Editor’s note: You’ll find the text version of the story below the video.
Lyndon McLellan owns the L&M Convenience Mart in rural North Carolina.
A few months ago, the Internal Revenue Service went to McLellan’s bank and
seized all the cash in his store’s account.
McLellan had violated a “structuring” law by making cash deposits of under
$10,000. Structuring laws are supposed to catch drug traffickers and money
launderers. But small business owners can also unknowingly run afoul of these
Last July, a swarm of officers from North Carolina’s Alcohol and Law Enforcement,
the local police and the FBI descended on McLellan’s place of business.
The agents told the small business owner something that shook him to his
core: The Internal Revenue Service had seized all of the money in L&M’s
bank account: $107,702.66.
“‘Are you telling me you took my money?'” McLellan recalled asking the agents. “I
didn’t understand what was going on. They dropped a bomb on me. I was lost
for five to 10 minutes. I can’t believe that y’all guys can walk in here
and tell me y’all took every bit of my money out of the bank.”
The Daily Signal, May 11
McLellan is still fighting to get his money back.
“In 2005, the Internal Revenue Service made just 114 structuring seizures.
By 2012, that number had risen to 639.”
This story shows how the government can financially upend the lives of citizens.
Consider this excerpt from the March Elliott Wave Theorist:
The most vulnerable money is sitting in bank accounts. Depositors in Cyprus
banks found that out in 2013, when the government seized a large portion
of uninsured deposits to pay its debts to the EU….
…I have long advocated holding outright cash notes, which are already
preserving value better than commodities and negative-interest-rate bonds.
But we cannot depend upon government to act fairly. If in a future panic
central banks opt to recall cash, even cash-holders will be doomed. All authorities
need do is demand that people turn in their cash for new notes worth 1/10
as much. In 1933, the U.S. government confiscated gold because that was the
money of the day. Now, dollar deposits and cash notes are the money of the
day, and they are even easier to seize.
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