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October 28, 2013

The IMF want to steal your retirement savings

I just sent Congress a letter using our Government Criminality Campaign.

The hardwired message for that campaign reads…

I deny my consent to “government” criminality.

To this I added the following personal comments, which you may copy or edit…

The International Monetary Fund wants you to steal my retirement savings. You can find the evidence in their October Fiscal Monitor Report. http://www.imf.org/external/pubs/ft/fm/2013/02/pdf/fm1302.pdf

I quote from page 49…..

“The sharp deterioration of the public finances in many countries has revived interest in a ‘capital levy’— a one-off tax on private wealth—as an exceptional measure to restore debt sustainability.”

It’s very clear to me that sustaining the government’s culture of debt is what matters most to the political class. The report continues…

“The appeal is that such a tax, if it is implemented before avoidance is possible and there is a belief that it will never be repeated, does not distort behavior (and may be seen by some as fair)…”

And here we have two more pet themes of the criminal political class — engineering our behavior and anti-wealth bigotry. The report continues…

“The conditions for success are strong, but also need to be weighed against the risks of the alternatives, which include repudiating public debt or inflating it away…”

This makes it quite clear that world “governments” are effectively bankrupt. You have all made promises that you cannot keep, except by confiscating the savings of innocent people.

Please notice that I place the word “government” in scare quotes. No institution so committed to criminality can honestly be called a true government. The report continues…

“The tax rates needed to bring down public debt to pre-crisis levels, moreover, are sizable: reducing debt ratios to end-2007 levels would require (for a sample of 15 euro area countries) a tax rate of about 10 percent on households with positive net wealth.”

The idea that politicians would actually use these confiscations to reduce debt, is laughable. They would simply be used to sustain and perpetuate the debt. And the idea that the confiscation would be a onetime event is equally laughable.

This matter was brought to public attention by Bill Frezza, writing at Forbes magazine. (http://onforb.es/19K50xd) Mr. Frezza correctly observes that the proposed theft cannot be limited to the so-called 1% with the most wealth. Not even 100% of their assets would be sufficient to “sustain the debt.” This means….

The theft will be aimed at MY savings. All responsible people will be punished for the irresponsibility of the political class. Please know in advance that I deny consent to this criminality.

Please also understand that any such action will signal the coming end of your legitimacy. Solve your problems by cutting spending, not through confiscations.

—END OF SAMPLE LETTER—

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Perry Willis
DownsizeDC.org. Inc.

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