The happy news is that our The State has been pressurised to rollback the excise duty on gold jewelry proposed in the Budget - because jewelers all over the nation went on a long strike.
However, there is still a customs duty of 4 per cent on gold imports, up from 2 per cent earlier.
This is EXTREMELY HARMFUL for the common man - especially because these are times of high inflation, and all the indicators say that things are going to get worse, especially if the EU and the US continue on their inflationary paths, and all other central banks "co-operate" and co-ordinate inflation worldwide.
The debates are happening - and Ron Paul recently screwed Paul Krugman on TV - but these matters are completely off the radar in India.
At least I hit the nail on the head - and this is how my post appraising this year's Union Budget began:
They have doubled customs duties on gold and platinum imports and, to make things even worse worse, high taxes have been imposed on real estate transactions. Private capital and savings will thus be further eroded – and this at a time of surging price inflation. The people will be frustrated in their efforts to preserve their wealth, and their every attempt to take the “flight into real value” will be hindered by deliberate State action. They will be indirectly forced to store value in the falling Indian paper rupee, printed at will by this State. This is anti-people. Period.
Let us hope gold smugglers come to our rescue.
Of course, "Truth is Treason in this Empire of Lies."
It ought to be apparent to anyone that customs duties on gold do not "save precious foreign exchange"; rather, they simply frustrate YOUR efforts to preserve your savings in an asset whose value is sure to rise over time at a rate far higher than if you invested the same in anything else, like bank deposits or life insurance. The customs duty is merely their way of pressurising you to invest in their banks and insurance companies, shares, or other paper assets. It is another example of the "indirect use of force."
Customs duties in India especially are NOT used for "revenue purposes." The 200 per cent duty on wine, for example, nets ZERO REVENUE because there are ZERO IMPORTS. Ditto for used car, truck and bus imports - in which case the customs duty is equally PROHIBITIVE. Zero imports means zero revenue.
They "abuse" their powers to levy these duties - to "protect" cronies.
These incredibly high customs duties must be called "Tariff Barriers To Trade."
And if you want to know who is paying who for these barriers - these tax levies that earn zero revenue - just ask the ages old question: Cuo Boni?
Translated: Who benefits?
Translated: Who benefits?
In the case of duties on gold imports, they are protecting their own MONOPOLY paper currency - a paper whose value is in constant decline. Thus, if you save in assets composed of this paper, your savings will be eroded over time. Your precious Capital will be eaten up by the paper money monopolist of a State.
Thus, customs duties on gold imports will allow them to prolong their inflationist MADNESS - for it seems that the entire world is surely heading towards a huge, big bang monetary and banking COLLAPSE.
If you want to survive this impending CRASH - then you must jump off their airplane, and take the "flight into real value." Papers are NOT real value. Gold is.
So, it is in YOUR own interest to protest this customs duty on gold.
If the jewelers could get them to back down, you can do the same.
So, just do it.
I leave you with these lyrics from a very old song:
And knowledge is a deadly friend,
When no one knows the rules.
The fate of all mankind I see,
Is in the hands of fools.
King Crimson: Epitaph.
