The Obama administration may no longer have to simply just impose high taxes on everything you do to get your cash for the government to frivolously spend. There is sincere interest in following the lead of other countries by claiming your bank account is in fact not yours, but the government’s. If you want all your savings, you can’t keep it all, if King Obama gets his way, allowing him to seize what he believes is rightfully his.
According to Western Journalism, the money you once thought was guarded and protected by a bank, safely behind vault doors, is no longer safeguarded now that the United States regards your bank account as an asset that belongs to the bank, which means essentially the government can come debiting at will, to pay bank debts and obligations, through heavy taxation.
The seemingly unconstitutional idea comes after being inspired by the “bail in” plan that Cyprus, Greece employed, which locked out citizens from their own hard-earned cash without notice in March 2013 to save a bank from complete collapse. President Obama quickly embraced the idea, especially after Australia jumped on the bandwagon, when he caught wind of it from economic leaders at the G-20 summit last November in Brisbane, Australia.
What Americans can potentially experience is not only being taxed on your earned income and taxed again when you spend and invest it, but also when you save it. You will pay the bank a fee and the government a tax, just for the honor of having a high-risk bank account that pays you nothing after everything is said and done. This is after you have already been robbed through inflation, only to get a return in interest that is under the amount you lost, and had no control over, Swiss America reported.
Although the novel idea will be sold to Americans as a tax on banks to protect them from collapse and prevent another financial crisis in the future, the actual cost will be passed on to consumers through higher fees or lower interest paid on their accounts.
What it boils down to is that spendaholic politicians will loot whatever pools of public or private money they can through legal loopholes our government creates. Don’t let them have it, invest in gold.
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Disclaimer: This article was not written by Lorra B.