There has been a considerable amount of outrage, primarily from libertarian and conservative outlets, about the proposed income transfer reporting requirements proposed by the Soviet Biden junta in the current $5 trillion (and growing) budget reconciliation act.
The story, this version from the Washington Examiner, speaks volumes as to just how out of touch the regime is with the ‘average’ American citizen:
IRS would track all bank transactions over $600 under Biden plan; Businesses revolt
The Biden administration has made clear its plan to beef up IRS auditing by expanding the agency’s funding and power. Biden’s latest proposal would require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600.
Keep that number in mind because the majority of American bank accounts have over $600 after government transfer checks are received and those who actually pay for crazy things like food, rent, cars, etc.
More from the article:
The letter, which includes the support of several banking coalitions, calls on Congress to reject that requirement, saying it violates customer privacy and would create an incredibly expensive and elaborate reporting requirement for the banks.
They refuse to say what would really happen. The American public by and large moves like lemmings and usually long after the economic damage is done. If one remembers the LTCM crisis in 1998 and the Great Financial Crisis (aka Depression) of 2007-2009, the smart money took large sums of cash out of their local bank, quietly, quickly, and discretely.
If the banks appear they may have to close one should have a sufficient amount of cash on hand to prevent their ability to pay their bills from being impaired. The lessons of the nation of Cyprus were vivid in 2008-2009 where 10% of all accounts over $100,000 (USD) were “confiscated” to support the national banking system. Needless to say capital flight after that announcement was not just a financial airline, but a way of life as investors searched for anyone and anything to move hundreds of millions of dollars out of that tiny nation.
Now imagine being told by your local or multinational US bankster that your paycheck will be held for 96 hours while your financial spending habits were run through an efficient IRS government algorithm run on their latest Commodore 64 software. Just how many people are stupid enough, living week to week, to deposit, much less leave any money in any bank anywhere inside the United States?
I’ll take less than 100,000 people for $500 Alex as we do have about that many that believe Nancy Pelois or Joe Biden while addicted to heroin. No, not an expression, I’m talking using actually smack.
Once this passes sometime near Christmas Eve, any smart, sane family or individual will begin withdrawing money from the local bank’s ATM in the largest sub-$600 increments possible. In fact some of us have been moving into precious metals and yes, gasp, cryptos to start protecting our capital as the ability to trust the Federal Reserve or either political party is way below zero in this household and declining rapidly.
When the smart money starts their bank run, the foreign banks and investors will not be far behind. Then add in the individuals bailing out and soon, America will be completely shut down by the very same government that demanded that all of you obey them damnit!
Joe Biden’s bank run will be epic and one which makes 1929 pale by comparison.
Do not get caught on the wrong side of history.
Buy more ammo, food, firearms, and precious metals NOW!