Guest Post: Capital Controls, $5,000/oz Gold And Self-Directed Retirement Accounts
by Chalres Hugh-Smith
ZeroHedge.com
03/01/2013
Recent news about Federal plans to “help” manage private retirement accounts renewed our interest in the topic of capital controls. One example of capital control is to limit the amount of money that can be transferred out of the country; another is limiting the amount of cash that can be withdrawn from accounts; a third is the government mandates private capital must be invested in government bonds. Though presented as “helping” households, the real purpose of the power grab would be to enable the Federal government to borrow the nation’s retirement accounts at near-zero rates of return. As things fall apart, Central States pursue all sorts of politically expedient measures to protect the State’s power and the wealth of the political and financial Elites. Precedent won’t matter; survival of the State and its Elites will trump every other consideration. All this raises an interesting question: what would America look like at $5000 an ounce gold?
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