Writes Jeff Snyder:

Apropos of William Grigg’s excellent article today about the smash, grab, and expropriate operations by cops using asset forfeiture laws under the guise of enforcing drug laws, check out this exposé by the UK Daily Mail of the recent raid by the London Metropolitan Police of three safe depositories collectively housing 6,717 safe deposit boxes, netting more than £53 million in cash and unspecified amounts in jewelry, securities, or other valuable assets. Note the fact that everyone whose assets were seized is now in the position of having to prove how they acquired their assets and/or commence lawsuits in order to prove their innocence and get their property back. Not surprisingly, some of the cash and valuable jewelry has gone “missing.” I believe that as the economic crisis deepens and governments become more desperate for cash, we will see many more of these smash and grab operations by criminals “in government-issued costumes,” as Mr. Grigg so aptly puts it.

By the way, even though the London police targeted safe deposit boxes located in wealthy neighborhoods, where they could reasonably expect a nice yield for their efforts, the Daily Mail article should disabuse anyone of any ideas he or she has of the “safety” of safe deposit boxes or the advisability of this form of storage of valuables.