John T. Reed’s news blog

We do not have capital controls. They are banana republic, dictator laws, but we will get them shortly after we get hyperinflation, if we get it..But we do have some laws designed to harass those of us who do what capital controls would ban: hold foreign accounts. We are required to submit IRS Form 8938 (https://www.irs.gov/pub/irs-prior/i8938--2019.pdf) and Fin Cen Form 114 (https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html) annually as punishment for having foreign accounts. Having such accounts is legal, but the would-be, banana-republic dictators in the Deep State wish they were illegal. No tax is due except on interest you earn on foreign accounts..Form 8938...

Mark Levin and I are the only ones beating the watch-out-for-inflation drum. Tonight he showed a clip of Milton Friedman warning against government deficit spending that causes inflation. I sent Mark a copy of my novel in 2016 (it has a hyperinflation episode) and I sent him and others a news release on my inflation book a week or two ago. But I have never heard from him. . It’s not like he and I could change the nation’s course. That is what HE is trying to do. I see MY role as to help each individual avoid being stepped on...

One of my Facebook and hyperinflation book readers asked “just wondering how we have gone this far without disaster yet?” I have addressed that although not recently. I do not know. One theory I suggested was that the world was grading the USD on the curve and on the past. By on the curve, I mean that they see other major currencies as awful like the yen, pound, euro, and yuan. I agree. Those ARE awful. But they figure the USD has been the beacon of monetary stability since around 1915, so they give it extra credit for that..My recommended currencies—AUD,...

In case of hyperinflation, break glass: This is a list of dollar-denominated assets that you need to GET RID OF RIGHT NOW in case the USD tips over into hyperinflation. They are losing purchasing power by the second! . • cash—list all the locations where you have it • EE bonds • other US Treasury bonds • corporate bonds issued by US corporations • other USD denominated bonds • bank accounts • CDs • cash value life insurance • dollar denominated gift cards • IOUs • Pay pal accounts • prepaid phone cards . Okay, as you can see this...

Looking through our dollar-denominated assets, I found an envelope of EE savings bonds. I need to take them to my local bank and cash them in. I have not done that yet, but seems straight forward..Imagine having to get them out of the safe deposit box then go to a bank and wait for a teller to help then filling out forms while prices in the stores around the bank were going up by the minute..We are also moving a bunch of dollar-denominated accounts to Schwab were my initial inclination is to put them into the Schwab 1000 Index Fund...