From the Publisher's Desk
January 2009
"Now more than ever before, the people are responsible for the
character of their Congress. If that body be ignorant, reckless and
corrupt, it is because the people tolerate ignorance, recklessness and
corruption."
- James A. Garfield, 20th US President (1831-1881)
Is today's Amerika the Amerika you grew up respecting years ago?
Another New Year is upon us. We trust 2009 will be far better
financially for all of us.
It's apparent from the main stream press that the tax authorities,
especially in the US, are doing everything in their power to wipe out
legal tax havens. The US has successfully coerced Switzerland and now
Liechtenstein to sign agreements to share information on banking
clients that will erode the principality's allure to rich Americans
trying to hide assets behind impenetrable bank-secrecy laws.
France is going after Monaco and Andorra, as they remain the only
havens without formal procedures for exchanging information with the
U.S. Internal Revenue Service, according to the Paris-based
Organization of Economic Cooperation and Development.
The U.S. Justice Department is investigating possible tax evasion by
as many as 17,000 American clients of UBS AG in neighboring
Switzerland. A Switzerland-based UBS executive was indicted last
month in Florida on a charge that he helped rich Americans evade
taxes, and a former UBS banker pleaded guilty in a related case
earlier this year.
In July, Zurich-based UBS said it would stop providing cross-border
banking services to American clients through units that aren't
licensed in the U.S.
One of the reasons behind this tax squeeze, which is sure to get much
worse, is that countries are desperate for additional tax revenue,
thanks to their part in creating the current financial debacle and the
clobbering all have suffered as a result. Then throw in the massive
cash bailouts to be handed out at YOUR expense and viola, huge tax
increasers are forthcoming. Happy New Year from the Terrocrats!
Of course if one has a second nationality (think passport,) and does not
live within the united States [correct spelling,] then you wouldn't have
to worry about such things as above. Now might be the time to acquire
a second nationality, or at the very least, a banking passport to
legally protect what's yours!
Remember the famous quote from anonymous: "If you play by their
rules, you're going to lose. Play by your own rules and you'll win!"
Happy New Year from PT Shamrock!
See you next issue
Shamrock
"The people never give up their liberties but under some delusion."
- Edmund Burke, 1784
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