There's some talk about whether there's a risk of it, but there's a fundamental reason to believe they don't want your gold. There's good reason to believe they won't come after us, so we can buy with silver, gold, brass, bullets, you name it - .22LR, the coin of the new millenium!
They don't believe in a gold standard - Keynes famously called it "that barbaric relic". They believe they can create fiat money that will do everything they need money to do. They won't believe in gold until the fiat system has collapsed, no one wants dollars, the "full faith and credit of the United States of America" is equal to one of those worthless green backed slips of paper, and the barbarians are at the gate with an army to back their collection efforts. FDR was bound by the gold standard. Obama has no such restrictions. Why tie himself to that barbaric relic?
The Fabulous Mogambo Guru explains it as well as anyone. If you've never read him before, it will be a bit... unusual.
Gold is a "barbaric metal" for one reason only: it stands in the way of statist plans to expand government power, and the power players' desire to game the system to their advantage.
ReplyDeleteAs to whether they'll try to outlaw private ownership again, perhaps, but things are a little different now. I'm not sure they could get away with it this time.
I'm not sure they could either, but that doesn't mean they won't attempt it. Was it the EESA legislation where they were trying to track any purchase of $500 or more? Having the names, addresses, etc. of all purchasers sounds like a prelude not simply to perhaps a new tax upon possession of gold, but a list in the event that confiscation is desired.
ReplyDeleteCorrection: it wasn't in EESA but in Obamacare. The 1099 reporting provision, where any purchase of gold _or_ silver. I missed this and have probably just been tagged by it, since it started 1/2011 and I purchased over that amount last month.
ReplyDeleteI thought it only applied to gold, for some reason.
Both the House (HR 4 and HR 705) and the Senate have bills to repeal this, but they probably will be vetoed by the Great Pretender, if they make it past the Democrats.
Reg, the way I read that provision, I thought it applied to businesses, not individuals. Of course, the business that sold you the metal will have to fill one out, but you shouldn't have to.
ReplyDelete(all the disclaimers you can imagine go here).
There are many ways to buy silver without filling one of those out, even if you are supposed to fill it out if you did over $600 worth of business with a certain seller in a year. Again, the way I read it.
SG, by "tagged" I meant that I imagine the seller had to do the paperwork, so IRS knows they sold the silver to me, by name and address. I feel for the businesses that are required to waste their time and resources doing it, but I hate knowing I am probably now on a list with IRS. If I had paid better attention, I would have made a number of smaller purchases to try to stay under the radar.
ReplyDeleteI don't owe any back taxes, but if the IRS were to decide to make an example of me or hassle me for some reason, it is one more asset they have knowledge of that they could seek to confiscate. Also why I refuse to fill out any more 4473's. Buy private.
Plus, I am "paranoid" enough to imagine a tax on precious metals somewhere down the road, if Boehner and the rest of the cowardly MSRepublicans don't get off their butts and start doing what they were hired to do.