THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Tuesday, May 3, 2005 - Vol. 7 No. 87
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In This Issue:
* COMMENT: Attack of the Global Robin Hoods.
* OFFSHORE: European Union Disunion. Jersey Ducks Are Dead.
* WEALTH: President Bush: Check Luxembourg. Bank Bureaucrats Bungle.
* PRIVACY & RIGHTS: Logic Penetrates U.S. State Department Brain.
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COMMENT: Attack of the Global Robin Hoods.
Dear A-Letter Reader:
Back before I was born, the late Huey Pierce Long of Louisiana had a fine time advocating his demagogic 'share the wealth' socialism, until an assassin shot him. The Kingfish wanted 'every man a king' and tried to be the Depression Era Robin Hood, robbing the rich and giving to the poor.
Now there's a modern day group of socialists calling themselves the 'Tax Justice Network,' (TJN) not to be confused with the Cartoon Network's Justice League. The TJN is based in England, where all good socialists come from, and they're caught in a time warp. These global do-gooders are socialist, in the Leninist sense; they're in that intermediate stage between capitalism, which they appear to hate, and communism, which even they must admit has failed miserably.
The TJN thesis, as laid forth in a new report full of funny numbers, is this: rich folks worldwide, they claim, have stashed $11.5 trillion of their assets in '70 mostly tiny nations.' (Apparently TJN doesn't know that many are British colonies). They say that stashing nearly a third of all the globe's assets in corrupt, secret tax havens, is the rich folks slick way to evade no less than $255 billion in tax revenues each year; and the US IRS alone 'probably loses $60 billion a year'.
That figure alone, TJN argues, is 12 times the amount needed to end all world poverty; all you need do is, as Huey the Kingfish used to preach, is redistribute the wealth. And to do that, they think the UN, that paragon of administrative virtue, is the best redistributive organ. (Kofi Annan & Son, where are you now?)
Not content to attack tax havens on their merits, the TJN falsely claims tax havens are hotbeds of corruption clogged with cash from drug dealers, Enron-like corporate thieves and terrorists.
William Woods, a member of the Sovereign Society Council of Experts and former head of the Bermuda Stock Exchange, accuses the TJN of major distortions. He's especially incensed at their charge that 'corrupt officials in poor nations, illegally siphon huge amounts of money into bank accounts and shell companies in the Cayman Islands, Bermuda, and Jersey.' Says Woods, who knows, 'What a load of rubbish. Tax havens have 'know your customer' rules that far exceed those of London and New York.'
Now the TJN is seeking a US beachhead in their war on wealth. They have recruited two US Senators to advance their loony cause. Sen. Carl Levin (D-Mich), who has made career out of recklessly attacking tax havens, has joined with freshman Sen. Norm Coleman (R-Minn) to sponsor the 'Tax Shelter and Tax Haven Reform Act.' It will allow the US Treasury to designate any tax haven as 'uncooperative' with IRS investigations, yet another version of the Financial Action Task Force's phony blacklists.
Tax Justice Network is in reality a collection of leftist no nothings who would destroy economic growth, financial privacy, civil society and individual liberty. Keep your eye on them -- and their US friends.
That's the way it looks from here.
Bob Bauman, Editor
PS: If you want a truthful picture of what tax havens really are and how they can protect your assets, click here:
LINK: http://www.agora-inc.com/reports/190STHOW/W190F500/