U.S. not the only government looking to pass legislation making it illegal to own cash and Bitcoin without their knowledge

Last week a bill rose up on the floor of the U.S. Senate calling for an expansion of financial controls over American citizens under the guise of the ‘War on Terror’.  In fact, the Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017 if passed would even go so far as to allow the government to confiscate all assets, just the ones in question, of anyone who seeks to hold cash, Bitcoin, gold and silver outside a bank in denominations of more than $10,000 if they haven’t filled out proper forms.

But as the real underlying reasons for this draconian law bubble to the surface, it is not just the U.S. who is using the label of ‘terrorism’ to restrict the free use of your money, but other nations are as well including Germany who is looking to pass similar laws as a new financial crisis percolates to the forefront following the recent bank runs in Italy, Canada, and Spain which threaten the liquidity of the financial system.

In the US for example, a new Bill has been introduced in the Senate. The name says it all: “Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017.” 

The purpose of the law is to “Improve the prohibitions on money laundering and for other purposes.”  

Money laundering has an extremely wide definition and anyone who carries money over $10,000, cryptocurrency or a blank check, has a prepaid mobile, can fall under this law. In summary, if the incumbent has not in advance filled in a form to declare these items, it allows the government to seize all his assets and put him in prison for 10 years. The bill also gives the right to surveillance and wiretapping. 

If this law is used only to catch real criminals, it might be acceptable. But we know that when a body is given such extensive and ill-defined powers they will be widely abused. And this is how slowly but surely a police state is created. A lot of smaller measures that most people don’t pay any attention to until these draconian powers are unfairly applied to innocent people.  

In Germany, similar measures are being discussed. The German Interior Minister is preparing a new law introducing surveillance of the people to combat terrorism. It gives the authorities the power to fingerprint and give access to mobile phones, social networking apps even down to 6 year olds. Germany is also considering installing software on mobiles so that they can read messages before they are encrypted.  

Many other countries are considering similar methods or are already applying them tacitly. The combination of increased immigration and terrorism will continue to lead to more surveillance measures around the world in all aspects of life. It is not just physical surveillance but bank records, fiscal control and the banning of cash transactions and cash. This trend is unlikely to stop until this cycle ends. We will need to see an end to the socialism and globalism which is creating the current unpleasant trends. We will also need to have an implosion of the debt and asset bubbles which are part of the current problems.  – King World News

As has been proven in nations like Japan, China, and South Korea over the past few months, the ability to transfer money into a cryptocurrency that is outside the monitoring from a sovereign financial system, and outside the control of both banks and government agencies, is now causing these same governments to try to put fear into their peoples to coerce them into keeping their money and wealth in the banking system where it will inevitably be stolen and confiscated under the bail-in arrangements created after 2008.  And when you start to see these warning signs start to come from legislatures in multiple locations, then you know that a new and dramatic financial crisis is just over the horizon, and it is beyond time to protect your money now before it becomes illegal to do so.
Source: The Daily Economist