The latest IMF scheme.

In its October Fiscal Monitor Report, the International Monetary Fund (IMF) has quietly set the stage for what could eventually be a European, or perhaps even worldwide, "Supertax."

Think I'm kidding?

Here's what they had to say:

"The sharp deterioration of the public finances in many countries has revived interest in a 'capital levy' - a one-off tax on private wealth - as an exceptional measure to restore debt sustainability [emphasis added]. The appeal is that such a tax, if it is implemented before avoidance is possible and there is a belief that it will never be repeated, does not distort behavior (and may be seen by some as fair)."

The report goes on:

"The conditions for success are strong, but also need to be weighed against the risks of the alternatives, which include repudiating public debt or inflating it away."

Translation: We think we could pull this off, but we need to consider the alternatives: debt default, or inflation/hyperinflation.

Clearly, they're not going to go for debt default, as it would lead to a depression. No central banker in power today would ever get the leeway to try that. Besides, the 1930s were not much fun. Come to think of it, neither were the early 1940s.
Nor are they convinced that the current attempt - inflation through mega-printing as the path of least resistance - is going to work. But that certainly hasn't stopped them from trying harder and harder, especially Japan.

So like any good central planner, they've been hatching a backup plan - one that involves taking a serious chunk of your hard-earned assets.
Will this happen here? I honestly don't know