Bandit Gang Writ Large

Spain Issues Retroactive 0.03% Tax on Bank Deposits

"Spain will retroactively tax bank deposits to January 1, 2014 stating the move will boost growth and job creation. Guru Huky correctly labeled the tax for what it is 'More than a tax, this looks like a mini seizure of deposits. Someone likely needs a few million and to balance the books.' The notion that a tax increase will boost the economy is of course absurd. But don't worry, it's only 0.03%, nudge nudge, wink wink ... for now." Continue reading →

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Neofeudalism’s Tax Donkeys and the Battle for Control of Resources

"Those with access to the low-interest unlimited credit spigot of the Federal Reserve are free to snap up tens of thousands of houses and tens of thousands of acres of productive land, along with other rentier assets such as parking lots and meters, fossil fuels in the ground, and of course the engines of credit creation, the banks. Should a legitimate (as opposed to black market/cash business) small business manage to open its doors, it faces a blizzard of junk fees, permits and taxes that make its survival a dubious prospect. No wonder self-employment and small business are in structural decline." Continue reading →

Continue ReadingNeofeudalism’s Tax Donkeys and the Battle for Control of Resources

Tax Collectors Grow More Aggressive; Payers Caught in the Middle

"Her Majesty's Revenue & Customs doesn't have enough power, or so the British Parliament is told. HMRC wants to be both judge and jury when it comes to recalcitrant taxpayers. It wants to the ability to 'raid bank accounts' and to do so without a court warrant. What comes across clearly in both the IRS stance and in the requests by the HRMC is a certain level of arrogance that is magnified by modern communication facilities. The pushback against intrusive tax collection is growing, even as agency demands for more power and revenue are expanding as well." Continue reading →

Continue ReadingTax Collectors Grow More Aggressive; Payers Caught in the Middle

The World’s Biggest Ponzi Scheme Exposed

"The poor saps in this Ponzi scheme are on the hook for a whopping $222 TRILLION! Just like Charles Ponzi and Bernie Madoff, paying off promises with other people’s money is exactly how the United States Government operates. For decades, the US government has been racking up debt in your name and the names of your loved ones. Your personal stake in this Ponzi scheme is $714,000 and growing. Even newborn babies are immediately stuck with this bill! And it’s not like the United States Government is doing all of this for our own good. Ponzi and Madoff stole to live a life of luxury. What the American government is doing with your money is much, much worse…" Continue reading →

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Lebanon’s financial sector prepares to open books to Uncle Sam

"The Lebanese banking sector has been preparing for FATCA like the teacher’s pet not because it is a major advocate of reining in tax havens — Lebanese law explicitly allows companies set up with offshore tax status — or greater taxation transparency and new tax laws in the country. Rather, the sector is exceedingly wary of international regulators, specifically of falling foul of the US Treasury. This is due to Lebanon’s immense exposure to American leverage: some 70 percent of local deposits are held in US dollars; [..] no one wants a repeat of the 2011 Lebanese Canadian Bank fiasco, when the bank was accused by the US of money laundering and subsequently closed its doors." Continue reading →

Continue ReadingLebanon’s financial sector prepares to open books to Uncle Sam

77,000 Foreign Banks To Share Account Info With IRS

"Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans' assets overseas. Starting in March 2015, these financial institutions have agreed to supply the IRS with names, account numbers and balances for accounts controlled by U.S. taxpayers. The law requires American banks to withhold 30 percent of certain payments to foreign banks that don't participate in the program — a significant price for access to the world's largest economy. The withholding applies to stocks and bonds, including U.S. Treasurys. Some previously owned securities would be exempt from the withholding, but in general, previously owned stocks would not." Continue reading →

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The Strange Tale of Swiss Banking – And What It Means for You

"It is interesting that remaining private banks are switching from partnerships to corporations. Judicially enforced corporate personhood distorts markets and enables market behavior that would not otherwise be feasible or tolerated. What remains most puzzling is that this most powerful industry composed primarily of private Swiss banks allowed itself to be virtually ruined in a few years' time. The precedent has been set, however. One nation may indeed interfere judicially in the affairs of another and force compliance, part of a wider assertion of privilege by a US government that is attempting to turn banking systems around the world into part of the US tax collection effort." Continue reading →

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Bill Bonner: Why I Sued Washington 28 Years Ago

"When the Spanish conquered South America, their encomienda system of slavery typically required only 40 days of work from their victims. The French conquered Madagascar; they forced male Hovas between 16 and 60 to work 50 days a year. The US example is closer to that of Russia – where Emperor Paul I, in 1797, declared that three days a week was enough for serfs to give their lords and masters. That works out to nearly 150 days a year. A 50% tax rate – federal, state and local – is the equivalent of about 125 days of forced labor a year. Pretty steep. But that’s just the beginning. In our system of crony democracy, all the major industries have whips in their hands." Continue reading →

Continue ReadingBill Bonner: Why I Sued Washington 28 Years Ago

Capital Controls Rolling Into High Gear Under FATCA

"It isn't just affecting the most financially restricted people on Earth: US citizens... it is affecting everyone. Take myself, for example. I operate numerous businesses worldwide. I am a Canadian citizen as well as the citizen of a Caribbean country and our business operations are also operated out of a non-tax jurisdiction in the Caribbean. On top of that we hold no bank accounts, whatsoever, in the US... instead, we have bank accounts all over the world. Yet, in the last two months we have had our accounts or transactions frozen, denied or questioned in different jurisdictions at least ten times. And we have had countless other problems over the last two years." Continue reading →

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U.S. tax deal jeopardizes Canadians’ privacy

"Imperils the privacy of up to a million Canadians and creates a two-tier level of citizenship in this country, discriminating against citizens based on their ethnic origin. It could include so-called border babies, Canadians whose mothers gave birth across the border for medical reasons; Canadians who have returned after holding green cards for work in the U.S.; Canadian snowbirds who could be deemed 'U.S. persons' based on the length of their stay in the sun; and Canadians born to a U.S. parent who may have never set foot in the U.S. If you are a Canadian holding a joint account with a U.S.-born spouse, your financial information, too, could be headed to the files of the IRS — and perhaps beyond." Continue reading →

Continue ReadingU.S. tax deal jeopardizes Canadians’ privacy