Current Shamrock Missive

From the Publisher's Desk
October 9th 2004

"The repressive tax laws and an epidemic of potentially ruinous litigation mean that legislation no longer has the support of the overwhelming majority which is necessary for a free nation to function."
Denis A. Kleinfield, attorney

A Voice From The Past Speaks Out

In the hay-days of the PT movement [1985-1992] there was an attorney, Denis A. Kleinfield, who was on the speaking tour of most PT events including the famous ones put on by the now defunct Scope International out of England. We came across Denis giving his views on international topics of interest to PT's and other international thinking people. Here's what he had to say:

"Americans are voting with their feet, searching for havens anywhere in the world where they will be free from the tax snoops tentacles that delve into every area of society in the USA. I recall the feeling of extraordinary fright I experienced after attending a top-level conference on money laundering, offshore investments and international financial crimes. Speakers included officials from the US Treasury, the Federal Reserve, the US Attorney's Office, plus special guests from Scotland Yard.

I concluded after this conference that repressive tax laws and an epidemic of potentially ruinous litigation mean that legislation no longer has the support of the overwhelming majority which is necessary for a free nation to function. Add to this factor an increase in violence and drug abuse, plus a permanent underclass of people who feel excluded from the rich society portrayed on television, and you have a time bomb ticking away which if unchecked will lead to a nightmare collapse of the American social fabric.

Instead of taking decisive action to eliminate poverty and drug dependence at source, successive US governments have imposed anti-money-laundering laws - supposedly to target drug traffickers, which take away the basic rights and freedoms of ordinary citizens. These include the right to banking secrecy and the freedom of a citizen to transfer legitimately earned money to the bank account of his or her choice, anywhere in the world, without having to justify the transaction to some faceless bureaucrat.

Banks must by law act as unpaid agents of a government which spies on its own citizens. Meanwhile the narcotics business is thriving, and the vast majority of drug barons find other ways to transfer their cash without it ever touching US banks. The only people normally caught in the net are ordinary citizens, who are now considered guilty of money laundering if unable to justify innocent day-to-day transactions. Financial institutions are obliged to input vast amounts of confidential, personal information about their clients into databases, so that the computer can throw out any suspicious pattern, to be handed over to tax grabbers
and public prosecutors.

The Wall Street Journal reports people of all ages have abandoned their free spending ways of the 1980s in favour of frugality - and of the stock market. This is a sign that millions of Americans are fearful of what the future will bring, and are attempting to provide themselves with an economic safety net."

Denis Kleinfeld sees a "a curious paradox" -- while non Americans pay to be smuggled in freighters or just come as tourists in the land of "economic freedom" and stay, any US resident with significant assets should and are transferring as much as possible safely out of the reach of the tax police, while this option is still available. A financial crisis in the USA could result in the overnight imposition of regulations making any unauthorized transfer of funds out of the country a criminal offence.

See you next issue.

Shamrock

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