and destroy the future of generations yet to come.
When they took the funds in Cyprus, the EU did not distinguish between European, American, or Russian accounts.
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God is a totalitarian dictator,
God is a King, THE King if you will. He therefore gets to make the rules. Call Him a dictator if you like. It is a good thing that he is a fair and always good King however.
when was the last time God held elections?
As He is a King, and tells us so from the beginning, why should there be elections in heaven?
Those Revolutions certainly did NOT come from God.
Since you do not believe those revolutions were of God, from where did they orginate?
God gave us free will? With the death penalty in Hell if we choose wrong.
Yes, you have the choice to follow God or not. The choice is very simple, but it is up to you. This is the ultimate choice, but you get to make it, everyone has the same choice. Why is that not free will?
The fact that you do not like the choices I suspect is the issue. But that is not up to you.
sschu
- "The French Revolution vs the American Revoultion were God's way of showing us the choices for rule we had to select from."
I like how god gave us the American revolution but somehow is not responsible for the Rwandan genocide. Clue me in.
Are you seriously suggesting the founding principles of America are the same as the Rwandan genocide?
Now the implementation of these principles in America, while mostly good, has been at times imperfect or even worse. Granted. We are all human and subject to failings.
And yes the ideas of individual rights, church and state and limited government among others do originate with God, much as the secularists try to dispell these notions.
sschu
You Said: "The French Revolution vs the American Revoultion were God's way of showing us the choices for rule we had to select from. Limited government with individual rights and freedom as the centerpeice vs the state as the central authority providing for the needs of its subjects, the people."
Reread my post:
"I like how god gave us the American revolution but somehow is not responsible for the Rwandan genocide."
Begging the question.
If god gave us the French and American revolution how is he not involved in other wars?
You do not see the difference between the principles of a a God insipred Declaration of Independence and Constitution and the mayhem of the Rwandan genorcide? You do not see the damage the ideas and principles espoused (and put to work) in the French revolution? God does not cause the Rwandan genocide, He weeps as a result of it.
The Revolutionary War was not God's selected method, granted. If your point is the narrow one that if God is involved in one war He is involved in all wars, then my point was poorly presented. He is always good and war seldom is.
If so, then I concede point. But that is not what my post is about at all.
My original post was about the American vs the French Revolution of which the wars were just a part. These revolutions were just was much about the ideas of each. What exactly were the profound ideas of the Rwanda genocide?
sschu
[redacted, not getting into it]
finally, the Man Who Should Be Fed Chair comes to the hedge.
welcome Marty.
Armstrong still has some good info but I agree with some others here, he's a real crackpot and turning more so over the last several months.
Plus, the letters he publishes from readers, many of them are so cringe worthy it almost makes me puke. One the other day said something like 'Martin, you really are a true oracle and I think I'd die if you stopped your writing'. Go read his Blog, you'll see what I mean.
"one-time tax" = "bailout for cronies"
The IMF would make more if they took 10% of everyone's matress
Problem is that right beside the matress is a shot gun
They would get a lot more if they confiscated 10% of the $20-30 trillion in tax havens.
In my view trhat is the true repository of every crooked scheme that has fleeced the world.
What do you call in when you look in the mirror and see Martin Armstrong staring back at you? "IDIOT"
The many sophmoric history references alone should tip-off everyone that this is all hack-quakery.
And this article is just so riddled with economic misunderstandings and the errors that only one who is un-read can make that it is hard to know where to begin the critique...or even to munster enough concern to bother.
Let me just first say, dear morons of ZH, that Marx LOVED capitalism as being the greatest and most efficient means of generating capital and driving society forward. Did you know that? Did you know that the Marxian analysis of capitalism was and is accepted as being ON-TARGET by most economists?
It's the solution to capitalism that Marx get's wrong...Marx, being a great CAPITALIST economist, saw that a solution for the capitalist crisis/consumer collapse was needed and threw in one possibility that just does not work. So don't ignore the Capitalist Crisis as being "not correct" because his solution to it fails.
Fundamentally, capitalism is a ALWAYS on an egg timer to destruction. At some point the poor get to be sooo poor that they tear down the system and redistribution happens. We call those periods "revolutions" ...but they often go by other names yet the result is always REDISTRIBUTION. The problems in the Capitalist Crisis are not so different from trying to get a game of monopoly to keep going-on forever.
Wiki:
Martin Arthur Armstrong (born November 1, 1949 in New Jersey) is the former chairman of Princeton Economics International Ltd. He is best known for his economic predictions based on the Economic Confidence Model, which he developed.
In September 1999, Armstrong faced prosecution by the Securities and Exchange Commission and the Commodity Futures Trading Commission for fraud. During the trial, Armstrong was imprisoned for over seven years for civil contempt of court, one of the longest-running cases of civil contempt in American legal history.[1] In August 2006, Armstrong pleaded guilty to one count of conspiracy to commit fraud, and began a five-year sentence.[2]
Career[edit]
Armstrong is the developer of the Economic Confidence Model based on business cycles and pi.[3] He is known for claiming to have predicted the crash of 1987 to the very day.[4]Using his theory that boom-bust cycles occur once every 3,141 days (the number pi multiplied by 1000), Armstrong claimed in 1999 to have predicted the Nikkei's collapse in 1989 and Russia's financial collapse in 1998.[3][5]
Criminal conviction[edit]On September 29, 1999, Armstrong was indicted in the United States District Court for the Southern District of New York for fraud by the Securities and Exchange Commission and the Commodity Futures Trading Commission, for having conspired with employees of Republic New York involving Japanese investors. Republic New York pleaded guilty
Me thinks he doth protest too much...
And what are the motives of such a character hack ?
You forgot to post YOUR website and YOUR observations on the movement of money.
OH, you DON'T HAVE ONE.....
You don't happen to work for the NY Money establishment do you?
So if Bernie Madoff was to start up a web site and offer a deal to earn more than your wildest dreams, you'd go for that?
Dim witted moron...typical ZH logic.
If your ideas can't stand on their own and to thee scrutiny of your pears, why would you think that working at a whore house would make them more credible? Don't reply until you have an argument...then we can talk. I'll do my best to fix you.
to thee scrutiny of your pears
i prefer the sanctity of peaches, but that's me.
peers and pears...you are saved by a typo?
saved from what and by whom?
Why on Earth would you call the potential readers of your post morons? Is it to show superior intellect? If so, then you would revert to the first question and realize, if indeed you had superior intellect, you wouldn't call potential readers insulting names.
I must be, as you say, a moron. Because I certainly don't understand your reasoning.
Oh, I didn't mean you! No, YOU are special! LOL
It is my drive to fix the system and to help people (even ass clowns) to think that overrides my innate disgust for you boobs and nitwits here at ZH. Yes, you are welcome.
Lets see. 10% of minus $16 = minus $14.40? Now i am really confused
Beware the use of terms that end in -ism, such as communism, socialism, capitalism. These terms and systems are all controlled by the same cabal and are selectively called upon to serve the interests of the banking class and its masters.
None of these systems even approaches the ideal unless the free and unmanipulated market is the final arbiter of economic decision making.
The free market is the best expression of the human need for exchange, survival and progress.
In the meantime time they can take 10% to 100% of accounts and nothing will change in the longer term unless the free market is restored.
Long ago they had meaning,
Liberal once meant 'liberty' ( think freedom )
Conservative once meant 'conservation' ( think forestry or fishing )
***
We have now entered a new world order, where all words have negative connotation, and nobody can communicate with out pissing off the other guy/gal.
Communism, once upon a time meant 'communalism'
Capitalism, once upon a time meant Ben Franklin, 'bootstrapping'
Socialism, once upon a time meant 'caring'
***
The IMF/USA world, and any country NOT labelled 'axis-of-evil' is a KLEPTOCRACY, ran by the CLINTON/OBAMA/BUSH/PELOSI,... crime familys with the single mind purpose to enslave the world. Just like 1984/BraveNewWorld, or any dystopian future they always fuck the words and their meaning.
FREEDOM is slavery
war is peace
ignorance is strength
rape is love
torture is truth
Once the collective mass of men/women go nuts,they can be led anywhere by the like of Pelosi or Quayle.
Marty makes it to ZH!!!
Whoo Hoo!!!
Dat's what I'm talking about!!
According to this report this guy went to prison for scamming (he pleaded guilty on one count) :
Martin A. Armstrong - Wikipedia, the free encyclopedia
The money will be going to a good cause... the plutocrat sex toy fund.
If they are lucky there is over five euros in my accounts but don't count on it.. I've been expecting this for a long time.
Martian Strongarmed has also been warning us of a putative, never-before-seen fiat currency deflation as well.
So how is that coming along, Martian? Have your grocery and utility bills starting dropping yet?
No, mine neither, asshole.
Federal Reserve Note citizenism citizens are pure laughters, keeping selling lies since their inception.
At first, they bambuzzled people. But now, as FRN citizenism citizens failed to renew their propaganda, the only efficient way to force the FRN citizenism lies down the throat of others is violence.
So here is the same propaganda as usual: FRN citizenism citizens has been running a unique experiment that is going to lead to unique conclusions.
But the only way they reach those unique conclusions is they write off all history previously theirs because well, a look at it showed that the unique FRN citizenism citizens conclusions are not that unique.
FRN citizenism citizens, so much resources are allocated to propaganda so they can afford living in the comfort of their fabricated world view.
When it comes to the most mattering thing, the only thing truly unique about US Federal Reserve Citizenism is the upped to the nth degree level of its progration. The crust, the crust of it is the mettle of its algebraic coconuttery nibness. Biting it since 26th,December, 1913.
One can deny and offuscate the duplicitous eternal nature of sociopathic central banksterism until they are red, white and blue in the face, but as long as its subjects have their e-gadgest and Black Friday BrawlMart, nothing will in the changing be.
Ah, the willing subjects of US Federal Reserve Citizenism. So docile, so deluded, so pathetic! Might as well put collars on them and then take them for a wok. They will go eagerly, count on it.
That is all that can be said about that, and then some.
You two got me cryin. LOL
IMF and French Statist ideology theme is hilarious. The IMF has been for 50 years the kept woman of US Pax Americana debt dissemination in the sphere of King Dollar. Its been US government IDEOLOGY since BW; which became "our money your problem" in 1971 BW revoke.
Nobody at ZH forum could contest that given all the excellent and substantiated posts made here since Jan. 2011, of Financial commissars of IMF, debt collectors/vigilantes, raping the world along with Big Oil and/or Big Business interests. I can personally vouch for that.
So this guy now pretends that French Statism runs world finance and Robespierre's ghost walks those hallowed corridors of power, dressed up as Lady Lagarde; the woman who as CEO of corporate lawfirm and then as French Finance minister in Sarko government, was a total eager beaver spokeswoman of Oligarchy over a thirty year career upto this crisis; is as realistic as saying debt is asset in the books of the FED.
If these bail-ins occur it will be to punish the banking community--which has gone from insanely bad to more addictively worse if that possible (it is) -- effectively to make bankster debt as deposited by their rich clients into government assets. To save the world economy by dire means. THey are rats with their backs to the wall, those who run first world governments, all the time they played as gutless cronies while this shit pile accumulated. Now its time for dire consequence; unless the growth wheel starts spinning again.
But the eventuality of these dire measures result from neoliberalism and is the effect of having stored 30 T of scammed wealth since thirty years in Caymanista locations; and THAT scam is just getting bigger and bigger, whence the knee jerks of elected shills turning coats like cornered rats. You can't make the population of 99% pay for this criminal trend to which all the elected bend like scared hostages suffering from Stockholm syndrome under the banksta WMD financial gun. Time to stop this high jacking if the sun doesn't rise on real economy.
As for the French historical analogy :
Robespierre was anything BUT a turncoat. We can AT LEAST give him credit for that. He was called "the inexorable or inflexible one" (l'irréductible) by the French.
If you want to understand the Cause look no further than the haloed waters of the Potomac or the Manhattan sound.
Stopped reading when he said the IMF is Marxist. Okay, I get the point the writer was making, big government taking wealth. But, let's be clear, people have forgotten what Marxism was, what socialism is and what communism was. The IMF works as an agent of the most wealthy people on earth, for corporate power and especially for the vast global banking powers. Please, do not insult me by calling the agent of these powers Marxists. The crony capitalism and banking dictatorship may indeed TAKE 10% of people's accounts. If you think, in true socialist style, that this wealth will be handed out to the workers and the poor, you are insane.
So let's agree the IMF can and will TAKE from the people. But it will bail out banks, and who owns banks? Yes, the famous 1%. Corporate fascism and banking power does not equate to an agent of theft from the rich and hand outs to the poor. The IMF is not going to force higher wages, not going to eforce national health care, etc. etc. So they are not Marxist. I believe any attempt to consult the communist manifesto and history will prove this as fact.
Let's call it what it is. Banker theft. Banker economic terrorism. This money goes to the 1% who own most if not all asset classes, other than home equity, though vis loans, they hold leans on a lot of people's home value.
I know communism, I saw the eastern block in it's last days. The IMF is not, and you all know it, is not marxist.
As for the EU in Brussels. They are corporate crony capitalists and banker stooges. On the social front, the social issues, they ARE communist and with that I agree. They are the wrost of both worlds. And those who post attacks on me for saying so. I say, if you benefit from the EU, then support it. But the rest of us will only sleep well when your corporate fascist Brussel's banker elite is shoved into the sea. And their social communism and reverse racism is dead.
Will the Brussel banker agents steal people's accounts. Yes. They will hand it over to in troubled banks and also manipulate markets for wealth effect. The only people to benefit will be bankers, bank share holders, bond holders. These folks are hardly Marxist.
agree that his constant arguing of only one side of the Dialectic should be scrutinized (especially for someone that believes that human history, mimicking nature, follows cycles).
I agree with Tip. I seem to be a martin cheer leader in some of the posts below, but I do have differences of opinion with him. However His writings do bear reading and consideration. And I have been reading him since his letters from Prison years ago.
He seems to have the stance that the GOV. is the problems and not the large money people controlling the Gov. I have major disagreements with him on that one for example.
BUT his cycle work is second to none I believe.
Am in the same boat here. I visit quite a few sites regularly. I don't agree with any of them, or any author, on all subjects. Heck, I have a hard time getting through a single article without finding something at least minor that I have some trouble with.
But, most good sites/authors bring something to the table. Yeah, my own judgement is what would be to blame for being wrong by filtering everything... but, I would prefer this over blindly following someone else.
Right Centerline. Cast your net WIDE and use your intellectual skills to find the inconsistencies, and take away the nugget of truth.
Nobody is completely right, Pick up the true and try to see past the particular author's blindspots.
Do you mind mentioning a favorite site or two?
Believe it or not, they all matter to some degree. Even lies and hatchet jobs matter. How? By comparison. Viewing one site against another - preferably a bunch of sites. Doing so creates it's own filter. The bias becomes more clear - one way or another and from that perhaps some idea of the truth might be extracted. Or at least consensus with consideration as to how herd behavior might play into things (depending on my impression of the site, forum, so forth). Everything with a grain of salt. All sites are controlled to some degree. Even ZH. In fact, there has been a very noticeable change over the last here year here - I will leave it at that, not knowing specifically what has "gone down." Let's just say alot of people aren't around any more. I don't think that was because of boredom.
Anyhow, I visit some basic MSM sites (gasp), RT, Al Jazeera, Der Spiegal, Automatic Earth, Armstrong Economics (Martin's site), Steve Keen's Debtwatch, trading sites like Slope of Hope and Evil Speculator, Market Ticker (yeah Karl can be real disturbing sometimes - ha ha), etc. I used to visit Nathan's Economic Edge (now idle). I find new sites each week too. I bounce off of the links provided on each site and search for new one's on my own. I also watch what other people write. Just like you wrote me. The most recent is some boiling frog site that I haven't had much time to assess.
edit: Oh, if you haven't read some Hypertriger, you are missing out. Just remember it is a two drink minimum to go there. It makes more sense with a little "assistance" from Jonnie or Jack or any other family members.
Keen vs. Armstrong would be an epic debate actually.
thanks for the hypertiger reminder...forgot about him (or her). latest post actually links to an article on the hedge.
classic line : A lie you believe is Truth you use to measure a lie you believe is Truth to find a lie you believe is Truth.
Anyone who promises you anything without the need of working for it is a thief, be they Marxist, communist, socialist or crony capitalist. A turd by any other name still smells of shit. People using the power of government, either directly from the seat of their office or through the manipulation of law to benefit those outside of government are thieves. They will use ideology, fear and greed to facilitate their theft, all in "the name of the people". Call it what you will. It is only Communism and Marxism that set their agenda out in public so we may more easily attribute the disaster.
Excellent post Jack. Theoretically speaking, Marxism is supposed to socialize business profits. If anyone has been paying attention to the last 10 years, every developed country on Earth privatizes profits, and socializes the losses.
That's the new normal until we become the masters of money, rather than slaves of it.
I think that IMF report was centered around reducing the amount of government debt. So the 10% levy is not a bail-in for the banks necessarily, although they would benefit by not having to take a haircut on bonds perhaps. This article mentioned Europe, but I think that to be truly effective, many other IMF member governments would need to be involved in a coordinated effort to corral to funds and limit the escape successful of us stooges.
Fred, the problem is systemic. Simply expanding the "reach" of government to contain capital flight is stupid. Transactions will always avoid the "system" because survival is nature. Nothing that is in violation of nature will endure. Is just a matter of time. Why else do cycles repeat?
Of course your 100% right,BUTT
The thing is if you look at the real world, the USA (IMF) is NATIONAL-SOCIALISM ( NAZISM ).
I would agree that the author doesn't have a clue as to what 'marxism' is-is, ... for in reality Marx was simply an intellectual studying the reality of faux-capitalism.
***
The IMF/USA is 'socialist', and I think the AUTHOR thinks that Marx was one of Hitler's brothers that did the comedy channel back in the 1920's for the USA.
The USA is is NATIONAL SOCIALIST(NAZI), the USA put the IMF in power, and created the bitch,
To blame Marx for any of this bullshit, ... well just consider that this author is a historical moron, and poorly read, and that he should go read Marx, ... and all 1800's intellectual authors of social economics.
***
This is why I moved to CHINA in the 1980's when I first came to china, I realized it was wild-west capitalism, and that in fact, it was the USSA that was the socialist ( stalin ) government, ... The USA is 1984, brave-new-world, Brazil, ... NSA, ... all wrapped into one collective social engineering butt fucking crime family, aka obama/bush/clinton/pelosi/cheney/,....
10%, why not 100%.......if they require it - they'll take it and then offer you a loan to fill the void.....as long as you have enough security!
THERE IT IS, BLACK AND WHITE .. YOU LOSE!
http://www.youtube.com/watch?v=M5QGkOGZubQ
I've heard many comments on ZH describing the kleptocracy as Marxist or this whole process of financial destruction as Marxist. I think those who use the term assume that any government that takes everything from the populous is a socialized government which is a real twist in logic.
It's what they do for breakfast in the morning. They're socialists/marxists are thugs who just make shit up as they go along to loot the masses. There are no instructions for how marxism/socialism is supposed to work, hence there are no limits. Marx stopped at the dictatorship of the proletariat. Everybody since wants to stop there too.
Chavez made himself a billionaire three times over during his 8 years as el presidente' of Venezuela. The Castro brothers in Cuba are worth 2 billion. The Chinese apparachik families are all billionaires, like Chinese Waltons.
It's good to be king!
"It's good to be king!"
Not always - look to Europe's headless leaders: Dieu et mon droit often means a clean slice just above the C5, meanwhile in the USA where "everyone is armed" the Kings pay a few bucks in fines...
I know Ajax - was pulling a Mel Brooks thing! Shits and giggles.
Yes. The european marxists in charge are mostly marxist voor others, and liberals for themselves, having stashed theis millios somewhere outside the eu.
easy to spend other peoples money.
I split my time between the US, the UK, and continental Europe. People look far wealthier, healthier and more content in Europe than anywhere in the US, perhaps with the exception of such economically segregated communities as the Hamptons, Evanston, Los Altos and the like.
What worries me most about the US is the pervasive ignorance affecting 75% of the population. The Internet has acted as a great equalizer everywhere, particularly and painfully so in the US, where any clueless uneducated moron who never had a passport and probably never even ventured outside their own home state can gain fatuous credibility by disseminating baseless theories among the equally ignorant masses who deluded themselves into worshipping their blogs or newsletters as if they were at church on Sunday (Poll: Nearly 8 in 10 Americans believe in angels).
In Rome, the capital of a supposedly depressed PIIGS country, the countless bars, cafes and restaurants are packed seven nights a week, the women are attractive and fit, and there's very little petty or violent crime.
Europe is blowing up soon? Sure, believe what you will, but I reckon the odds of a racially fuelled civil war breaking out sooner in America are much higher.
I'll bite...
Without a common debt, the EU is ripe to tear itself apart in addition to outside pressures. Already ahead of the US in terms of attacking wealth.
When things really heat up, I think civil unrest will be local to each country for the most part, coupled perhaps with crimes against immigrants.
Regarding your position on the US being a powder keg. I am right with you there. Just that the US will go down after the EU. And when it does, it could be ugly.
You are exactly Right Centerline.
btw, Martin been saying the same thing about the "Common EU debt" since it was set up.
Your points on the unrest ring true also. Where you are and who you are will make all the difference.
EU then the US
(BTW, Happy New Year Centerline)
If it's necessary to run on for 5 lines to complete one sentence bashing Americans then you may have issues.
We have morons like continental Europe because our socialists running our public schools also like diversity, too. The USA is #6 in the world with percentage of pop. with college degrees. Nobody in UK and continental Europe even show up in the top 16 where the survey stopped.
87th percentile is the average score of the 2 million American home schooled kids, many of whom who believe in angels. This wipes out the scores of any other country on the planet and would make them a country of geniuses if counted separately.
Excellent.
The stumbling, broad brush, abjectly ignorant, anti-Americanism on this site is sickening.
Stop making snap judgments on America based on TV , "news", the detritus output of Hollywood, and the noisily decadent Marxist enclaves on the Coasts.
"The stumbling, broad brush, abjectly ignorant, anti-Americanism on this site is sickening."
Oh dear oh dear - seems as if the shoe fits...
Does you ignorant, smug and blindered hatred for the United States satisfy your sexual appetite, as well as that for food and water?
I prefer to use fat dumb and lazy to describe Amerikans
+1
"87th percentile is the average score of the 2 million American home schooled kids, many of whom who believe in angels. This wipes out the scores of any other country on the planet and would make them a country of geniuses if counted separately."
HA HA HA - yeah.
Yes of course! In some parallel universe which exists in your dreams mate! Oh please say it: God Bless America - go on please! Sing it for us!!
LOL FYI I *am* a 4th-generation American, born and bred.
another + 1000 for the seriously dreadful moniker London Dude Trader.
As one who grew up in USA and left many many years ago: when I compare my life to that of my sisters and brothers who "never have time for anything" etc etc and are all holding mortgages for houses which lost a shitfull of value and whose children's homes have done the same and whose children really believe in Hollywood and pay 10 times more for basic healthcare in shit hole little cities.. well, must I say more? "I mean you know like it's just awesome!"
You were doing just great until you picked on the angels....
I'm all for arrest and imprisonment of anyone that has over 10 million. They should all have their wealth confiscated and distributed equally among the citizens (not the Government). People with more than that amount have a sickness, a disease that infects others. The disease is like overeating only without a limit. It kills the ones around the person that carries it. The disease is highly contageous and threatens the survival of the human species. One of the affects of the disease is that it renders humans incapable of rational solutions to prevent future disasters. The disease is deadly and must be stopped.
Central Banks are the cesspits from which this disease grows.
Now imagine that bum who just burnt his last crack rock is looking at you and thinking the same exact thing.
He'd be perfectly justified to steal your wallet because you have more than him, right?
WEALTH IS DISEASE AND I AM THE CURE.
Why 10 million?
How about drawing the line of confiscation at 1 dollar less than what YOU happen to have.
The Kings and Queens of 18th century Europe knew that they couldn't afford the annuities to the royalty and they couldn't afford the lavish lifestyles and the expensive courts surrounding them. The longer they were established and didn't reinvest into the economy to bring a middle class out of the gutters, the less they had to spend among the growing circle of fatcats and parasites.
Sounds familiar?
They couldn't draw blood from a stone back then and they can't do it now. They went to wars and eventually lost their heads and/or their powers.
So . . . . . . . . remind again how Bitcoin is worth about $9B and FB is worth what $120B???? ya, that makes sense.
"10%"? Maybe,...
"everyone"? certainly not. THose with the right connections will be given enough hints by their connected friends to give them enough of a window to do asset transfers or liquidations. Just like Cyprus.
They won't stop at 10% and they'll do a sliding scale so that those with the most violent tendencies will be placated.
Almost nothing you read or hear in the news today seems to make any sense at all.
People get so angry, so frustrated, so betrayed. It’s like “our leaders” are crazy or stupid, or both. It doesn’t make sense to put women in the infantry. That’s obviously crazy! It doesn’t make sense to encourage kids to take out college loans they’ll never be able to pay back. It doesn’t make sense to invite people into the country when you cannot afford to care for the people who are already here. That’s nuts!
It doesn’t make sense to start wars and then say you’re trying to “win hearts and minds.” War is not a good way to win hearts and minds! And worrying about hearts and minds is not a good way to win a war!
It doesn’t make sense that bankers and CEOs get golden parachutes and go on vacation or get jobs in the administration after knowingly and intentionally destroying companies, jobs, lives, the environment — whole segments of the economy!
But if you realize that they — the people who run the country — are doing things to benefit them and not you, everything makes perfect sense.
Consider the possibility that America’s leaders really don’t care if American soldiers live or die. Consider the possibility that American colleges and bankers don’t care if you live the rest of your life in debt to them. They’d probably prefer it. Consider the possibility that American politicians care more about keeping their jobs in the short term and looking good in the media than they do about what happens to the people of their country in the long term. Consider the possibility that “you” are not part of an “us” that “they” care about. I promise that if you meditate upon this, things will start to make a lot more sense.
If you let go of the idea that these people are supposed to care about you or the country, and you allow yourself to see them as gangs and individuals working to further their own interests, you can relax and appreciate their crafty strategy.
Let go of foolish expectations about what these people should be doing. Step back and see them for what they are. Don’t be mad. Don’t be outraged. Be wise.
As Nietzsche recommended: be carefree, mocking, and violent.
While I strongly disagree with Martin Armstrong on taxation of the wealthy to benefit the poor, Martin Armstrong is a brilliant economic cycle analyst with so many accurate market calls that you might think that he does own a 'crystal ball.' I read everything he writes; but when he starts blaming Marxists for all world's ills, I ignore it---crony capitalism is not Marxism.
Today is a very significant day. A downward finish does not portend well for the market in 2014.
Why should people trust government ever again or any bank for that matter?
if you are reading this comment and the above line on ZH reckon you are already one of those people :-)
I gotta run to the bank, I'll be back.
When FDR seized people's gold and then devalued the dollar by 40% did anyone complain?
10% would be a deal, at least if it was a one off.
Huh?
Can't be one off.
FDR already did it, as you noted.
Just a slightly different way... but the same.
PS: It is not a "deal" when a thief steals 10% of your savings.
Hon, look out! Your Chinese literalism is showing.
An occurence that doesn't repeat in over one generation -CAN- be considered a one-off.
Your choices to "reload" the capitalist systen will be either overt confiscation -or- higher inflation.
Debts need to be paid down or disappeared and consumers need to have money funneled to them by the wealthy via some mechanism for this merry-go-round to start back up. Or did you think this could all just keep going on with no reset?
Not even CLOSE to being considered a utilitarian justification for theft. The only reset worth talking, if we have to talk about a reset at all - is the exchange of property et al assets between those that stewarded their wealth with those that did not. A 10% haircut hardly boosst confidence in a system that requires more than just a wealth tax to bail out the very incompetence such a bailout rewards. ZIRP is the problem and is the hallmark of central planning gone completely bat shit crazy without thought to the consequences that have lead to increasing moral hazard and social indifference. The malfeasance has to be liquidated. Period. Full stop. The sooner people understand that (and government in particular), the better off society will emerge. A one-off (and you never did answer honestann's q) redistribution (theft), merely sustains the status quo, which we know is ultimately unsustainable. Also, it is important to distinguish inflation (increase in money supply) with price inflation. The two are not the same, nor does the latter necessarily occur as a result of the former. Lastly, might want to have a read of Frank Michelman's demoralization costs in ("Property, Utility, and Fairness: Comments on the Ethical Foundations of the 'Just Compensation' Principl"e), that would necessarily occur as a result of such a coordinated redistribution in that "so long as individual possession continues to be the norm, there is serious disvalue in the spectacle of any encroachment on possession by public authority which is suggestive of arbitrary exploitation of a few at the hands of the many. The mind moves from such a spectacle, by a short and easy mental transition, to the idea of that mutual disregard for the possessions of others which, by ingrained mental habit, in turn invokes the idea of social disintegration - with an attendant sensation of unease."
I'm pretty sure honestann is not so simple to think that the merry-go-round keeps going in the absence of anything actually being done. But I'm betting she doesn't believe a coercive redistribution of the kind you suggest offers any long term viable solution either. Capitalism, the way I understood it to be - not what it is today (crony), must return to principled rules of ownership, accountability, and failure without bailouts. Nobody at ZH believes - not even for a second- that a liquidation of the malfeasance would lead to social and economic chaos. It didnt happen in 2008 - its not going to happen now. If we want to return to the idea of enjoying the benefits of capitalism, then we have to play by those rules that ensures stewardship of resources (and the currency) and incentivizes through entrepreneurship the unfettered production and exchange of scarce resources. Anything short of this constitutes just another redistribution measure that invokes some utilitarian (social welfare maximizing) bullshit that can never be demonstrated and leads further down the path of social disintegration that Michelman speaks of. Transaltion: forget the idea of a reset - instead allow failure to force a change in behaviour and instill the knowledge that there can never again be a free lunch. Its that easy.
Pareto, you need to read and understand the standard and accepted critique of capitalism by Marx. The capitalist dillema will remain a mystery to you until you get the basic concepts.
This has little to do with Communism. Please don’t bore me with an attempt to associate the identification of the problem with that subsequent bad solution.
The nutshell of the critique goes something like this:
1) Capitalists must pay their workers less than what they create in wealth/product in order to justify being in business.
2) While some workers may earn a great deal of wealth, the fundamentals of #1 remain true. It is simple math.
3) Over an entire economy, an imbalance MUST manifest where the worker/consumer falls behind on their ability to consumer product. This is inevitable because of #1. Certainly, as in #2, some workers are not squeezed like other workers but the overall imbalance must grow and grow.
Imbalances of production (glut) result from the failure of consumption to keep up and is referred to as a Consumer Crisis or Capitalist Crisis. It manifests itself in a series of events we should all see in today’s economy as Marx would have recognized it in industrial England.
Glut of products -- price drops and reduced production -- less need for employees--decreased wages and increased unemployment. Worker/consumers tighten their belts and work more hours with ultimately the entire family having to earn money to cover subsistence. But the cycle of wage cuts and increased job competition inevitably overwhelm the ability of the workers to maintain and so their standard of living falls and falls until subsistence levels are reached.
During this process the unemployed and the wage pinched resort to borrowing in order to make ends meet. Governments step in to help make it easier to borrow and come up with creative ways for folks to put off paying their debts. Sound familiar?
So Pareto, the cycle –on its own- never stops when wages for workers hit subsistence levels. It always falls further until revolution leads to redistribution. Socialism seems to be the most humane method so far to plow back wealth from the rich to the poor and middle class. Do you like your taxes a little better now or would you prefer hyperinflation or mass murder?
No, we need a reset. I've been saying "bring it on" forever. Better to get it over with.
However, we REALLY need a reset. We do NOT need a "reset" in which people go back to borrowing to live beyond their means all over again. We need people, corporations and government to GET FRUGAL and STOP BORROWING.
We need a REAL reset, where the entire modus-operandi of "regular folks" AND "corporations" AND "government" reverse. If this does not happen, humans are finished.
And it will not happen, because the predators won't stop, and the prey won't stand up for itself, and therefore humans are finished. All that remains is the pain of spiraling down the toilet, which may take decades.
If humans do not treat predators of all species as predators, humans are finished.
Simple as that. But we live in a world where only predators take significant actions, and their actions are all destructive. That only leads in one direction. Game over for humans, a fundamentally failed species.
10% ?
What is five years of the fed shaving 2% per year off the value of a saved dollar?
It has already happened....the question is, will there be more?
Outrage at 10% in one swoop, ignorance when the rate is 2% a years...for five years.
Of course there's confiscation coming sooner than later. It'll be a sneak attack like a thief in the night. The snake is coiled. Can't see how they can avoid coordinating with USA on this because many Americans will wise up and start on a run on the banks.
10% of your money.. where have I read this before? Almost biblical. The Euros will swallow every lie peddled to them or will they?
Render to Caesar what is Caesar's was the dead giveaway this hokium balloney. Then came 10% to the church and now 10% to the banks.
2000 years later and none the wiser. The tribe has it all figured out.
My guru can beat up your guru.
Does Marty has any jailhouse tattoos? A little Aryan Nation flash?
Problem solved......Just put enough $ in the bank to pay bills.
You also save yourself if theres a bank Holiday. Ya Holiday(the holiday is theirs).
assuming the government wants to redistribute the money, why not tax the rich and give to the poor, instead of taxing everybody? taxing everybody makes the poor carry a disproportionate share of the burden. (though like all things government, they take one dollar, run it through the bureaucratic sausage grinder, and pay out 90 cents in services) are the wealthy subsidizing obamacare? if you're romney for instance would you just pay the penalty and laugh it off. this is going to be 1% paying for the 1% minus a government surcharge. in europe the people are conditioned to expect these things, america will do this for no other reason than people are dropping out of the (political, economic, justice) system at an alarming rate. people vote with their feet in america even if there is no frontier americans will defy the government authority. no the rich are safe in america, the poor will protect them.
The "Value" of gold was correctly stated elsewhere in this thread. It is a marker indicating the value of a particular currency. Otherwise it is merely a decoration that is amenable to being stricken into coins because it is soft.
The reason it is dropping is that we are really in a depression, and prices are dropping. All except the markets, and those are irrational.
Craig
As somebody with no money in the bank I am starting to like the sound of these bail-ins!
And this would make your life better, how? Knowing that friends, relatives, perhaps your employer, could be devastated. Take a poll of every one around you that I just mentioned and ask what they think about it. I'm especially interested in what your employer would have to say.
Back to killin' snakes
These thefts will happen everywhere in the "west".
They will certainly occur in the USSA too.
My guess is, they will happen to people with less than $250K or $100K or whatever is the "government insured amount" too. The predators will simply state "this one time tax is not subject to the government insurance you thought protected you".
The top 0.1% will of course avoid being stolen from, because they will know in advance exactly what the rules are, and position themselves accordingly.
NOTICE TO EVERYONE WITH A SHRED OF BRAIN.
Move 100% of your wealth into your own hands, convert 100% of your wealth into something physical (PMs, land, farm, productive equipment and supplies, etc), and hide it where nobody can find it (create an invisible, undetectable room off the side of your basement if you must). By far the best way to hold wealth is in productive equipment and supplies... with which you can generate an endless stream of real, physical goods for decades to come.
Extreme measures? Yes. Necessary? Yes.
But 99% won't do this, and they'll be screwed.
You too?
You might have another year or two to prepare.
Or not. So get to it.
PS: It might be a lot more than 10% too. In fact, I suspect the predators-that-be will steal 50% to 100%. They will so-called "convert" savings, financial and especially retirement accounts into 30-year government bonds at 2% interest rate (not inflation adjusted). And the predators-that-be will then claim they stole nothing... they will say they just protected everyone by putting them in SAFE investments (where "SAFE" means guaranteed to lose 99% of their value if you hold them 30 years).
"they will happen to people with less than $250K or $100K or whatever is the "government insured amount""
Perhaps. But I have a very strong feeling of late that if/when this theft happens - just like the Single Bank Resolution Policy - that bank customers will NOT be able to claim the skimming of their bank account on their government's deposit protection insurance scheme.
They'll be told that the action is "government policy" and the deposit protection scheme was never intended to insure against such things, only against bank insolvency etc.
Let's start with some facts: FDIC guarantees $250,000 per depositor; not per account or per bank- per depositor. If you have more than $250K in FDIC institutions via your SSN/EIN, (look for the 'formerly reassuring sticker' by the door handle, it is there)- in CDs, savings, checking, money market accounts, then your "excess deposits" can and most assuredly will be "nationalized to protect the country's vital economic interests" or some such baloney, which certainly is not your interests. The IMF and FRB/FDIC rules are all lined up for this.
This is baked in now, today. Changes in money market fund (non-FDIC) rules will tie up your money withdrawls for at least twenty months (5% monthly limit) based on historical-record previous high value totals, so maybe even longer??? The run on dollar-busted MMFs prompted the FDIC to step up from $100K to $250K during the 2008 G.F.C. That did shut down the panic.
Personally I don't know anybody who owns gold that didn't sell out completely. I don't know anyone who has gold in PVC pipes with purple-primered and clear glue sealed end caps buried in the yard or dropped down walls away from electrical outlets. Nobody hides coins in false power outlets anymore because that's the first place the guys with metal detectors scan. Nobody has gold in those obvious places, or such as under the first or second step in the stairwell. But somebody is holding gold somewhere, they just ain't tellin' because they have nuttin' to declare to those Revenooers. Not one piece.
So, are platinum coins a legal "workaround" for gold confiscation? Might be a better-than-nothin' kinda "hedge", as is silver. This is all small fry stuff. If you have real money, you need to be looking overseas.
I choked a few weeks ago when someone suggested the Thai bhat as a viable dollar alternative. Obviously, the sarcasm indicator was way off.
Good luck, and peace.
. I don't know anyone who has gold in PVC pipes with purple-primered and clear glue sealed end caps buried in the yard or dropped down walls away from electrical outlets.
***
Sort of like breaking-bad,and hiding his cash out in the desert with a GPS, the only way it gets got is with a loose mouth.
WRT PVC tubes, that's what I do, bury them vertical, in the desert and if your worried about 'remote sensing' ( gov seeing into the ground ), you can always bury your shit around an old abandoned junk yard.
Yep, hiding your gold anywhere near your property is stupid, they'll find it if,they think you have it.
But burying your PVC pipes vertical, with a GPS is still 100% good, the signature is so small in the air even with a DRONE that it cannot be seen,
***
Didn't they exempt 'collectible jewelry gold' from confiscation?
***
I still think that new guns and ammo,well sealed in those 12" diameter PVC tubes, is a better investment, you really are in fear,
But the best investment, is to just go live in a good country they you don't have to fear.
Living in the USA, post NAZIFICATION ( post 1980's ) will only get worse,when HILLARY-HITLER becomes prez in 2016, the USA will become a death camp.
These confiscations will continue until morale improves.
Oh I think they want more than 10% alright.
http://www.youtube.com/watch?v=_WTBkj8gFfI
We Want Your Soul
Your cellphone, your wallet, your time, your ideas.
No bar-code, no party, no ID, no beers.
Your bankcard, your license, your thoughts, your fears.
No SIM card, no disco, no photo, not here.
Your blood, your sweat, your passions, your regrets.
Your profits, your time off, your fashions, your sex.
Your pills, your grass, your tits, your ass.
Your laughs, your balls, we want it all (we want your soul).
Your cash, your house, your phone, your life (we want your soul).
Tell us your habits, your fads, your fears.
Give us your address, your shoe size, your years.
Your digits, your plans, your number, your eyes.
Your schedule, your desktop, your details, your life.
Show us your children, your photos, your home.
Here, take credit, take insurance, take a loan.
Get a job, get a pension, get a haircut, get a suit.
Play the lottery, play football, play the field, snort some toot.
We'll show you shrinks, we'll show you spooks, we'll buy you drinks, throw away your books.
We'll sell you crap, we'll charge you tax, we're out buying big guns and you'll front the cash (we want your soul).
Your cash, your house, your phone, your life (we want your soul).
Your thoughts, your emotions, your love, your dreams.
Your checkbook, your essence, your sweat, your screams.
Your security, your sobriety, your innocence, your society.
Your self, your place, your distance, your space.
Go back to bed America, your government is in control again.
Here. Watch this. Shut up.
You are free to do as we tell you.
You are free to do as we tell you.
Here's boy bands, here's Mackers, here's Britney, here's cola.
Here's pizza, here's TV, here's some rock and some roller.
Watch commercials, more commercials, watch Jerry, not Oprah.
Buy a better life from the comfort of your sofa.
Here's popcorn, here's magazines, here's milkshakes, here's blue jeans.
Here's padded bras, here's armpit wax, here's football shirts, here's baseball caps.
Here's live talk-shows, here's video games, here's cola-lite, here's ten more lanes.
Here's filter-tips, here's collagen lips, here's all-night malls, here's plastic hips (we want your soul).
Your cash, your house, your phone, your life (we want your soul).
spoken:
Go back to bed America, your government is in control again.
Here. Here's American Gladiators. Watch this. Shut up.
Go back to bed America, here's American Gladiators.
Here's 56 channels of it.
Watch these pituitary retards bang their fucking skulls together,
and congratulate you on living in the land of freedom.
Here you go America.
You are free to do as we tell you.
You are free to do as we tell you.
No hippies, no strays, no drop-outs, no gays.
No lefties, no loonies, no opinions, no way.
No thinkers, no teachers, no facts, no freaks.
No skaters, no tweekers, no truth, no sleep.
Here's popcorn, here's magazines, here's milkshakes, here's blue jeans.
Here's padded bras, here's armpit wax, here's football shirts, here's baseball caps.
Here's very very very very very very very very very very very very long infomercials.
adam freeland...awesome track
best to turn it up LOUD
They won't get any percentage of the paper money in my drawer. I bought a new keyboard today and the govt hit me with a new disposal tax. Cost me $1.10 on a 30 buck keyboard. And they taxed me 13% taxes on the tax. Fucking crooks.
HEY welcome to Canada
Fuck the Marxist and anyone that supports them. Marxist = progressive=socialist=communist=NWO
There is no difference.
I just checked IMF TWTR
They don't disagree (yet)
Armstrong's constant ridicule of goldbugs in his blogs makes me shake my head. He confuses the holding of gold and silver for insurance with active trading. He says if we sold our gold and silver when he told us to and waited for him to tell us to buy at the low we would make a bunch of money. But he talks elsewhere in his blogs of holding gold and silver coins for numismatic value?
He has nothing but disdain for goldbugs who expressed support for him when he was imprisoned for contempt of court (I do believe he was innocent but honestly don't know where the truth lies). His economic confidence models are based on numbers -- where does he obtain the numbers? Are they government sourced and subject to revision?
The viewer comments that he publishes in his blog, as someone else commented, are uniform praisings of Martin Armstrong -- does no one send him a nasty-gram? The guy's ego is bigger than the fed money supply but I must admit I still read his stuff.
He claims he gets plenty of hate mail. You are spot on about the ego thing. You don't have to read very many of his blogs to get that impression. That said, he has made some pretty good calls.
Back to killin' snakes
Let's not reject this too quickly.
If it were 10% of net worth over $1,000,000,000 and could be applied to income taxes over five years, then ... hmm. In fact, if it were INSTEAD of income taxes over five years, ... hmm.
The terrorists have won.
This article reads as a bit of a rant rather than offering well-reasoned arguments. I live in France. The civil service elites are indeed schooled in a marxist view of history & bear the most responsibility for fucking up the country. But the private sector elites are most definitely disgusted with Hollande & leaving in droves for Switz & Belg. I think the shit will hit the fan sometime in the 4Q, taking into account the electoral cycle etc. This could take the form of mass strikes & even insurrection as people get hungry. But Hollande will think very hard before crushing the economy by wrecking the financial system à la Cyprus. Which means more taxes for the rich, more braindrain etc. It's going to end badly. I recently moved out to the country as cities could become dangerous places. The Paris mob has form after all.