So, what was the point of the 60 minutes report and what is the narrative that we are meant to infer from this convoluted story that is mere speculation?

Let’s take a macro view of why Peter Schiff’s bank was so misleadingly targeted. Along with competitive international currency transaction rates, Peter’s bank offers their customers the ability to transfer their deposits into gold. Peter is also heavily associated with gold and silver online media and with the benefits of monetary gold.  The episode also pointed at the Perth Mint as suspect in some way for its association with gold.

Here is the catch, it has become clear over the last few weeks or so that a theoretical one world digital currency is becoming a reality and that the IMF and other powers that be are about to meet to establish a new Bretton Woods agreement.

The 1944 Bretton Woods agreement after World War 2 was a gold dollar debt back standard. Oh, and by the way, this will coincide with the 50th anniversary of the US dollar standard when President Nixon declared that they would be temporarily closing the gold standard.

Basically, the world’s central banks are about to roll up the world’s currencies into one. China has been the testing ground for the ultimate digital currency, but Australia also has a role to play.

Australia has often been used as a Petrie dish for testing world issues. Take the lockdowns perfected in Melbourne and then rolled out in Europe.

In 1988 Australia was one of the first countries to issue polymer notes at considerable expense, and the first country to adopt the trend. There are many examples but what Australia represents to the rest of the world, is a small first world population that is more often than not, compliant. Any hick ups that may occur when introducing, more often than not, large scale centralized organization.  This can be studied, tested and adjusted here in Australia.

With this in mind, a digital currency for Australia is just around the corner.

The problem is to counter the recent astronomical deficit spending of countries worldwide.  The new digital currency will be of a lesser value, or even if the initial value of the digital currency is one to one with the existing reserve currency the US dollar, a transition to a new monetary system is unsettling.

More often than not, a change in the monetary system takes everyone by surprise. Basically, one morning you wake up and the world has suddenly changed. This new digital currency most likely would be backed by gold to some extent. Gold has even distribution across most countries’ central banks.  For the people in the know, freethinking individuals, wealthy investors and other financially invested individuals will be looking to diversify their portfolio at this time. Gold for 6000 years has been an excellent hedge, or maybe investors are simply looking to take advantage of the instability and look toward gold, silver or bitcoin.

At this historic point in time, a belief/ value system “sieve” is likely to occur, this is where vast amounts of people are likely to rush into assets in a desperate attempt to retain their wealth. Gold, silver and bitcoin will go retail.

If this situation swings too far toward gold, silver or even bitcoin as a safe haven, in the heat of the moment, people could reject the new Government backed digital currency. This could create massive difficulties for tax departments and the functioning of governments around the world.

To return back to the 60 minutes report, the narrative is also preparing us for a possible bullion confiscation. Under current federal law, gold bullion can be confiscated by the federal government in times of national crisis. Check out my article on bullion confiscation.

The 60 minutes report is also reminding us that tax evasion and particularly for people considering off shore accounts, are a significant target of the Australian tax department. That said, it is imperative something is done after the revelations of the Panama Papers regarding the “super-rich”.

Peter Schiff may never know why he became the punching bag for the media and the Government’s tax department Downunder. But what is clear is, an agenda to sink the libertarian dream of individual sovereignty has set sail well before the economic storm has appeared on the horizon.

As the potential of bullion confiscation starts to loom its ugly head, are we aware enough of the importance of our own rights to our own personal financial sovereignty?  Are the rights of an individual to protect themselves against the onslaught of centralize world powers a priority for governments to protect?

Do governments around the world see themselves and the financial issue at hand, of greater importance than the individual’s financial sovereignty?  If it is the case that governments see themselves as greater than the people, the new digital currency will be the death of price discovery and the next unfortunate step in a worldwide global dictatorship that could see freedom shipwrecked at the bottom of the ocean and its treasures to be rediscovered by some future generation.

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Disclaimer:
This article does not take into account the investment objectives, financial situation or needs of a particular person or entity. Before acting on any investment strategy or advice you should first consult with your current ASIC accredited investment professional or seek out a compliant investment professional for such.