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2023-09-06 Economy
Don't Dismiss the Possibility of Gold Confiscation
BLUF:
[Doug Casey's International Man] In 1933, Franklin Roosevelt came into office and immediately created the Emergency Banking Act, which demanded that all those who held gold (other than personal jewelry) turn it in to approved banks. Holders were given less than a month to do this. The government then paid them $20.67 per ounce – the going rate at the time. Following confiscation, the government declared that the new value of gold was $35.00. In essence, they arbitrarily increased the value of their newly purchased asset by 69%. (This alone is reason enough to confiscate.)

Today, the US government is in much worse shape than it was in 1933, and it has much more to lose. The US dollar is the default currency of the world, but it’s on the ropes, which means the US economic power over the rest of the world is on the ropes.

I think that readers will agree that they will do anything to keep from losing this all-important power.
Posted by Besoeker 2023-09-06 04:47|| || Front Page|| [11136 views ]  Top

#1 I doubt it will be 'door-to-door.' Look for an April 15th 'earnings reporting' approach.
Posted by Besoeker 2023-09-06 05:05||   2023-09-06 05:05|| Front Page Top

#2 I doubt 30 trillion $ debt can be fixed by confiscations.
Posted by Grom the Reflective 2023-09-06 05:14||   2023-09-06 05:14|| Front Page Top

#3 /\ COVID wasn't "fixed" by the JAB either, but that didn't stop them.
Posted by Besoeker 2023-09-06 05:22||   2023-09-06 05:22|| Front Page Top

#4 ^But they thought it will.
Posted by Grom the Reflective 2023-09-06 06:01||   2023-09-06 06:01|| Front Page Top

#5 The GIVERnment would possibly make more if they force Gold and Silver to be marked to market (it has been suppressed by major banks for years which is why inflation has raised prices on nearly everything but precious metals).
Posted by Airandee 2023-09-06 07:09||   2023-09-06 07:09|| Front Page Top

#6 If you buy the story that Ft. Knox was emptied years ago, privately held gold now won't help. The truth is, nothing will help, but that $3 trillion hole they dug will be an ongoing excuse for all sorts of depredations on the private sector.
Posted by M. Murcek 2023-09-06 07:12||   2023-09-06 07:12|| Front Page Top

#7 '33 Emergency Bank Act. Among its major measures, the Act created the Federal Deposit Insurance Corporation (FDIC), which began insuring bank accounts at no cost for up to $2,500. The president was given executive power to operate independently of the Federal Reserve during times of financial crisis.
Prediction: Financial Crisis Upcoming.
Posted by Jerens Black9355 2023-09-06 08:02||   2023-09-06 08:02|| Front Page Top

#8 ...I think you're going to see them start messing with retirement accounts first, possibly as soon as after the next election if the Democrats win, certainly no later than '28 otherwise.

That will take one or both of two forms:

1) A tax assessment. "If you withdrew everything you had today, how much would you pay in taxes? Well, that's what we're taking." Those who were smart enough to set up accounts where you paid your taxes first? You'll get tapped too, bet on it.

2) Flat-out confiscation, "in the interest of fairness."

The good news here is that we'd almost certainly have enough warning in both a gold confiscation or retirement account scenarios to do something about it, but here's the bad news: That much gold going into the market will at least temporarily depress gold prices, which won't do anything for the economy. And in a worst case scenario, everybody pulling their retirement accounts would dump 35 trillion dollars into the economy. You think inflation's bad now?

Mike
Posted by MikeKozlowski 2023-09-06 09:41||   2023-09-06 09:41|| Front Page Top

#9 I think a wealth tax will hit first before taxing retirement funds or confiscation of savings (bail in?). The last two create too many pissed off voters that even the "margin of fraud" can't cover.
Posted by Enver Slager8035 2023-09-06 09:47||   2023-09-06 09:47|| Front Page Top

#10 Mike, if I knew my 401K was going to be confiscated, I would immediately withdraw the balance, and just take the tax hit. However, if millions of other people did the same thing, it would crash the stock market, among other things. It would make the Great Depression look like a minor blip.
Posted by Rambler in Virginia 2023-09-06 09:54||   2023-09-06 09:54|| Front Page Top

#11 Charlie Rangel first floated the "IOU for funds in your 401K" proposal with a "guaranteed return" which would, of course, be another ponzi scheme
Posted by Frank G 2023-09-06 10:41||   2023-09-06 10:41|| Front Page Top

#12 I think you're going to see them start messing with retirement accounts first,

My buddy John drained his 401(k) accounts ten years ago for this very reason (potential confiscation).
Posted by Raj 2023-09-06 10:52||   2023-09-06 10:52|| Front Page Top

#13 Yep.
Turned 70.5 and emptied them into property.
Posted by Skidmark 2023-09-06 11:08||   2023-09-06 11:08|| Front Page Top

#14 Will they be confiscating Flavor Flav’s dental work? He should probably consider a smoothie diet as a precaution.
Posted by Super Hose 2023-09-06 12:00||   2023-09-06 12:00|| Front Page Top

#15 Why do they need to confiscate your 401's. They just print more money.
Posted by Grom the Reflective 2023-09-06 12:03||   2023-09-06 12:03|| Front Page Top

#16 Interest payments, just the debt service alone, on our national debt, are forecast to exceed, the entire defense budget.

https://www.washingtonpost.com/business/2023/09/03/us-debt-deficit-rises-interest-rate/
Posted by NoMoreBS 2023-09-06 12:41||   2023-09-06 12:41|| Front Page Top

#17 Like ordering all passengers to report their cabins' mattresses to the quartermaster to assist in stopping Titanic's hull puncture, only to see the crew under armed protection lash the mattresses into a life raft.
Posted by swksvolFF 2023-09-06 13:11||   2023-09-06 13:11|| Front Page Top

#18 As has been said before.
Can you name one thing Washington DC and its donors cannot take from you?




Posted by NN2N1 2023-09-06 13:35||   2023-09-06 13:35|| Front Page Top

#19 The love of an honest woman.
Posted by Skidmark 2023-09-06 14:44||   2023-09-06 14:44|| Front Page Top

#20 Gold confiscation... The High Table hit worst.
Posted by ruprecht 2023-09-06 21:56||   2023-09-06 21:56|| Front Page Top

21:10 newc
20:17 SteveS
18:44 magpie
18:33 Frank G
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18:26 Hellfish
18:23 Hellfish
17:40 swksvolFF
17:34 Ebbuger Whuque4103
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17:02 Melancholic
16:27 Gravilet Snanter4154
16:20 Chaise Speaking for Boskone7897
16:02 Skidmark
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15:46 Skidmark
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15:37 swksvolFF
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14:48 NoMoreBS
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