"'He who goes a-borrowing, goes a-sorrowing'...quote from Ben Franklin.
Order from chaos…of which there is plenty!
NEW YORK (Reuters) - President Barack Obama chastised Wall Street firms on Tuesday for resisting tighter regulations of their industry and said they had not done enough to boost lending to small businesses…so why hasn’t he pumped up the small business administration to take the lead? Typical government lack of help to the small guy!
Recession Creates New Holiday Shopping Trends
PriceGrabber.com's annual Holiday Forecast Consumer Behavior
Report reveals that 53 percent of consumers polled are taking
coworkers off of their gift lists, and 36 percent anticipate
holiday spending of between $100 and $499.
Donate your old cell phone and make a difference!
Verizon Wireless collects phones to aid victims of domestic abuse via:
Send outdated phones to Secure the Call which converts phones to 9-11 only devices for needy families. www.SecuretheCall.org
Keep your children safe from scammers
Many of us order an annual credit report to check for errors. Now, you should order one for your children too as scammers can use their Social Security numbers to open fraudulent accounts. Go to: www.annualcreditreport.com
Cut your heating bill this winter by an average of 10%Hard to imagine that I’ll be living in a cold climate again (see below) but here are a few tips for cutting that bill.
--turn on your ceiling fan. Turn the rotor so blades run upward…hot air rises so this will circulate the heat down the walls.
--Seal the leaks in your home. Pay particular attention to windows and doors.
--Vacuum heating vents or heaters every few weeks – could save as much as $20 a month!
Fiat Currency: Using the Past to See into the FutureFiat Money -Toilet Paper Money
The history of fiat money, to put it kindly, has been one of failure. In fact, EVERY fiat currency since the Romans first began the practice in the first century has ended in devaluation and eventual collapse, of not only the currency, but of the economy that housed the fiat currency as well. Get the rest of the story: http://dailyreckoning.com/fiat-currency/
Government Officials Inclined To Cut Popular Programs First
In Attempt to Build Support for Tax Increases
It isn't on the national radar screen quite yet, but state and local government budgets across the country are falling apart after expanding to lofty levels during the recent "salad years" of sky-high tax revenues.
With meaningful cutbacks blocked by government union bosses and other political parasites, public-sector budgets are getting squeezed in the wake of failed businesses, job losses, and collapsing tax revenues.
But rather than cut useless bureaucrats and extravagant pensions, you may have noticed that government officials are more inclined in many states to punish the public with basic service cuts the populace really likes – hoping that doing so will lead to more political support for higher taxes. It’s happening here in AZ and in MI and other states. That means jails are emptied, criminal sentences shortened, police patrols pared back, parks closed, after-school programs axed, and corners cut on basic government services.
Even the pro-Obama Nelson A. Rockefeller Institute now admits state government tax revenues are sinking fast and are the worst seen in at least five decades, when such statistics first started being compiled. This is one of the biggest under-reported stories ever.
It is no wonder the October 20 edition of Wall Street Journal notes that one of the few private businesses with enough strength to "go public" recently is a gun maker enjoying a surge in buyers concerned about self-defense.
The Ultimate Estate Plan: How You Can Escape Taxes (and Possibly Tyranny) Forever
October 23, 2009 by Robert E. Bauman J.D.
Americans find it difficult, in a nation with constitutionally guaranteed civil rights, to imagine that our freedoms could one day be taken away by government.
Yet in my lifetime, and that of many others now living, that is what we witnessed in Germany, Poland and the occupied territories during World War II. There was at first a gradual, and then the total, erasure of civil and economic rights. By war’s end in 1945, millions had died. But millions more, those lucky enough to survive, were displaced refugees who lost everything—property, homes and family.
Yet, when this turmoil began in the 1930s, there were those who were smart enough to realize early on what was happening. These people planned accordingly and escaped with their lives and their fortunes. They got out before asset confiscation, currency controls and financial restrictions were clamped down in their home country.
I don’t mean to belittle the heroic sacrifices of those who lived and died in that era. Nor do I want to overstate the seriousness of the current situation in the U.S. But I believe sovereign individuals have to accept the fact that our rights and liberties now are under attack by our own government. Equally alarming is the perilous economic state of not only our government, but our country as well.
Why You Need a Plan in Place
Consider the facts: Between financial rescue missions and the economic stimulus program, government spending accounts for a bigger share of the nation’s economy—26 percent—than at any time since World War II. Facing a $2 trillion deficit in 2009, a $12 trillion national debt and a declining dollar, the president calls for more and bigger programs for healthcare and just about everything else.
Higher taxes, inflation and economic collapse seem all but inevitable.
Given this dangerous state of affairs, common sense dictates that you should have an escape plan in place for your family and your assets. If the worst comes to pass, you will be ready.
While it may seem like an extreme step, expatriation—the process of giving up one’s citizenship—might not just save your wealth. It may save your life.
And the process, while dramatic, is relatively straightforward.
Every year about 250,000 U.S. citizens and resident aliens leave America to make a new home in some other country. More than 5 million Americans now live abroad. Only a tiny fraction of these people give up their U.S. citizenship, and of those, most do so for non-tax reasons.
Step #1: Find a New Place to Call Home
One of the first steps toward expatriation and escaping U.S. taxation is finding a new home country that best suits you and your personal tastes.
If you have a genuine interest in living offshore it’s best to take a “test drive” of at least several months by living in your chosen country before you make a final decision. Be sure to pick a country with a “territorial tax system” that does not tax offshore income—only income earned—within the country.
Most countries will welcome you as residents, but on their own terms. Some countries, such as Switzerland and Austria, prefer wealthy entrepreneurs willing to invest and create jobs in exchange for special tax and residency deals.
Other countries, notably Panama, Uruguay and Belize, take a different approach. They have special laws to attract foreign retirees of more modest means to take up residence. They welcome you, not just with a lower cost of living, by also with real estate and import tax exemptions, discounts on many goods and services, tax-free offshore income, and quick approval of resident applications.
While these so-called “pensionado” programs in Panama and Belize require minimal guaranteed annual income from established pensions, neither program leads to eventual citizenship. However, many of their immigration programs do. Uruguay’s retiree program does grant eventual citizenship.
Step #2: Secure a Second Citizenship
A second major step on the road to expatriation is acquiring a second citizenship. Simply put, this means that you are legally a citizen of two countries at the same time, qualified as such under each nation’s law. The U.S. Supreme Court has affirmed Americans’ right to hold dual nationality, although some countries do not permit it.
Millions of American citizens potentially qualify for various reasons—ethnic heritage, religion, country of birth or where their spouse was born. While it’s impossible to know exactly how many Americans have acquired another passport, experts put the number of U.S. citizens who either have, or are entitled to have a second passport at more than 40 million.
Based on your ancestry (parents, grandparents), several countries encourage foreigners to apply for citizenship. The most notable are Ireland, Italy, Poland, and with some qualifications, the United Kingdom, Spain and Israel.
If you don’t qualify for a citizenship thanks to your bloodlines, economic citizenships are available. If you want a fast second passport, two countries, St. Kitts & Nevis and Dominica, sell quick “economic citizenship” but at very high prices. However, both programs are perfectly legitimate.
It’s also important to note that dual citizenship might result automatically for some people. This can occur, for example, when a child is born in a foreign country or if a U.S. citizen acquires foreign citizenship through marriage to a person from another nation. Often these types of automatic options are overlooked, so check to see if you qualify.
Keep in mind that you can’t end your U.S. citizenship without having a valid second passport. You cannot be a proverbial “man without a country.”
The final step to freedom is to go to a U.S. embassy or consulate and hand in your U.S. passport. You will also need to sign an official document stating that you are renouncing your rights to U.S. citizenship.
Ultimate Estate Plan
Expatriation is indeed “the ultimate estate plan” in the very real sense that it gives you the legal right to stop paying U.S. taxes forever. However, it is a major step that will separate you from family and friends and treat you as a foreigner when you travel to the U.S.
Expatriation works best for those who have substantial liquid assets that can be transferred to the low tax country of choice. This process requires professional assistance for coordination of assets planning, assessing tax consequences and acquiring a second nationality.
A drastic plan? You bet. But for the person who wants a permanent and legal way to stop paying U.S. taxes, expatriation is the only option—and it could be a lifesaver in a crisis.
For information on offshore residence and dual citizenship, see my new 7th edition of The Passport Book. It covers some of the best offshore jurisdictions for whatever needs you have.
A quick note on the passing of Soupy Sales…
As a kid I was on the Soupy Sales show (and Milky the Clown & others) and he was a lot of fun. All of us got paid at the end of the show by dipping our hands into a bowl filled with silver dollars. We could keep whatever we were able to grab – which wasn’t much. Those silver dollars are worth quite a bit now!
Due to the passing of my father, we’ll be moving back to MI in the coming weeks…so there may be a delay in postings. Once in MI, we’ll be working on our free How to Live Better on Less programs, which will probably begin in late Jan or Feb. Once final details have been worked out, dates and locations will be posted on our website.
Bruce “the Poor Man” Wachter der Freiheit-thanks to those who have downloaded our free report on Restoring Personal Freedom which is still available & you’ll find the link at our site.
Order from Chaos