Can Safety Deposit Boxes Be Siezed as an Excuse To Fund the Goverment to Avoid a

[Ponce]

Can Safety Deposit Boxes Be Siezed as an Excuse To Fund the Goverment to Avoid a Complete Shutdown the In Future?

If anyone thinks their money is safe inside the banks safety deposit boxes.If you think the gold is still in Ft Knox?Dream on if you are not going to listen. Recently in California's fiscal woes.They emptied out people's safety deposit boxes to fund the State government's appetite to spend. The most remembered is when FDR singed Executive Order 6102 making possession of gold illegal that was constitutional money and seized people's safety deposit boxes not only stealing gold and silver. Many people's stock and bonds were stolen too.
If anyone wants to keep their valuables like coins in precious metals with stocks and bonds. I say do not get a safety deposit box at the local bank. Buy a safe. Bolt it to the floor in the basement or an obscure part of the house. Your home is a safer place than the bank. keeping your valuable property away from thieves to steal.The safest place is your house. I remember when seeing elderly people carry lots of cash on their person. Why?Because they remembered the Great Depression and never trusted a Bank ever since. Now I understand learning over the years this truth.I can not blame them at all.They were right.

It is 2011. The Federal Government is broke and congress and the president can not agree on a budget to make it to fiscal year 2012.If the government can not find the money to run from appropriations approved by Congress.Where will they look? It would not surprise me if they raided the safety deposit boxes to fund the government as the excuse.All they might be planning is looting the people of precious metals so an alternative currency can not take place.To insure the Federal Reserve Bank can keep its monopoly on the issuance of the currency and keep us in debt slavery? It has been reported the Department of Homeland Security stated they have the right to have access to safety deposit boxes.If they can have access.They can also steal too.Do not underestimate what the government will do.

The last act of any government is to loot the wealth of a nation. If they decide to seize safety deposit boxes under the guise they need to fund the government.When in all intended purposes. They intend to steal the wealth of the people before the nation collapses. Gorbachev stole the wealth of Soviet Russia after the collapse of communism before settling in the Presedio. The best we can do to protect our wealth is to keep it out of reach of the government as far as possible. That means keeping your wealth and everything valuable out of the safety deposit boxes.I would not put it past them to go on a raid at the banks. Never underestimate the government to do one last heist on the American people before everything falls apart.

[Cobalt]

I could see where it would be quite easy to seize the contents of safety deposit boxes.

They simply accuse you of money laundering and seize the contents, it would then be the box holders responsibility to prove that they obtained the stuff legally, pretty hard to provide a receipt for Grandma's wedding ring and Grandpa's gold pocket watch.

We always hear "innocent until proven guilty" but that isn't how it works now a days

[Ponce]

Remember that in the UK 2,000 cops closed down two banks and took EVERYTHING from ALL deposit boxes and then made their owners go, one by one, in to see the tax man (revenue) and explain why and how they had what they had in the deposit boxes.

[TheNocturnalEgyptian]

Can Safety Deposit Boxes Be Siezed?


Yes.



You will not have remedy available to you. It's out of your physical control, and it is out of your legal control.

[Twisted Titan]

If It's out of your physical control........it is out of your legal control.

Thats a wicked Tag Line right there Noc

[Buddha]

Come and take it...

http://i.picasion.com/pic38/8075d0c5d68e64832de7c12f6e2d6fad.gif

[madfranks]

Which would be easier: mobilizing and organizing a nationwide force of officers to carry out the task of personally going through every box and seizing the contents, or merely by the stroke of a pen transfer all the digital wealth in the form of 401(k)s, IRAs, and other retirement accounts to the government's control. Wealth isn't primarily held physically like it was in the 30's, so hunting down deposit boxes just doesn't pay off in big numbers like it used to.

[midnight rambler]

Recently in California's fiscal woes.They emptied out people's safety deposit boxes to fund the State government's appetite to spend.

Does anyone have any info to substantiate this?

[Ponce]

Say what? I also missed that one........link anyone?

[MNeagle]

Which would be easier: mobilizing and organizing a nationwide force of officers to carry out the task of personally going through every box and seizing the contents, or merely by the stroke of a pen transfer all the digital wealth in the form of 401(k)s, IRAs, and other retirement accounts to the government's control. Wealth isn't primarily held physically like it was in the 30's, so hunting down deposit boxes just doesn't pay off in big numbers like it used to.


Mobilize the bankers themselves. Job finished.

[Twisted Titan]

http://abcnews.go.com/GMA/story?id=4832471&page=2



California law used to say property was unclaimed if the rightful owner had had no contact with the business for 15 years. But during various state budget crises, the waiting period was reduced to seven years, and then five, and then three. Legislators even tried for one year. Why? Because the state wanted to use that free money.




California law used to say property was unclaimed if the rightful owner had had no contact with the business for 15 years. But during various state budget crises, the waiting period was reduced to seven years, and then five, and then three. Legislators even tried for one year. Why? Because the state wanted to use that free money.


(Getty Images)
"That's absolutely correct," said California State Controller John Chiang, who inherited the situation when he came into office. "What we've done here over the last two decades has been dead wrong. We've kept the property and not provided owners with the opportunities -- the best opportunities -- to get their property back."

Chiang now faces the daunting task of returning $5.1 billion worth of unclaimed property to people. Some states keep their unclaimed property in a special trust fund and only tap into the interest they earn on it. But California dumps the money into the general fund -- and spends it.

"It's supposed to be segregated and protected," Palmer said. "California has taken all of that $5.1 billion and has used it as a massive loan."

California became so addicted to spending people's money, that, for years, it simply stopped sending notices to the rightful owners. ABC News obtained a 1996 internal memo in which the lawyer for the Bureau of Unclaimed Property argued against expanding programs to notify rightful owners. He wrote, "It could well result in additional claims of monies that would otherwise flow into the general fund."

Seizing More Than Safe-Deposit Boxes
It's not just safe-deposit boxes. A British man went to retire and discovered the $4 million in U.S. stock he had been counting on had been seized and sold for $200,000 years earlier -- even though he was in touch with the company about other matters.

A Sacramento family lost out on railroad land rights their ancestors had owned for generations -- also sold off as unclaimed property.

"If I had hung onto it, I would be a millionaire, multimillionaire," said John Whitley. "But that didn't happen because we didn't get to hold it."

California's unclaimed property program was so out of control that, last year, the courts issued injunctions barring the state from seizing any more property until it made reforms. Since then, Chiang has taken several steps to try to clean up the program.

For example, the state now sends notices alerting citizens about unclaimed property before it is handed over to the state -- the only state to do so. Once unclaimed property is delivered to the state, it is now held for several months while the state tries to contact the owners, rather than it being immediately sold off or destroyed.

Which raises the question, in the Internet era, is anybody really lost anymore? California and other states are just beginning to make use of modern databases that can find most anyone in minutes. Unfortunately, California only uses those databases to search after it has already seized a citizen's property.

If California does get better at locating people, that could present another challenge. Remember, right now, the state spends the money.

"It's like the last guy in line at a pizza parlor," Palmer criticized. "There is only so much pizza. At the end, when I get up to the counter to claim my pizza, there may be no pizza for me."

California's fiscal problems are legendary and once again in the news, so it's reasonable to question whether the state can afford to repay its citizens if a bunch of them surface at once.

"There is always going to be money to give the owners when they make their claim, " Chiang insisted. "I don't want my legacy to say I continued a broken program. I want my legacy to be 'this guy was the guy who truly cared about the people and returned their money.'"

California is not the only state to come under fire for its handling of unclaimed property. In Delaware, unclaimed property is the third largest source of state revenue. Idaho recently passed an unprecedented law that says the state gets to keep unclaimed property permanently if the rightful owners don't claim it within 10 short years. And all 50 states pay private contractors 10 to 12 percent commissions to locate and seize accounts for them. It's an inherent conflict of interest: the more rightful owners are found, the less money the contractors make.

Of course, there are some states who handle their people's property with respect. Oregon never takes title to unclaimed property. Instead, it holds it in a perpetual trust fund.

Colorado uses the interest on its unclaimed property fund to pay for some state programs, but leaves the principal untouched.

Missouri, Iowa and Kansas make extra efforts to reunite people with their property –even setting up booths at state fairs to get the word out. The State of Maryland actively compares the names on unclaimed accounts with state income tax records. If it finds a match, the state simply cuts a check and sends it to the citizen.

[Gangsta99]

I don't understand why anyone would want to keep any of their wealth in a box under someone else's control, especially a shady business who will do whatever .gov tells them to do.

[Ponce]

I believe that as long as the owner of the deposit box pays its due (yearly bill) it is then his no matter how long hes away from it.

I had a safety deposit box in CA for personal papers and one day I went to it for something or another, I gave the box back the the lady to put it back in the pigeon hole and just before she put it in SHE OPPENED THE BOX TO SEE WHAT WAS INSIDE.........man oh man did I raise hell with the bank manager, he keep on saying that it was a "mistake", I closed my account right away.

[Serpo]

What would be amusing is if people new this was going to happen to fill their boxes with tungsten ....... ;D

[Ponce]

Well, I was thinking more of a big, fat, juicy dead fish.

[midnight rambler]

[i]http://abcnews.go.com/GMA/story?id=4832471&page=2



I saw that singular case, I was asking for evidence of it happening on a large scale.

[solidus]

That's not how it's going to work. It would be far easier with much less political accountability to simply print the money. Why send out IRS agents to rifle through millions of SD boxes when you can simply add some zeroes in a digital account? Only when the dollar fails will the government then turn to other methods to perpetuate the system such as swapping government bonds for 401k balances, etc. Long before they seize your SD box assets they will have made the private ownership of bullion illegal and thus they can seize it from all the "criminals" like us. We can't have any winners in today's society after all, can we?