Economic News

The Government Can Seize Anything, Including a Skyscraper!

In recent times, law enforcement has gotten out of control. Police have been emboldened by SWAT teams, aggressively discriminate against minorities and engage in abusive tactics such as “no knock” raids, “stop and frisk,” asset forfeiture laws and a variety of other ways to trample upon our sacred Bill of Rights.

One good example of overreaching police action is asset forfeiture. In the name of catching drug dealers, tax evaders, terrorists, or just plain law breakers, police can confiscate cars, houses and cash without a court order or without even charging someone with a crime.

In fact, the feds this year confiscated an entire skyscraper, a 36-floor building at 650 Fifth Avenue in New York, because the part-owner was linked to a money-laundering scheme of an Iranian terrorist group.

In 2014, for the first time ever, the government seized more property than burglars stole from private homes and offices! According to the Institute for Justice (a sponsor at this year’s FreedomFest conference), the Treasury and Justice Departments deposited more than $5 billion into their respective asset forfeiture funds. That same year, the FBI reported that burglary losses topped out at $3.5 billion. If you do the math, the government seized over 40% more property than burglars did!

Fortunately, citizens have had enough and many legislators are repealing these clear violations of our right to property. In states like Texas and North Dakota, the legislatures are enacting laws and measures with the aim of curbing these outrageous practices. Sadly, President Donald Trump seems to be unfamiliar with the abuses and is a supporter of asset forfeiture laws.

One sad effect stemming from of all this unwarranted police action and asset seizure is that the United States currently has the largest prison population in the world. More and more tax money from hardworking Americans’ pocket books is being used to support this growing populace behind bars.

I’m really looking forward to an event at this year’s FreedomFest conference, which starts in two weeks, where the police and their behavior recently will be put on trial.

Larry Elder, the Los Angeles-based Salem Radio talk show host, will have his hands full defending the police. Kennedy of Fox News fame is set to judge this year. Whichever way it goes, and whatever your personal viewpoint is, the mock trial is going to be great fun.
In case you missed it, I encourage you to read my column from last week about what the U.S. can learn from Canada’s bi-partisan problem solving.

Mark Skousen

Mark Skousen, Ph. D., is a professional economist, investment expert, university professor, and author of more than 25 books. He earned his Ph. D. in monetary economics at George Washington University in 1977. He has taught economics and finance at Columbia Business School, Columbia University, Grantham University, Barnard College, Mercy College, Rollins College, and is a Presidential Fellow at Chapman University. He also has been a consultant to IBM, Hutchinson Technology, and other Fortune 500 companies. Since 1980, Skousen has been editor in chief of Forecasts & Strategies, a popular award-winning investment newsletter. He also is editor of four trading services, Skousen TNT Trader, Skousen Five Star Trader, Skousen Home Run Trader, and Skousen Fast Money Alert. He is a former analyst for the Central Intelligence Agency, a columnist to Forbes magazine (1997-2001), and past president of the Foundation for Economic Education (FEE) in New York. He has written articles for The Wall Street Journal, Liberty, Reason, Human Events, the Daily Caller, Christian Science Monitor, and The Journal of Economic Perspectives. He has appeared on ABC News, CNBC Power Lunch, CNN, Fox News, and C-SPAN Book TV. In 2008-09, he was a regular contributor to Larry Kudlow & Co. on CNBC. His economic bestsellers include “Economics on Trial” (Irwin, 1991), “Puzzles and Paradoxes on Economics” (Edward Elgar, 1997), “The Making of Modern Economics” (M. E. Sharpe, 2001, 2009), “The Big Three in Economics” (M. E. Sharpe, 2007), “EconoPower” (Wiley, 2008), and “Economic Logic” (2000, 2010). In 2009, “The Making of Modern Economics” won the Choice Book Award for Outstanding Academic Title. His financial bestsellers include “The Complete Guide to Financial Privacy” (Simon & Schuster, 1983), “High Finance on a Low Budget” (Bantam, 1981), co-authored with his wife Jo Ann, “Scrooge Investing” (Little Brown, 1995; McGraw Hill, 1999), and “Investing in One Lesson” (Regnery, 2007). In honor of his work in economics, finance, and management, Grantham University renamed its business school “The Mark Skousen School of Business.” Dr. Skousen has lived in eight nations, and has traveled and lectured throughout the United States and 70 countries. He grew up in Portland, Ore. He and his wife, Jo Ann, and five children have lived in Washington, D.C.; Nassau, the Bahamas; London, England; Orlando, Fla.; and New York. For more information about Mark’s services, go to http://www.markskousen.com/