The Only Way To Avoid Wealth Confiscation

That debt comes out to $54,730 for every U.S. citizen and $150,641 for each U.S. taxpayer. (Almost half of all Americans pay no income taxes.)

Across the world, in nearly bankrupt countries (think bank “bail-ins” in Cyprus), politicians are talking openly about forced confiscation of wealth — and the Obama administration is more than sympathetic.

It was the U.S. Congress that adopted the Foreign Account Tax Compliance Act (FATCA), a mechanism that makes global wealth confiscation easier for all governments.

There is even discussion of the U.S. government taking over all private retirement plans, IRAs, 401ks and the like. And how about that “one time” wealth tax, where banks will be ordered to turn over to the U.S. Treasury a percentage of your deposits?

Make no mistake — we are all at risk.

Moreover, in an effort to pay down debt, countries typically adopt austerity programs that severely restrict public services and government salaries, and, at the same time, slow the economy.

This often prompts public unrest and political instability, further spooking the markets.

Thus begins a socioeconomic and political spiral that can lead to collapse and chaos. Argentina is a prime example. At least seven people were killed in Argentina in December 2013 during a week of riots.

My point is this: If wealth confiscation becomes a reality, it means that things here have gotten really bad. There will be civil unrest, and an even greater divide between the rich and the poor.

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