It's Official - America Now Enforces Capital Controls

03-28-2010 • ZeroHedge.com

If an account transfers, via physical or paper delivery, gold from a domestic account to a foreign one, we are not sure if the language deems this a 30% taxable transaction, although preliminary discussions with lawyers indicates this is likely the case. And so the noose on capital mobility tightens, as very soon the only option US citizens have when it comes to investing their money, will be in government mandated retirement annuities, which will likely be the next step in the capital control escalation, which will culminate with every single free dollar required to be reinvested into the US, likely in the form of purchasing US Treasury emissions such as Treasuries, TIPS and other worthless pieces of paper. Congratulations bankrupt America - you are now one step closer to a thoroughly non-free market.

3 Comments in Response to It's Official - America Now Enforces Capital Controls

Comment by J E Andreasen

Entered on: 3/28/2010 9:36:06 PM

See Wegelin & Company's commentary No. 265, entitled "Farewell America" (August 2009) for some early analysis and context.

Comment by Jefferson Paine

Entered on: 3/28/2010 7:24:33 PM

Gee, I wonder where the authority came for this bill. Was it legislation from all the nations of the world, all requiring the same compliance with the U.S. government's wishes?

Oh. Maybe it was the Manifest Destiny clause that claims jurisdiction over anything the U.S. government wants to control? And that claim is based on what ... other than sheer power lust and disrespect for anyone not part of the U.S. government power structure?

Honestly, I don't think there is any actually legal reason why other nations shouldn't just tell U.S. pols to cram it. The can even point to our own Constitution and say, "Where does this allow you to control how peaceful, honest Americans decide to invest or save their capital?"

No answer to that, of course.

A-holes.

Comment by 4409

Entered on: 3/28/2010 5:34:36 PM

I believe that is a UN / IMF tax. That is the same exact tax they have in Brazil and I think Argentina

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