Now the bankers want to impose a “wealth tax” on all savings accounts…

Zero Hedge reports the world’s largest currency-trading investment bank—Deutsche Bank, with assets of $1.86 trillion—has a new plan to control your financial decisions:

It is becoming increasingly clear to us that the level of yields at which credit expansion in Europe and Japan will pick up in earnest is probably negative, and substantially so.

Therefore, the [European Central Bank] and the [Bank of Japan] should move more strongly toward penalizing savings via negative retail deposit rates or perhaps wealth taxes.

These guys sure are getting creative…

Since the Great Recession, central banks have tried almost every crazy scheme to stimulate the world economy: 0% interest rates… “quantitative easing” (money printing)… negative interest rates… and now “wealth taxes.”

(Don’t assume this is just an overseas phenomenon. Whatever they’re discussing in Japan and Europe is also a hot topic for the U.S. Federal Reserve.)

Regular Daily readers know a “wealth tax” is just the latest escalation in the War on Cash. This one’s the most brazen wealth-confiscation plan yet. Either you lose your money through a direct savings account tax… or you lose it by parking your savings in “bubble” assets primed to collapse.

Of course, smart investors will do neither. They’ll opt to hold their savings in cash under their mattresses (or in safes, as they’re already doing in Japan). And that will lead to more calls to ban cash altogether.

Bottom line: The stability of the global financial system deteriorates more by the day. Stay long gold as a chaos hedge. And pull some physical cash out of the corrupt banking system before it gets taxed…

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