Tag Archives: asset seizures

Asset Seizures

Many governments are desperate for cash. The asset seizures are examples of what governments will do when they need cash. Do not expect the IRS to miss this fact. I am posting this to make sure that you understand just how much they want your money.

Several cynics have said that there is no reason to go into politics unless you want to spend other people’s money. There are far too many politicians who act on this viewpoint. They do not consider taxpayer funds as being real money. The final result is, as you might expect, that many if not most government bodies spend far more money than they can obtain by legal means. The amounts involved are much larger than the average person can comprehend and this results in even more spending.

Many years ago I heard a story about a fellow who was a bit of a spendthrift. Someone asked him why he did not live within his means and he replied that he was having difficulty living within his means PLUS his credit. He was the archetype of many government bodies.
This has resulted in borrowing ridiculous amounts of money, in many cases far more than can ever be repaid.

It is not only federal and state governments who have done this. Unconfirmed reports say that several cities are still paying interest on bonds that were sold to raise money to build sports stadiums that have already been demolished. It is hard to see that cities have any business building sports stadiums in the first place. The team managements convinced the city fathers that a new sports stadium would make the city appear to be big-league, and that the team should get a tax break as well. This lasts until the team manages to sucker in another group of city fathers. Then they move and the stadium becomes a white elephant.

The state and federal governments have borrowed as much as they can and now they have decided to take over the business that the mafia have lost recently. They are going into theft in a big way. According to the Washington Post the amount stolen using various asset forfeiture schemes is more than the amount stolen in burglaries by a margin of 4.5 billion to 3.9 billion. These forfeitures are illegal under the 4th, 5th, 6th, and 7th amendments to the US Constitution.

This is often stated as being a part of the War on Drugs. The Departments of Homeland Security and Justice have provided training and financial support to train police officers in how to engage in the practice of “highway interdiction.” This involves using minor infractions as excuses to stop citizens, request warrantless searches, and seize cash.

These remind me of something that happened in the 1950s. There were many speed traps set up on the highway that went from the northeast to Florida. A magazine, possibly Popular Mechanics, published a big article describing every one of these. They told drivers where to slow down so that they would not get a speeding ticket for disobeying a speed limit sign that was hidden behind a shrub or something similar.

Attempts are now being made to nationalize retirement accounts. A new type of retirement account called MyRA has been announced which consists almost entirely of lending money to the federal government, although they said that it was simply to buy government bonds.
FATCA’s purpose is to keep track of any funds that US taxpayers manage to get outside of the US. The net result has been that many financial companies all over the world have closed out all accounts owned by US taxpayers and refused to open new ones for them.

Several months ago James Dale Davidson, who is an international investor among other things, reported that he had tried to wire money, probably a couple million, from his bank to make an offshore investment. He had made many similar international investments in the past, but this time his banker told him that he, the banker, would go to jail if he allowed Davidson to make this investment. Apparently someone in the Treasury Department thought that if he wired this money offshore he might not be wiring it back. The fact that Davidson had paid US income tax on offshore investments many times in the past was not enough to outweigh the fear that he might not bring this one back.

There are several big problems associated with “highway interdiction.” One of the most important it that it destroys trust in police. The basic idea behind police activities is that the citizens will notify the police when they see a crime being committed. Someone who has been robbed by a police officer is much less likely to do this.

One important step that you should take is to never ever give an officer permission to search anything on your person or in your car,

An international body has suggested that all governments should levy a one-time-only 10 % wealth tax to get money to keep their spendthrift ways going. If this actually happens it will not be one time only. It will be announced that way but then it will be repeated a few more times.

It is difficult to see how voters can rein in the big spenders in legislatures. The only method that I know of is to follow the advice of Martin Luther King. A group of black people came to him and said that they were now registered as voters but they had to choose between two white segregationist candidates. He told them to vote against the incumbent. This worked so well that there are probably only a few people under the age of 60 who have ever seen the name of a white segregationist candidate on a ballot.

I would like to suggest that you consider following this procedure next year.