Current Shamrock Missive

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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