I heard about this on the radio yesterday, but the only online source I could find was a link in the Drudge Report [link] that is to an Italian site (translated). It seems as though the Bank Of Italy has called a bank holiday -
Adiconsum Bank of Italy asks for an urgent meeting and the lifting of The Bank of Italy authorized the suspension of payments by Bank Network Investments SpA (BNI) without communicating anything to the depositors.If you can't get access to your cash, or if your bank won't honor checks or debit card transactions, you're pretty much screwed.
Think for a second what has been going on in Europe as of late. Greece, Spain, France and a handful of other countries have already limited the maximum amount that may be spent with physical cash. They are supposedly doing this to catch tax cheats.
Here in the US, those Wascally Wabbits in the White House and Congress tried to bury in Obama Care the requirement for US companies to report - via 1099's - any cash any person receives each year in excess of $600. What would have happened is that when you sold precious metals to a coin shop, or a lawn mower to a pawn shop or a used car to a car lot, for any value, your name, address and Social Security number would have had to have been recorded.
Why for any value? The 1099 law requires that a cumulative $600 in payments must be reported. If you receive payments of $50 for 12 straight months, it must be reported in the aggregate. The only way that can be done is if ALL payments are recorded.
The 1099 requirement was rescinded because small business across the country when nuts. The paperwork requirements for mom-and-pop shops were wildly unreasonable and expensive. For now, it's been overturned, but I absolutely, positively guarantee you that it will be resurrected at some point in the future. That big sucking sound emanating from DC must be fed.
Just like real estate in America, you don't really own your money. Nanny let's you use it when she sees fit. If she needs it more than you do, she'll just take it.
To combat this, the rational person would say, "Hmm. Since the government is limiting access to all of the things I need or want, I'm going to store all of those things up in advance."
That doesn't sit well with those in power. Independently thinking and acting serfs tend to muddy the waters. They throw sand into the gears. This isn't in the best interest of Nanny.
TPTB can't make money, food or other goods strictly illegal. They just want to control access. What they can do is to demonize those that have More Than Their Fair Share.
Only drug dealers hoard cash. When cops make huge drug busts, what is on the big press conference table? Stacks of drugs and stacks of cash. Cash = Drug Dealers.
Only terrorists hoard precious metals. Osama bin Laden had gold Krugerrands sewn into the lining of his clothing. Precious Metals = Terrorists.
Only Enemies Of The State hoard guns, ammo and food. When Radical Extremists are arrested, their "cache" of guns and ammo are reported. "Mr. Menace To Society had thousands of rounds of ammunition." What they fail to mention is that Mr. Menace picked up a couple of bricks of .22 LR at Walmart the day before. Anything more than one gun and one box of ammo is considered a cache. And a cache is ominous. Stored Goods = Whacko.
You demonize an act of self-interest as a threat to society. And the sheeple slurp that slop up by the bucketful.
Whatcha gonna do to protect your self-interest? Hopefully, more of the same. Store more cash outside of your bank. Store more gold and silver (not in a safe deposit box). Store more food, water, guns and ammo.
And keep your piehole shut about what you're doing, and where you keep your stores. It's really that simple.
If the government keeps turning the screws, this demonization will only increase. What it won't do is decrease the demand for these various goods. As is happening in Europe, this "asset grab" by the State simply pushes more and more of the economy underground. This results in even lower taxes being collected, so more self-preservation actions get demonized.
It's a self-perpetuating, vicious circle.
To summarize: Acquire, store, geographically disperse, and keep your mouth shut.
Copyright 2012 Bison Risk Management Associates. All rights reserved. Please note that in addition to owning Bison Risk Management, Chief Instructor is also a partner in a precious metals business. You are encouraged to repost this information so long as it is credited to Bison Risk Management Associates. www.BisonRMA.com