Thursday, April 24, 2008

Expatriation ~ Americans Leaving Their Homeland

Why 400,000 Americans Are Saying "So Long" to the U.S. Part II
As I noted yesterday, we at the Sound Of Cannons often wrote that each year upwards of 400,000 U.S. citizens and resident aliens leave America to make a new home in some other nation. A large part of those migrating 400,000 are wealthy people who pay more than the lion's share of taxes in this country. That's why many leave - they're escaping this rising tax tyranny.Two years ago, I referred readers to Kevin Phillip's latest book, American Theocracy: The Peril and Politics of Religion, Oil and Borrowed Money in the 21st Century. In it, Phillips outlines how America transformed from a true democracy into an imperial power.Now, Phillips has a new book - only this time, he's covering the slow migration of wealthy Americans moving out of the United States for the same reason the first Americans moved here - to escape political tyranny.In his new book, Bad Money, Reckless Finance, Failed Politics and the Global Crisis of American Capitalism (Viking Press 2008), Phillips is writing about what one security analyst called "one of the slowest moving train wrecks" in history.Phillips gives an overview of the current debt debacle. He notes that the 1980s were the start of "three profligate decades." That's when expanding mortgage credit and financial instruments like collateralized debt obligations (CDO's) led to an orgy of leveraging and irresponsible speculation. Greenspan's Federal Reserve kept the bubble afloat with easy money, while federal regulators and credit and bond ratings agencies looked the other way.By 2007, total American indebtedness was three times the size of the gross domestic product. That actually surpasses the record set during the Great Depression. From 2001 to 2007 alone, domestic financial debt grew to US$14.5 trillion from US$8.5 trillion and home mortgage debt ballooned to almost US$10 trillion from US$4.9 trillion, an increase of 102%.Fortunately, there is a solution to this mess. With the dollar shrinking in value daily, with American freedoms and civil liberties curtailed more every year, with deficit government spending continuing unchecked, is it any wonder reasonable Americans are considering life elsewhere?We said this was coming 10 years ago. That's how The Sovereign Society came into being.We offer our members a detailed road (and trans-oceanic) map to profitable offshore investments and greater freedom offshore. We give you step-by-step guides for legal ways to protect your assets, lower taxes, and - yes - even how (and where) to move your residence and/or citizenship offshore - if that's what you want.Wherever real freedom can be found, that's where freedom lovers should be.

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