Bankocracy

Seminal Moments

"They were big, intimidating fellows all decked out in dark, navy blue uniforms and bomber jackets. Each had their pants legs stuffed into black, leather boots, trying to go for that snazzy, SS look. None had the 'have a nice day' smile on their faces either. Now, I'm not a small guy, standing over 6' 2". But these guys were gorillas. Even the one female looked tough as galvanized nails. They were absolutely there to intimidate. I was both angry and curious. I was angry since I knew it was my taxes that paid for them to act like Xanax-fueled chimps. But I was also curious to see if all the stories of nasty US patrol guards from my Internet readings were true. I can assure you the answer is a resounding 'yes.'" Continue reading →

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The negative value of US citizenship

"It’s much easier to travel the world on a US passport than it is on a passport from, say, Syria, or Bangladesh — but, that said, there are countries which really don’t like admitting Americans, and if you already have a passport from Canada, or the EU, then you’re going to find it just as easy to travel as you would if you had one from the US. A green card holder can leave the US at any time, give up her green card, and thenceforth never have to pay a cent in US taxes, or even file a US tax return, ever again. This is an option which would be valued extremely highly by many Americans. By becoming a US citizen you essentially give up that option, as the likes of Eduardo Saverin have learned to their cost." Continue reading →

Continue ReadingThe negative value of US citizenship

Swiss banks face hefty fines under US tax deal

"The deal offers individual Swiss banks the opportunity to avoid US prosecution if they agree to pay 'substantial fines', disclose all of their cross-border activities, provide details on the accounts of US citizens, and give information on the sources and destinations of transferred funds in relation to secret American accounts. Each bank will set its own non-prosecution agreement or deferred-prosecution agreement with the US authorities under those terms. The fines will be assessed at 20-50 percent of the aggregate value of any undeclared accounts held by Americans, depending on the time they accounts were open — before 2009 or since then." Continue reading →

Continue ReadingSwiss banks face hefty fines under US tax deal

Foreign Retirement Plans Seen Scrutinized in U.S. FATCA Effort

A U.S. tax crackdown is coming for foreign retirement plans. The U.S. has been pushing banks and individuals to report overseas assets, making it tougher to hide money abroad with new rules and penalties rolling out under the 2010 Foreign Account Tax Compliance Act, known as Fatca. The next wave of scrutiny will cover retirement accounts, Bloomberg BNA reported. “The retirement community has been a little slower to catch up,” said Russell E. Hall, a senior consultant at Towers Watson. Foreign retirement plans generally must agree to report their U.S. account holders to avoid a 30 percent withholding tax on U.S.-sourced interest, dividends and proceeds from the sale of securities beginning July 1. Global companies with programs overseas will need to catalog their funded retirement plans to figure out which ones may be exempt, Hall said. Continue reading →

Continue ReadingForeign Retirement Plans Seen Scrutinized in U.S. FATCA Effort

France adds Jersey, Bermuda to tax-haven blacklist

"France has added Jersey, Bermuda and the British Virgin Islands to its list of uncooperative tax havens. The entry gave no reason for the move. According to data compiled by the French government through to August 2011, Jersey and Bermuda had responded to all French requests for information. The British Virgin Islands had responded to 31 out of 41 requests. Tax has always been a sensitive issue for France, which has among the highest tax takes in the developed world, but President Francois Hollande has been under pressure to regain the initiative after the embarrassing resignation of his budget minister this year over a secret Swiss bank account." Continue reading →

Continue ReadingFrance adds Jersey, Bermuda to tax-haven blacklist

France backs action on Syria as U.S. seeks coalition

"French President Francois Hollande gave a boost Friday to US hopes of forging an international coalition for possible strikes against Syria after British lawmakers rejected any involvement in military action. The White House had signalled Thursday that President Barack Obama, guided by the 'best interests' of the United States, was ready to go it alone on Syria after deadly chemical weapons attacks last week. But Russia, the Syrian regime’s most powerful ally, warned any military strikes would 'deal a serious blow to the entire system of world order'. While Germany and Canada ruled out joining any military strikes, Hollande said the British vote would not affect his government’s stance." Continue reading →

Continue ReadingFrance backs action on Syria as U.S. seeks coalition

Dec. 20, 1983: Rumsfeld shakes hands with Saddam Hussein

"15 months after the massacre in Du'jail for which Saddam was eventually hanged in 2006, Reagan's Special Envoy to the Middle East, Donald Rumsfeld is in Iraq is shaking Saddam Hussein's hand and pledging our support in his war against Iran." Continue reading →

Continue ReadingDec. 20, 1983: Rumsfeld shakes hands with Saddam Hussein

And the Winner of Bush’s Iraq War Is . . . Iran!

"Why did they vote for the resolution in 2003? 'They had weapons of mass destruction.' Well, no, they didn’t. Then why continue to vote to fund it? 'Support our troops!' Right. Get them killed. Get their limbs shot off. Once a President sucks in Congress on backing an invasion — which is 100% of the time — Congress keeps funding the carnage until the next President quietly pulls them out. Always. Support our troops! Today, the USA has zero influence in Iraq. Iran runs the show from the shadows." Continue reading →

Continue ReadingAnd the Winner of Bush’s Iraq War Is . . . Iran!

Iraq post-war life overshadowed by crumbling infrastructure, corruption, poverty

"Despite Iraq being rich in natural resources and the US pouring money into its economy for over a decade, Iraqi infrastructure is constantly failing and the people are forced to beg. In spite of billions of dollars spent on reconstruction following the decade-long conflict, many neighborhoods lack sewerage systems and trash collection services. In some settlements, there are barely any streets. Water is also a big problem, locals pointed out. In the latest scandal, the country’s Electricity Ministry was involved in a $1.7 billion fraud case. In the Al Tajiat landfill, on the outskirts of Baghdad, people are actually forced to live – without any proper living conditions." Continue reading →

Continue ReadingIraq post-war life overshadowed by crumbling infrastructure, corruption, poverty

This Is What Winning Looks Like: My Afghanistan War Diary

"The US and British forces are preparing to leave Afghanistan for good (officially, by the end of 2014), and my time in the country over the last six years has convinced me that our legacy will be the exact opposite of what Allen posits—not a stable Afghanistan, but one at war with itself yet again. Here are a few encapsulated snapshots of what I’ve seen and what we’re leaving behind." Continue reading →

Continue ReadingThis Is What Winning Looks Like: My Afghanistan War Diary