Are you counting on that city, state, fed pension?

[davsel]

Read this & consider: http://www.alt-market.com/articles/1...ans-wealth-now

Capital controls are being discussed quite readily now. Many articles about folks having issues with getting large sums of $$$ out. Many banks now have limits on 'out of country' transfers (just try to move away & expatriate & get your $$$).

It will happen before you know it.

From Page 49 of the report (emphasis mine):

The sharp deterioration of the public finances in
many countries has revived interest in a “capital levy”—
a one-off tax on private wealth—as an exceptional
measure to restore debt sustainability. The appeal is
that such a tax, if it is implemented before avoidance
is possible and there is a belief that it will never be
repeated, does not distort behavior (and may be seen
by some as fair). There have been illustrious supporters,
including Pigou, Ricardo, Schumpeter, and—until he
changed his mind—Keynes. The conditions for success
are strong, but also need to be weighed against the risks
of the alternatives, which include repudiating public
debt or inflating it away (these, in turn, are a particular
form of wealth tax

There is a surprisingly large amount of experience to
draw on, as such levies were widely adopted in Europe
after World War I and in Germany and Japan after
World War II. Reviewed in Eichengreen (1990), this
experience suggests that more notable than any loss of
credibility was a simple failure to achieve debt reduction,
largely because the delay in introduction gave space for
extensive avoidance and capital flight - in turn spurring inflation.

The tax rates needed to bring down public debt to precrisis
levels, moreover, are sizable: reducing debt ratioos to end-2007
levels would require (for sample of 15 euro area countries) a
tax rate of about 10 percent on households with positive net wealth.