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IMF Suggests 10 % Bank Deposit Taxation

The latest shocking rumor and news spreading in the investors' and precious metals experts' communities are about a 10 % bank deposit tax.

It hasn't hit the biggest channels of mainstream media, but by the time it will, it might be too late to save your deposits - if you live in the eurozone.

The main source of this rumor is pure fact, published by the IMF itself!
And you too can download the "Fiscal Monitor - Taxing Times" in PDF format. This is the 2013 October edition.

Following the "Cyprus experiment", the IMF wants to impose wealth taxes on other EU residents. So far, the rumors only refer to eurozone bank accounts, which would be taxed by 10 %.

Obviously Cyprus wasn't the first step and if this new bank deposit tax will be pushed through, it won't be the last either!

What's worse is that the new bank tax would hit all deponents, as opposed to the Cypriot event, which only referred to large accounts having at least 100,000 euros.

Earlier this year, the bank deposit taxation in Cyprus came as a shock during the weekend, when the Cypriot government instituted a bank holiday (requested by the IMF). Locals were unable to withdraw their money.

Keep in mind that if such an event kicks in, it will be too late for you to save your money from the bank. If your wealth is not in your possession, it's not yours!

But Cypriots who could afford, simply withdrew abroad from the foreign branches of the respective banks.

With the new bank deposit tax proposal, the IMF is allegedly trying to solve the sovereign debt crisis that's strangling the eurozone economies. It's less likely that even this will be enough, because the debt is so huge, it's unpayable.

If wealth taxation is pushed through, then it's highly likely that people will regain confidence in precious metals and the price of gold and silver will rise.

The mere rumor of bank deposit taxation has already scared people away from the banks. Many are already withdrawing, but the masses are still unaware of this trend.

With limited cash amounts available at the banks and also with ATM withdrawal limits imposed (per operation and per day), you will be unable to save even smaller sums if hysteria hits.

What's expected is that the governments will impose bank holidays or withdrawals will be blocked from savings accounts. But there are ways to save your money even in this situation.

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