Bandit Gang Writ Large

Banks Fear Court Ruling in Argentina Bond Debt

"A fierce battle between the government of Argentina and investors led by a group of hedge funds has already led to the seizure of a naval ship and dragged in the United States Treasury. Now a federal appeals court is hearing the dispute, and how it rules could have a major impact on world debt markets. The investors — including the hedge fund tycoon Paul E. Singer — sued Argentina seeking payment for $1.3 billion relating to bonds that the country defaulted on in 2001. On Wednesday, the case comes before the United States Court of Appeals for the Second Circuit, which has already sided with the hedge funds on their main arguments." Continue reading →

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Italian Business Taxpayers Feel ‘Persecuted’

"A nationwide poll of 2,500 businesses by Confedercontribuenti, an association of Italian taxpayers, has found that they are being harassed in their dealings with the country’s complex tax system, which is viewed as extremely complex and persecutory. On average, each company receives about 29 annual alerts regarding its obligations tothe system’s various tax authorities and collectors. Above all, it is calculated that it takes each business an average of about 250 hours per year to resolve the issues raised by the total of 13 different institutions responsible for the Italian tax and social security system." Continue reading →

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Australian Gov Now to Seize People’s Live Bank Accts – If ‘Inactive’

"The government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues. Households face losing up to $109 million from their family savings as the Federal government moves to seize cash from inactive bank accounts. After legislation was rushed through parliament, the government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues ... The law is forecast to raise $109 million this year as inactive accounts for three years or more are raided by Treasury. The money can be reclaimed from ASIC but the process can take months." Continue reading →

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America – Land of the Free?

"A major and fallacious official justification for attacks on financial privacy and on tax havens has been the lie that the war on drugs could be won if we all surrendered our privacy. Over $5 billion in cash and private property has been confiscated by police under forfeiture laws — and in 85% of the cases no charges were brought against the persons from which property was grabbed. In most cases, federal, state and local police kept the loot. In the United States, where illegal drug use is highest, a vast police-prison-government lobby has arisen. It devours about $80 billion a year in taxpayer funds, supposedly to combat drugs. What a costly hoax!" Continue reading →

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Homeland Security seizes pilot’s helicopter for flying on revoked license

"The federal government is confiscating William Stokely's helicopter as part of a plea deal reached earlier this month. Homeland Security agents arrested the Tulsa ad man and seasonal resident of Forest Highlands, an exclusive gated community south of Flagstaff, at the Flagstaff Airport last summer. His pilot's license had been revoked by the FAA for flying too close to homes in Flagstaff, according to court documents. A longtime pilot, he also apparently needed to provide the FAA with proof that he was medically cleared to have a license." Continue reading →

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Avoiding the Snowbirds’ IRS trap

"Their 'border binder' contains a detailed snapshot of their lives, tangible proof of who they are, where they live for most of the year, who they bank with, even their credit card statements. Like the other 70,000 members of the Canadian Snowbird Association, the Slacks would never leave home without it. Overkill? Not if you don’t want to be treated like a U.S. taxpayer. Snowbirds tagged as a 'substantial presence' can still dodge the bullet on U.S. taxes. But they will need to file 'Form 8840 Closer Connection Exception Statement for Aliens' with the IRS. Failure to file this form could result in hefty fines, even if no taxes were owed." Continue reading →

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FATCA: Probably the Worst Law Americans Don’t Know About

"Earlier this month, the Obama administration began preparing new legislation to force U.S. banks to disclose more information on foreign investors to those investors’ home governments. Could this because the IRS has only an empty hand to offer when it comes to reciprocity? However, the Obama administration has an uphill battle in convincing Congress to enact such coercive legislation. Many in Congress fear that foreign investors could pull trillions of dollars out of U.S. banks if the proposal becomes law. That could dramatically reduce foreign purchases of U.S. Treasury debt and crush the U.S. dollar. More blowback." Continue reading →

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The Shearing of the Sheeple

"If we use Sir Arthur's logic, when we have eliminated the impossible in this case, what we are left with, however improbable, is that the State's objective is indeed to achieve what it is achieving – denying the depositor his liberty, whilst implying that there is something inherently wrong with the purchase or sale of precious metals. But what is the benefit to the authorities in doing so? By treating those who buy and sell precious metals in the same way as drug lords are treated, it becomes easy to convince the general public that it was a good thing the metals investors were stopped from doing what they were doing. And that's the whole point." Continue reading →

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Privacy at Risk: Global Gold Storage Firms Get Rid of US Citizens

"Big gold depositories like Gold Money and Bullion Vault 'ALL use ViaMat as a primary secure storage provider.' As a result, ViaMat's decision will have an effect on the rest of the gold investing community, especially when it comes to US vendors. It is surely a good idea to work with a firm that does not have US exposure when storing gold, but there is a growing trend among regulatory democracies generally to insist that citizens constitute a state asset. Increasingly, US officials in particular are insisting that US laws and taxes are to be enforced everywhere in the world and are turning to foreign companies to generate compliance." Continue reading →

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Cost of Dropping Citizenship Keeps U.S. Earners From Exit

"The U.S. taxes citizens on their worldwide income even if they live in another country. This year, Congress raised the maximum tax rate to 39.6 percent from 35 percent. The increase is coupled with higher levies on capital gains and dividends for top earners of as much as 23.8 percent compared with 15 percent in 2012. States including California also have raised taxes on top earners. The U.S. government generally imposes an exit tax on high earners to discourage them from expatriating as a way of avoiding taxes. If parents move to another country and leave money upon death to their U.S. citizen children, levies similar to the estate tax apply." Continue reading →

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