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Why Deal With Structural Issues When You Can Simply Engage in Wealth Grabs?

January 26, 2019

Why Deal With Structural Issues When You Can Simply Engage in Wealth Grabs?

They’re coming for your money.

The Everything Bubble has burst and the debt markets are in distress. We’ve already seen yields rise above their long-term downtrend, suggesting that higher debt costs are now a reality.

Because any real structural solution to this (cutting social programs/ defaulting on debts) means political suicide, the political elite are desperate for capital to continue funding the bloated government budget.

Already Oxfam is proposing a 1% tax wealth tax to solve the “crisis.”

If you think that’s bad, consider that the IMF has proposed a 10% wealth tax on total net worth.

And we are seeing Presidential hopefuls such as Elizabeth Warren calling for a 2% tax on wealth for those worth more than $50 million.

All of this is being sold as “making things fair” or “battling inequality” but the reality is that none of these organizations or people really care about that stuff. If they did care they would be proposing solutions that had a chance of possibly working (even a lifetime 100% wealth tax on anyone worth more than $1 million wouldn’t cover the US deficit for more than a year or two).

What they care about is finding money to continue funding Big Government.

If you think this will stop at those with net worth in the eight figures, you’re mistaken. Nebulous financial concepts such as “fairness” are ALWAYS moving goalposts in the hands of socialists.

Indeed, already legislation is in place to use savings deposits to prop up any systemically important financial institution during the next crisis.

I’m not talking about savings deposits over $1 million… I’m talking about savings deposits PERIOD.

What Form Will The Great Confiscation Take — And How Can We Prepare?

February 11, 2017

What Form Will The Great Confiscation Take — And How Can We Prepare?

For what seems like decades, people have been warning that the next time some over-leveraged corner of the financial system implodes, bank and brokerage accounts will be either confiscated by desperate governments or lost during the resulting chaos.

Here, from 2012, is a representative warning from gold mining eminence grise Jim Sinclair:

My Dear Extended Family,

In bankruptcy of your bank, broker or fund, you can find your assets in the majority of cases are backing the liabilities of the entity in front of yourselves. This is why you must act to protect yourself.

No one in this financial world is going to do it for you, and few will have the courage to recommend you escape Street Name. You can wake up one day and find out that your investments are gone.

The insurance programs will function as long as the incidents of bankruptcy are isolated events.

In a systemic collapse the insurance funds are not capitalized to meet the potential obligations. The guarantor you are relying on will have to be bailed out.

For securities there are only three ways to hold them:

1. Street name.
2. Direct registration.
3. Certificate form.

Anyone advising you to stay with the Street Name option is a babbling idiot not interested at all in your welfare.

In street name the inferred ownership is the broker or bank, not you. In Direct Registrationand Certificate form, the distinct ownership is you.

In 99.9% of the cases of retirement accounts the answer is you are in Street Name.

How are your securities held? Do you even know? I dare you to ask!

Do you know what your broker’s capital ratio is? Find out as that number is the order of magnitude at which your broker is gambling on with primarily your money. I dare you to ask.

…click on the above link to read the rest of the article…

 

Looking Forward

August 16, 2016

Looking Forward

Looking Forward

 

Since its inception, International Man has offered prognostications about what the future will bring – economically, politically and socially. The principle writers of the publication have been at this for decades. Each one began by studying world economics and politics in order to make the best choices as to where to live, where to invest, where to store wealth, etc. Over the years, each one got better at researching, better at reading the signs and, ultimately, better at predicting future events.

But, today, we’re approaching a worldwide crisis point and the study that we undertook decades ago has become important for literally hundreds of millions of people who, whether they realise it or not, will soon be impacted by events in a major way.

The foremost concern for readers of this publication is that the world’s leading governments have become decidedly fascist and are rapidly heading in a totalitarian direction. There are a number of facets to this development, all of them disturbing: The elimination of personal privacy, the creation of capital controls, confiscation of wealth, the conversion to electronic banking as the sole form of currency, international taxation standards and the creation of a police state. (There are many, many more facets, but these few tend to be at the core of concern.)

We can expect to see all of these concerns come closer to reality in the near future. The events that bring them about will increase in bothfrequency and magnitude as we get closer. (Historically, this is always the case, as governments that are in trouble race to get controls in place, as their continued ability to control events unravels.)

…click on the above link to read the rest of the article…

Where Do I Store My Wealth?

August 17, 2015

 

Where Do I Store My Wealth?

International diversification of wealth (no matter how large or small) can save your economic freedom. Although most of our readers thoroughly understand this concept, one of the most oft-heard concerns is that, by offshoring assets, one may not be able to get to them as easily as they now can. Here’s the response to that, and some practical advice on what you can do to protect yourself.

Let’s say you presently regard yourself as being economically diversified. You own stocks and bonds, you have some cash, you have a retirement fund and you have a bit of gold stuffed away at home. On the surface, it would seem that you’re covered.

Trouble is, you have all your wealth in one jurisdiction, and should that jurisdiction find itself in an economic crisis, all that “diversification” will be seriously at risk.

Of course, it’s human nature for us to want to keep our wealth close at hand. Itfeels more secure than having it miles away from us. We tend to follow this concept even though we’re well aware that to have our wealth really close (i.e., on our person) we would be asking to have someone with a gun take it away.

Although we understand this, we somehow manage to convince ourselves that our own government, should they decide that they wish to get their hands on our wealth, is less of a threat to us than some thief. If we’re being really truthful with ourselves, governments pose a greater threat than the average thief, as they can steal legally.

Confiscations and Bubbles

In recent years, the governments of the US (in 2010), Canada (in 2013) and the EU (in 2014) have passed bail-in legislation, allowing the confiscation of deposits in bank accounts. When confiscation does occur, I believe it will happen without warning, as it did in Cyprus. One day, you wake up and your money is gone. What can you do? Nothing. It’s legal.

 

 

…click on the above link to read the rest of the article…

Olduvai IV: Courage
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Olduvai II: Exodus
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