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Georgia To Seize Dormant Bank Accounts: "Government is Going to Grab it"

"A government big enough to give you everything you want, is a government big enough to take away everything that you have."  From :

You’re probably thinking that inflationary devaluation of your savings or paying negative interest rates on cash deposits is about as far as government is willing to go in its efforts to keep funding its debt-laden endeavors. They certainly wouldn’t consider touching the bank accounts of hard working Americans. Only the Europeans have the audacity to go after the savings of the average depositor.

Well, the Europeans and apparently now the Georgians, too. And we’re not talking about the western backed country that went to war with Russia in recent years.

We’re talking about the U.S. state that claims “Wisdom, Justice, Moderation” as its motto.

According to Simon Black at , the State of Georgia has taken the unprecedented step of lowering the threshold on inactive or dormant bank accounts to just twelve months. What that means to average Georgians is that if you fail to utilize your account within one year your deposited funds will be confiscated by the state.

Though all 50 states have regulations pertaining to dormant bank accounts, Black says that Georgia takes the grand prize in how swiftly they’re prepared to go after your money.

Georgia’s Disposition of Unclaimed Properties Act sets the threshold as low as one year.

In other words, if you have a checking account in Georgia that you haven’t touched in twelve months, the state government is going to grab it.

So much for setting aside money for a rainy day and having the discipline to never touch it.

If you’ve locked away money for your children’s savings or unforeseen emergencies, your government might be sharpening its knives ready to dig in.

And just like central bank policies punish savers with interest rates that don’t come close to keeping up with inflation, these policies provide disincentives for people to be responsible and save money.

It’s just another example of how the entire system is rigged against the individual… and all the more reason to divorce oneself from it. Physical gold, anyone?

Full report at via



story | by Dr. Radut