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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Friday, November 11, 2005 - Vol. 7 No. 228
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In This Issue:
* COMMENT: Exterminating Taxing Termites.
* OFFSHORE: Bush in Panama. Swiss Hit Chinese. Gibraltar Row.
* WEALTH: Private Banking Is All the Rage for the Rich.
* PRIVACY & RIGHTS: Tony Blair's Black Eye.
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COMMENT: Exterminating Taxing Termites.
Dear A-Letter Reader:
Your faithful editor/reporter may be in China at the moment, but the termites gnawing away at the foundations of freedom never cease.
Also out here in the Asian Pacific is my friend Dan Mitchell of the Heritage Foundation based in Washington, DC. This week Dan is speaking on the issue of international tax competition in Australia and New Zealand -- at the same time that the Organization for Economic Cooperation and Development (OECD) is holding another of its leftist propaganda fests favoring high taxes and opposing financial privacy.
The notoriously anti-tax haven OECD is controlled by countries such as France and Germany and pushes so-called "tax harmonization" policies that in fact mean uniformly high taxes for all nations. The OECD welfare states are desperate to stop flight of capital from their high tax countries to low tax countries.
The latest chapter in this battle takes place in Melbourne next week.The OECD is hosting a global forum so its bureaucrats can team up with tax collectors from OECD member countries, including Australia,trying to convince tax havens to act as deputy tax collectors for high tax nation.
Don't bet on that happening.
The OECD big government, big tax advocates are fighting against the tides of free market, low tax successes.
The Thatcher/Reagan personal income tax rate reductions proved that prosperity flows from lower taxes. There is also the stunning example of the Irish corporate tax rate reduction that turned an impoverished nation into the country with the second highest standard of living in all the EU. And now many nations in Eastern Europe, emulating the Irish example, are adopting the flat tax.
Dan writes: "It is hardly surprising that France and Germany want to thwart tax competition. Jobs and capital are leaving those countries and going to places such as Switzerland, Hong Kong,the United States, Ireland, the Cayman Islands and Singapore.High tax nations want to stop that flow, or at least retain the ability to tax flight capital - and the OECD is their vehicle."
We suspect that, once the thick-headed politicians understand the true economics of lower taxes, they'll either go along --or be replaced. By then the OECD will be just a bad memory.
That's the way it looks from here.
BOB BAUMAN, Editor
PS: Next Monday a new A-Letter will arrive in your in-box. The look and style will be a lot different. After almost nine years, we decided to get with the modern trend and jazz up our presentation.Our solid libertarian views will remain, but we'll have some new writers, new features, and a very new look. Look for the new A-Letter next Monday -- and let us know what you think. Bob
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COMMENT LINKS:
* Tax competition promotes good policy.
LINK: http://www.cis.org.au/exechigh/Eh2005/EH31505.htm
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* FROM THE EDITOR'S DESK:
OFFSHORE:
* BUSH IN PANAMA
PANAMA CITY: One of the main reasons prompting President Bush to visit Panama, he said, was to see the Panama Canal.Not only see it -- he got to operate its famous Miraflores Locks,an honor your editor had many years ago -- all that power at the flick of a switch! And Bush and Panama President Torrijos pledged undying cooperation between their nations - for now.
* Bush the Canal Operator.
LINK: http://217.145.4.56/ind/news.asp?newsitemid=24079
* Text of Bush-Torrijos press conference. LINK:
http://seattlepi.nwsource.com/national/1102AP_Bush_Text.html
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* SWISS HIT CHINA ON HUMAN RIGHTS
BERN: Foreign Minister Micheline Calmy-Rey has warned that while China's economy is booming, its respect for human rights still needs to be improved. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=106&sid=6231368&cKey
=1131704650000
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* ANOTHER GIBRALTAR CRISIS
Britain, Spain and Gibraltar are engulfed in a major row over Spanish charges about money laundering, drugs and fraud.The first shot was fired by the Spaniards and it has put in doubt the tripartite process negotiations. LINK:
http://www.panorama.gi/localnews/headlines.php?action=view_article&articl
e=350&offset=0
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* Bermuda bank shuts down phony US web site. LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20051110/NEWS/1
11100127
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WEALTH:
* PRIVATE BANKING BECOMES ALL THE RICH RAGE
Forbes magazine has an excellent, lengthy article describing how many US banks have discovered something the Sovereign Society has long known -- that there is a need for personal, private banking services for people of wealth. Read "Daddy Warbucks Banking."
LINK: http://www.forbes.com/forbes/2005/1128/147.html
* Want an offshore bank account? Join the Sovereign Society.
LINK: http://www.agora-inc.com/reports/SVS/ESVSFB07/
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PRIVACY & RIGHTS:
* BLAIR'S BLACK EYE
LONDON: PM Tony Blair suffers his first defeat in the House of Commons pushing arrest and jail without charges for suspect "terrorists." If only Bush would get the same on the PATRIOT Act -- and he may yet.
* UK: liberty versus security equals controversy. LINK:
http://www.economist.com/agenda/displaystory.cfm?story_id=5132931
* US Congress may curb some Patriot Act powers. LINK:
http://www.officer.com/article/article.jsp?siteSection=1&id=26858
* For more information on how you can avoid the threats that the PATRIOT Act poses to you, click here:
LINK: http://www.agora-inc.com/reports/190SPATY/E190FB15/
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte, Jr., Managing Editor.
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