Thursday, July 22, 2010

I wonder who has gold......

So says the IRS.

Gold Coin Sellers Angered By New Tax Law

Buried in health care reform legislation was this gem, Section 9006. (<---link downloads PDF off democrat's senate website ) It modifies the scope of the 1099 form to include reporting of sales and purchases of gold. Back in1933, Executive Order 6102 was issued that required Americans surrender to the Federal Reserve (then, and still today, a privately held corporation) any gold coin, bullion or certificates in excess of $100.00. That meant that Americans could "theoretically" hold onto up to five ounces of gold, or five $20.00 gold pieces. Gold was roughly $20.00 an ounce in that day.

Why let Americans hold onto some gold?

If you're a parent, have you ever tried to take your kids' Halloween candy away? You know you're going to loot it for the Three Musketeers bars, and your kid knows it too. But if you let him hold onto a few pieces.....its suddenly not that much of a fight, especially when you tell him you're really only looking out for his best interests.

Remember being a kid and your parents trying to take your Halloween candy away?

Read FDR's own words and decide for yourself if he was looting America's Halloween Candy.

Stories are often told of Americans not turning in their gold, and hiding it or moving it offshore. There is nothing definitive to state absolutely that this did, or did not, happen. I would suspect that the wealthy would move their gold offshore, and I would suspect that many more freedom minded Americans either did not turn in, or only turned in a fraction of their holdings. It would seem to be the case as the Feds allegedly collected only 1/3 of the estimated gold coinage and certificates in circulation.

The reason for the discrepancy can be put down to debasement (coins melted for other purposes), coins not in the US, or loss. Even with some people holding the permitted five ounces, seems pretty difficult for 2/3 of the gold in circulation to fall into this category. Although some make the case that the remaining gold in circulation would be easily absorbed, in the permitted amount, by the adult population.

Everyone wonders why people would not turn in their gold even when there was a stiff fine ($10,000.00), and a prison term (ten years) for not doing so.

Read about the first gold indictment: Judiciary: Gold indictment no. 1

Its really very simple. Americans are smarter than most would like to give us credit for. Governments are temporary. Gold is forever. Many people outlive their governments.

Remember back in 2008 when Bush dusted off the gold confiscation laws? It's hidden away in the Patriot Act. Read this thread to refresh your memory.

The oligarchs in power realize what a razors edge they tread. They're doing this in an increments to keep people asleep and distracted. If they announced in one fell swoop what is going to happen, there would be open revolt.

With the IRS involved, you can bet there will be a more efficient database maintained noting who has how much, and where. If it comes time to turn the gold in, you better have every grain....or else....

Kinda like your guns.

1 comment:

Northwoods said...

From our cold dead fingers...