Bankocracy

NSA’s Prism Could Cost Global IT Service Market $180 Billion

"James Staten, a Forrester analyst who follows IT services, argued in a blog post Wednesday that financial losses could prove substantially higher when other market segments are considered. In calculating his higher estimate, Mr. Staten said that in addition to the $35 billion estimated by the ITIF, vendors of hosting and outsourcing services – which offer many of the same services as cloud companies, but use different processes and revenue models — could suffer an additional $100 billion in lost business. Moreover, non-U.S. cloud service providers could lose $35 billion worth of business from international customers, as awareness grows of the surveillance activities of other governments." Continue reading →

Continue ReadingNSA’s Prism Could Cost Global IT Service Market $180 Billion

The Trick to Suppressing Revolution: Keeping Debt/Tax Serfdom Bearable

"In a way, a belief in the value, transparency, trust and reciprocity of the System is like a religious belief. The converts, the true believers, are the ones who work like crazy for the company or the service. And when the veil of illusion is tugged from their eyes, then the Believer does a reversal, and becomes a devout non-believer in the System. He or she drops out, moves to a lower position, or 'retires' to some lower level of employment. At what point do people choose to opt out of debt/tax-serfdom? What triggers their decision to renounce debt, go off the financial grid, and escape serfdom by fashioning a low-cost lifestyle in the cash economy?" Continue reading →

Continue ReadingThe Trick to Suppressing Revolution: Keeping Debt/Tax Serfdom Bearable

Global Cities of the Super-Rich

"The report also ranks the global cities that matter the most to these high-net-worth individuals, based on four categories: economic activity, political power, quality of life, and knowledge and influence. Overall, New York and London top this list as well, followed by Paris, Tokyo, Hong Kong, Singapore, Sydney, Washington, D.C., Toronto, and Zurich. This list is similar to my own ranking of the world's most economically powerful cities. The cities are also ranked on each category individually, and the table below (from the report) charts the leaders in each of the four categories." Continue reading →

Continue ReadingGlobal Cities of the Super-Rich

Luxembourg says No to new EU tax law

"Luxembourg, one of the EU's smallest but richest countries, has said No to a new law against tax evasion. The European Commission has been trying to update its anti-tax-fraud legislation for the past eight years. Its 2005 law forces member states to automatically exchange information on EU nationals' deposits in other European Union countries. But it contains gaps on income received via investment funds, pensions, trusts and foundations. It also contains a big hole on Austria and Luxembourg. The two financial centres are exempt from automatic exchange until such time as five non-EU tax havens - Andorra, Liechtenstein, Monaco, San Marino and Switzerland - agree to it as well." Continue reading →

Continue ReadingLuxembourg says No to new EU tax law

Total U.S. Public Debt Now Eclipses GDP

"We previously warned of what can transpire when desperate governments are no longer able to shoulder unbearable debts. As one can see in the chart above, total public debt in the United States recently crossed the proverbial Rubicon and now equals 104.95% of GDP. As if this weren't alarming enough, the Fed's official figures – which were used to create the chart above – do not include the nation's swelling, yet politically untouchable unfunded liabilities, namely Medicare and Social Security. When these figures are plugged in to the equation, the US's public debt level skyrockets to astronomical heights." Continue reading →

Continue ReadingTotal U.S. Public Debt Now Eclipses GDP

Ten Reasons the U.S. Is No Longer the Land of the Free

"Since 9/11, we have created the very government the Framers feared: a government with sweeping and largely unchecked powers resting on the hope that they will be used wisely. The indefinite-detention provision in the defense authorization bill seemed to many civil libertarians like a betrayal by Obama. While the president had promised to veto the law over that provision, Levin, a sponsor of the bill, disclosed on the Senate floor that it was in fact the White House that approved the removal of any exception for citizens from indefinite detention. Dishonesty from politicians is nothing new for Americans. The real question is whether we are lying to ourselves when we call this country the land of the free." Continue reading →

Continue ReadingTen Reasons the U.S. Is No Longer the Land of the Free

Arrests in Vanuatu over dubious citizenship approvals

"Among those arrested are a former chairman of the Citizenship Commission and former MP, Jack Eric, and a former secretary of the Commission, Eloi Leye. Chief Inspector, George Toomey, has declined to give details but says those investigated include politicians, leaders and public servants. He says the suspects have been selling Vanuatu citizenship at a low price and ignored the law that requires ten years’ residence for a foreigner to become a citizen. Sources close to the citizenship office and police say it has became a tradition that a month before general elections, politicians collect applications forms from the citizenship office in order to receive sponsorship for their political campaign." Continue reading →

Continue ReadingArrests in Vanuatu over dubious citizenship approvals

South Korea Toughens Up Rules On Overseas Accounts

"In a bid to reduce the incidence of tax evasion, the National Tax Service (NTS) is to impose heavier fines on those South Korean residents who are found to hold substantial unexplained financial accounts in overseas jurisdictions. Beginning next year, South Koreans with overseas financial accounts worth more than KRW1bn (USD896,000) will be obligated to report the assets, and to explain the sources of the funds. Failure to do so will result in a 10 percent fine, which will be even greater if the source is found to be the result of tax evasion. The NTS's plans are included within the Government's new proposals to raise additional tax revenue for its welfare programs by improving tax compliance." Continue reading →

Continue ReadingSouth Korea Toughens Up Rules On Overseas Accounts

Banker Groups Sue Treasury, IRS Over Account Reporting Rule or (DATCA)

"Two banker groups sued the U.S. challenging rules that require financial institutions to report information on accounts held by nonresident aliens that may be shared with 72 foreign governments. The Texas Bankers Association and the Florida Bankers Association, in a lawsuit filed today against the Treasury Department and the Internal Revenue Service in federal court in Washington, said the rules are discouraging investment in the U.S. by nonresidents who fear their information may be shared with the governments of countries including Egypt, Pakistan and Venezuela." Continue reading →

Continue ReadingBanker Groups Sue Treasury, IRS Over Account Reporting Rule or (DATCA)