Monthly Archives: April 2013

Portugal’s elder statesman calls for ‘Argentine-style’ default

"Portugal's leading elder statesman has called on the country to copy Argentina and default on its debt to avert economic collapse, a move that would lead to near certain ejection from the euro. Mario Soares, who steered the country to democracy after the Salazar dictatorship, said all political forces should unite to 'bring down the government' and repudiate the austerity policies of the EU-IMF Troika. 'Portugal will never be able to pay its debts, however much it impoverishes itself. If you can’t pay, the only solution is not to pay. When Argentina was in crisis it didn’t pay. Did anything happen? No, nothing happened,' he told Antena 1." Continue reading →

Continue ReadingPortugal’s elder statesman calls for ‘Argentine-style’ default

Bill Bonner: Turning Argentine…

"'Are you kidding?' said an Argentine friend. 'Nobody wants to save pesos. You get them. You spend them.' 'I've seen this show before,' said another friend. 'I was here in Argentina in the 1980s, when we had inflation of 1,000% per month. And I was in Moscow when the Soviet Union fell apart. Inflation hit about 800% there in 1993. I see signs of a big takeoff in inflation again. Watch out.' But for well-to-do Argentines, the quality of life here must be among the highest in the world. There are dozens of restaurants within a five-minute walk. You can sit outside. The weather is nice. And prices are cheap, if you convert your money on the black market." Continue reading →

Continue ReadingBill Bonner: Turning Argentine…

Now It’s The Netherlands’s Turn

"The Netherlands, Berlin's most important ally in pushing for greater budgetary discipline in Europe, has fallen into an economic crisis itself. The once exemplary economy is suffering from huge debts and a burst real estate bubble, which has stalled growth and endangered jobs. No nation in the euro zone is as deeply in debt as the Netherlands, where banks have a total of about €650 billion in mortgage loans on their books ..." Continue reading →

Continue ReadingNow It’s The Netherlands’s Turn

Helmut Kohl: ‘I acted like a dictator to bring in the euro’

"The Kohl administration actually donated funds to French politicians to influence French domestic opinion. And now it turns out that Kohl himself confesses he 'acted like a dictator' to ensure that Germany adopted the euro. Kohl explains that he acted like a dictator because he believes a centralized Europe with a single currency is the greatest hope for a peaceful Europe. Of course, there are plenty of questions about Europe's last two wars. If it is true, as history books now allege, that Adolf Hitler and National Socialism received a good deal of funding from American and British industrialists, then it would seem the historical recipe is incorrect." Continue reading →

Continue ReadingHelmut Kohl: ‘I acted like a dictator to bring in the euro’

France’s President Hollande: Eradicate tax havens

"We think we can recognize a dominant social theme when we see one. This sudden emphasis on eradicating tax havens is a manufactured media firestorm, intended to go on and on until there are few places to hide money from increasingly demanding governments. Believe, if you wish, that taxes are a legitimate duty of citizens in the 21st century. This argument still begs the question of why, in an era of central banking, governments need to collect taxes. Banks can print as much as is necessary. And according to such wise men as Ben Bernanke, banks can also drain money if the economy is getting overheated. So why taxes?" Continue reading →

Continue ReadingFrance’s President Hollande: Eradicate tax havens

Hungary receives 422,000 applications under new citizenship-by-descent program

"According to the government website allampolgarsag.gov.hu, Hungarian authorities have received over 422,000 applications since January 2011, and more than 340,000 people have been granted citizenship. Under Hungary’s dual citizenship law, people who were Hungarian nationals before 1920 or between 1938 and 1945 or their descendants may apply for Hungarian citizenship under a fast-track procedure, if they speak Hungarian and if they do not pose a public safety or national security risk." Continue reading →

Continue ReadingHungary receives 422,000 applications under new citizenship-by-descent program

Americans in Canada can face complex tax situation

"About 1 million Canadian residents are 'U.S. persons' who are required by U.S. law to file U.S. tax returns as well as Canadian tax returns. The definition of a U.S. person includes those born in the U.S., children of American-born parents and green card holders. The problems are the punitive IRS penalties and criminal prosecution threats for failure to complete the many required annual information returns. For those who do not plan to return to live in the U.S., these extremely high penalties for not filing annual forms are encouraging U.S. persons in Canada to find out how to relinquish their U.S. citizenship." Continue reading →

Continue ReadingAmericans in Canada can face complex tax situation

Rules Aimed at Tax Evasion Abroad Trip Up Average Americans

"Many middle- and upper-middle-class Americans have found it more and more difficult to comply with requirements on reporting the existence and value of bank accounts overseas and to reconcile the taxes of different countries. At the same time, Americans from immigrant families who have bank accounts in their home countries that they may have overlooked are being swept up by the same laws used to ferret out millionaires and billionaires stashing money in secret Swiss accounts. The Internal Revenue Service has increased its examination of such accounts, lawyers said, with serious penalties for those who have not reported them." Continue reading →

Continue ReadingRules Aimed at Tax Evasion Abroad Trip Up Average Americans

Austria, Luxembourg to give up banking secrecy for foreigners

"Austria has initiated the abolition of banking secrecy for foreigners and will begin talks with the European Union (EU) over automatic information exchange, Austrian Chancellor Werner Faymann said Tuesday. Up to now Luxembourg and Austria have been the only two EU nations to refuse to disclose the identity of bank account holders from other EU countries. Luxembourg announced during the weekend its own intention to give up the practice for foreigners. Faymann added that the practice of tax avoiding through falsifying tax liabilities had to be stopped." Continue reading →

Continue ReadingAustria, Luxembourg to give up banking secrecy for foreigners

Spain opposes extradition of Swiss bank data thief

"Swiss authorities want Hervé Falciani, a French-Italian citizen arrested in Barcelona in July 2012 and then granted conditional release, sent back to Switzerland to face charges of breaching banking secrecy. The files, which were subsequently relayed by French investigators to their counterparts in the United States, Spain, Italy and several other European Union countries, led to a raft of prosecutions. He told the court he obtained the files from colleagues and said the information was so abundant that 'if printed, it would fill an entire freight train.' Falciani said he informed Swiss authorities in 2008 but they refused to let him make an anonymous complaint." Continue reading →

Continue ReadingSpain opposes extradition of Swiss bank data thief