So much for setting aside money for a rainy day and having the discipline to never touch it. If you’ve locked away money for your children’s savings or unforeseen emergencies, your government might be sharpening its knives ready to dig in.
First, it calls into question the fundamental principle of private property. How can something be yours if the state can legislate its authority to seize it? And even if the account holder has long since passed, shouldn’t the funds, by default, be awarded to the survivors nominated in accordance with the instructions in his/her last will and testament? It is a rather ignoble act indeed to set aside the wishes of the dead so that the state can have yet another resource to plunder. More concerning, though, is that if the state can simply legislate its authority to seize dormant bank accounts, then they can just as easily lower the bar.
It’s just another example of how the entire system is rigged against the individual and all the more reason to divorce oneself from it. Physical gold, anyone?