IMF demanding/mulling obligatory 10% debt tax on ALL private savings in Eurozone

[Skybird]

Several sources:

https://www.goldbroker.com/news/imf-condoning-plundering-bank-accounts-348.html

http://armstrongeconomics.com/2013/10/14/european-banking-crisis-seizing-10-of-everyones-accounts-hello-cyprus/

http://www.theautomaticearth.com/Finance/the-imf-proposes-a-10-supertax-on-all-eurozone-household-savings.html

The original report, named the Fiscal Monitor published by the ICF, where it is said that

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). There have been illustrious supporters,
including Pigou, Ricardo, Schumpeter, and—until he
changed his mind—Keynes. 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 (these, in turn, are a particular
form of wealth tax—on bondholders—that also falls on
nonresidents).

There is a surprisingly large amount of experience to
draw on, as such levies were widely adopted in Europe
after World War I and in Germany and Japan after
World War II. Reviewed in Eichengreen (1990), this
experience suggests that more notable than any loss of
credibility was a simple failure to achieve debt reduction,
largely because the delay in introduction gave
space for extensive avoidance and capital flight—in turn
spurring inflation.
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.

can be found here : LINK-http://deutsche-wirtschafts-nachrichten.de/wp-content/uploads/2013/10/IWF-report-Schuldensteuer.pdf

Note: it is noit even curing the disease. The system remains untouched. The same actors stay in power. The banks get feed. The debts get reduced to just 2007 standards - when the indicators and indices already were flashing in aggressive, warning, bright red.

German article: LINK-http://deutsche-wirtschafts-nachrichten.de/2013/10/17/die-grosse-enteignung-zehn-prozent-schulden-steuer-auf-alle-spar-guthaben/

Cyprus and Greece were just testing balloons. There is a huge desire in EU fascists to abandon banknotes and coins completely, to force everybody making himself vulnerable by having all his transactions and fiscal reserves in digital format - because the infrastructure of electronic finances is such that the state can already now rob people at will by just pressing a button, at least in Germany and it is IT specialists saying that. If there are coins and banknotes that people have no longer on the bank, but hidden at home, these are reserves that the predators then could not so easily reach - not without stirring public awareness and resistance. It all is about to make citizens as defenseless and vulnerable and naked as possible in the face of the looters homing in on them. Abandoning cash money is one such measure.

Interestingly, two weeks ago or so the EU proposed a strict tightening of laws regulating possession of private firearms, making it even more stressful and repressive to gain permission to own one at home. History has several examples, mostly from the feudal era, were kings simply forbid ordinary peasants and civilians to own any weapon at all - so that they could not riot and resist. In these examples, the king usually then went on irresponsible spending frenzies, ruining his kingdoms' finances, mostly to finances some war.

It is occasionally reported that the EU has already years ago started to maintain secret anti-riot police units, organising them in paramilitary style. They should obey EU order only, and are meant to crack down on riots and resistance against EU policies, if such resistence exceeds certain limits beyond which the EU feudal lords must feel threatened in their power and glory.

I also remind of the controversy simming on since 2009 over the dictate of Lisbon having opened the door to demand member states to execute suspects caught not only in times of war, but also in pre-war times and cases of civil unrest and riots. Eu-laws overrules national law, the EU polit bureau could very well issue orders and mission rules that force nations to carry out death penalties against rioters and protesters. Ein Schelm wer Böses dabei denkt...

These are interesting times, to put it this way. Thanks to the Euro and the Western debt-economy, the biggest predatory raid in the history of mankind is under way - and you watch it from your seat in the first row, in 3D without needing glasses! Ration you popcorn, it will soon run out. Hope you enjoy the show.

[Wolferz]

Quick! Hide all your money!:huh: Which will not work if they decide to go all digital on you. Then you can use your hoarded wealth, in lieu of TP, to wipe the blood off your Bum from the shaft you're going to get.:down:

The robber barons believe they can do this. But, every beLIEf has a lie in the middle of it.

[Skybird]

They have good chances to get away with it, because historically they have gotten away with it most of the time. The 20th century alone saw 29 hyperinflations, defined by the academical criterion of prices and inflation rising by at least 50% per month.

Also, all papermoney systems, since almost one thousand years and since the Chinese tried to experiment with that before any other civilisation - they all have failed. All. A few candidates were wise enough to return to a "Warengeld" (a currency basing on something like the Gold standard) whe there still was the chance and some time left, and were able to evade the worst case scenario that way. But most pushed the obsession to the limits, right down to the most bitter of all bitter ends, and got hit then by the worst possible blow when things collapsed. That is what the Euro-freaks and in general: governments today seem to be determined to repeat once again, maybe with exclusion of the Chinese, who maybe are preparing a gold standard for their currency, there are indications for that. Criminal, megalomaniac idiots. They could know it, if they would care to read a history book or two.

State bankruptcies there have been much more often than hyperinflations. Since 1500, practically every major European power has run bankrupt not just once, but several times.

Payed for this always was by the private property owners, the middle class, the trading class. Gold possession was forbidden, even silver. Taxes were introduced to rob sellers of banned property after the prohibition ended - to turn their items into cash, they had to accept punishing taxes. House and land owners often were ruined. Bonds, of course, were worthless anyway. Stock papers often targetted, too.

If they want to go after you,m they really go after you. There is no defence but civil war. I am no longer in the camp of those who would oppose it.

Civil disobedience, tax evasion, could be argued to be moral imperatives now. Anything that helps to destroy a criminal, irresponsibly acting, highly dysfunctional state, cannot be opposed for merely ethical reasons anymore. Fighting off a criminal offender and looter, a raider and liar, a burglar and fraudster, is self defense. Refusing cooperation with him helps to dry out a rotting swamp filled with bad smells and bugs carrying diseases.

These states must go. Plain and simple. Politics and money must be kept separate, at all costs. Any currency must represent real value, but papermoney always is worse than cancer. Shut down central banks.

If politicians do not accept any of these conditions, kill them immediately. Do not let them get close to the money, or worse: the money printers, never, under no circumstance, like you would not let a dog with rabies run around on the playground of a Kindergarten. The benefit of doubt does not count anymore,. The guilt and irrationality of the political class has been so often proven beyond all doubt.

BTW, I read repeatedly in the past weeks that around two thirds or more of bankers and stock managers expect another major stockmarket crash within the next 12 months. It will be bigger than 2007/2008, most of these assume. AFAIC, I expect another big crash within that timeframe, too. regarding the Euro, I give 10-15 more years at max. Possibly that it explodes into our faces much earlier. But until then the looters will try every crime and lie and stunt and cheat possible to delay it and preserve their power some days longer, increasing the final bill.

[Jimbuna]

That won't affect the UK so send me your money Sky and I'll gladly look after it :smug:

[TorpX]

This is kind of scary. If it happens in europe, and they get away with it, BO will try it here.

Actually, it would not surprise me if the US doesn't come under a military dictatorship within 10 years. What might happen in europe I can't even guess.

[Sailor Steve]

...and there is a belief that it will never be
repeated...
Until the next time.

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.
How about just not spending money you don't have?

My only question is this: Is being a liar, crook and cheat a prerequisite for being a politician, or is it something acquired through on-the-job training?

[TarJak]

Both.
@ TorpX you're starting to sound like YubbaBubbles. :har:

[Jimbuna]

My only question is this: Is being a liar, crook and cheat a prerequisite for being a politician, or is it something acquired through on-the-job training?

It depends on your background and upbringing...if you fail on the first requirement your sure to pass on the second.

[Skybird]

Until the next time.
Indeed. The whole Euro is a string of broken laws, broken treaty articles, broken promises, broken announcements. Not one legal variable that is linked to the Euro has not been broken, violated, eroded. The Euro is the living, shining evidence that what the EU writes in papers and gives in laws, means nothing and is not trustworthy or legally binding. For them, laws are not laws if they do not oike to be hit by them, and treaties mean not what they say when they feel the opportune desire to ignore them.


How about just not spending money you don't have?

But what is then to become of socialist paradise?

My only question is this: Is being a liar, crook and cheat a prerequisite for being a politician, or is it something acquired through on-the-job training?
In a democracy, democratic election mechanism guarantee that the biggest fraudster, the most unscrupulous bog moths, the most shameless imposters, liars and cheaters indeed have the best chance to get elected, while those speaking unwelcomed truths will not be voted for. So yes, being an azz helps to qualify for political office.

I do not mean that as just a cheap offense. It really is so. You can read this problem being described in many books: In German Eckardt, Baader and Braunschweig, in English or in both languages: Hoppe, von Mises, Hayek, Rothbard. And probably so many more. It'S an inherent and decisive design flaw with democracy that already the ancient Greek were aware of. That's why they did not hold democracy in high esteem, but many warned against it. As you know yourself very well, the Founding Fathers did so, too. It's also one of the reasons why I am nowadays strictly against general election where just every Peter and Paul can give their precious, important, qualified, well-informed, carefully weighted, responsible vote.

It will always ruin the cause sooner or later, always. This therefor does not qualify for the description of a method that "functions". The only thing where it functions is in achieving a ruinous, slow degeneration.