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Saturday, 23 August 2014

Is Portugal Next In Line For Wealth Confiscation?

Doug Casey’s International Man blog

The pattern should be seared in your memory by now. If you fail to recognize it, you could be struck with a huge financial blow.

It’s a pattern that has played out over and over throughout history: a government gets into financial trouble, then denies there’s a problem, which is followed by a surprise wealth grab.

That’s exactly what happened when bank deposits in Spain and Cyprus were raided. We’ve also seen retirement savings confiscated in some form in Poland, Portugal, and Hungary. Capital controls have been imposed in Cyprus and Iceland.

Of course these aren’t the only examples of blatant government thievery. These examples are just within Europe and just within recent years. They can and will happen anywhere.

These events highlight the need to use international diversification to mitigate your political risk—the risk that comes from governments.

I think they also give us some clues as to what country is next on the chopping block.

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