In case you didn’t know it folks, our friends from the Daily Bell are back, and treating us to their usually prescient and penetrating analysis of all things financial and oligarchical, but this one is…well, intriguing to say the least. It seems that the International Monetary Fraud…er…Fund … is once again floating the idea of draconian global taxes:
Lest one miss it, the IMF is proposing a genuinely global, or at least, “Western” tax on wealth, that would amount to nothing less than a scalping of the savings and wealth of the middle class from Japan, to South America, North America, and Europe:
“On page 49, the authors said, “The sharp deterioration of the public finances in many countries has revived interest in a ‘capital levy’ – a one-time tax on private wealth – as an exceptional measure to restore debt sustainability.”
“Let’s be clear: That tax would apply to all private wealth on the planet. And it wouldn’t balance budgets but would only bring them down to a slightly more manageable level so that government borrowing and spending could continue without interruption.
“… Just how much would the IMF’s “capital levy” be? Say the authors: The tax rates needed to bring down public debt to precrisis levels are sizable: reducing debt ratios to end-2007 levels would require … a tax rate of about 10 percent on households with positive net worth.
“After reading the entire 107 pages, Forbes’ columnist Bill Frezza was livid: [The IMF proposal] means that all households with positive net worth – everyone with retirement savings or home equity – would have their assets plundered …. It would merely “restore debt sustainability,” allowing free-spending sovereigns to keep tapping the bond markets until the next crisis comes along.” (all emphases in the Daily Bell)
Not only would this be elite-sponsored theft, but it is a theft illustrative of what is wrong in western countries, drunk as most of them have been on deficit spending, social programs, entitlements and so on, oftentimes programs imposed on various peoples in spite of their strong opposition to them; those who do manage somehow to save anything, are punished for the impractical policies of those in power, often in previous generations. As no private property or wealth is safe from the plunderers trying to balance their own bad books, incentive ceases, savings cease, creativity ceases, as individuals perform their own versions of the voluntary exile to “Galt’s Gulch.”
Now, in cased you missed it, the US government is going further:
“Perhaps the proposal is simply in line with other tax policies now being implemented. The most prominent one comes from the US government, which intends to tax expatriated residents via their banking connections. The rollout of this policy is taking place this year but is also receiving a lot of pushback.”
“In the long run, it seems to us, the decline and fall of the West is a kind of foregone conclusion. Perhaps top elites may have been working to destabilize Western finances for decades and even centuries with an eye toward implementing a thoroughly internationalist economic system.”