Prepare: Global Wealth, Carry, and Property Taxes Coming
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
right now to protect your capital from the Fed's sinister plan in our Special Report
Survive the Fed's War on Cash.
We are making 1,000 copies available for FREE the general public.
To pick up yours, swing by….
http://www.phoenixcapitalmarketing.com/cash.html
Best Regards
Graham Summers
Chief Market Strategist
Phoenix Capital Research
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One source of wealth that no liberal or supporter of big government talks about taxing are the tax-exempt assets of foundations. In the US, a foundation qualifies for tax-exempt status by spending only 5% of its assets in an approved manner. Since a competent fund manager can (normally) earn more than 5% return, and since foundations have self-appointing boards, no shareholders and no customers, this makes them immortal. They are free to entertain the ideological desires of their executives without having to worry that any outside power can restrain them. This is exactly why the Soros, Tides, and Ford foundation are so corrosive to our society.
One source that I dug up stated that tax-exempt foundations hold approximately 3% of our GDP in investment asses.
The simple answer is to boost the required rate of asset payout from 5% to something north of 7%. This would force the foundation to gradually self-liquidate. It would also expose those funds to economic activity that would generate tax revenues. There would be some pain in this move. Apart from how foundations and their supporters would squeal like stuck pigs, this would flush more money out into the hands of leftists and their favored causes, like Black Lives Matter. But we must deal with this eventually. Now is as good a time as ever.
Does anyone really see an end to Fed money printing? The Fed will continue to buy up debt to keep rates low, the presses (of the keyboard) will create enough electronic money such that the U.S. (or Japan, UK, etc) never default. Banks will always be bailed out until the people grab pitchforks and torches again. And currency will be measured against other currencies - rather than by true buying power. This could last for years, but it will eventually pop - resulting in a re-set of the currency/debt/productivity ratio -- which is basically going to result in big devaluation of the currencies of countries with too much debt, such that yesterday's debt will be paid off using tomorrow's money. Thus the productive countries (or parts of countries) will get a new (or newly re-valued) currency based on their ability to manage debt and to produce more than they consume. The debt countries, and those who consume more than they produce, will get devalued currencies.
...there is no crisis, all is going exactly as planned. the table is set, and all they have to do is choose which excuse/scapegoat to use to collapse the market, ...then all the leveraged companies go bust and senior bondholders take over 90% of world resources an factories, enslaving the few remaining free peoples at slave labor rates. ...and the people will be thankful to the new owners that allow a few scraps of food for 12 hours labor.
Central Banks have been expanding the money supply and had their foot to the floor yet economies across the world are not even close to escape velocity. Lessons from the "Financial World" are being doled out rather rapidly these days and it is best to pay close attention. They include new terms like bank bail-ins where you can be given a very expensive "haircut" to "claw-backs" a term referring to how a deal isn't over even after its over. The piece below titled, "Lessons From The Financial World" looks at some of the things we should have learned from history.
http://brucewilds.blogspot.com/2015/08/lessons-from-financial-world.html
Spell check Bruce - you have 'dept' throughout the article, when I suspect you meant 'debt'
Bitcoin bitches
Thank God the prediction comes from Phoenix Capital; I was getting worried by the headline.
My thinking as well. I hope Phoenix Capital predicts WWIII because this is what worries me most about the next 5 years.
I'm betting we go full venezula b4 confiscation time. Although I'm sure both will happen. The Juden don't want the goyim to have any real wealth.
"Wealth" is an illusion when it is based on fiat.
Which is why all the smart folks are stacking as well.
Will you look at this, I have beed tricked into reading an advertisment, right to the last sentence.
Damn, you guys are good. Not buying it though.
Physical gold and silver are the only items that I can think of that you control that are outside of the reach of government that is recognized as a form of money in any country on the planet. You can trade for needed goods or pass it on to future generations all without any tax athority knowing about it...
FWIW: When the next gov't collapses as siezes bankaccounts there will be blood in the streets. Cyrus was too small of a nation to matter. An event in a major EU nation will see a bloodbath and chaos. Look what has happened in France, UK, and even germany (riots) over far lesser issues.
Bank bailins would seize up the economy has people avoid using banks do to fear of more bailins. Recall that the US Fed back in 2007 said there would be no bailouts. but when Sept 2008 rolled in, the fed was forced to bailout everyone. If I recall correctly US money markets saw depositors withdraw about $500 Billion in about 4 hours after the reserve anounced that there would be losses.
The US owns the printing presses. The small weaker EU naions don't hand have no recourse unless they leave the Euro, because they don't control the printing presses.
Bank bailins will have the opposite effect, but bringing in hard deflation, business failures, and speed up a sovergn default. On the other hand printing money, devalues currency making exports cheaper and provides direct funding for gov't expenses. The point of not gov't banker bailouts is to "protect" the taxpayer. Bank bailins would destroy taxpayers and force them to revolt.
"Either you take a 7% cut on your deposits and the bank stays afloat or the bank crashes and you lose everything"
7% would not even be close. I think the Cyprus bailin was about 25% to 30% haircut (I don't recall the exact amount). Cyprus was tiny and little exposure compared to US and big EU banks.
My guess is that they will try the bank bail in on one of the other PIIGS. and there will be such an enourmous backlash that they will be forced to abandon this policy.
The EU experiment is based on debt enslavement using a printing press..and the US and the world.
Long safes. And post hole diggers.
The "open bank resolution" has been in place here in New Zealand for several years. It is supposed to save the tax payer from a bail-in but when you read the actual text it just means that deposits are stolen then the tax payer is bailed in and then the bank carries on its merry way having had its bad derivatives bets made whole. They plan to take turns between the banks at being winners and losers in the derivatives casino while the muppets pay and pay.
I think the Declaration of Independence has something to say about the breaking of the social contact... hmmm... something like:
"...when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security."
Will it come to guns? Only if the spirit of liberty still breathes in the hearts of men. If I were planning to institute a "long train of abuses and usurpations", I would want to FIRST remove guns from the hands of the people.
On another note, here is how the Universal Identifying System will actually work.
Biometric ID cannot happen. The machinery for reading BID is too expensive ad cumbersome to install on a universal scale, especially in 3rd world locales. However, BID provides the basis for truly unique and unhackable ID.
BID will provide the basis for an encrypted identification code which can be programmed onto an RFID chip. The subject's (pun INTENDED) biometric information can be read by a scanner and then translated into an encrypted binary code which is placed onto an RFID chip. Only official RFID readers will be able to decrpt the code and thus identify the subject. private RFID readers will not be able to decipher the code, thus rendering them useless as tools with which to steal an ID.
RFID readers can be installed anywhere, so that ID becomes automatic when passing through doorways, or simply upon reaching the cashier at a store. Also, the current wireless system used for cell phones can be employed to read RFID chips almost anywhere, making real time tracking and location of individuals possibel on continual basis.
Happy Now!