Threat To Financial Privacy (part 2) | The Gold Standard #2113

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There is lingering anxiety that we are in economic turmoil and many aspects of our financial life seem out of control. Indeed, any confidence that leadership will guide us through any financial crisis has all but vanished.

While many people still accept the story coming out of Washington that inflation will go away on its own, prices won’t be returning to normal any time soon. Last October, US inflation hit a 31-year high. The Fed has been printing money, interest rates are at an all-time low, and we’ve had persistent supply shortages together with intense consumer demands. These are the ingredients of financial chaos.

An economic tsunami continues to gather momentum. Perhaps the Chinese real estate giant Evergrande troubles are a foreshadow of things to come. With over $90 billion debt, along with $300 billion in liabilities, Evergrande cannot meet its obligations. China has already made it clear it will not intervene to save the enterprise. Ken Russo likens the company’s fate to what happened to Lehman Brothers in 2008.

During the highest point of tremendous economic turmoil in 2008, Lehman Brothers were the fourth-largest investment bank in the country. At its collapse, the bank had $639 billion in assets and $613 billion in liabilities. Lehman became the symbol of the excesses of the subprime loan crisis of 2008, a meltdown that cost the US economy about $10 trillion.

How many companies are drowning in debt? How long can Congress continue spending money it doesn’t have? It’s like holding a tiger by the tail. You don’t like it, but you dare not let go.

There were indicators of financial problems several years before the financial crisis of 2008, just as they are signs today that our economic policies are creating financial troubles for our future. And just like the Fed Chair of 2008, Ben Bernanke dismissed signs of trouble, so does the current Chair, Jerome Powell. As we read the news and listen to the media, we must realize that the Fed works for the banks and not for the people. The banks own the Fed, and the banks own many politicians who run the US Government.

Heated debate and controversy immediately rose out of Biden’s proposal to increase enforcement at the IRS by adding agents and expanding reporting requirements. There’s debate over how much money the action would raise and controversy over how much power it would give the IRS over individual privacy. One thing is sure; the proposed financial reporting requirement would be a violation of our Fourth Amendment.

The proposed bill would give the IRS unconstitutional spying power over everyone. Of course, the bill would also require the employment of thousands of new agents to comb through your records and accounts. If passed, the law would enable the IRS to spy on other accounts, such as PayPal, crypto-currency, and credit cards. Rich people, and corporations, have teams of specialized attorneys to help them navigate the Treasury Department’s incomprehensible tax codes. Passage of the bill would squeeze small businesses and middle and upper-middle-income individuals for more tax money. These are more vulnerable targets. Most of us do not have access to the kind of expertise required to protect our privacy. Don’t rely on the government to protect your constitutional rights. We need to wake up and be proactive about our finances.

Gold is an anonymous store of wealth and an insurance policy against fiat currency collapsing. The reason people hold gold is to protect themselves against inflation. Transferring some of your government-monitored investments (anything on paper or in electronics) to precious metals that you possess will help protect you from the threat to financial privacy. Still, the sooner you act, the more prepared you’ll be.

The South African Krugerrand was the original bullion coin. Today many governments on the planet have gold bullion programs, but for years, the Gold Krugerrand was the only game in town. The South African government created its bullion program to promote their vast natural gems and precious metals resources.

The Krugerrand is 1 Troy ounce of 22-karat gold that features a sculpture by Otto Schultz of the four-term President of the South African Republic, Paul Kruger. The reverse side showcases Coert Steynberg’s design of the national animal of Africa, the Springbok Antelope. It’s no wonder South Africa was the first country to produce a gold bullion coin. The government has the largest gold reserves in the world.
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