Fugitive Tax-Slaves

Bitcoin trading illegal in Iceland according to Icelandic Central bank

"It is prohibited to engage in foreign exchange trading with the electronic currency Bitcoin, according to the Icelandic Foreign Exchange Act. A written response from the Central Bank of Iceland to Morgunblaðið states that the Foreign Exchange Act specifies general restrictions on foreign exchange trading and capital movements between countries. 'It does not appear that the provisions of the Act that exempt goods and services from the aforementioned restrictions can be applied to trading in Bitcoin or that other exemptions from restrictions of the Act apply to such transactions,' the Central Banks's response states." Continue reading →

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Real Reason for the US’s Global Tax Levy

"This amped-up regulatory regime is not about taxes. It's about control ... not just of Swiss banking facilities but ultimately of banks around the world, large and small. In fact, the top elites already run central banks around the world, so this merely adds another layer of control. And when it comes to running banks, the place where banks supposedly had the most freedom was Switzerland, so that region was attacked first – just to provide an object lesson. The elites do not care how many banks they 'kill' – especially smaller banks that can often prove troublesome. The modern State is more comfortable with a few large and concentrated facilities than myriad small ones." Continue reading →

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Is Bitcoin Becoming the Anti-Dollar?

"It's not impossible to attack Bitcoin, but the effort to do so isn't trivial. Plus, there are ten thousand bright, young, adaptive people working on the technology every day, and their numbers are rising. If these people adapt and cooperate, any attacks will have temporary effects. (Even a full shut-down of the Internet wouldn't stop it for long, but I'll leave that discussion for another time.) If the Chinese, and/or Indians, and/or Russians start using Bitcoin as a way around the dollar, the world will change, and quickly. And that's looking more and more likely. These are interesting times. Those who break their stasis – who act and adapt – will not only thrive, but will find adventure and satisfaction along the way." Continue reading →

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Foreign investors: Why US bank may close your account

"El Paso’s international trade traffic in 2011 was greater than the trade traffic passing through San Diego, Calif. and Nogales, Ariz. combined. With such cross-border economic activity it is only natural for foreign businesses to maintain U.S. bank accounts in El Paso. Unfortunately, many of these commercial accounts are being closed by U.S. banks. Why is this happening? The answer can be traced back to the bank formerly known as the Hong Kong Shanghai Banking Corporation and its violations of the 2001 Patriot Act – transgressions that a U.S. Senate subcommittee investigated and resulted in the assessment of a $1.9-billion penalty to HSBC in July." Continue reading →

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Overtaxed and over there

"'FATCA is strangling us economically,' says Genevieve Besser, an American who has lived in Germany for 25 years. Last year her youngest daughter, a dual citizen, had her local brokerage account closed by Deutsche Bank because her mother had signing authority over it. Americans are even being forced out of products that are not subject to FATCA reporting: some have been forced to pay off mortgage balances with Swiss banks, for instance. American banks and brokerages are growing frostier too. Some are closing the accounts of citizens who no longer have an American address because of FATCA." Continue reading →

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Lebanese banks tightening regulations in line with U.S. laws

"Lebanese banks Thursday assured the U.S. ambassador to Lebanon David Hale they were strengthening measures to combat all forms of money laundering, terrorist funding and tax evasion. 'We are preparing, in collaboration with our international audit firm, a manual on AML and FATCA policies and procedures,' Association of Banks in Lebanon President Francois Bassil told the ambassador. 'It will be available very soon to all operating banks in Lebanon,' he said, adding that this would allow for 'a standardized and harmonized implementation of the new U.S. regulations.'" Continue reading →

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Why Have So Many Americans Considered Expatriation?

"According to Rasmussen Reports, fully 9% of the U.S. population has considered 'expatriation.' A record number of Americans 'officially' expatriated in the second quarter of 2013—and the real number is probably much higher. The mainstream media says that U.S. citizens give up their citizenship only to avoid paying tax. The fact is, more than 7 million Americans now live abroad. Many of them can no longer hold bank accounts, qualify for a mortgage, or set up a tax-deferred account for retirement or their children's education. They don't leave solely because of taxes—they give up their native son and daughter status because they pretty much have to just to function outside this country." Continue reading →

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Caribbean and Central America Close Tax Loopholes

"In Panama, owners of bearer shares no longer have their anonymity ensured. In the Cayman Islands, tax information will soon be shared under the US Foreign Account Tax Compliance Act (FATCA). These are just two striking examples of how jurisdictions in Central America and the Caribbean are cracking down on tax cheats. For decades, Switzerland prided itself as a haven for the world’s most affluent, with strict provisions for privacy. But now the former advantages of isolation and non-compliance are becoming a liability due to the limitations they place on access to the global financial system." Continue reading →

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The FBAR Fundraiser and the Penalty Jackpot

"This reminds me of the treatment of Ms. Curran – an elderly widow – in Florida. You may remember her as the woman who paid – and may well have been coerced into a 21 million dollar FBAR penalty based on accounts she inherited from her late husband - I repeat accounts owned by her late husband. One blogger referred to this as a 'Penalty Jackpot for the IRS'. Yup, definitely a good return for a small amount of work. The facts in the Curran case are here. But, for those of you who think IRS Penalty Abuse is restricted to rich Homelanders you should take the time to read this submission to the Ways and Means Committee from this disabled 68 year old British born woman." Continue reading →

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Putin was wrong: The exceptionalism of the United States is alive and real

"Exceptional can also mean exceptionally bad in some or all respects. And here I would like to enumerate a points on which I can easily affirm the concept of American exceptionalism: The United States enjoys the highest obesity rate among 28 major nations. This is due in large part because of the government sponsored carbohydrate bubble. The United States has killed thousands of people through unmanned drones; the ratio of innocent to terrorists is perhaps 50 to 1. The United States is running the biggest budget deficit and borrows over 40 cents for every dollar it spends. It must borrow more money to be able to claim that it is not a banana republic. [..]" Continue reading →

Continue ReadingPutin was wrong: The exceptionalism of the United States is alive and real