Republican candidate for the U.S. Presidency Mitt Romney has received some flak for keeping some of his vast hoard of wealth in foreign accounts. Though I have a few problems with Mr. Romney, this isn’t one of them. Folks with savings and investments should diversify. Anyone with large amounts of money should consider diversifying beyond our borderlines.
And not just for “tax avoidance” reasons, either.
For one thing, as nice and generous as our politicians are, the U.S. isn’t exactly stable and business-friendly. That used to be the U.S. It may not be, any longer.
Take Peter Schiff’s new endeavor. The redoubtable Schiff, an investment expert perhaps best known for having predicted the 2008 mortgage crisis and the severity of the current recession, has started a gold bank, Euro Pacific Bank Ltd., which will back deposits with gold. The actual yellow stuff.
Its most interesting innovation will be its offer of a “gold debit card,” for use worldwide. Peter Wenzel calls this idea “awesome,” but then notes the downside:
U.S. security laws have become so intrusive, burdensome, and expensive to comply with, that it made it difficult for Schiff to offer the services in the U.S. So, Schiff opened his bank offshore, in St. Vincent and the Grenadines. It operates outside the jurisdiction of U.S. security regulations, and does not accept accounts from American citizens or residents.
America’s place in the world is changing. And not for the better.
This is Common Sense. I’m Paul Jacob.
5 replies on “Banker Away”
…. America’s place in the world is changing. And not for the better ….
America’s place in the world has been steadily and deliberately eroded for decades. And particularly so since the days of the so-richly Soviet-agent-larded “administration” of the traitor, Roosevelt.
And never more efficaciously so than by several generations of the basta*d offspring of the Soviet agents, Alger Hiss et al that has long and still comprises the Foggy Bottom brahmanas that has as long and as still better served our nation’s every enemy than it ever has a Republican Administration!
Having deposits in a foreign bank does not hide the assets from the IRS or absolve the US citizen from paying US taxes. We are one of the few countries in the world that require citizens to pay taxes here on earnings that they earned elsewhere and paid taxes on elsewhere.
And if Romney HAD done anything the slightest bit untoward, by now Presbo would have found it with all of the micro-examination that he has had the IRS doing of every shred of paper that Romney has every filed with anybody in the US. And Presbo would have been having it leaked and trumpeted to the world daily for months from the headlines of the lib-prog media and hashed into bits from every liberal pundit in the country.
That this HASN’t happened means that there has been absolutely zero to find from the Boy Scout that presumes to aspire to the presidency. Which means that Presbo will have to invent something and release it late so that there will not be time to refute it.
Jaded. Just a little.
http://delendam.wordpress.com
For some reason this post was, to me, one of the most discouraging. These are facts I have known for 50 years, but I can hope that your succinct analysis will impact those who read it and “suddenly” they will realize what a danger point we have reached. I am rather jaded too. Having a difficult time with optimism.
Vincent from Euro Pacific Bank here. Any questions can be directed to me at vincent.le@europacbank.com
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