http://www.dailyreckoning.com.au/6-things-governments-might-do-to-you-this-christmas/2011/12/24/ Here is an interesting article in the Daily Reckoning (Aus), basically stating that the the government, via the GG can confiscate gold without having to enact any new legislation. Here's a quote from the act - (2) Where a person who has gold lawfully in the person's possession for the purpose of being worked or used by the person in connexion with the person's profession or trade ceases to have that purpose in respect of that gold, the person shall deliver the gold to the Reserve Bank, or as prescribed, within one month after the person has ceased to have that purpose in respect of that gold. Link to the banking act 1959 (go to section IV - gold). http://www.comlaw.gov.au/Details/C2011C00951/Html/Text#_Toc311711694 This really doesn't surprise me, governments know the fiat money system will finally collapse as they all do, and have measures in legislation to confiscate people's hard earned wealth.
The corksuckers can go confiscate mine at the bottom of the ocean. I will NEVER unwillingly surrender my money to anyone, no matter what badge they present or on what fucking authority they assume.
Make sure you read Bron's blog post at http://goldchat.blogspot.com/2008/11/australian-gold-confiscation.html that the article references - explains the mechanics quite well.
Why is the Reserve Bank to do the collecting? We have no allegiance or obligation to this entity. The confiscation is all but complete. Gold has been traded in for Super and real estate. Who buys today see the scams and aren't going to submit to that one either.
I'm 27 and I honestly believe that there will be NO SUPER for me in the future. It's sh*ts me that we gotta pay into it. Thieving bastards.
This is my opinion also - an ex-accountant type co-worker told me i was full of shit. he's in his 50's so he might still get his but by the time i get there (36 now) i really doubt there'd be any left. It's my understanding that next year WA govt employees can choose their super fund so i'll be investigating SMSF
Look at all the European countries that have done it, Ireland is a good example. Plus inflation is constantly eroding your super away. Im 23 and I have exactly the same opinion which IMO is a realistic one that unless I put my super in an smsf and into bullion, which I have, that the government will change the rules to steal my super and there wont be anything when i retire at the then retirement age of 85
Our super is in bullion aside from about $24k in cash. It's "hidden" in a private facility (not kennards Ivanhoe) and the gov will never get it. We dont care if it goes up and Down. We have a long term view (my wife is 38, me 28) so we are just riding the waves. I suspect that they will try to confiscate SMSF via nationalisation of super. They will likely be offering employees a "significant bonus" to have their super managed by the government and will threaten loss of privilege to those that don't... The naive and greedy will handover their super in an instant whilst calling us stupid... Well, let's see who gets the last laugh.
No the government would not try such a thing these days Last government to do it was Roosevelt in '33. And I don't believe the government would take super they add money to it if u do as they are trying to get people off government assistance ie the pension and make employers pay for peoples retirement not them so makes no sense at all
In the end ANYTHING is possible, but highly unlikely, depending on the circumstances and politics. If you own gold, there is always the chance the govt will confiscate it. If you own a house, the local road authority could decide they want to build a freeway where your house is and force you to sell to them. Your super money can be at risk - but probably far more at risk from crashing stock markets or rampant inflation than from confiscation by the govt. If you put everything into shares, the share market could continue going sideways for another 20 years. You could put it all into a SMSF and buy silver bars, but the govt could easily change the SMSF rules and make you sell at the wrong time - they created those rules after all. So you DIVERSIFY and try to have some of everything, so if any one tanks, you are not wiped out. I don't understand those here claiming there won't be any super when they retire. The govt is pushing people into super, so there will definitely be super in 40 years time. Will that super be totally different to the way it is now? Absolutely. They completely change the rules every 10 years. Will that super alone be enough to fund your retirement? Who knows. So you diversify.
Forget super, think of it as a nice holiday when u turn 55/60 cause $200,000 ain't gun a last long at all in 2040. Build wealth other ways.
The government won't confiscate super, they will hand the super pool over to their masters the banks to use in the "national interest".
I think most people may think they will have some super, but the amount by todays standards will be inflated away and be worth very little. I wish I didn't have to pay some chump through a fund to invest my super for me. It's a total waste of my money, especially when I could invest it much more wisely than some bozo who hasn't met me and who really couldn't give a flying f*ck if I got 10% growth per annum or -10% growth. Like most government schemes, superannuation will just be another giant Ponzi scheme.
