Georgia To Seize Dormant Bank Accounts: Government is Going to Grab itMac Slavo Well, the Europeans and apparently now the Georgians, too. And were not talking about the western backed country that went to war with Russia in recent years. Were talking about the U.S. state that claims Wisdom, Justice, Moderationas its motto. According to Simon Black atSovereign Man, 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. In 2013 Australia passed similar legislation, but their threshold was set at three years. In the last 12-months since the legislation was passed, says Simon Black, the Australian government has seized a whopping 80,000 accounts totaling A$360 million. The implications of the new law are staggering. In that single year Australia confiscated more money than in the previous five decades combined. Governments on the local, state and federal level are getting desperate amid underfunded retirement plans and bloated budgets.Going forward theyll have no choice but to get more and more creative at how they generate revenue. We hope youre keeping an eye on that IRA. You havent really touched that for twelve months either, have you? Congress has already held hearings on whether or not they should reappropriate retirement savings and pool them into a government run investment fund. You know, kind of like Obamacare. Or how about that parcel of land you own out on the countryside for weekend camping trips and hunting? You havent been out there for a while, nor have you really built anything on it, which must mean youre not using it anymore There is historical evidence that suggests that government, when left with no way to pay for their massive budgets and spending, will resort to extraordinary methods to ensure the money keeps coming in to State coffers. As the Roman empire was collapsing because of unfunded pension liabilities for its military the government devalued its currency by removing 90% of the silver content from its coins.Roosevelt confiscated gold during the Great Depression and imposed stiff penalties for those who didnt comply. Struggling to keep up with its massive budget deficits, last year France passed their millionaire tax, which authorized the government to levy a 75% tax on companies that pay out more than1 million in salaries. Devising innovative ways to separate the citizenry from its money is business as usual within legislative institutions. Georgians who havent touched their accounts since last year should either withdraw their money or, as government officials and banks would prefer, go spend it on something and put that cash to work. Otherwise you face the real possibility of having those assets seized. As for the residents of the other forty-nine states, keep an eye on what your respective state legislators are doing. Chances are a lot of light bulbs in Capital cities around the country just popped on. You can read more from Mac Slavo at his site SHTFplan.com, where this first appeared. 