THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Thursday, December 16, 2004 - Vol. 6 No. 242
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In This Issue:
* COMMENT: None So Blind.
* OFFSHORE: A Short History. U.S. Virgins in Tax Turmoil. Bermuda Helps Catch Major U.S. Fraudster.
* WEALTH: Crack Down on Accountant's Conflicts of Interest.
* PRIVACY & RIGHTS: PATRIOT Act's Destruction of Privacy.
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COMMENT: None So Blind.
Dear A-Letter Reader:
Is there something about this story I don't understand -- maybe you do? Years ago, when I studied under the Jesuits at Georgetown University, Rev. Fr. Bradley in his course, Logic I, taught us the basic syllogism used in proper deductive reasoning. He explained that a syllogism consists of a major premise, a minor premise, and a conclusion that logically follows. Thus; 1) All humans are mortal, (the major premise); 2) I am a human, (the minor premise); ERGO (therefore), 3) I am mortal, (the conclusion).
Now try this syllogism, George Bush-style:
1) The Presidential Medal of Freedom is the highest civilian award in the United States, designed to recognize individuals who have made "an especially meritorious contribution to the security or national interests of the United States, or to world peace, or to cultural or other significant public or private endeavors."
2) George John Tenet is the former US Director of Central Intelligence.
He resigned in June citing 'personal reasons' and left office in July just before the US Senate issued a report highly critical of the CIA and Tenet. During his tenure as CIA director (from July 1997) he presided over some of the greatest intelligence failures in US history; the 9-11 terror attacks in New York and Washington that killed thousands and probably could have been prevented. His CIA provided faulty information concerning supposed weapons of mass destruction (WMDs) in Iraq, a major justification used by Pres. Bush to go to war, resulting in the deaths of many thousands of Americans, Iraqis and others, not to mention billions in costs that still mount every hour and every day.
ERGO:
3) George Tenet is an individual who has made "an especially meritorious contribution to the security or national interests of the United States, or to world peace."
Pres. Bush lauded Tenet as someone whose leadership helped rebuild the CIA's capabilities (which are now having to be rebuilt all over again), win the war in Afghanistan (win?) and capture al-Qaeda terrorists (who?)-- and who was 'one of the first to recognize and address the threat to America from radical networks.'
In the Bible, 'blindness' is used as a metaphor to denote a lack of spiritual or intellectual understanding. Conversely, there is a pretended vision that sees things that do not exist. The classic case was recounted in 1837 by the Danish fairy tale teller, Hans Christian Andersen, who wrote 'The Emperor's New Clothes,' one of the oldest examples of the unreasoning power of political correctness. Although he can't see them, the emperor becomes convinced the magic clothes can be seen by all but those who are 'unfit for office or unpardonable stupid.' Not wishing to fall into either category, he fails to admit he can't see the clothes. Until an innocent small child, watching the emperor parade in public, asks his mother 'why the emperor has no clothes.'
Question: Who makes President Bush's clothes? And will someone please smuggle an innocent, observant small child into the White House! Quick!
That's the way that it looks from here.
BOB BAUMAN, Editor
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* COMMENT LINKS:
* Bush Awards Medal of Freedom to Three. LINK:
http://www.nytimes.com/aponline/national/AP-Bush-Medal-of-Freedom.html
http://www.whitehouse.gov/news/releases/2004/12/20041214-3.html
* The Presidential Medal of Freedom, origins.
LINK: http://en.wikipedia.org/wiki/Presidential_Medal_of_Freedom
* The Emperor's New Clothes. Hans Christian Andersen (1837)
LINK: http://hca.gilead.org.il/emperor.html
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* FROM THE EDITOR'S DESK:
* OFFSHORE *
* A SHORT HISTORY OF OFFSHORE TAX HAVENS
We all suffer, from time to time, from the "can't see the forest for the trees" syndrome. I write so much about offshore issues that I often forget that others don't have their heads crammed with the offshore "cotton, hay and rags" that clutter my brain. Now comes an HSBC official in Asia and gives us a short history of tax havens, and the attacks under which they have been forced to live -- and they do survive. For those who want a short course in recent offshore history, I recommend this as a good read.
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* AMERICA'S OWN TAX HAVEN IN TURMOIL
ST. JOHNS, U.S. Virgin Islands: A few weeks back the US Congress adopted a major 'jobs' and tax bill loaded with obscure provisions few knew about. One of these IRS-inspired sections seriously tightened up qualifying for major tax breaks granted to residents and businesses located here. The new law supposedly requires residency here 183 days every year, but the US has not defined exactly what that means. Now the islands may lose millions and businesses may pull out. Says one USVI tax official: 'If it is not clear by Dec. 31 exactly what the 183 days means, and there is not absolute clarity on the sourcing of income, the VI will be faced with an economic reality that is worse than any hurricane we've ever had.' Leave it to the IRS to show real concern for Americans they harm with their policies.
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* BERMUDA EXPOSES DENVER FRAUDSTER
HAMILTON: Co-operation between Bermuda and US authorities investigating a Denver fraudster resulted in his conviction in federal court this month on charges of luring an heir to the Coors brewing fortune and other wealthy people to invest more than $60 million in a scheme promising weekly returns of 75%. As we often say: "If it sounds too good to be true...."
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* WEALTH *
* U.S. AUDITORS FACE STIFF NEW RULES
WASHINGTON: Regulators have proposed new rules that would bar auditors from selling questionable tax strategies and preparing tax returns for top executives whose companies' accounting they review. The aim is to end conflicts of interest and clean up the profession. None too soon.
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* PRIVACY & RIGHTS *
* A CANADIAN VIEW OF THE PATRIOT ACT
One of our faithful readers has called to our attention an interesting document that reveals the impact of the USA PATRIOT Act on the privacy rights of Canadians. Interesting, because much of what it outlines already has happened to US persons -- and most of us don't seem to realize or care. This is a real eye opener for everyone concerned about the rape of privacy now being systematically conducted by the US government.
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* OFFSHORE LINKS *
* Short history of tax havens; Brave New World. LINK:
http://www.financeasia.com/articles/9316987F-9027-7E17-4B68112630A82004.cfm
* US Treasury's delay may impact USVI financial picture. LINK:
http://www.onepaper.com/stjohnvi/?v=d&i=&s=News:Local&p=1105679849
* USVI Government web page on tax planning.
LINK: http://www.usvi.net/usvi/tax.html
* US fraudster facing prison; Bermuda case led to charges. LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20041215/NEWS/112150076
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* WEALTH LINKS *
* New Rules for Auditors Proposed on Shelters. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A284-2004Dec14.html
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* PRIVACY & RIGHTS LINKS *
* From Canada: Privacy & the USA PATRIOT Act. LINK:
http://www.oipc.bc.ca/sector_public/usa_patriot_act/pdfs/report/privacy-final.pdf
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LINK: http://www.agora-inc.com/reports/SVS/WSVSECFF/
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte, Jr. Editorial Asst.
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