The International Monetary Fund Lays The Groundwork For Global Wealth Confiscation

If anyone was ever in doubt of the current economic situation around the world the following should be an eye opener. Contrary to being in an economic recovery things are looking pretty grim. So grim in fact that the International Monetary Fund or IMF has come up with a new plan to fix broken governmental economic failure. Private Asset confiscation.

The International Monetary Fund Lays The Groundwork For Global Wealth Confiscation

The International Monetary Fund (IMF) quietly dropped a bomb in its October Fiscal Monitor Report. Titled “Taxing Times,” the report paints a dire picture for advanced economies with high debts that fail to aggressively “mobilize domestic revenue.” It goes on to build a case for drastic measures and recommends a series of escalating income and consumption tax increases culminating in the direct confiscation of assets.

Yes you read that right, the direct confiscation of assets. From the report:

“The sharp deterioration of the public finances in many countries has revived interest in a “capital levy”— a one-off tax on private wealth—as an exceptional measure to restore debt sustainability. The appeal is that such a tax, if it is implemented before avoidance is possible and there is a belief that it will never be repeated, does not distort behavior (and may be seen by some as fair). … The conditions for success are strong, but also need to be weighed against the risks of the alternatives, which include repudiating public debt or inflating it away. … The tax rates needed to bring down public debt to precrisis levels, moreover, are sizable: reducing debt ratios to end-2007 levels would require (for a sample of 15 euro area countries) a tax rate of about 10 percent on households with positive net wealth. "

If you are wondering exactly what that means it means the following:

First, IMF economists know there are not enough rich people to fund today’s governments even if 100 percent of the assets of the 1 percent were expropriated. That means that all households with positive net wealth—everyone with retirement savings or home equity—would have their assets plundered under the IMF’s formulation.

Second, such a repudiation of private property will not pay off Western governments’ debts or fund budgets going forward. It will merely “restore debt sustainability,” allowing free-spending sovereigns to keep tapping the bond markets until the next crisis comes along—for which stronger measures will be required, of course.

Third, should politicians fail to muster the courage to engage in this kind of wholesale robbery, the only alternative scenario the IMF posits is public debt repudiation and hyperinflation. Structural reform proposals for the Ponzi-scheme entitlement programs that are bankrupting us are nowhere to be seen.

The article says this is where the bankruptcy of the modern entitlement state is taking us—capital controls and exit restrictions so the proverbial four wolves and a lamb can vote on what’s for dinner. Don't think it could happen to you? Then take a look at what's going on at JP Morgan / Chase banks.
Creeping Capital Controls At JPMorgan Chase?

The IMF better hurry, because if they wait much longer there won't be much left to confiscate.

I started out with nothin and still got most of it left.

reply to post by olaru12


Don't kid yourself. Your FREEDOM, is what they are after. Taking your money and assets is just a necessary evil needed to reverse evolution, so that mankind can no longer walk on two legs.......I am currently working on a "knee pad" business.

reply to post by olaru12


I know what you mean. I started with nothing, got something and they already got it.

The bank's are faster than the eye.



reply to post by seeker1963


Hey Seeker how you been? I think everyone is already in a "knee pad business" when it comes to the banks.

They set up Bretton Woods knowing full well this eventuality would come. Every country will end up like Cyprus and asset confiscation will proceed on a massive scale. Your savings, retirement funds, assets - all will be fair game to "balance" government debt and allow them to borrow further.

Oh but we just couldn't survive with big government watching over us, could we? This must be that thousand points of light Bush was talking about, the flash of seeing your hard-earned wealth stolen by international bankers.

POOF!

reply to post by Bassago


Here a Link to the IMF PDF taxing times.

IMF PDF

107 pages on how governments can get they debit level down to pre 2007 levels by taxing
homes,bank accounts and anything that raises money.

And give this a read as well zerohedge thread on "IMF Discusses 'One-Off' Wealth Tax"

And remember everyone the employes of the IMF don't pay tax themselves.

reply to post by Bassago


I'm doin good brother! How are you?

Asktheanimals beat me to it, but all anyone needs to do is look at how the IMF took down Greece!

*MY ATS PREDICTION*

A Banking Holiday will be coming next, as soon as the other big banks announce the same kind of Capital Control that Chase Bank has done......

Asktheanimals
They set up Bretton Woods knowing full well this eventuality would come. Every country will end up like Cyprus and asset confiscation will proceed on a massive scale. Your savings, retirement funds, assets - all will be fair game to "balance" government debt and allow them to borrow further.

Oh but we just couldn't survive with big government watching over us, could we? This must be that thousand points of light Bush was talking about, the flash of seeing your hard-earned wealth stolen by international bankers.

POOF!

This is spot on. We've seen it sporadically across the EU already. Now Chase bank is implementing capital controls on accounts restricting international wire transfers. This doesn't feel very good.

The thousand points of light you mention bear a distinct resemblance to a bad night on the Mekong Delta.

I guess this only applies to the rest of the world because our (Harper) govt. has assured us that we are in great shape ..He has gone off to Europe to make a deal for us to get cheaper cheese from France ..What a guy /sarc off

Bassago

The thousand points of light you mention bear a distinct resemblance to a bad night on the Mekong Delta.

That would be funny to anyone except a Vietnam vet.
Keep some cash on hand people - 100's if not 1,000's if you can.
It could be a long "holiday" coming our way.

Another point is the IMF had meetings in Watchington D.C. last week.

And wouldn't ya know it....

The Congress has a miracle meeting to end the shut down and effectively end the debt ceiling a couple of days later !!!

Hmmm.

The U.S. and many other nations are currently under economic attack.

The Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) each year bring together central bankers, ministers of finance and development, private sector executives, and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness. Also featured are seminars, regional briefings, press conferences, and many other events focused on the global economy, international development, and the world's financial system. This year's Annual Meetings events will take place in Washington, D.C., October 11-13, 2013.

IMF confirms

And here's some interesting little known facts about the U.S. Federal Reserve and who actually controls policies.

The FED is under *Direct* foreign banking influences of the Basel Committee on Banking Supervision


They have a very big influence on international banking.
B.I.S. Basel



The U.S. Federal Reserve has been puppeted.

Basel Regulatory Capital Framework


Basel III Implementation by U.S. Fed



and it's possible the crisis of 2008 was caused by Basel policies.
The impact of Basel I capital requirements on bank behavior and the efficacy of monetary policy

Economic Insurrection

reply to post by xuenchen


So does this tie in with the capital controls that JP Morgan Chase has just put into play? The timing on all this with the distraction of the shutdown just reeks to me.

If all this wasn't prior planned I'd be amazed.

Wow! Thats an eyepoener....and to think i used to think Grandma was a bit crazy with her deep distrust of banks and keeping her money under the bed.

With all thats gone down it seems she was right all along.

Bassago
reply to post by xuenchen

 

So does this tie in with the capital controls that JP Morgan Chase has just put into play? The timing on all this with the distraction of the shutdown just reeks to me.

If all this wasn't prior planned I'd be amazed.

100% ties in.

Everything involving banks is pre-planned well in advance.

It's all Basel III...

Release Date: September 24, 2013
For immediate release

The Federal Reserve Board on Tuesday issued two interim final rules that clarify how companies should incorporate the Basel III regulatory capital reforms into their capital and business projections during the next cycle of capital plan submissions and stress tests.

Rules to implement the Basel III capital reforms in the United States were finalized in July, and will be phased-in beginning in 2014 or 2015, depending on the size of the banking organization. The planning horizon for the next capital planning and stress testing cycle runs from the fourth quarter of 2013 through the fourth quarter of 2015.

Thus, the next capital planning and stress testing cycle, which begins October 1, overlaps with the implementation of the Basel III capital reforms.

Basel III Implementation by U.S. Fed

reply to post by Grifter81


Hang on to that granny of yours ..sounds like she would fit right into the ATS crowd .My grandad would have thought the same way come to think about it ....peace

reply to post by Bassago

Great thread, I mean it.
Just when Hegel should be getting over the gut hernia from ROFL in the box, we get another ramp-up of rediculously overt greed.
But they have to go through with the script, because it's all they're allowed to do by the real bosses... the latter group being a good argument for occasional branching out for a choice of life partners outward from your local family tree.
OOOooooh, that'll get me in trouble. As if...

These guys are all just aching for a nine inch haircut.
Lewis Black had it right when he said the same
about the French.
I hope the empowered and tasked punishers start
high up enough on the rotten food chain to make
a decisive and permanent improvement in the
political landscape.
Who's had enough? Didn't think so...

Your criminal government will have the shirts off your backs and even though you can all see it coming, you will just sit there and let it happen.

I don't know what else to say.

reply to post by derfreebie


Thank you Derfreebie, much appreciated. I do however despair at the topic. It seems the worlds asleep and we can't wake anyone up. Hardly anyone anyway. If they implement this new plan even (or especially) the rich are going to take a huge beating. That will leave the super-elite the final winners.



reply to post by doobydoll


This applies to the UK as well. No one is going to escape this one if it gets traction. Maybe China from it's direct implementation but the fallout will be global.

the2ofusr1
Hang on to that granny of yours ..sounds like she would fit right into the ATS crowd .My grandad would have thought the same way come to think about it ....peace

Of course our grandparents understood this. Many of them lived through FDR's act of theft and know what it feels like to be mugged by your own government, working under the direct control of the global banking system. Ironically that's likely the last generation with the collective balls it would take to put a stop to this crap...

doobydoll
Your criminal government will have the shirts off your backs and even though you can all see it coming, you will just sit there and let it happen.

I don't know what else to say.

Sad, but SO true... (The slowly boiling bunny (or frog, is it) has been going on for awhile now)