Loading ...the small number of people affected. If they get away with taxing unrealised gains on superannuation, the the skies the limit for the same on savings, investment properties etc.
Now, vbl on zerohedge had an article on the move to gold being initiated by the confiscation of $ assets from Russia. With China, India (more Russia) and maybe Saudi Arabia – whoever may feel that they are at risk of being bullied by the US. And vbl allocates a, for example, 5% risk to this happening to them. So they respond by buying gold rather than UST, or USD. But the outcome of confiscation is binary. You lose everything, or nothing. Not 5%. It’s a bit like realising you’ve got a tyre with a nasty bulge in the side but think “Ahhh, there’s a 5% chance it’ll blow out on the next trip. She’ll be right”, you write the car off or you don’t write the car off. There’s no 5% outcome. So if you really think there’s a risk, you’ll go more than 5% protection, no?