CLibertyC

Peter Schiff: Gold in the Crosshairs

"While the vast majority of economists see gold as the 'barbarous relic' described by Keynes, the sentiment has not stopped many central bankers from holding huge quantities as currency reserves. It is a curious phenomenon that the countries with the most daunting debt problems have the highest percentage of gold in their foreign exchange reserves. Many of these countries were formerly prosperous, and at various points in their histories had gold-backed currencies that required large reserves. These legacy assets now account for the bulk of their reserve wealth." Continue reading →

Continue ReadingPeter Schiff: Gold in the Crosshairs

Bill Bonner: Gold versus paper cash

"Maybe there really is a recovery...however weak. Maybe the feds really do have the situation under control. Maybe the central banks are right to print money. Maybe it will be clear sailing from now until Kingdom Come. And we'll be fools not to be on the boat along with all the other stockbuyers and gold-dumpers. One day, however...and we won't say 'when'...people will stop worrying about the quantity of the paper and begin worrying about the quality of it. They will find that they have plenty of paper...and that more is coming all the time. They will look in their vaults and wonder what they will do with all this paper money." Continue reading →

Continue ReadingBill Bonner: Gold versus paper cash

A surprising map of the countries that are most and least welcoming to foreigners

"Buried several hundred pages into a new World Economic Forum report on global tourism, past the sections on air travel infrastructure and physician density (by which they mean the number of physicians per capita, not the mass-per-cubic-meter of individual doctors), are some very interesting numbers. The WEF has compiled survey data from 140 countries estimating the attitude of each countries’ population toward foreign visitors. The results, mapped out above, seem significant beyond just tourism. The WEF gathered the data from late 2011 through late 2012 by asking respondents, 'How welcome are foreign visitors in your country?'" Continue reading →

Continue ReadingA surprising map of the countries that are most and least welcoming to foreigners

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