Wealth Taxes, Cash Grabs, and Other Schemes
The comments below are an edited and abridged synopsis of an article by Graham Summers
They’re coming for your money. Summers cuts through the day-to-day developments in the financial system and looks at the big picture. The global economy has screeched to a halt as governments around the world enforced stay-at-home orders, triggering an economic implosion with tens of millions of unemployed around the world.
Governments are trying to paper over this mess via stimulus and monetary intervention. In simple terms, they are throwing trillions of dollars/euros/yen at the problem; in other words, blowing out their budgets.
Budgets are financed with taxes. If taxes don’t cover government spending, then governments issue debt to make ends meet. And with taxes collapsing due to the shutdowns, governments are having to issue vast amounts of debt.
The US alone is expected to run a $3 if not $4 trillion deficit this year. And that’s as of May. Bear in mind, we still have seven months to go in the year, and no one knows how long this situation will continue.
At some point in the not-so-distant future, governments will start looking for new sources of capital. That source will be you, me and everyone else.
The plan behind this has been in place since 2011. Elites knew well in advance that another crisis was coming, and they put in place legislation that would allow them to: Freeze bank accounts and use them to bail-in financial institutions/ banks; close the gates on investment funds/money market funds to stop you from getting your money out; and impose wealth taxes and seize unused assets.
The IMF has already called for nations around the world to introduce a wealth tax of 10% on net wealth as soon as possible and, if you think that’s bad, consider that the Fed plans to seize and steal savings during the next crisis/recession.