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Old 11-05-2013, 07:28 AM
 
Location: San Diego California
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The International Monetary Fund Lays The Groundwork For Global Wealth Confiscation - Forbes

This article outlines a conclusion made by the IMF that high debt countries like Japan and the US, are now beyond the point of being able to service their debts by conventional means, and that some extra ordinary taxation will be necessary in order to return debt to serviceable levels.
One of the proposals the IMF floats is a wealth confiscation much like what we have already seen in Greece.
I believe we have seen several things done by the government to prepare the population for this inevitability. I also believe that despite the fact the study says we will need to have wealth confiscation across the board; the middle to lower high class will be hit much harder than the rest of the population.
What are your thoughts on this possibility, and what its effects will be?
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Old 11-05-2013, 08:21 AM
 
17,751 posts, read 15,647,793 times
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Quote:
Originally Posted by jimhcom View Post
The International Monetary Fund Lays The Groundwork For Global Wealth Confiscation - Forbes

This article outlines a conclusion made by the IMF that high debt countries like Japan and the US, are now beyond the point of being able to service their debts by conventional means, and that some extra ordinary taxation will be necessary in order to return debt to serviceable levels.
One of the proposals the IMF floats is a wealth confiscation much like what we have already seen in Greece.
I believe we have seen several things done by the government to prepare the population for this inevitability. I also believe that despite the fact the study says we will need to have wealth confiscation across the board; the middle to lower high class will be hit much harder than the rest of the population.
What are your thoughts on this possibility, and what its effects will be?
Of course the math never works. When all money is debt, then debt is perpetual and can never be paid off. We either have rising public debt, private debt or collapse into depression which will also be "insolvent". I have warned people of the danger of the debt propaganda. There is no financial equity in the system by the simple principle that money is debt.
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Old 11-05-2013, 09:10 AM
 
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Of course in Greece where they are not monetarily sovereign, the powers that be may have reasons to confiscate wealth in order to avoid national bankruptcy. To do so here would be nothing short of lunacy!
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Old 11-05-2013, 10:02 AM
 
Location: San Diego California
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Originally Posted by Hoonose View Post
Of course in Greece where they are not monetarily sovereign, the powers that be may have reasons to confiscate wealth in order to avoid national bankruptcy. To do so here would be nothing short of lunacy!
Even in a reserve currency system, there are consequences for unlimited credit creation. The IMF is now recognizing that. It would make perfect since why the government is perusing such an irresponsible policy knowing at some point it will just offset the debt by confiscation of a large chunk of private wealth.

We are already seeing some of the justification for such a move with the liberalís position that people with money or success did not earn that on their own. Such a position would segway nicely into the social position that would justify a large confiscation of wealth in order to finance ongoing social programs and to stabilize the ballooning debt.

The IMF has been very successful in keeping third world nations on their knees serving to keep corporations and world bankers wealthy at the expense of their people, what makes anyone think they cannot do the same here?
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Old 11-05-2013, 10:14 AM
 
Location: Jamestown, NY
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This is an op-ed piece from Bill Frezza who declares "I chronicle the decline and fall of entitlement democracy" in his by-line, but I'm sure he doesn't have an axe to grind.
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Old 11-05-2013, 10:17 AM
 
Location: Long Island, NY
19,717 posts, read 11,564,050 times
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Quote:
Originally Posted by jimhcom View Post
The International Monetary Fund Lays The Groundwork For Global Wealth Confiscation - Forbes

This article outlines a conclusion made by the IMF that high debt countries like Japan and the US, are now beyond the point of being able to service their debts by conventional means, and that some extra ordinary taxation will be necessary in order to return debt to serviceable levels.
One of the proposals the IMF floats is a wealth confiscation much like what we have already seen in Greece.
I believe we have seen several things done by the government to prepare the population for this inevitability. I also believe that despite the fact the study says we will need to have wealth confiscation across the board; the middle to lower high class will be hit much harder than the rest of the population.
What are your thoughts on this possibility, and what its effects will be?
According to the CBO:
Quote:
Federal debt held by the public is now about 73 percent of the economyís annual output, or gross domestic product (GDP). That percentage is higher than at any point in U.S. history except a brief period around World War II, and it is twice the percentage at the end of 2007. If current laws generally remained in place, federal debt held by the public would decline slightly relative to GDP over the next several years, CBO projects. After that, however, growing deficits would ultimately push debt back above its current high level. CBO projects that federal debt held by the public would reach 100 percent of GDP in 2038, 25 years from now, even without accounting for the harmful effects that growing debt would have on the economy (see the figure below). Moreover, debt would be on an upward path relative to the size of the economy, a trend that could not be sustained indefinitely.
So yes, we can reduce this by increasing taxation. Returning to the Clinton tax-rates alone would do this or increasing taxation on investment income. It's not surprising nor the end of the world.
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Old 11-05-2013, 10:30 AM
 
Location: San Diego California
6,797 posts, read 6,319,071 times
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Quote:
Originally Posted by MTAtech View Post
According to the CBO:
So yes, we can reduce this by increasing taxation. Returning to the Clinton tax-rates alone would do this or increasing taxation on investment income. It's not surprising nor the end of the world.
Returning to Clinton tax rates would not even slow the rate of increase of the debt. The debt has doubled in the last 8 years and the rate of increase is accelerating.
Also increasing tax rates takes money directly from the economy which lowers both GDP and tax revenue.

Even the confiscation of all the wealth of the top 1% of the country would not bring the debt back to a serviceable level.

The only answer like it or not is wealth confiscation on a mass scale.
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Old 11-05-2013, 10:36 AM
 
8,883 posts, read 3,934,744 times
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Quote:
Originally Posted by jimhcom View Post
Even in a reserve currency system, there are consequences for unlimited credit creation. The IMF is now recognizing that. It would make perfect since why the government is perusing such an irresponsible policy knowing at some point it will just offset the debt by confiscation of a large chunk of private wealth.

We are already seeing some of the justification for such a move with the liberalís position that people with money or success did not earn that on their own. Such a position would segway nicely into the social position that would justify a large confiscation of wealth in order to finance ongoing social programs and to stabilize the ballooning debt.

The IMF has been very successful in keeping third world nations on their knees serving to keep corporations and world bankers wealthy at the expense of their people, what makes anyone think they cannot do the same here?
No one is asking for unlimited debt creation, and our new debt creation rate is sharply dropping as our economy stabilizes. Sure we can tax more and then strap our people and economy more harshly in order to reduce some future debt number. But that makes no sense to me before our economy is really on the high burner and onerous inflation begins to rear its head.

I don't see the IMF as much different than our current worldly economic powers that be. Mostly all well embedded and controlling the USD. I guess the IMF could spank itself.
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Old 11-05-2013, 10:39 AM
 
8,883 posts, read 3,934,744 times
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Quote:
Originally Posted by jimhcom View Post
Returning to Clinton tax rates would not even slow the rate of increase of the debt. The debt has doubled in the last 8 years and the rate of increase is accelerating.
Also increasing tax rates takes money directly from the economy which lowers both GDP and tax revenue.

Even the confiscation of all the wealth of the top 1% of the country would not bring the debt back to a serviceable level.

The only answer like it or not is wealth confiscation on a mass scale.
Our National Debt is our money. It is the world's money. It is a great source of our power in the world today. You seem to want to reduce our money and our power.

There is a great deal of difference between national and personal debt. Especially as it relates to a monetarily sovereign country.

The Federal Budget is NOT like a Household Budget: Here
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Old 11-05-2013, 10:51 AM
 
Location: Cold Springs, NV
4,575 posts, read 9,646,965 times
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The majority of the IMF board is made up of Western European's who are calling for others to stop devaluing their currencies, so theirs may be devalued? The term wealth confiscation is a term used by some for others to ascribe to their political ideals. The real truth is none of our politicians have the guts to make any changes to entitlements. Our deficits could be dealt with through prudent taxation similar to what occurred during WW2, but like entitlements, no politicians have the guts.
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