Your money is not safe in US banks!

bank-failureIf this comes as a surprise to you, then you have not been paying attention. But cheer up! You are in “good” company. Most of the American People are happily oblivious to the danger. The banking system is in worse shape today than it was in 2008. WHEN (not if) the next economic downturn hits it will most likely be devastating to the USA and to the World. It makes me wonder if the elites in charge of the US government don’t intend for this to happen? Could they really be this stupid?

A little bit of history: The 2008 crash was partly caused by bad lending practices on housing, but made much worse by risky investments made by the Too Large To Fail American banks. A complete banking collapse was narrowly avoided, although some suggest at an unreasonable price. The US government (that means current tax payers and future generations) essentially absorbed the bad loans and ignored what many consider to have been criminal behavior by the banks.

And the bad news is that the only thing that has changed is that the Too Large To Fail banks are even fewer and larger. The same practices that caused a near collapse in 2008 have only increased under the approving eye of the Obama Regime.

The solution? Make it easier for the government and the banks to seize deposits, and make it more difficult for clients to get at their money. Banking rules and regulations are getting more complicated, and getting your money out of the bank is getting more difficult. Investing your money outside the USA is getting even more difficult due to FATCA and FBAR. Laws are now in place to prevent “capital flight” outside the USA, and to allow the banks to convert deposits into equity (that means your money is taken from you and in exchange you get some kind of share or security in the bank itself). The vise is slowly tightening upon the passive and supine American People.

It seems to me that the coming financial collapse is being orchestrated by the Obama Regime (or whoever is pulling the strings). Remember, these guys never let a crisis go to waste. An economic collapse that resulted in bank failures and widespread loss of wealth may not be such a bad thing to the radical Leftists who are now in control of the US government. It would give them an opportunity to bring about some fundamental changes that they seem so eager to implement.

Don’t believe me. Read it and weep:

Can the IRS take your US Passport? Yes.

The IRS can now take away your passport.

A little-noticed provision in the highway funding bill Congress passed this week threatens a right most Americans take for granted: the right to travel abroad. The provision in question gives the Internal Revenue Service the authority to revoke the passport of anyone the IRS claims owes more than $50,000 in back taxes.

Congress is giving the IRS this new power because a decline in gas tax receipts has bankrupted the federal highway trust fund. Of course, Congress would rather squeeze more money from the American people than reduce spending, repeal costly regulations, or return responsibility for highway construction to the states, local governments, and the private sector. On the other hand, most in Congress fear the political consequences of raising gas, or other, taxes. Giving the IRS new powers allows politicians to increase government revenue without having to increase tax rates. Some even brag about how they are “cracking down on tax cheats.”

If you think this is nothing to worry about then you are not paying attention. The IRS can and does routinely fabricate/estimate tax liabilities prior to auditing someone for a variety of reasons. Usually it involves some kind of missed filing or missing documentation. But the IRS is now a highly politicized organization that has been used to attack political opponents. This measure will make it even easier. The IRS can simply “estimate” that you owe more than $50,000 and you will not allowed to leave the country. Beware. You need a second passport more than ever if you plan on staying in the USA.

read more:  Ron Paul: Will The IRS Take Your Passport? – OpEd