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The Coming Tax Tsunami Will Erode Wealth and Capital at a Shocking Pace
Prepare to be taxed.
Behind the veneer of “all is well” being promoted by both world Governments and the Mainstream Media, the political elite have begun implementing legislation that will permit them to freeze accounts and use your savings to prop up insolvent banks.
This is not conspiracy theory or some kind of doom and gloom. It’s basic fact.
In the last 16 months, Canada, Cyprus, New Zealand, the US, the UK, and now Germany have all implemented legislation that would allow them to first FREEZE and then SEIZE bank assets during the next crisis. I expect more countries to join this movement. The IMF actually openly suggested it as the best means of dealing with future crises in the financial system.
Outside of this, we’ve also seen the beginning of moves to ban the use of physical cash in France, Spain, Uruguay, and elsewhere… as well as a growing chorus of experts calling for negative interest rates and possibly even a “carry tax” on cash itself.
Why is this?
The world will soon be facing a tsunami of defaults on bad debts.
This will include municipal or local government defaults, governments “defaulting” on promises they’ve made to the people (e.g. Social Security, Medicaid), a default on the social contract between society and politicians such as the one in Cyprus (a default on the notions of private property and Democracy), stealth defaults on debts in the form of inflation and finally, of course, outright sovereign defaults.
The sovereign defaults will come last; all other options will be tried first.
The reason for this is that sovereign bonds (think of US Treasuries, German Bunds or Japanese Government bonds) are the senior most collateral posted by banks for the hundreds of trillions of Dollars worth of derivatives bets they’ve made with each other.
The minute an actual sovereign default occurs in Europe, Asia or the US, then the large global banks will all be vaporized. End of story. As is now clear, the Central banks do not care about ordinary citizens. They only care about propping up the big banks.
This is why Cyprus decided to default on the social contract with its people and steal their funds rather than simply instigating a formal default. And it’s why in general we’re going to see Governments implementing more and more theft in the form of “taxes” (Cyprus called its theft a tax) in the future.
Make no mistake, the words “wealth tax” mean freezing of assets and then taking some of your savings. Anyone with more than $250,000 in a bank account should be prepared for this. It has happened in Cyprus. It will happen elsewhere too.
This will be sold to the public as either an attempt to tax those with a lot of money because it’s only fair that they put in more to bailout the nation OR as a form of financial terrorism e.g. “either you take a 7% cut on your deposits and the bank stays afloat or the bank crashes and you lose everything.”
This will be spreading throughout the world, GUARANTEED.
Spain, Canada (which allegedly has the safest banks in the world), New Zealand and now even Germany have already begun discussing confiscation schemes for depositors in the event of a banking crisis. The US and UK have also developed similar schemes to freeze “systemically important” financial entities during the next crisis.
This is just the beginning. Indeed… we've uncovered a secret document outlining how the US Federal Reserve plans to incinerate savings.
We detail this paper and outline three investment strategies you can implement
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Survive the Fed's War on Cash.
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Best Regards
Graham Summers
Chief Market Strategist
Phoenix Capital Research
Our FREE daily e-letter: http://gainspainscapital.com/
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Does this mean that global fiat going tits up is good for specie money like PM's and cryptocurrencies? What will it mean for world supply chains, underground economies, and business social culture when underground economies have to run on "illegal" free market selected specie money rather the "illegally" used "legal" cash that is the main driver now? For the answer to these and other socioeconomic problems I recommend going fishing, staying away from saving fiat shit (spend or convert it into a real asset as soon as you get it), avoiding MIC/govt murder for profit campaigns (soldiering), just small up yourself, stay cool and wait for the dust to settle. And stay out of the casino called the "financial markets", the place looks like a fire hazard that will suddenly go up in flames without any near term warning.
Fear piece. Bankers would not openly confiscate from the ordinary citizen. I call their bluff. Let them take 100$ each from US inner city families, and then lets see how much of the city remains in the morning.
They will leave anyone worth less than some token amount alone.
Let's say they use $10,000.00
How many inner city families will be effected then?
It would make sense that the banks all act in concert, without warning, because if not, then the next time one of them pull a Greece/Cyprus, will cause a run on all of the bottom half of banks.
Maybe they will do it in conjunction with going to the SDR or something similar, otherwise there is no lever to force them to act in concert.
"Anyone with more than $250,000 in a bank account" ... in your scenario, FDIC doesn't matter
i dont think the FDIC ever considered that 50,000 banks woud go tits up all at once
What manner of dog fuckery is this - POTB are gonna fuck us dry over and over again ?
News flash.
It has been the new normal for years.
Dry fucking will traumatize the penis and reduce sensitivity over time.
They'll be sorry!
Someday. . .
Just one question for Pheonix Capital. When are you ever wrong? You have been giving us daily doses of doom and gloom for YEARS. None of your predictions have come to pass? When are you wrong?
You sound like a casino man bitching at the tout who can't tell you what the next role of the dice will be. All we know is the casio is made with dry termite infested wood and there's a lot if folks smoking in there, you figure out the rest.
You told me cigarettes are bad for me. I have been smoking for twenty years and nothing! I'm fine!! When will you admit you're wrong?
Oh brother.
Things like Zirp, QE, swiss de-peg, not enough of a warning that we're headed for fckdom?
Does Alex Jones write for Phoenix, or is it the other way around?
I suspect this is valid.
They will eliminate cash so they can track transactions and to prevent bank runs. Im not sure they really need to confiscate it.
Where would one keep wealth safe in a wave of inflation?
Ammunition and guns always hold their value.
Pitchforks, guillotines, and torches! Washington DC needs to be purged
But wait! theres more.. if you order in the next ten minutes we will double your order for free! (just pay applicable shipping and handling) Thats a 14% deposit confiscation with a 100% no money back guarantee
The Banksters will take the nonexistant money that was wired by the FED and put into equities and take that and their profit out of the maket leaving the Little Guy holding the bag. That will be the first step.
Little Guy still has money for equities?
Wow, must be a 5%'er
Your just a killer on current events huh?
Yawnnnnnnnnnnn
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Yea, well, the Tylers have bills just like everyone else.