Like a street thug committing a mugging, capital controls blindside most people—otherwise, they wouldn't be effective.

The government declares a surprise bank holiday and shuts down all the banks—mere hours after denying any such plans.

Then come the capital controls, preventing citizens from moving their money out of the country.

Cash-sniffing dogs—less friendly than drug-sniffing ones—suddenly appear at airports and border crossings.

At that point, your money is like a lobster in a trap. It doesn't take much imagination to guess what comes next.

Once a desperate government has your money within reach, it will find a way to take as much of it as possible.

Don't be shocked if your local currency suffers a massive devaluation, your bank deposits are suddenly worth a fraction of yesterday's value, or an emergency tax is imposed.

Whatever the method or excuse, the outcome is always the same: a wealth transfer from you to the government.

This familiar pattern has unfolded in countless countries in recent years. No one should be surprised the next time it happens.

Governments facing financial trouble almost certainly resort to capital controls—a desperate, misguided solution with devastating consequences for ordinary people.

Just look at the recent history: Argentina, Lebanon, Venezuela, Iceland, Greece, Cyprus, Turkey, Russia, Ukraine, China, India, South Korea—and many more—have all imposed capital controls.

The lesson? Capital controls can happen anywhere, anytime.

Though unthinkable to most Americans, there's a high chance they're coming to the US. They've happened before—and could happen again soon.