Fair warning–savers will not be spared

Time for more economic bad news.

So you are one of those hopelessly boring folks who “did it right”.  You didn’t buy more house than you could afford, you didn’t get suckered into “Cash For Clunkers”, you didn’t take on insufferable amounts of credit card or student loan debt–you stayed out of all those traps.  Hell, in spite of zero interest rates, you actually saved some money, because you know that there are going to be assets coming up for sale and those with cash will be in a position to pick up some nice bargains.  Maybe you have your eye on some productive farm land, or a place up in back of beyond as a bug out location.

My friend, I hate to break it to you, but the Marxist/leftist/Progressive conspiracy is onto us.  Even if you don’t live in a Cyprus, you are going to get to participate in the bailout of the banks in your country.  Because they need your money more than you do.

Much of the Western world will require defaults, a savings tax and higher inflation to clear the way for recovery as debt levels reach a 200-year high, according to a new report by the International Monetary Fund.

The IMF working paper said debt burdens in developed nations have become extreme by any historical measure and will require a wave of haircuts, either negotiated 1930s-style write-offs or the standard mix of measures used by the IMF in its “toolkit” for emerging market blow-ups.

And what, you may ask, is in that “standard mix of measures”?  Why, that’s easy.  They are simply going to pull a Cyprus on us and take it.  “But!” you say.  “We’re not Cyprus!”  “They can’t do that!  It’s illegal!”

Actually, yes, we are Cyprus.  Our situation is just as dire, but we’re just not quite as far along.  We’re still able to cover it up.  Our bankers and our government can still delude us that everything is OK because we want to be deluded.  No one wants to believe that Götterdämmerung is coming–where’s the fun in that?  Easier to believe that things are sucky now but they will get better if we just elect a Democrat/elect a Republican/spend more/spend less/watch Duck Dynasty/whatever.  But like it or not, every country that you can name owes more money than can ever be paid back.  Every bank is drowning in toxic investments.  It isn’t magically going to go away because Harry Potter shows up at the last second and turns all the Bankermorts into dust.

And they can do that.  They can and will pass whatever laws that need to be passed to make it legal.  Most people in this country didn’t support Obabmacare, but we still got that, didn’t we?  What in the world makes you think they won’t change the laws to enable them to expropriate, excuse me, tax whatever wealth they need to in order to fix the mess they have created?  If need be, they will beggar each and every one of us in order to preserve themselves.

Right now, you have time to make preparations for this.  I can’t tell you what to do specifically, because we are all in different situations, but in general, you need to protect your assets.  There are resources on the Internet that may be of help.  Maybe you go ahead and pull the trigger on that bug out location.  Maybe you buy some precious metals.  Maybe you stock up on more food and ammo.  Heck, maybe you want to adopt great-grandpa’s approach and bury it in mason jars in the back yard for all I know.

But do something.  Do not let the bastards take it from you without a fight.

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