On Tuesday, I blogged about how individuals intending to carry legally-obtained and owned currency, precious metals, and gems into the European Union for their safe deposit boxes may want to take note of proposed rules seeking to enable European Union authorities to seize cash- “to include gold, precious stones and metals”- below the €10,000 threshold temporarily merely on suspicions of criminal activity.
Here’s one take on these rules from economist Martin Armstrong, who blogged yesterday:
The purpose of the rules is now openly being justified to fight against tax evasion, along with moonlighting and terror financing. The government clearly understands that cash is the only way for citizens to protect their savings from access by states and banks and any special levies or wealth taxes. Closing this door merely opens the door to cash investment turning to movable assets particularly shares.
(Editor’s note: Bold added for emphasis)
An insightful post by Armstrong concerning this development across the pond, which you can read here on his company’s website.
By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)