IMF has a "Good idea"

[Mega]

http://akashictimes.co.uk/brits-coul...-new-proposal/
Mike

[DRumsfeld2000]

Re: IMF has a "Good idea"

This is old news. However, if you want massive deflation and literally politicians hanging from lamp posts then try it.

[Adeptus]

Re: IMF has a "Good idea"

The IMF world bank is proposing a ten per cent wealth tax on all households in the UK and the rest of the Eurozone.What this would mean is men and women having to pay a levy on the total value of their accumulated assets, including their properties, cash, bank deposits, money funds, and savings in insurance and pension plans.

I would expect nothing more than a queuing of even more off-shore account openings.

[shiny!]

Re: IMF has a "Good idea"

I would expect nothing more than a queuing of even more off-shore account openings.[/FONT][/COLOR]

Offshore where? Wealth taxes and bank bail-ins will be happening in every country before all this mess is said and done. Short of hoarding wealth under the mattress, how can people protect their assets from the banksters and the governments?

Someone please enlighten me if I'm wrong, because I hope I am.

[lakedaemonian]

Re: IMF has a "Good idea"

Offshore where? Wealth taxes and bank bail-ins will be happening in every country before all this mess is said and done. Short of hoarding wealth under the mattress, how can people protect their assets from the banksters and the governments?

Someone please enlighten me if I'm wrong, because I hope I am.

Hawala

Several local nationals got stuck in a really rugged pass during an extended period of bad weather in the Hindu Kush. Local hospitality was running dry quickly due to poverty and duration.

Neither a 4 wheel drive team nor a helicopter could reach them, but an old guy on a donkey carrying hawala network cash could to remedy the problem and all them to wait out the weather.

It is possible(sometimes quite easily) to move cash from A to B for much of the world, including a surprisingly large chunk of the western world as well, via hawala.

But I certainly wouldn't recommend it, as I reckon you'd wind up on the naughty list.

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Maybe there has been or will be a "wisdom of crowds" movement to physical, in hand, precious metals related to fear of a wealth tax(on the part of middle class to affluent), although non reporting could be illegal.

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For the affluent to wealthy I would hazard a guess it might involve changing tax residency and foreign based trusts/foundations/charities located in stable climates that are non-aligned or in competitive networks if it were THAT serious.

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There's clearly a lot of money moving from China to the english speaking west in real estate "bolt holes".

I wonder if there is, or potentially could be in the future, much money going in the opposite direction, even if just to sit in banks as hot money.

Singapore has a great reputation of stability/security(with an epic sovereign wealth fund as a potential backstop), and I've read has been chipping away at the likes of Singapore as a haven for capital.

I wouldn't have a clue as to how vulnerable that capital would be to US/UK clawback if push came to shove.

But I would think if Singapore's financial sector were able to get into the trust/foundation/charity industry allowing folks to legally keep control(if not ownership) of capital at arms length, maybe they would see a big boom in such a heavy wealth tax environment.

Anecdotally, Singapore is also benefitting from Chinese capital flight, based on the spike in very high end vehicles(and accidents) driven by young Chinese in Singapore.

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My guess is that the 1% would have the best advise and warning indictors to navigate around such a wealth tax.

And that the working class/middle class would get soaked.

But the worst hit might be the 2-10% with a decent pile of hard earned and already taxed assets/capital, but without the advice/indicators and economy of scale to do anything about it if something like it were to be implemented.

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I wonder what would happen with physical cash supplies in the lead up to such an environment?

Would physical cash become scarce as the "black economy" grows as a defense mechanism?

Just my best guess.

[Milton Kuo]

Re: IMF has a "Good idea"

Offshore where? Wealth taxes and bank bail-ins will be happening in every country before all this mess is said and done. Short of hoarding wealth under the mattress, how can people protect their assets from the banksters and the governments?

Someone please enlighten me if I'm wrong, because I hope I am.

Two idea come immediately to mind but both are distasteful:

1. Move the money to China since they may not choose to participate in rescuing the IMS if it blows up again due to banker corruption.
2. Bitcoin or whatever the cryptocurrency-of-the-day is.

For people who are really loaded, the best place to put money is to own a business with monopoly characteristics.