Tag Archives: taxes

How bankrupt govt steals your money in 8 steps

As news on the Great Cyprus Bank Robbery keep getting worse, the latest being the country’s corrupt finance minister Michael Sarris saying that as much as 80% of “large” bank deposits can be confiscated, Americans should be on the alert to copycat moves by our feral government and bankers. All the more because the American Left are applauding the theft of Cypriots’ bank savings.
Tyler Durden of ZeroHedge warns us that when bankrupt insolvent governments “run out of fingers to plug the dikes,” history shows that they fall back on a very limited playbook.
Simon Black of Sovereign Man blog has enumerated 8 steps in the playbook of bankrupt governments:
1. Direct confiscation: As Cyprus showed us, bankrupt governments are quite happy to plunder people’s bank accounts, especially if it’s a wealthy minority. Aside from bank levies, though, this also includes things like seizing retirement accounts (Argentina), increases in civil asset forfeiture (United States), and gold criminalization.
big govt
2. Taxes: Just another form of confiscation, taxation plunders the hard work and talent of the citizenry. But thanks to decades of brainwashing, it’s more socially acceptable. We’ve come to regard taxes as a ‘necessary evil,’ not realizing that the country existed for decades, even centuries, without an income tax. Yet when bankrupt governments get desperate enough, they begin imposing new taxes… primarily WEALTH taxes (Argentina) or windfall profits taxes (United States in the 1970s).
3. Inflation: This is indirect confiscation– the slow, gradual plundering of people’s savings. Again, governments have been quite successful at inculcating a belief that inflation is also a necessary evil. They’re also adept at fooling people with phony inflation statistics.
4. Capital Controls: Governments can, do, and will restrict the free-flow of capital across borders. They’ll prevent you from moving your own money to a safer jurisdiction, forcing you to keep your hard earned savings at home where it can be plundered and devalued. We’re seeing this everywhere in the developed world… from withdrawal limits in Europe to cash-sniffing dogs at border checkpoints. And it certainly doesn’t help when everyone from the IMF to Nobel laureate Paul Krugman argue in favor of Capital Controls.
5. Wage and Price controls: When even the lowest common denominator in society realizes that prices are getting higher, governments step in and ‘fix’ things by imposing price controls. Occasionally this also includes wage controls… though wage increases tend to be vastly outpaced by price increases. Of course, as any basic economics textbook can illustrate, price controls never work and typically lead to shortages and massive misallocations.
6. Wage and Price controls– on STEROIDS: When the first round of price controls don’t work, the next step is to impose severe penalties for not abiding by the terms. In the days of Diocletian’s Edict on Prices in the 4th century AD, any Roman caught violating the price controls was put to death. In post-revolutionary France, shopkeepers who violated the “Law of Maximum” were fleeced of their private property… and a national spy system was put into place to enforce the measures.
7. Increased regulation: Despite being completely broke, governments will dramatically expand their ranks in a last desperate gasp to envelop the problem in sheer size. In the early 1920s, for example, the number of bureaucratic officials in the German Weimar Republic increased 242%, even though the country was flat broke from its World War I reparation payments and hyperinflation episode. The increase in both regulations and government officials criminalizes and/or controls almost every aspect of our existence… from what we can/cannot put in our bodies to how we are allowed to raise our own children.
8. War and National Emergency: When all else fails, just invade another country. Pick a fight. Keep people distracted by working them into a frenzy over men in caves… or some completely irrelevant island.

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12 Yr Old Canadian Lays It on the Line about Corrupt Banking

H/T Roger Fredinburg

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Americans think Obama too liberal; fear his reelection 2 to 1

Clueless French people feeding Obama's narcissism at the Hotel de Ville, Cannes, France (photo by Pete Souza/White House)

Americans perceive Obama as too liberal and they do not want four more years of “Hope and Change.” — unlike the nauseating adoring French crowd in the pic above. But then, what do they know? The French don’t live in America.
Those are the findings of two new polls.
A new USA Today/Gallup survey asks Americans to rate their own ideology on a scale of 1 to 5, with 1 being the most liberal and 5 being the most conservative.
On average, they rated Obama as 2.3, whereas they rated themselves as more conservative, with the mean score for Americans of 3.3. A whopping 42% of Americans describe themselves as very conservative or conservative. Only 19% describe themselves as very liberal or liberal; 37% call themselves moderates.
A U.S. News nationwide poll finds that Americans, by a 2-1 margin, fear Obama’s re-election.
Paul Bedard reports, January 9, 2012, that when asked what news event they fear most about 2012, 33% of Americans say they fear four more years of Obama, whereas only 16% say they fear Obama won’t win a second term.
Consistent with a pattern established in the 2008 election that catapulted a junior U.S. senator with a murky unvetted past to the White House, younger Americans are less fearful about 4 more years of Obama. Just 28% of Americans 18-24 years old fear a re-elected Obama, in contrast to nearly half of Americans 65 and older who say Obama’s reelection is their top fear.
Here are the results of the U.S. News poll of a national sample of 1,000 households, conducted December 29-January by the global market research firm Synovate eNation:

As we enter the presidential election year of 2012, what potential news event do you fear the most?

  • Taxes will increase 31%
  • Iran will get a nuclear weapon 16%
  • Obama will lose reelection 16%
  • North Korea will attack South Korea 4%

Given these poll findings, 2012 is an election for the Republicans to lose. Alas, the GOP does have a remarkable facility of snatching defeat from the jaws of victory.
H/t our beloved Anonymous.

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State of the Union 2012 – in toons

At the beginning of every year, the President of the United States gives a State of the Union address to the nation.
This year’s will of course be delivered by Skippy. It is scheduled to begin at 9 p.m. EST on January 24, 2012, before multiple teleprompters in the chamber of the House of Representatives.
He will, as usual, speak with forked tongue. We have word from U.S. Secret Service agents that Obama speaks one thing to people’s faces and do the exact opposite behind their backs. Fast forward this video to the 2:15 mark:
This is what the real State of the American disUnion is:

Salary of retired US Presidents ………….$180,000 FOR LIFE
Salary of House/Senate …………………..$174,000 FOR LIFE
Salary of Speaker of the House …………$223,500 FOR LIFE
Salary of Majority/Minority Leaders ……. $193,400 FOR LIFE
Average Salary of a soldier deployed in Afghanistan……..$38,000
I think we found where the cuts should be made!

H/t my dear friend Bill O.

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Georgia Employer Says It with Signs

Looman did receive some unexpected attention not long after he put up his signs and Facebook photos. He said someone, and he thinks he knows who it was, reported him to the FBI as a threat to national security. He said the accusation filtered its way through the FBI, the Department of Homeland Security and finally the Secret Service. Agents interviewed him.
“The Secret Service left here, they were in a good mood and laughing,” Looman said. “I got the feeling they thought it was kind of ridiculous, and a waste of their time.”  Full Story   ~LTG

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PSA for Billionaires & Millionaires – Don't Wait for Congress to Act!

Celebrity Networth Database

How Do You Make a Gift To Reduce Debt Held By the Public?

If you wish to do so, make a check payable to Bureau of the Public Debt.” You can send it to: Bureau of the Public Debt, Department G, P.O. Box 2188, Parkersburg, WV 26106-2188. Or you can enclose the check with your income tax return when you file. Do not add your gift to any tax you may owe. See page 71 for details on how to pay any tax you owe.
H/T John Nolte of Big Hollywood

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The Devil is in the Details of Obama's Debt Deal

The fine print of the hastily-put-together debt ceiling bill passed by Congress and signed into law by Obama yesterday is still hazy. But the details that are emerging are worrisome. Here are 3 bad things about the Budget Control Act of 2011:

No. 1: debt ceiling raised by $2+ trillion

The U.S. federal government’s debt limit is immediately increased $2.2 to 2.4 trillion, the biggest explosion of debt in American history. Sen. Rand Paul (R-Kentucky), who voted against the bill, says the bill will add another $7 trillion to our national debt.
By this Christmas, 2011, US national debt will be $15 trillion — a sum that exceeds 20% of the entire world’s combined GDP (Gross Domestic Product) and 100% of America’s GDP. This is the same 100%+ debt-to-GDP ratio of the bankrupt European PIIGS (Portugal, Ireland, Italy, Greece, Spain). The only difference between the USA and the PIIGs is that there’ll be no European Union Germany to bail us out.

No. 2: Cuts to defense

The law calls for $917 billion in spending cuts over a span of 10 years. But in contrast to the Boehner-GOP proposal, the cuts are no longer restricted to non-defense discretionary spending!
Discretionary spending is that part of the U.S. federal budget that includes everything that is not in the mandatory budget. The latter, mandatory budget, refers to entitlement programs required by law to provide certain benefits, such as Social Security and Medicare.
Discretionary spending in FY 2010 was $1.3 trillion, or 38% of total spending. More than half ($815 billion) was security spending, which includes the Department of Defense, overseas contingency programs and Homeland Security. Non-security spending was $491 billion, which was spent on such departments as Health and Human Services ($84 billion), Education ($64.3 billion), Housing and Urban Development ($42.8 billion) Justice ($27.6 billion), and Agriculture ($25 billion).
According to a Reuters article by Linda Stearn, August 2, 2011, almost all discretionary federal spending will face some cuts over the next 10 years, with defense spending taking a comparatively heavy hit of about $350 billion of the projected cuts.

No. 3: Super Committee can raise taxes & cut entitlements

More ominously still, the deal sets up a bipartisan 12-member congressional committee to find another $1.5 trillion in cuts. But the Super Committee is not restricted to just discretionary spending cuts! Instead, its menu is wide open and can include Social Security reductions or tax increases. If that committee fails to come up with at least $1.2 trillion in savings – or Congress doesn’t approve its recommendations by December 23 – automated cuts begin to get triggered. Those cuts would be deep, hitting Medicare and the military but sparing Social Security, Medicaid and a handful of other programs.
Remember the Republicans who voted for this bill. I’ll find out who they are and post their names in a post to come.
H/t beloved fellow Anon.

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Breaking News. Obama and Republicans Reach Debt Compromise

This evening (Sunday, July 31, 2011), Obama reached a compromise with Republican congressional leaders on the debt ceiling, to avoid a financial default.
Few details are available but the AP’s David Espo reports that the deal would:

  • Cut more than $2 trillion from federal spending over a decade. Thousands of programs – the Park Service, Labor Department and housing among them – could be trimmed to levels last seen years ago.
  • But the federal debt limit would rise in two stages by at least $2.2 trillion, enough to tide the Treasury over until after the 2012 elections.
  • No Social Security or Medicare benefits would be cut, but the programs could be scoured for other savings. Both could be on the table along with changes in tax law as part of future cuts.
  • Taxes would be unlikely to rise.

No votes were expected in either house of Congress until Monday at the earliest, to give rank-and-file lawmakers time to review the package. But leaders in both parties were already beginning the work of rounding up votes.

Senate Democratic leader Harry Reid bombastically proclaimed that “in the end, reasonable people were able to agree on this: The United States could not take the chance of defaulting on our debt, risking a United States financial collapse and a world-wide depression.”

To read the full AP article, go here.
H/t beloved fellow Anon!

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Super MariObama

Had enough?
Vote 2012!
H/t beloved fellow Tina.

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California Businesses Are Calling the Moving Vans

193 businesses in California decided o Disinvest and/or Relocate last year  and  79 more followed suit  in California so far this year.  This represents thousands of  lost jobs, high unemployment costs and huge revenue loss to the state.   
There’s a FIFTEEN BILLION DOLLAR BUDGET DEFICIT  Yet, the teachers, through their unions, are demanding more money  and job security from Sacramento?  Where do they think money comes from?   Yeesh!
If you want to track the disaster that is the California business climate, Joe Vranich’s blog ,The Business Relocation Coach is a great place to start.  He lists the companies  that are moving, where they’re moving to, and how many jobs they will be creating in their new, business-friendly locations.    This guy really knows his onions!

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