Hello fellow pm investors. While doing some research on US President Roosevelt's gold confiscation act of 1933, I discovered something closer to home. The Australian banking act of 1959 - Part 4 - follow the link: http://www.austlii.edu.au/au/legis/cth/consol_act/ba195972/ And another link to an article regarding Australian Gold Confiscation: http://goldchat.blogspot.com/2008/11/australian-gold-confiscation.html What's everyone's thoughts on this? Cheers Mr Gold
Assume the Government or whoever rules over you has the ability to do as it pleases over the citizens and work on from there.
Bron wrote a series of blog entries about this you might find interesting. http://goldchat.blogspot.com/search/label/Confiscation
Very interesting. So all the Fed Govt would have to do is reinstate Part IV of the Banking Act of 1959, and instantly, private gold ownership is illegal? Nice one.
Author of this blog is on the forum. Personally my view is that the government is more likely to expand a "super profits" type tax on precious metals producers. Having a government owned PM producer (Perth Mint) that derives a *major* part of it's income (and ergo WA govt revenue) from global markets is a pretty big disincentive for any action (like a local confiscation) that would drive foreign clients away - there'd be a bit of a bunfight between the WA govt and the federal govt
Not an issue for some. Refer to the Australian Constitution Sec 115. The Australian Constitution effectively overrides any contrary legislation. However, it may cost you a pretty penny trying to stand up for your legal rights. http://australianpolitics.com/constitution-aus/text/chapter-5-the-states
During a revolutionary change, all bets are off !!! Regards, would they confiscate people's gold? Have they not being doing exactly that throughout the last century ?!!
Please elaborate? I'm assuming you're talking actual confiscation, not some "philosophical" confiscation via taxes, inflation etc.
See I immediately thought he was reffering to a 'philosophical' confiscation... but I may be wrong upon clarification.
Yes, absolutely. The government can take my Gold and Silver... [youtube]http://www.youtube.com/watch?v=O0B_UZNtEk4[/youtube]
There is only one word to describe Politicians of any persuasion "CORRUPT". Politicians exist for one reason and that is to line thier own pockets at public exspense. Just remember " will never introduce a GST".
They are all in bed together and tell the same lies, Voting is just changing one group of Criminals for the next.
Howard invented the concept of 'core' and 'non-core' promises to politics. That is his true legacy, oh along with abandoning the Westminster tradition of Ministerial responsibility, most recently used to his advantage by Peter Garrett. One only has to look at gold card travel, government cars and the other taxpayer funded trappings to realise how corrupted they have become by the time they reach office.
That's because they are LOOTERS Julie! Off with their heads! Oh hang on, they're not royalty.... BRING OUT THE GUILLOTINE! Oh wait... same problem. Got rope? Yes, I believe ROPE is the treatment for managing criminals in this world. A terrible shame instead of rope all we could give him was a pension for life to make full time workers weep with envy plus paid travel expenses on the tax payer's purse for life.
Mr Howard took us into the first war in Australia's history where we are an invading aggressor. It has been a social, human rights and economic catastrophe. This is his legacy. If there was justice in the world he would be standing beside his masters Dick Cheney and Tony Blair in a dock facing charges. He wanted to be a "Big Man" and a "player" on the world stage, and his way of doing it was to take us into an illegal war against a country that has never bothered us. Now Iraq is covered in depleted uranium and hundreds of thousands of women and children are dead. I hope that he can't sleep at night. Sorry for the rant, but this really bothers me.
