How the Feds Will take your Gold in a Modern Confiscation | John Galt

How the Feds Will take your Gold in a Modern Confiscation, ByJohn Galt– November 7, 2011

…If you don’t hold it, you don’t own it…

“… The final act of confiscation will require the long rumored proverbial bank holiday. The financial authorities, under the Department of Homeland Security and Internal Revenue Service, would have the ability during such a holiday to conduct on site audits of safety deposit boxes for contraband, precious metals, and other financial materials of interest. This audit could be completed within a thirty to ninety day period, while re-opening the institutions but locking down all access to safety deposit boxes from customers and holding the bank management criminally liable if that policy is violated. As a bank’s audit is completed, the authorities would notify the owners of the event, probably begin an initial tax evasion case inquiry for intimidation purposes, and then determine fair value for all bullion or non-numismatic coinage that is seized. The process would be messy and by designed to browbeat the owner thus creating a level on mistrust beyond anything since the Wilsonian police state actions of World War I. Sadly, such an event would be coordinated with European authorities to insure that no American assets were hidden in their banks and to allow them a chance to seize assets for “inspection” or government confiscation to block capital flight from their nations.

A clue as to when this event will begin has been dropped by the world monetary authorities in the last seven days, yet few souls have noticed it. The G20 and Europeans have investigated the idea of boosting the IMF’s Special Depository Receipts (SDRs) to the point of a becoming a viable global currency to provide a stable alternative to the dollar reserve system currently in place…”