IRS Admits to Illegally Seizing Bank Accounts; Agrees to Give the Money Back

It’s the stuff of libertarian dreams. The IRS admits that it wrongfully took money from innocent citizens, and it gives the money back. Go figure…

But this is actually happening to victims of a little-known form of civil asset forfeiture carried out by the IRS on the premise of “structuring” violations. In case you didn’t know, depositing or withdrawing just under $10,000 from your bank account multiple times is viewed as suspicious and possibly criminal activity.

In a victory for lawmakers working to make it harder for the government to take property from innocent Americans, the Internal Revenue Service plans to give people who have had money seized over the last six years the chance to petition to get their money back, The Daily Signal has learned.

According to a GOP source, the IRS told the House Ways and Means Oversight Subcommittee that it will send letters to everyone the agency seized money from for alleged structuring violations, which involves making consistent cash transactions of just under $10,000 to avoid reporting requirements, starting in October 2009.

One petition has already been granted, and others are likely to follow.

The IRS has seized entire bank accounts with no notice or due process, alleging the owners sought to avoid federal bank reporting requirements. The aforementioned pattern of banking is described as “intentionally structuring cash transactions,” and they call it a crime.

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Switzerland Withdraws Longstanding Application to Join EU

Switzerland-flag

The upper house of the Swiss parliament on Wednesday voted to invalidate its 1992 application to join the European Union, backing an earlier decision by the lower house. The vote comes just a week before Britain decides whether to leave the EU in a referendum.

Twenty-seven members of the upper house, the Council of States, voted to cancel Switzerland’s longstanding EU application, versus just 13 senators against. Two abstained.

KEY TAKEAWAYS:

  • Switzerland withdraws application
  • Upper House, the Council of States voted 27 v. 13 to cancel

Switzerland’s longstanding application to join the EU has not had a significant impact on the country’s politics for more than 20 years, as its accession negotiations have been suspended since 1992 in the wake of a referendum to join the European Economic Area, when the Swiss voted down the idea of closer ties with the EU.

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Big Bet of 2016: Buy Gold As Economic Outlook Dims

Gerald Celente — As Economic Outlook Dims, Gold Glows

Gerald Celente – Trends In The News – “As Economic Outlook Dims, Gold Glows” – (6/14/16)

“Renewed global growth concerns”, “foreign buyers flee Tokyo market” & “Big Bet of 2016: Buy Gold”

Gold Is Now Ready For The Next Leg Up

Gold was a dead asset for almost 30 years. That is, until it made a new nominal high in 2008 and a new all-time high at $1920.70 in 2011. Gold runs contrary of current trends. Hmm… something to think about. And the amazing bull market in gold came to an end in September 2011, and it fell to lows of $1046.20 by December 2015.

Contrary to what the so-called ‘experts’ tell you, gold will always be the omnipresent, and we highly recommend it should be a part, if not a major part, of your investment portfolio.

This article provides clear evidence that gold is on its way up in 2016.

Key Takeaways-

  • Bull market emerges in early 2016.
  • An ugly correction.
  • Open interest in gold points higher.
  • Central bank junkies are addicted.
  • $1400 next stop.

I believe that gold, the ultimate currency that central banks can never print more of, is telling us that inflation is back and over recent months other raw material prices are telling us the same thing.

http://seekingalpha.com/article/3981368-gold-now-ready-next-leg