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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Monday, October 17, 2005 - Vol. 7 No. 209
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In This Issue:
* COMMENT: For Whom The Refco Tolls...
* OFFSHORE: Bahamas Off Blacklist? Panama Gap Road No. Gibraltar Brawl.
* WEALTH: Unfree Enterprise. Devaluation Primer. Forbes Flat Tax Book.
* PRIVACY & RIGHTS: Paul Slams Bush Police State. U.K Secret ID Plans.
UN, EU Try for Internet Grab from U.S.
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COMMENT: For Whom The Refco Tolls...
Dear A-Letter Reader:
If there was any doubt in your mind as to whether you should have at
least SOME of your money invested overseas, the events of the last month
probably made a believer out of you.
FIRST, there was the 1-2 punch of Hurricanes Katrina and Rita, which
turned offshore oil rigs into so much scrap metal and decimated New
Orleans and surrounding areas. Beyond the human tragedy, the Port of
New Orleans pumps the life's blood of commerce into the heartland of
America. It will take months to get the port back up to speed. And the
carnage Katrina and Rita left in their wake in Energy Alley in the Gulf
of Mexico sent oil and gas prices sky-high.
SECOND, Fannie Mae is wobbling like a house of cards under the weight of
an $11 billion accounting error, derivatives questions and more. This
is the #1 source for America's home mortgage funding, financing more
than one in five home loans. Remember back when bank regulators and
lawmakers wondered aloud if a Fannie Mae meltdown could set off a chain
of catastrophic events throughout the US financial system? Those words
could come back to haunt us in the months ahead, because the US asset
bubble is looking more and more ready to pop.
THIRD, large futures broker Refco -- the largest source of customer
transaction volume on the Chicago Mercantile Exchange, which is in
turn the world's largest futures exchange -- went reeling into a
crisis amid charges that it's ousted chief executive owed the company $430
million in bad debts that he hid from investors. Refco is one of the
largest global clearing firms for derivatives. Could Refco be the straw
that breaks the back of the massive $272 trillion derivatives market?
Rumors have been flying for months that something is rotten in the
derivatives market. Last month, the Fed called a meeting for 14 leading
banks, and according to Bloomberg News, the topic of concern was that
the "industry is rife with trades lacking key paperwork." And now Refco
falls into a ditch? Holy moley!
These are three good reasons to be worried about the US economy. I
first told you about the crisis in US financials in the Sept. 26
A-Letter, Fannie Mae on Oct. 3, and I said both problems would be
bullish for gold. Since then, the Bank Index and Fannie Mae have gone
down, and gold has gone up, up and away.
So if you don't have some of your wealth offshore, consider making the
move. It's not just for protection - it's also for outperformance.
After all, the S&P 500 has churned its way to a 2% LOSS so far this
year. Meanwhile, Britain's stock market is up 10%...Australia is up 12%
...France is up 18% and Japan is up 22%. Even if you just pushed your
money over the border to Canada, that market is up more than 14% so far
this year.
The warning bells are tolling on the US economy. Maybe it will all work
out for the best. But I know where I want to be while we wait for the
next Big Bad Thing to come around the corner: gold and other precious
metals...energy, especially international energy...and global indices
that offer the best combinations of strong economies and currencies.
Yours for trading profits,
SEAN BRODRICK, Investment Director
The Sovereign Society Ltd.
E-mail: seanbrod@bellsouth.net
PS: It's not too late to buy gold. In fact, there are exciting new
ways to buy gold, including "gold you can fold." For alternatives in
gold, six hot gold picks and six forces poised to push gold prices to
$600 in 2006, read my Gold Report. To do that, click here:
LINK: https://www.agora-inc.com/secure/form1.cfm?pubcode=190SSFDG&pcode=W190FA21&alias=all
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COMMENT LINKS:
* A futures trading scandal in America. LINK:
http://www.economist.com/agenda/displaystory.cfm?story_id=5039643
* The fall of Refco is providing a test for Wall Street.
LINK: http://www.nytimes.com/2005/10/15/business/15refco.html
* Gold rush on world's largest market amid inflation worries. LINK:
http://www.financialexpress-bd.com/index3.asp?cnd=10/17/2005§ion_id=24&newsid=4080&spcl=no
* Why US stock markets are ailing while others are hale. LINK:
http://www.economist.com/displaystory.cfm?story_id=5025915
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* FROM THE EDITOR'S DESK:
OFFSHORE:
* BAHAMAS OFF F.A.T.F. BLACKLIST?
NASSAU: Bahamian authorities hope that the Financial Action Task Force
[FATF] soon will discontinue monitoring the country based on concerns
about money laundering within the financial services sector.
* Crucial FATF decision to come. LINK:
http://www.jonesbahamas.com/?c=45&a=5584&sid=2f4800d12386fe9c1c3ea919f8decca9
* Defending The Bahamian nation/ LINK:
http://www.jonesbahamas.com/?c=128&a=5492&sid=2f4800d12386fe9c1c3ea919f8decca9
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* PANAMA AGAINST LAST PAN-AMERICAN HIGHWAY LINK
PANAMA CITY: The government is resisting pressure to build a road
through the Darién Gap, a pristine wilderness between Panama City
and the Colombian border.
* Panama no to jungle highway due to eco, culture concern. LINK:
http://news.nationalgeographic.com/news/2005/10/1014_051014_darien_gap.html
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* GIBRALTAR-SPANISH BRAWL CONTINUES
The prime minister says Spain must get some concessions. The
opposition complains the Rock is under British colonial rule.
* "There has got to be concessions to Spain" says Caruana. LINK:
http://www.panorama.gi/localnews/headlines.php?action=view_article&article=265&offset=0
* Gibraltar is a nation under colonial rule, says Bossano. LINK:
http://www.panorama.gi/localnews/headlines.php?action=view_article&article=247&offset=0
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WEALTH:
* "FREE ENTERPRISE' ISN'T ALWAYS FREE
In a truly free market, businesses can't kill competition but they
can get their friends in politics to use force to stifle competition.
* Let the free market be free. LINK:
http://www.townhall.com/opinion/columns/JohnStossel/2005/10/12/170929.html
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* WHAT ABOUT CURRENCY DEVALUATION?
What does depreciation or devaluation of a currency mean? LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20051016/BUSINESS/110160098
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* FORBES FLAT TAX
Steve Forbes plan for reforming the IRS, replace it with a postcard,
is explained in his latest book "Flat Tax Revolution".
* Forbes' cure for the US tax code: kill it and start over. LINK:
http://quote.bloomberg.com/apps/news?pid=10000039&refer=columnist_baum&sid=aXuyS_kpULZo
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* Ohio police arrest woman for $1.00 in unpaid taxes.
LINK: http://www.nbc13.com/irresistible/5093711/detail.html
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PRIVACY & RIGHTS:
* U.S. REP. RON PAUL SLAMS BUSH POLICE STATE
WASHINGTON: Ron Paul, one of the few libertarian Members of the US
House, lays into fellow Texan Bush and his policies, predicting the
President is wrong in demanding a militarized police state USA.
* US Rep Ron Paul Slams Bush On Militarized Police State. LINK:
http://www.prisonplanet.com/articles/october2005/121005slamsbush.htm
* Ron Paul on the politicization of the US federal courts.
LINK: http://www.lewrockwell.com/paul/paul279.html
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* SECRET BRITISH I.D. CARD PLANS
LONDON: UK ID cards will be used to transform the relationship
between UK persons and institutions with the central government,
with personal data used for official use and control of people.
* Leak shows ID cards mark "a secret revolution" LINK:
http://www.politics.co.uk/press-releases/no2id-leak-shows-id-cards-mark-secret-revolution-$15066002.htm
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* UN, EU WANT TO GRAB INTERNET FROM U.S.
The US invented, built, manages and controls the Internet. Now the EU
and UN are demanding US surrender control to them. That'll be the day!
* US grip on the Internet challenged.
LINKS: http://www.atimes.com/atimes/Front_Page/GJ13Aa01.html
http://technology.guardian.co.uk/news/story/0,16559,1589967,00.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte, Jr. Editorial Asst.
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