Prepare to be Taxed: Wealth Tax and Carry Taxes Are Coming

Prepare to be taxed.

Behind the veneer of “all is well” being promoted by both world Governments and the Mainstream Media, the political elite have begun implementing legislation that will permit them to freeze accounts and use your savings to prop up insolvent banks.

This is not conspiracy theory or some kind of doom and gloom. It’s basic fact.

In the last 16 months, Canada, Cyprus, New Zealand, the US, the UK, and now Germany have all implemented legislation that would allow them to first FREEZE and then SEIZE bank assets during the next crisis. I expect more countries to join this movement. The IMF actually openly suggested it as the best means of dealing with future crises in the financial system.

Outside of this, we’ve also seen the beginning of moves to ban the use of physical cash in France, Spain, Uruguay, and elsewhere… as well as a growing chorus of experts calling for negative interest rates and possibly even a “carry tax” on cash itself.

Why is this?

The world will soon be facing a tsunami of defaults on bad debts.

This will include municipal or local government defaults, governments “defaulting” on promises they’ve made to the people (e.g. Social Security, Medicaid), a default on the social contract between society and politicians such as the one in Cyprus (a default on the notions of private property and Democracy), stealth defaults on debts in the form of inflation and finally, of course, outright sovereign defaults.

The sovereign defaults will come last; all other options will be tried first.

The reason for this is that sovereign bonds (think of US Treasuries, German Bunds or Japanese Government bonds) are the senior most collateral posted by banks for the hundreds of trillions of Dollars worth of derivatives bets they’ve made with each other.

The minute an actual sovereign default occurs in Europe, Asia or the US, then the large global banks will all be vaporized. End of story. As is now clear, the Central banks do not care about ordinary citizens. They only care about propping up the big banks.

This is why Cyprus decided to default on the social contract with its people and steal their funds rather than simply instigating a formal default. And it’s why in general we’re going to see Governments implementing more and more theft in the form of “taxes” (Cyprus called its theft a tax) in the future.

Make no mistake, the words “wealth tax” mean freezing of assets and then taking some of your savings. Anyone with more than $250,000 in a bank account should be prepared for this. It has happened in Cyprus. It will happen elsewhere too.

This will be sold to the public as either an attempt to tax those with a lot of money because it’s only fair that they put in more to bailout the nation OR as a form of financial terrorism e.g. “either you take a 7% cut on your deposits and the bank stays afloat or the bank crashes and you lose everything.”

This will be spreading throughout the world, GUARANTEED.

Spain, Canada (which allegedly has the safest banks in the world), New Zealand and now even Germany have already begun discussing confiscation schemes for depositors in the event of a banking crisis. The US and UK have also developed similar schemes to freeze “systemically important” financial entities during the next crisis.

This is just the beginning. Indeed… we’ve uncovered a secret document outlining how the US Federal Reserve plans to incinerate savings.

We detail this paper and outline three investment strategies you can implement

right now to protect your capital from the Fed’s sinister plan in our Special Report

Survive the Fed’s War on Cash.

We are making 1,000 copies available for FREE the general public.

To pick up yours, swing by….

http://www.phoenixcapitalmarketing.com/cash.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

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