IMF recommends indebted governments confiscate citizens' assets

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On January 26, 2016, the United States has an official national debt of a mind-boggling $18.93+ trillion.
That’s just the official figure we are told. Economists maintain the real debt is much higher. (See “Ex-GAO head: US debt is three times more than you think“)
The national debts of some other countries are even worse.
The debt-to-GDP ratio is a measure of a country’s debt compared to its economic output, which is calculated by dividing its national debt by its GDP, which is the total output of all goods and services of a country and is the primary measure of economic growth or the lack thereof. To illustrate, if the national debt is $1.5 million and the GDP is $1 million, then the debt-to-GDP ratio is:

$1.5m ÷ $1m = 150%

Here are the top 7 worst countries in debt-as-a-%-of-GDP, as of September 2014 (Forbes):

  1. Japan: 227.2%
  2. Greece: 175.1%
  3. Italy: 132.6%
  4. Portugal: 129%
  5. Singapore: 105.5%
  6. USA: 101.5%
  7. Belgium: 101.5%

As you can see from the table below, all 7 countries ignored their indebtedness in 2004, and got even more indebted in the 10 years since.
debt-to-GDP-ratio 2004-2014
In 7 years of the Obama presidency, our national debt increased by $8,314,529,850,339.07, according to official data published by the U.S. Treasury. That equals $70,612.91 in net federal borrowing for each of the 117,480,000 households that the Census Bureau estimates were in the United States as of September. (CNS News)
When your debt exceeds your GDP, the prospects of ever paying off that debt are slim to non-existent, unless the country experiences an enormous and sustained burst of economic productivity. The debt situation is so dire that in 2013, the International Monetary Fund (IMF) recommended to indebted governments not just higher taxes, but confiscation of citizens’ assets. More perversely still, the IMF’s recommendation of assets-seizure is intended merely to make the national debt “sustainable,” not to actually pay off the debt.

Note: The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., of “188 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.” Formed in 1944 at the Bretton Woods Conference, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system. Countries contribute funds to a pool through a quota system from which countries experiencing balance-of-payments difficulties can borrow money. As of 2010, the IMF fund had about US$755.7 billion. Since July 2011, the IMF’s managing director is a French politician named Christine Lagarde.

Bill Frezza reports for Forbes, Oct. 15, 2013, that in its October Fiscal Monitor report Taxing Times, the IMF paints a dire picture for advanced economies with high debts that fail to aggressively “mobilize domestic revenue.”
The IMF recommends that drastic measures are called for, from increasing income and consumption taxes to the direct confiscation of assets in the form of a “capital levy” — a “one-off tax” of about 10%, not on the super rich, but on all households with “positive net worth,” i.e., everyone with retirement savings or home equity. The IMF counsels that it’s best that such a tax be “implemented before avoidance is possible and there is a belief that it will never be repeated,” never mind the fact that high earners have been forking over more money, a higher percentage of their gross income, and a larger share of aggregate national tax revenue in recent years.
Amazingly, the IMF regards this confiscation of at least 10% of all private “wealth” to be merely “an exceptional measure to restore debt sustainability,” which means:

  1. The IMF knows there are not enough rich people to fund today’s spend-thrift governments.
  2. Confiscation of private property will not pay off national debts, but will merely “restore debt sustainability,” allowing free-spending politicians to keep borrowing.

Should politicians fail to muster the courage to engage in this kind of wholesale robbery, the IMF posits public debt repudiation and hyperinflation as the only alternative scenario. In other words, the IMF does not and will not consider structural reforms of the Ponzi-scheme entitlement programs that are bankrupting the United States.
Forbes opined that “If ever there were a roadmap for prompting massive capital flight and emigration of productive citizens toward capitalism’s nascent frontiers in Asia, this is it.” But the IMF has already anticipated that with a suggestion on how governments can restrict the mobility of the rich:

“Financial wealth is mobile, and so, ultimately, are people. … There may be a case for taxing different forms of wealth differently according to their mobility … Substantial progress likely requires enhanced international cooperation to make it harder for the very well-off to evade taxation by placing funds elsewhere.

In 2010, the Obama administration did just that, with the Foreign Account Tax Compliance Act (FATCA), that requires financial firms across the world to disclose foreign accounts held by U.S. citizens and report them to the IRS or face steep penalties.
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46 responses to “IMF recommends indebted governments confiscate citizens' assets

  1. What a horrible idea!

  2. This kind of news is just as horrible as it gets. Those in the middle class who have been frugal, who have planned to take care of themselves during all the cycles of their lifetime will be robbed so that they can take care of those who are spendthrifts, and those who are too lazy to work for anything. I do not mean, and should not be interpreted to mean that I believe that people with disability, be it mental or physical, should not be given assistance–as long as they are allowed to produce to the extend of their personal ability. This is the kind of thing that makes more and more people give up, and decide to be on the receiving end of the public largess such as all the idiots with their Obama phones. Even a fool knows that too many people in a boat will capsize it! It was interesting to watch a new program (before I quite watching the biased news shows) wherein they showed various people who needed the assistance of “food banks.” One lady drove in, in a brand new relatively high priced car . . . yet she had to beg, so to speak, for food. Now this is a prime example of foolish planning on the part of many of the folks out there in our society. . . and now we find that governments may well decide that the remedy to their unsustainable spending to take care of these kinds of people is to steal from those who do produce.

    • Kevin J Lankford

      This is not about the failure of our entitlement programs. It is the threat of the criminal banking cartel confiscating the savings, and any accumulated wealth of the citizens of the United States, and theoretically community, state, and federal, assets, including land and resources, for owed interest on our corrupted government’s borrowing of paper currency that never had real value from the beginning.

      • BUT fiat currency is acceptable, when it has the full backing and authorisation of the feral gubbmint, which neither the US or Canada does in the largest part, as most so-called currency is an electronic fiction [lie] created by bankers making a fractional reserve debit that YOU must repay.
        As the loan value plus the accrued interest is greater than the amounts of currency in circulation, the fact is the debts can NEVER be fully repaid, which is why I call this Satanic: pure evil based on lies.

  3. I’ll bet Sanders would be in favor of that-isn’t this idea SOCIALISM?

    • Sanders is just another pimp for a plump position in the Congress of whores we presently have. He won’t do anything worthwhile, read his weasel words [forgive me, critters!] It’s not quite as bad in Canada, but we’re doing our best to fail as well, IMO.

  4. I’ve followed economic trends since I was a child, when my father began to patiently explain to me how matters REALLY went, not as they’re made to appear.
    The whole of the so-called ‘national debt’ is –as I explained in my long comments at fotm– a truly Satanic lie, as we were NEVER supposed to give control of the currency to any private bank[s] or non-sovereign entities. The Constitution is blindingly clear on those points.
    FotM’s Kevin J Lankford answered this point superbly:
    Kevin J Lankford | August 14, 2015
    “The elimination of the federal reserve [bank] and Congress doing what it is supposed to do by coining our own currency would eliminate the fake federal reserve debt. The rest is more of a trade imbalance that could be eliminated with the elimination of the rest of the corruption in our government.”
    I suggest voting ONLY for people who make the above their #1 priority in Congress. The last I knew of was Dennis Kucinich and he left when it became clear he was a lone voice in the wilderness. But as Robinson Jeffers reminded us, “Corruption has never been compulsory.”
    Perhaps Kevin J Lankford would consider running for Representative? He has a clear understanding and expresses himself well, IMO.

    • Kevin J Lankford

      Ahh, thanks…. you save me from having to repeat myself, I could expound further, but there has already been so many books written on the matter.

      • I’m quite serious, Kevin, please consider running for Representative, as I assume you are in the USofA? We desperately need people who ‘got the understanding’ and can communicate it as you did above: pithy & to the point!

  5. It is the same with ‘all’ the international institutions – corrupt to the core through and through. The major cause of the national debt of countries, separate to the criminal blood-sucking financial services sector – banking, commodities exchanges, etc., etc., are the vast sums of money governments spend on their war machine – to slaughter innocent peoples in sovereign lands.
    If America, for instance, closed down ‘all’ its military bases of aggression around the world, of which there are between 700 to 800 in 156 countries, according to the Global Research website, which has all the statistics: , then a vast pool of money would be available to spend at home on infrastructure and create more jobs. But no, the criminals in power line their own pockets and f-pobble-bee-bo to the people. The people are the ones who always lose out to the gangsters in power.

    • You’re a remarkable good man for tracking all this down, which took me years, and I wasn’t able to get the word out very effectively until the Internet came along.
      Thank you for all you’ve done!

  6. the cold hearted parasitic vultures will claw the little bit people have at this stage to remove wealth which you really can’t call it when people are just trying to survive, steal the scraps for themselves they will continue to repeat this process till the masses are all in the same boat … poor pennyless and unable to defend themselves against price increases or even living to shelter ones self or feed ones self ….. its estimated the soulless rothchild$ are worth about by some peoples estimation 500 trillion + or – trillions. This seems quite possible seeing as they have had 3 to 4 hundred yrs to accumulate such wealth and all the conflicts, wars, man made recessions and depresstions, government regime changes and hijacking countries and control of their laws and money …. minus 20 trillion then give each person in the USA a million dollars and it hardly puts a dent in their ill gotten fortunes. But no they want every so broke that they will control everything, everyone world wide ….. lol ….. then the rich will have there shit taken, then the un needed worthless of the super rich they’ll have their shit taken too or submit servitude to be able to keep some wealth and control ….. that way they can use these minions to do their bidding. Just what my guts telling me, Hope it doesn’t come to taking everything …… every ones hope.

  7. Pelosi when speaker inferred that if retirement accounts and pensions were confiscated that 3% interest could be paid annually to those whose assets were confiscated. I am sure that her assets are offshore and untouchable. Such an action would result in much more than a protest.

  8. No wonder Democrats now want to make everyone have a 401(k) plan if their employer doesn’t offer a pension already… mandatory deposits to “nationalize” for the “common good” and then pay out by the gov’t.
    “Obama: Make Retirement Accounts More Accessible, Portable,” by Yuka Hayashi, Wall Street Journal, 26 Jan 2016–make-retirement-accounts-more-accessible–portable-131752937.html

  9. This information isn’t very hopeful, is it? I remember awhile back, Ann Barndhart wrote a column on the government wanting to force everyone to participate in a retirement account to be used at the govt discretion. I could see where that was going.
    Wasn’t the debt clock shut off awhile back? Or was it just another bad dream?

  10. That’s not new. They’ve been doing that for DECADES! I think it was Indonesia that was raped long ago. The standard technique is to tell them that there’s this magic technology that they can get if their “leader” (top THIEF) signs the country off on it. The US corporations “help” them with that technology. The market never develops for the technology but the country is still in debt, so the IMF (with the blessings of the “leader” who was bought off) give the IMF their assets, leaving the people with a country without assets and they still owe the debt to the IMF! (a double whammy)

    • Correct on all points. I graduated HS age 17 in 1960, and even then I knew that the much-trumpeted ‘Green Revolution’ that was supposed to feed the world could never work, as it depended on expensive high-tech inputs that these poor nations couldn’t afford, but the IMF, et al., loaded them w/loans that became unpayable. The IMF then demanded parts of that nation be turned over to the IMF or the big banks that had made the loans by creating electronic debt, never increasing the nations savings or currency.
      When that washed out about 20 years ago, then the GMO crapola was dragged out as the next ‘feed the world’ miracle. Uh huh, and financed by guess who? Yeppers, ‘the usual suspects’.

  11. When they define property as a social function, confiscation is near; when they define work as a social function, slavery is on its way.

    • Progressivism: The idea that individual freedom is an obstacle to nirvana.

      • except when it’s sexual freedom to do whatever one wants, with whomever and whatever, with no moral or legal constraints, and to compel the rest of society to call them a different gender and even pay for their “sex reassignment” body-mutilation surgery. That the Left favors.

  12. A much more rational idea would be to EXECUTE the Rothchild/Jesuit satanist Banker Cabal, with all their little INSTALLED concubines throughout the FRAUD Govts. Robbers and murderers of the innocents. God is coming for them sooner than they comprehend. They will be a spectacle to end all spectacles, as flames consume them like they were straw.

  13. Since the interest is not put into circulation the whole banking system is a ponzi scheme.

  14. Those who place their trust in The Haves, will always and forever, be destroyed. As long as we continue to worship materialism and its god; Mammon, we will continue to chase The Dream of Wealth, a dream that slips slowly away as money aggregates towards those who ‘own’ it.
    You and I, are merely renters.
    When you look at it that way, you understand that the national debt is a false construct of a false money and a false debt. For every dollar that must be created in this land, a dollar plus USURY is generated to private banks.
    When this happens, remember, the Lords biggest lesson was to “turn the tables on the money changers”.
    Burn baby burn.
    Don’t let the rich take over again, sell your coat and buy a sword, redivide all lands based upon productive capability or need, not capitalist or communist ideologies, but families. A new system based on Tribes.
    I know, pipe dream, eh? Remember what Isaiah said; “and they shall pound their swords into plowshares, and their spears into pruning hooks, and neither shall they learn war any more.” There is only one way that could happen, the idea of banking must be eliminated along with central governments.
    A new constitution of The Little People, a Constitution of the Kingdom of God. Listen to the words of Enoch and not the Churches, who give moral authority and beseech us to ‘submit to Godly authority’. Where is there a Godly authority on the planet? There is none, never has been, never will be.
    You are what you want, your desire is your reality, there is no fixing war and misery until the rich and kings are no more.

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  16. There is ONLY ONE solutionto this mess. Hunt down, capture, and hang every last banker, elite family member, and elected official. After those 1 million are disposed of humanity can start over.
    Instead of ARAB spring we MUST have a world citizen spring…..SOON.

    • So what you offer is mob “justice”? I recommend you study the bloody French Revolution and its reactionary aftermath. Wait. We don’t have to go that far back. Just look at the so-called Arab Spring of our time, and see how well that turned out.

      • Indeed, there is a reason they called a time during the French Revolution, the “Reign of Terror.” It was absolutely horrible.

  17. That is not our debt. That was created by fraud, which made it null & void. All laws that are repugnant to the Constitution are NULL & VOID. That means all executive orders, treaties, trade agreements ad naseum. Shalom

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  19. I picture Barry as the Fox during a Fox Hunt.

  20. Patrick Henry 2016

    I’m trying to understand your math
    If our debt is 18.7T and our ratio is 101% then the equation looks like this
    X then equals 18.5
    Sorry we don’t have a $18.5 trillion dollar economy!

    • Different time frames, Patrick.
      $18.7T is the U.S. national debt as of yesterday when I looked it up on the U.S. National Debt Clock. The 101% debt-to-GDP was the figure in Sept 2014.
      Thanks for bringing this to my attention. I just edited my post to make clear the different time frames.

    • You are a very sharp-eyed & attentive reader! As a writer I’m always happy when one of the millions who have read my stuff catches something that I missed and points to it, as that means at least one person felt it worthy of attention! As Nietzsche remarked, and I paraphrase from his often florid epigrammatic style, we should “Pray for strong enemies, for they help us grow stronger!” Of course you are not the enemy, but it reminds us writers that it’s necessary to be our own best editors. I follow Goethe’s dictum, and strive to write my comments as well as an essay, lest I fail to communicate what I intended.

  21. i have NO part in this debt. i have very little money, and when it’s gone then i cannot spend it. i have no credit cards and therefore, no credit. so please leave me out of this debt and give me some of my tax money back and we can call it even.

  22. The unfortunate facts are ‘forever evident’ in our government officials. Being lured to the dark-side is a matter of bait. With some…. it’s the money and wealth…with others it’s family and security-longevity yet none of these lures provide Eternal Grace. The material…short-term factors play out over ‘forever’.

  23. I think that the very presence of our savings and investments is helping God to keep a total collapse at bay. If they were to steal all people’s investments, that would be the end of it because now there wouldn’t be any more funds to take. Pray that they don’t ever follow-through with this grand theft.

  24. The commie-lib dems have been working on this type of plan for a couple of decades now.
    They are just waiting for the right time to execute it.

    • Yeppers, too, too true. They usually use the early Autumn, after the main harvests are in, so the commodity creeps can make their billions and then exit.
      I’m NOT jesting: I invested in commodities for forty years and schooled under Dr Gould, Seattle, WA, who was formerly the head of General Mills’ commodity trading.

      • Your brief reply to somebody else sparked an interest in me. I’m curious about commodity trading and know essentially nothing. You said “They usually use the early Autumn, after the main harvests are in, so the commodity creeps can make their billions and then exit.” Are you saying they jump in in Autumn, sell at a big profit, and then jump out?

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  27. this is terrible! these economics questions and answers have to be solved differently !!


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