And Now.....A Word From Offshore

Good stuff. Americans and "Boobus Americanus" are totally ignorant of all the doors being closed on them financially. I see it as an attempt to trap the American consumer so he has no choice but to embrace the Amero as his worthless US Dollars are used for toilet paper.


Demagogues Pander to Prejudices: But Here's the Real Story
The American Heritage New Dictionary of Cultural Literacy, 3rd Ed., defines the word "demagogue" as: "A politician who seeks to win and hold office by appeals to mass prejudice. Demagogues often use lies and distortion. (See Adolf Hitler and Joseph Stalin.)"
Since the newly Democrat-controlled U.S. Congress took office in January, I've commented on the anti-offshore antics of two legislative demagogues and their proposed bills, U.S. Senators Carl Levin (D-MI) -- S. 681 -- and Bryon Dorgan (D-ND) -- S. 396.
Levin's "Stop Tax Haven Abuse Act," would curtail Americans current freedom to invest and do business in 34 low-tax jurisdictions. Senator Dorgan's bill creates an even larger blacklist of 40 nations and territories, without any explanation of how these nations got on his blacklist or how they could get off.
Why do I call these proposals demagogic? First off, the bills and their objectives are not based in fact, but rather in the personal prejudices of the senators. Levin has used his official status to churn out a series of questionable Senate reports that make preposterous claims about tax havens. These questionable reports claim tax havens are used for massive tax evasion by Americans. His latest figures, without proof, claim that US$100 billion (yes, BILLION) is being lost by the IRS every year because of tax haven abuse. (Not even the IRS endorses that claim!)
Secondly, both senators falsely portray tax havens as being evil sinkholes filled with billions of hidden cash from illicit drugs and political corruption. When in reality, offshore financial havens now have far stricter anti-money laundering laws and enforcement than the scenes of most financial crimes -- New York and London.
The danger is that this loony legislation may wind up as part of a larger tax bill that a preoccupied President Bush might sign into law. Already the Democrat Congress has enacted a preliminary budget proposal that includes projected new revenue of US$14.827 billion. Budget committee chairman, Senator Kent Conrad (D-ND), seeks to hoodwink taxpayers by insisting that "...our modest additional revenues can be achieved by closing the tax gap, shutting down abusive tax shelters and addressing offshore tax havens - without raising taxes."
In other words, Levin's fictitious US$100 billion from offshore tax haven "reform" will be the phony cash cow for all sorts of spending. But that would require new restrictions and taxes on offshore financial activity by Americans.
My advice to prudent planners is to employ the many offshore options now available -- investments, currency deals, banking, and asset protection plans -- while you still can. How ironic, in the age of free trade and globalization, that demagogic politicians are trying to drag America back into the isolationist Dark Ages.