Obama's efforts will result in both short term and long term impoverishment of our nation.
The Coming Theft of Our Savings and Wealth
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The United States of America are in a terrible, terrible situation. We are saddled with a government comprised of anti-American Marxists who hate our freedom and everything America used to stand for. This cadre of traitors seeks nothing less than to “fundamentally transform” America from a free nation of citizens into a slave nation of serfs. To do this, their every move since the Obama administration took office has been calculated to destroy the middle class backbone of our nation. A strong, vital middle class is a bulwark for any free nation, and therefore is an obstacle and impediment to the communistic goals of Obama and his gang of governmental thugs.
A good example of this is the ObamaCare debacle. The whole point to this program is to impoverish the middle clases by requiring them to spend onerous amounts of their money buying more expensive health insurance, while simultaneously subsidizing the “Free Stuff Army” half of the country that voted for Obama. Meanwhile, the calculated effort of the Left is toward the failure of ObamaCare, so that it can be replaced by something even worse—single payer socialized medicine in which the government completely controls health care access for most people and the only folks who can obtain “gold star” private health care are the very rich (i.e., like the “elite” in Washington and their buddies in the news media and Hollywood). Just look at the current issues with the Healthcare.gov website rollout, which has been an absolute disaster. I strongly suspect that this has been purposeful, intended to frighten people into demanding that ObamaCare be scrapped…to be replaced with the single-payer system the left-wingers have wanted all along. If the middle classes can be forced into a single-payer system, then they will be fleeced to pay for it, seeing their wealth frittered away, while the health care sword of Damocles is held over their heads lest they get out of line (“You’re a member of the Tea Party? I’m sorry, the doctor won’t be able to see you…”)
Yet, for American left-wingers, the relatively slow process of bilking the middle classes out of their aggregated wealth is not quick enough to solve the various “revenue deficit” problems that keep them from spending even more on expanded government projects to take away even more freedom. What would work much more quickly would simply be to directly confiscate the wealth of the middle classes by taking over their savings and investment. And that, while unthinkable for most of American history, appears like it may be on the horizon.
An astute reader sent me a link to an article that appeared last week in Natural News, in which the author warns us about impending changes to banking capital controls (i.e. how you can move your money around and where) are being put into place that appear calculated to allow the U.S. government to more easily nationalize private funds contained within our banking system,
“This is the beginning of the capital controls we’ve been warning about for years. Throughout history, when governments are on the brink of financial default, they begin limiting capital controls in exactly the way we are seeing here.
“Following that, governments typically seize government pension funds, meaning the outright theft of pensions for cops, government workers, etc., is probably just around the corner.
“Finally, the last act of desperation by governments facing financial default is to seize private funds from banks, Cyprus-style. The precedent for this has already been set in Cyprus, and when that happened, I was among many who openly predicted it would spread to the United States.
“This is happening, folks! The capital controls begin on November 17th. The bank runs may follow soon thereafter. Chase Bank is now admitting that you cannot use your own money that you’ve deposited there.”
The author of this piece, Mike Adams, is absolutely right in his warnings. As he pointed out, what is being proposed here is not some pie-in-the-sky, far out wacko conspiracy theory. Instead, it has already happened elsewhere, with Cyprus being the most recent and well-known example. Cypriots , who thought their money was safe in the banks, woke up to find one day that they could no longer access their own money, it was locked in the banks, and the reason for this was so that their government could grab it without worrying about people withdrawing it ahead of time.
These capital controls that are being implemented (and not just by Chase, by the way) are designed to prevent Americans from moving their wealth away from where it can be confiscated by the federal government.
The ban on transferring funds overseas? That’s so you don’t move your money to Switzerland or the Cayman Islands or some other place where it is inaccessible to Obama’s rapacious reach after the government starts the confiscation—we can’t have anybody panicking and refusing to “contribute” for “the common good,” can we?
The $50,000 limit is designed to keep small business owners, retirees, and others with relatively large amounts of disposable cash from withdrawing it out of the federal government’s grasp. Remember—the limit is for TOTAL transactions, meaning that direct depositing money into your bank is included, which means you probably won’t be able to even approach the $50,000 limit through withdrawal. It’s much easier for the government to smash and grab your bank account when its safely tucked away in an electronic file on a bank’s hard drive than it is for them to find where you buried your cash out somewhere on your fifty acres of wooded land.
And Adams’ warning about raiding government pension funds? That’s already been happening at the state and local levels, justified by the appeal to municipal bankruptcies such as Detroit’s. How much longer until the federal government decides to do the same to its retired and currently employed workers as well?
But it goes even further than what Adams’ mentioned. As I wrote about three years ago, the government has already been considering the possibility of confiscating private 401(k) and other savings accounts as well. Americans have billions upon billions of dollars tied up in these retirement accounts, and the government would love to get its hands on that cash. But why stop with 401(k)s? What about health savings accounts? After all, when we get our glorious workers-and-peasants single-payer medical system in place, there won’t be any place for private citizens to be going outside of the government system, will there? So they’ll grab that money, and use it to fund socialized medicine. Apply the same to all the rest of the various methods of retirement funding and savings out there.
All of this is about keeping your money in the banking system until the government formally transfers it to itself. Why do you think the Obama administration really and truly does not care about our debt and deficits? Because it intends to make up the difference by expropriating all that private wealth which just gets in the way of total government control anywise. Kill two birds with one stone.
And guess what? The banks facilitate them in doing this because, according to the law, the money you deposit in the bank is not “technically” even yours anymore. It belongs to the bank, and you are merely an “uninsured creditor.” Theoretically, this means that the bank is in debt to you because it has taken the money you deposited and invested it. But look at that word “uninsured”—that means that if the bank gives away your money, you’re on the hook for it and have no way of ever getting it back, even under the FDIC. You can’t sue or pursue other legal remedies under the law. The system, even with this flaw, works tolerably well in normal circumstances because banks have an incentive to not play fast and loose with depositors’ monies lest depositors go elsewhere and the bank go under. But when the government has essentially co-opted all the major banks, using bailout funds to get them hooked into corporatist-style “public-private” partnerships, the banks no longer have to worry about this, and can afford to be the tools of government wealth confiscation.
Even worse, should the government take this step, is that this would not only destroy the wealth and capacity of the middle classes now, but it would essentially destroy America as a haven of wealth creation, innovation, and investment for decades to come, even should we manage to free ourselves from the communistic cadre currently in Washington.
One of the things that made the modern Western world what it has been—with its wealth, prosperity, technology, industrialization, and so forth—has been the fact that Western nations were places where private citizens and corporations could generate, store, and invest wealth and feel reasonably secure that this wealth and investment would be safe, both from foreign enemies and especially from their own governments. Because Western nations operated on principles based in the rule of law, especially the United States, Great Britain, and the Netherlands, these nations became centers in which people wanted to deposit their money. People would much rather have parked their cash in London or New York than in some place like Zimbabwe or Bolivia, where the next whim of the dictator or the next left-wing revolution might result in all your wealth being nationalized and lost.
The West, and especially the United States, traditionally has been a safe place to invest in research and technology, to build new factories, to develop land, to place your money so that it would grow. As a result, we had high-paying jobs, high standards of living, access to mass production that lowered the cost of living, and abundant sources of capital investment to keep the engine going.
What Obama and his administration appear to be contemplating would destroy that reputation and that good will that has been built up for over 200 years. They’d essentially be throwing sand in that engine, grinding it to a halt. If America is no longer a safe place for your money, where it will be protected from any tin pot dictator needing a quick burst of funds, then that money will go elsewhere. Japan, China, Europe, the Middle East—they will stop investing here, and we will be the poorer for it. In turn, this will further destroy the middle classes because there won’t be money for new factories to be built by Japanese car companies in Kentucky or Alabama. There won’t be money to support research and development to produce new products that make our lives cheaper and easier by German or Scandinavian countries in California or New England. There won’t be capital investment in land and buildings by Middle Eastern or Chinese money. While we tend to focus on jobs lost overseas, keep in mind that the USA receives a very significant influx of foreign money that helps our nation grow—because the foreigners know that we are (or rather, were) a place where their money is safe and where it can bring them returns.
Obama’s efforts will result in both short term and long term impoverishment of our nation. What can we do about it?
Well, in the short term, it might be a wise idea to spread your money around to try to get around the capital controls. If you’re planning on moving large chunks of funds overseas to safety, you’d better get it done before November 17. It may even be time to consider simply withdrawing your wealth from the banking system in toto and going back to the use of cash and barter for services. It sounds primitive—but it’s better than being broke because Big Brother Obama stole it from you.
In the long term, the only real answer is to work to get Obama and his gang of Marxists out of office and away from the places where they can do damage as quickly as possible. If we ever do wrestle control of our own government back from them, then there will be the long, hard slog of righting what they set wrong, purging government at every level of their supporters, and returning America back to a safe haven for the world’s money.