Is the federal government now planning to confiscate everyone's savings

I did not put this in the mudpit for a reason. I want intelligent and thought out responses, not nasty quips and one liners please.

I read an article by an economist who says that the "Great Reset" that the elite are discussing includes taking everyone's savings to pay off everyone else's debts to reset the economies of the world and in particular the USA. mises.org...

Many interventionists have welcomed this proposal as an opportunity to wipe out the debt. It all sounds nice until we understand what it really entails. There is an enormous risk that governments will use the excuse of canceling part of their debt with a decision to cancel a large part of our savings. We must remember that this is not even a conspiracy theory. Most proponents of the modern monetary theory start their premise by stating that government deficits are matched by households and private sector savings, so there is no problem…Well, the only minor problem (note the irony) is matching one’s debt with another’s savings. If we understand the global monetary system, we will then understand that erasing trillions of government debt would also mean erasing trillions of citizens’ savings.

This kind of explains why the US Federal Government has been so freely handing out money like candy the past year and has spent more in the past year than the IRS takes in over several years.

I would not have given this any credence except for the "Great Purge" (purging conservative thought/speech from the internet) which is happening now.

Also, we are seeing the politically correct not being prosecuted for rioting/looting/burning cities, as declared by the Portland Mayor.
While at the same time vigorously prosecuting those who stormed the capital, which is correct and should be done.
But at nearly the exact same time announcing not prosecuting the politically correct crowd gives me pause to think that things are about to become very unfair and unjust in the name of "fairness and justice".

Because of what has happened just in the last few weeks, I have no trouble believing that the liberals will confiscate everyone's savings to reset the economy.

What is your opinion, is this economist on the right track?

Will my life savings be confiscated for the good of the collective? This is what socialism is about the good of the collective is more important than any one individual.

a reply to: The2Billies

No.

Particularly when the article comes from the Mises Institute, which have been balls deep in the running of the world for the last 45 years and have instrumental in creating the new oligarchy, Why do you think he didn't use the word "elite" in the article?

Well, I mean, I'm going on 30 this year and I grew up always being told I will never get social security, but regardless I still had to pay into it.

So... I wouldn't put it past them. I mean, every county that isn't Hennepin county is having a 20-50% property tax increase to pay for the desolation of Minneapolis.

Yeah, we're paying for the summer of love, with a tax increase that'll never go back down after they get the funds for the damages they promoted.

It wouldn't surprise me but they're in for a big let-down, I have enough in the bank to pay bills and that's it.

a reply to: The2Billies

Boy, is this a flawed premise. Primarily for 2 reasons:

- savings accounts are used by people without capital. Poor people let money rot in a bank. The only use a wealthier person has for a savings account is for tax accruals, etc. Otherwise, cash rots and needs to be stored in real property like gold (which isn't really real, but acts pretty well as real property) and real estate.

- COVID has decimated the savings of the middle and lower class. In 2020 I ran a nearly 40k deficit in spending vs earnings (some of that is legal and medical related). People who have money don't put it in savings. Its poor people who save.

No, sorry, it's going to be a short reply, but this is fear mongering at its best/worst. I can't imagine how anyone thinks this is real..you saw what happened at the capitol.

a reply to: The2Billies

I have no trouble believing that the liberals will confiscate everyone's savings to rest the economy.

I'm mot an economist or anything, but i'm pretty sure it's safe to say the amount.m of debt held in America vastly outweighs the amount of savings in America.

i just cant see how the government can sustain itself. You cant just keep printing money . I live i New Jersey and we were locked down for so long. So many business are going to go under. All those businesses paid taxes. There will be a huge deficit. States may have to go bankrupt. All i know is i own 2 small business. One went under last month after being in business for 25 years. Just couldnt handle the 10 month mandatory closure . My other business is holding its own . Only because i paid off all my debt a while ago. I own my building and house , so that helps. But these are scary times.

They've floated proposals before for seizing 401(k)s and similar. It was floated during the Obama years. They premise was that such accounts were too dangerous for people to hold for themselves, and the government needed to seize them to "safeguard".

I'd watch for something similar to come up again, possibly quietly inserted into this or that legislative omnibus and be prepared to cash out quickly and stuff your mattress.

Those investment accounts are where the real wealth is.

originally posted by: The2Billies
I did not put this in the mudpit for a reason. I want intelligent and thought out responses, not nasty quips and one liners please.

I read an article by an economist who says that the "Great Reset" that the elite are discussing includes taking everyone's savings to pay off everyone else's debts to reset the economies of the world and in particular the USA. mises.org...

Many interventionists have welcomed this proposal as an opportunity to wipe out the debt. It all sounds nice until we understand what it really entails. There is an enormous risk that governments will use the excuse of canceling part of their debt with a decision to cancel a large part of our savings. We must remember that this is not even a conspiracy theory. Most proponents of the modern monetary theory start their premise by stating that government deficits are matched by households and private sector savings, so there is no problem…Well, the only minor problem (note the irony) is matching one’s debt with another’s savings. If we understand the global monetary system, we will then understand that erasing trillions of government debt would also mean erasing trillions of citizens’ savings.

This kind of explains why the US Federal Government has been so freely handing out money like candy the past year and has spent more in the past year than the IRS takes in over several years.

I would not have given this any credence except for the "Great Purge" which is happening now.

Also, we are seeing the politically correct not being prosecuted for rioting/looting/burning cities, as declared by the Portland Mayor.

While at the same time vigourously prosecuting those who stormed the capital, which is correct and should be done.

But at the same time announcing not prosecuting the politically correct crowd gives me pause to think that things are about to become very unfair and unjust in the name of "fairness and justice".

Because of what has happened just in the last few weeks, I have no trouble believing that the liberals will confiscate everyone's savings to reset the economy.

What is your opinion, is this economist on the right track?

Will my life savings be confiscated for the good of the collective? This is what socialism is about the good of the collective is more important than any one individual.

I think you would see the people seriously fight back if this happened. They would have to do mandatory weapons confiscation prior to taking folks savings. And it would be both sides fighting them. The only folks who wouldn't care or cheer it on would be those with no savings or jobless.....

Not much to contribute here.

I have enough to pay my bills, with some savings.

But my extra money, aka savings, I have invested in crypto.

Risky, sure. But it's worked out nicely before.

They can't take that, as far as I know.

a reply to: The2Billies
I really can't see that happening. What could be a good possibility is the government calling in all of their loans and cleaning out peoples savings accounts that otherwise have no capability to pay it back. One example would be defaulted student loans and other federal loans.

Defaulted federal home loans and business loans are additional routes they could take.

Why else would W. Bush pass legislation to make it almost impossible to remove student dept through bankruptcy?

a reply to: bigfatfurrytexan

Exactly, I have cash on hand right now because I'm closing on a house tomorrow. That's it, otherwise it would be back in my investments aside from a small rainy day fund that would cover me for a couple of months in the event of job loss.

Good luck confiscating my bitcoin.

a reply to: ketsuko

I thought that it was on this site but maybe another that had a theory that our 401k investments were being used to fund CCP projects military and others.

I would not be surprised at all if they try to control them because as you know the government knows what is best for your money.

They already attempt to monitor what precious metals are being sold and by whom. Soon they will restrict the amount of money that can be placed in bank accounts and the leftovers go into a “fund” that they choose but the ability to get your money back will be a big circle jerk process

That would be impossible without the consent of every nation, so no, it’s not going to happen.

They are talking about negative interest rates here in the U.K to try and force us to spend in order to kick start the economy, but like every policy this Government are thinking about, it has been leaked to test public mood.

Even if they try to push something like this, it will be met with forceful rebuke by the majority on the planet.

I can't see them taking savings from people. It would hit the average person the hardest. Most rich people don't keep their money in the U.S. I'm not rich, but for awhile I've been sending my saving to a foreign bank in my foreign wife's name.

a reply to: Cobaltic1978

They were talking about negative interest rates in the US too at one point.

Husband has his eye on it all. We'll cash out if we have to keep what we've accumulated, but at this point, it looks like it all has to go in a mattress.

Of course, I could see them outlawing cash at that point.

It may be bitcoin and/or bust.

a reply to: projectvxn

Been a sweet last few weeks eh!?

It's like 2017 was and then some.

For now. Bearish trends have got to be around the corner.

I'm no expert and just hope it levels out around where it is for awhile.



ETA: I've kind of wondered how many people are dumping their stims into the crypto. I didn't really need that 600 personally. I put a little into Bitcoin and just put the rest towards your every day things like rent, groceries etc.

So what does this mean?
Should we max out our credit cards, apply for loans and empty our savings account?
What about stocks, bonds and CD’s?