Roughly 90 years ago, soon after being named chancellor of Nazi Germany, Adolf Hitler began his purge of opponents, namely Jews, by tracking their monetary assets at all German banks.
It was the beginning of a process that led to the murder of more than 6-million Jews, among millions of others, as once the Nazis tracked assets, they easily were seized — in this instance, with the forced aid of businesses (banks), coerced by a dictator and his bureaucratic cronies.
Oddly, it appears this practice soon is coming to America, courtesy of President Joe Biden’s new version of economics.
Call it “Financial Fascism.”
In a nutshell, the current administration is wanting all banks to report to the Internal Revenue Service (IRS) any transaction in or out of any account in excess of $600.
Make a house payment? The government knows.
Make a car payment? The government knows.
Withdrawal money for a vacation? The government knows.
Loan $600 or more to a family member in need? The government knows.
Deposit a check for $600 after selling your couch? Yes, the government knows.
I think you get the point.
But the greater point is that this is a terrible intrusion into people’s lives and essentially makes their bank — even your local bank — an arm of the IRS.
Yes, it mirrors the practice of the Nazis that began in 1933.
Except all of us are the Jews.
Above that, it adds onerous reporting requirements (and costs) upon banks, while flooding the IRS with nonsensical, overburdensome information (also at a payroll cost to you, the taxpayer) for which both entities likely are totally unable to handle.
To be specific, the proposed budget for fiscal year 2022 would require banks and other financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts with a balance of more than $600.
It’s almost comical.
Problem is, it’s real.
Very real. With the current construction of Congress, this legislation is as likely to pass as it’s not.
Instead of a fishing expedition that infringes on the privacy of bank customers and occupies resources that could otherwise be focused on serving local communities like Seymour, you would think our elected federal legislators could see the many levels of trouble with this budgetary proposal.
Let’s hope they do.
Over the next few weeks, take a few minutes of your time and research the issue. If you find that what I’m telling you is accurate, which you will, then take a few more minutes and write your elected federal representatives, giving your opinion on the issue.
Sending an e-mail is easy. So is writing a letter if you’re not technology inclined.
Point is, the Biden administration wants to track your dollars.
Just like the Nazis did.
Let that sink in.
History does repeat itself, even in the world’s greatest democracy.
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Reading time, less than two minutes:
• Free the fan. Specifically, the large fan in front of Ralph and Frances Davis’ home on North Frances Street. It’s only been blowing for two years come October. Ah, the efficiency of a state bureaucracy.
• This sounds obvious to most of you, but mark next Thursday, Friday and Saturday, Sept. 9, 10 and 11, on your calendars. That’s when the 49th annual Seymour Apple Festival comes to the city square. After the event was canceled a year ago, there should be record crowds at this year’s annual community reunion.
• Richard Vinson resigned as Seymour’s mayor Monday. His resignation ended a mayoral tenure of nearly 3-1/2 years that began with his almost 3-to-1 victory over Larry Chafin in April 2018.
Vinson recently sold his home in the current real-estate rush. It sold so quickly that he wasn’t able to find a rental so he could finish his term as mayor, which has just over seven months remaining.
Let the posturing for the April 2022 mayor’s race begin.
Filing for the two-year seat opens this Dec. 7, just over three months away.
In the interim, it will be interesting to see what candidates surface.
Until next week.
Dan Wehmer is the Citizen’s editor, publisher and owner. He can be reached at 417-935-2257 or via e-mail at email@example.com.