Topic: The IMF Lays The Groundwork For Global Wealth Confiscation

[oldcoastie6468]

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. But don’t take it from me. The report itself says:

“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. (page 49)”

Note three takeaways. 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.

http://www.forbes.com/sites/billfrezza/2013/10/15/the-international-monetary-fund-lays-the-groundwork-for-global-wealth-confiscation/

[Pandora]

Yep, saw that.

[Weisshaupt]

Yeah, they could try to take houses, but what with them next?  Say I owe rent if I stay? Sell it to foreigners?  And If I chose to shoot the rent collector and feed him to the hogs? If I execute any police that try to evict?  If I kill  "renters or foriengers" who show up?

They might be able to get to bank accounts, because the bank accounts are not in our personal possession. Anything that is, they have to use force to get, and well, they don't have the force to subdue all of us. 

[Pablo de Fleurs]

should politicians fail to muster the courage to engage in this kind of wholesale robbery

Courage, or a death wish? Think globally, shoot locally.

[Glock32]

Also notice how they pretend they don't damn well know that reducing taxes is proven to "aggressively mobilize domestic revenue".

[Glock32]

Here's one of the comments at that article:

"The IMF has the right idea here. Income inequity is one of the biggest structural problems in modern societies. A big redistribution project is one way to restore balance. As for the super-rich fleeing – to where? China? By all means, take your capital to China and feel safe – feel very safe. Not everyone can live in Singapore. Even the Swiss won’t protect you. I suppose you could try Venezuela.

A wealth surcharge tax is long overdue."


Just more evidence of how they view other people as "stuff". And more evidence of how they always assume the dirty work will be done by someone else. Wonder if it ever entered this prick's calculation that he might just get good and dead for his efforts?

[Pablo de Fleurs]

A wealth surcharge tax is long overdue."

Many things are #Overdue. Some good, some bad & others tragic. I've been hanging my flag upside down for about a year now.

The half-cocked & half assed
provoke a flag, at half-mast. 

[LadyVirginia]

Here's one of the comments at that article:

"The IMF has the right idea here. Income inequity is one of the biggest structural problems in modern societies. A big redistribution project is one way to restore balance. As for the super-rich fleeing – to where? China? By all means, take your capital to China and feel safe – feel very safe. Not everyone can live in Singapore. Even the Swiss won’t protect you. I suppose you could try Venezuela.

A wealth surcharge tax is long overdue."

Love this idiot's obvious intent to sound educated.  Smarter than everyone else, no doubt. Probably has an advanced degree. Never learned he bleeds just like the people he loathes.

[Pandora]

I've been hanging my flag upside down for about a year now.

As well as I.  Since November last.

[LadyVirginia]

I've been hanging my flag upside down for about a year now.

As well as I.  Since November last.

I can't do that.

[Pandora]

I've been hanging my flag upside down for about a year now.

As well as I.  Since November last.

I can't do that.

It pained me, I have to admit, reversing the flag.  But, it was liberating in a way.  It brought home just how dire the straits we're in and set my resolve.

Distress signal to all my fellow patriots.

[Weisshaupt]

Here's one of the comments at that article:

"The IMF has the right idea here. Income inequity is one of the biggest structural problems in modern societies. A big redistribution project is one way to restore balance. As for the super-rich fleeing – to where? China? By all means, take your capital to China and feel safe – feel very safe. Not everyone can live in Singapore. Even the Swiss won’t protect you. I suppose you could try Venezuela.

A wealth surcharge tax is long overdue."


Just more evidence of how they view other people as "stuff". And more evidence of how they always assume the dirty work will be done by someone else. Wonder if it ever entered this prick's calculation that he might just get good and dead for his efforts?

Jackass. The Rich will buy an island, a fancy boat, a wonderful house, food and fuel  supplies for 10 years,  PV system to keep them in comfort, and a pile of gold with which to pay a  security force. The people in absolutely the least danger here are the rich. Hell, they are ALREADY gone. Their money  left ages ago.  They will spend their last days on earth fishing in crystal blue waters.

No,  they are coming after the middle class. There is room in the new world only for the Lords and the serfs. Its amazing how the left falls for that line time after time after time.  Even if they got the rich for EVERYTHING they are worth, its not enough to pay off the debt-- just the interest, so they can perpetuate the scheme. Not fix it. No the goal here is subjugation, and the Boxer horses of the world will kill themselves to bring apples to the the pigs in the farmhouse, and never regret it.

Come and get it animals. Your entire being is consumed by that you want, your entire understanding of the world dominated by it. And if Nanny doesn't provide, do you have the guts to provide for yourself?  Your government will forsake you - your usefulness as a voter expended, and your fellow citizens will not accept you , for you betrayed them. Rage at the sky helpless adult baby, for you will starve, and the rest of your band of non-contributing zeros with you.

[Libertas]

Haircuts are all the rage already as is confiscation via judicial procedings...more elaborate and insidious modes of confiscation (theft!) will occur...the statists have boxed themsevles in with walls made of easily manipulated fiat currency, deficit spending, debt it can never hope to repay and Neo-Keynesian acolytes in government and banking running the shell game...

The statists and crony-captialists will not reform themselves no matter how much pressure is applied, their maniacal devotion to progressive ideology ensures there will be only one end to this madness...and I seriously doubt anything can stop it...

[ToddF]

Someone should tell the little tard that it's not the income inequality, it's the personal finance literacy inequality.  Anyone can become "rich."  Pay off your average home, bam, you're in the top half, and now targeted by this. 

[AlanS]

Hmmm. No mention of reduced spending....

[oldcoastie6468]

Hmmm. No mention of reduced spending....

Nor will you ever see that.

[LadyVirginia]

 
how do people get so stupid 

[Pandora]

Envy.  Sloth.  Covetousness.

[ToddF]

A lifestyle where people literally can't comprehend NOT spending everything they make, and then some, approaching the end of their lives where they realize they now have NOTHING.

5 1/2 years.     Just give me 5 1/2 years when I can then take my marbles and move them elsewhere.

[LadyVirginia]

Envy.  Sloth.  Covetousness.

You are right.