Government Wants to Raid Private Bank Accounts...

[Confederate Kahanist]

Next they will come for our gold:

[cjd]

Next they will come for our gold:

If a real financial crisis were to take place do people really believe the government is going to allow them to keep the gold they are buying in the name of wealth preservation... 

[HiWarp]

If a real financial crisis were to take place do people really believe the government is going to allow them to keep the gold they are buying in the name of wealth preservation... 

I guess it depends on what type of gold they're buying and where they're storing it. Do I think the government will let people who own gold ETFs or who own physical gold and have it stored with institutions keep it? Maybe not. Do I think that people who own physical gold and store it securely on their own will be able to keep it? Yeah, I do.

[Zelhar]

These kinds of government robberies is not a new thing, even in America. FDR committed perhaps the greatest robbery in history when he confiscated almost all the gold from the American citizens. He forced them to exchange their gold for $20.67 which was way bellow the real going rate. Then soon after the confiscation he raised the official price to $35 per troy ounce.

[Rubystars]

So if the government confiscates gold and you can get fined for hoarding it, where exactly are you going to spend this gold?

[Zelhar]

So if the government confiscates gold and you can get fined for hoarding it, where exactly are you going to spend this gold?

Gold is not a legal tender so you don't normally "spend" it, but you can convert it to cash by selling it and then spend the cash. And if the government repeats what FDR did then they will force you to convert it into allot less then what it is worth in the open market.

I don't think there is going to be another gold confiscating in the USA because there is not enough gold to confiscate, and the Fed still has the biggest gold reserve in the world (unless the secretly lend most of it away as some people claim).

[cjd]

These kinds of government robberies is not a new thing, even in America. FDR committed perhaps the greatest robbery in history when he confiscated almost all the gold from the American citizens. He forced them to exchange their gold for $20.67 which was way bellow the real going rate. Then soon after the confiscation he raised the official price to $35 per troy ounce.

Yes, that's more or less what would happen again now... The worse part of the picture today is the fact the the government most likely knows just how much gold people bought from gold dealers and would expect to see something close to the same amount converted back into cash... From what I know it's said to buy gold in the form of historic coins and not ingots... It seems that people who had collectable coins back then were able to keep them... Also as I have said in the past and Rubystars has said again " where exactly are you going to spend this gold?" I looked into buying some gold about a year into the shvartza Presidency...  By that time it was almost pointless... The load was so high that the gold price would have needed to soar in order to just stay above water... It would have been smart to buy some when it was in the $800 range however even then I would not have placed the entire ranch in gold prospects.

[cjd]

Gold is not a legal tender so you don't normally "spend" it, but you can convert it to cash by selling it and then spend the cash. And if the government repeats what FDR did then they will force you to convert it into allot less then what it is worth in the open market.

I don't think there is going to be another gold confiscating in the USA because there is not enough gold to confiscate, and the Fed still has the biggest gold reserve in the world (unless the secretly lend most of it away as some people claim).

They have had a few shows on TV about Fort Knox and the gold it contains... One man who worked there on a summer job some years ago said the place was full... Another show I saw more recently shows how years ago the Fort was clearly visible for some distance and any trucks going in to move out the gold would be clearly visible... Today they say the place is over grown with trees and shrubs that make it impossible to keep track of what goes in and out... The show also made a point that people lurking outside the fence are cleared out quickly and are not allowed to take photos... I believe some senators went in years ago and the fort opened one of the vaults so they could view some of the gold.

[Zelhar]

Yes, that's more or less what would happen again now... The worse part of the picture today is the fact the the government most likely knows just how much gold people bought from gold dealers and would expect to see something close to the same amount converted back into cash... From what I know it's said to buy gold in the form of historic coins and not ingots... It seems that people who had collectable coins back then were able to keep them... Also as I have said in the past and Rubystars has said again " where exactly are you going to spend this gold?" I looked into buying some gold about a year into the shvartza Presidency...  By that time it was almost pointless... The load was so high that the gold price would have needed to soar in order to just stay above water... It would have been smart to buy some when it was in the $800 range however even then I would not have placed the entire ranch in gold prospects.

I am not a gold bug but anyway I think if anyone is going to invest in metals then consider also silver and other metals. It might be smart to save some money in gold and silver coins but just as a rainy day fund.

I think that the governents would confiscate other assets before gold. For example, they might "nationalize" your retirement plans, and force you to buy dollar bonds with negative yield after adjustment to inflation. I can see them saying "it's for your own protection, you can't trust the private financial institutions to keep your money safe". They did this in Argentina just a year or two ago.

[Zelhar]

They have had a few shows on TV about Fort Knox and the gold it contains... One man who worked there on a summer job some years ago said the place was full... Another show I saw more recently shows how years ago the Fort was clearly visible for some distance and any trucks going in to move out the gold would be clearly visible... Today they say the place is over grown with trees and shrubs that make it impossible to keep track of what goes in and out... The show also made a point that people lurking outside the fence are cleared out quickly and are not allowed to take photos... I believe some senators went in years ago and the fort opened one of the vaults so they could view some of the gold.

I don't know this for a fact but I suspect that allot of the gold is "double counted, once stored", that is it is counted as US gold reserve because it is stored in Fort knox, but it is also counted as part of Germany's gold reserve, and France and Italy and some other countries that built up their reserves in the 70s without physically allocating it to their territory. Also some of it is pledged to the IMF and the World Bank, but I am not sure that the amount is written off the US reserve, so again- one gold bar might be counted multiple time and have multiple owners.

And also some of the gold that is supposed to be stored in the vaults might have been lent away since the senators visited the vaults. Otherwise I don't understand why when the Germans have recently asked to ship their gold to Germany they were told it would take something like 10 years to ship only a fraction of what their gold which is supposed to be stored in the US.

[cjd]

I don't know this for a fact but I suspect that allot of the gold is "double counted, once stored", that is it is counted as US gold reserve because it is stored in Fort knox, but it is also counted as part of Germany's gold reserve, and France and Italy and some other countries that built up their reserves in the 70s without physically allocating it to their territory. Also some of it is pledged to the IMF and the World Bank, but I am not sure that the amount is written off the US reserve, so again- one gold bar might be counted multiple time and have multiple owners.

And also some of the gold that is supposed to be stored in the vaults might have been lent away since the senators visited the vaults. Otherwise I don't understand why when the Germans have recently asked to ship their gold to Germany they were told it would take something like 10 years to ship only a fraction of what their gold which is supposed to be stored in the US.

Yes, I think something along them lines is just the case... I could understand keeping the place under tight security however they are just a bit to cagey with the entire situation.

[briann]

As crazy as this sounds.... it is possible... trust me... we have more debt/GDP than Spain... but we are just more fortunate at the moment because their are still idiots around the globe who consider our debt the safest.... once that mirage fades.... our government will first start with crazy taxes... and when that fails... they will raid our bank accounts.

[Debbie Shafer]

The government tried to pull one in Cypress, Congress should pass a law that says they can't do what they tried here.

[serbian army]

My rate on savings account is 0.01 if you can believe? 400 billion a year is transferred from our savings elsewhere. If you don't think that is theft then what is it? It is the biggest theft in human history. All we need now is for banks to start landing money more and inflation will hit the roof.
Big investing companies are buying homes like crazy and that accounts for 30-40% of all purchases. Now they say how real estate market is recovering. It is just unbelievable what is going on now in America. 

[Lewinsky Stinks, Dr. Brennan Rocks]

And the majority of the public is just peachy with this.

[Debbie Shafer]

Keep shouting it out Confederate Kahanist...people have been so dumbfounded they won't even believe this happened in Cypress...its coming because eventually socialists run out of money and start going to private accounts..

[briann]

Gold is not a legal tender so you don't normally "spend" it, but you can convert it to cash by selling it and then spend the cash. And if the government repeats what FDR did then they will force you to convert it into allot less then what it is worth in the open market.

I don't think there is going to be another gold confiscating in the USA because there is not enough gold to confiscate, and the Fed still has the biggest gold reserve in the world (unless the secretly lend most of it away as some people claim).

The gold thing wouldnt happen again... since our money isnt 'backed' by gold anymore... and the government doesnt need to 'get' gold in order to print additional money.    What's happening in Europe and will eventually visit us... is just plain old stealing.... the governments here and abroad have been borrowing at a rate that everyone knew they couldn't sustain... so now its time to pay the piper.... so its time to steal.


This is just the Tip of the tip of the tip of the iceberg.

[Rubystars]

Gold is not a legal tender so you don't normally "spend" it, but you can convert it to cash by selling it and then spend the cash.

In a real financial crisis who is going to have the money to buy it from you?

And if the government repeats what FDR did then they will force you to convert it into allot less then what it is worth in the open market.

When the government wants to do something they don't care about the law much anyway. They can go in and confiscate your property without paying you anything and you may or may not get any kind of payment later. This is not lawful but it can happen.

I don't think there is going to be another gold confiscating in the USA because there is not enough gold to confiscate, and the Fed still has the biggest gold reserve in the world (unless the secretly lend most of it away as some people claim).

There may not be another confiscation but nobody can really say that for sure either.

[Zelhar]

In a real financial crisis who is going to have the money to buy it from you?

In more extreme situations there won't be any "legal tender" because either the system would collapse or because hyperinflation would render the dollar useless. So there would be a barter economy and people would exchange goods and services for other, and there would be some commodities that could function as cash replacement like gold and silver, but maybe also grains and other dry goods.

[JTFenthusiast2]

This guy could be the most brilliant person on the planet, but I cannot take listening to him.  He needs medication to slow it down a bit.  I realize this is his schtick, but he gives me a headache with his annoying pressured presentation