While stocks approach new all time highs, another more sinister situation is brewing.
Globally, some $11 trillion in bond has negative yields, up from a low of $9 trillion.
For one thing, this indicates that bonds are expecting an economic meltdown.
Worse than this, is the fact that this means that cash grabs are now becoming commonplace.
NIRP= YOU pay the government for the right to lend it money.
NIRP= YOU pay bank for the right to keep your money there,
The fact is that globally there is too much debt. And since no one in the political class wants to engage in the necessary reforms (cutting spending), the Political Class is on the prowl for new capital to shore up Government finances.
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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.
This is just the beginning. Indeed, we’ve uncovered a secret document outlining how the Fed plans to both seize and STEAL savings during the next crisis/ recession.
Indeed, we’ve uncovered a secret document outlining how the Fed plans to both seize and STEAL savings during the next crisis/ recession.
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Chief Market Strategist