The $3.5 trillion spending package that the Biden administration is currently attempting to ram through Congress has a draconian provision about which few people are familiar.
If passed the legislation would give the IRS to unprecedented access to the bank account information of Americans.
‘Under the measure, financial institutions would be required to annually report gross inflows and outflows from all business and personal accounts — including bank, loan and investment accounts — if the inflows and outflows of an account total at least $600 in a year, or if the account has a fair market value of at least $600. +
Why the Proposed New Regulation?
With the Biden administration now proposing new legislation to spend trillions of dollars on social welfare and other programs, the thinking is that monitoring of bank accounts will enable them to collect more income tax….and help pay for the programs of course.
But you had better be prepared to have the government sniffing through your bank account because even if this legislation doesn’t pass, as we have discussed,
Digital currency’s will be replacing cash sooner than you think. And with digital currency in your bank account the government will not only be able to monitor everywhere you spend the money but will be able to follow those digits from vendor to vendor-to-vendor ad infinitum.
Weather as a result of the pending $3.5 trillion spending legislation or the subsequent replacement of the cash in your bank account by digital currency, sooner or later your financial privacy if not totally gone will be majorly compromised.
One solution to this is to use the cash in your account now to acquire precious metals (emphasis on silver) and some cryptocurrencies.
Not only does it give you more direct control and privacy over your assets but with the trillions being spent and trillions more being proposed these asset categories will likely increase handsomely as we move into the future.
John Truman Wolfe