Just one more example of the insidious communist tentacles reaching into every corner of America:
First the Obama Administration sic’ed some back-bencher scum, one Rep. Anthony Weiner (D-Douchebag), on Glenn Beck’s long association with one of this radio show sponsors… Goldline.
The grandstanding Weiner has threatened to introduce legislation requiring Goldline and other precious metal retailers to fully disclose all their fees, how much the price of gold would need to rise in order for their customers’ investments to yield a profit, and the purchase price, melt value and resale value of the metal that constitutes their products. And he called on the Securities and Exchange Commission, as well as the Federal Trade Commission to investigate “the shady business practices conducted by Goldline International.”
Make no mistake… this has far less to do with gold than it does with terrorizing Beck’s sponsors. And Goldline president and CEO Mark Albarian agreed, saying that Weiner is targeting the company because of its relationship with Beck, the popular citizen journalist.
But the following absolutely strikes at your freedom to buy and sell gold as a hedge against pending economic disaster and mega inflation.
Coin Dealers Flipping
Starting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year.
Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change.
The tax change was tucked away in Section 9006 of Obama’s Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099.
Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.Just for ball-park math estimates, and with gold right now about about $1,195/oz, you can certainly understand the rage of this man:
Pat Heller, who owns Liberty Coin Service in Lansing, Mich., deals with around 1,000 customers every week. Many are individuals looking to protect wealth in an uncertain economy, he said, while others are dealers like him.
With gold at nearly $1,200 an ounce, Heller estimates that he'll be filling out between 10,000 and 20,000 tax forms per year after the new law takes effect.
"I'll have to hire two full-time people just to track all this stuff, which cuts into my profitability," he said.
An issue that combines gold coins, the Obama health care law and the IRS is bound to stir passions. Indeed, trading in gold coins and bars has surged since the financial crisis unfolded and Obama took office, metal dealers said.
The reason you probably don’t have any gold US coins around the house today is that Uber Progressive FDR issued Executive Order 6102 which required U.S. citizens to deliver on or before May 1, 1933 to the Federal Reserve all but a small amount of privately held gold coin, gold bullion, and gold certificates.
A month after his inauguration, FDR simply demonetized gold. The $20 gold piece was no longer money, but The Government would exchange it for $20.67 per troy ounce.
As amended the law held that violators could be punished by fines up to $10,000 ($166,640 if adjusted for inflation as of 2008) or up to ten years in prison, or both. Most citizens who owned large amounts of gold had it transferred to countries such as Switzerland.
So the increased value of the gold on the world market went to the government and in exchange Americans were paid in US currency which was worth less and less as the Depression worsened.
By the time FDR and the Progressives were finished monkey-wrenching the US economy, the Great Depression continued until well into WWII while the rest of the world, had recovered years earlier.
One observer, commenting on this remarkable turn of events, noted that of two men walking down the street at the start of 1933 — one with a gold coin in his pocket and the other with a bottle of whiskey in his coat — the man with the coin would be an upstanding citizen and the man with the whiskey would be the outlaw. A year later, precisely the reverse was true.
If you want a concise and well-written explanation of the damage FDR did to this nation… and the historical socialist roots of how it’s being repeated by the latest cabal of criminals… read: