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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Friday, August 16, 2002 - Vol. 4 No. 81
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In This Issue:
* COMMENT: Now More Than Ever!
* OFFSHORE: 53 Arrested in Bahamas-Bermuda-US Sting. Bermuda View.
What's the OECD? Germans Argue. Malta Mad. Jersey Slips. Guernsey Suspicious. Manx Banks. Pacific Meets. Costa Rican Rules.
* WEALTH: Gold Beckons, E-gold Grows. RSA Mines Confiscation. EU-US Trade War. Weak Euro. Offshore Tax Deferrals Curb? Bankruptcy.
* PRIVACY & RIGHTS: EU/US Court Battle. Secret Detentions Opposed.
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* COMMENT: Now More Than Ever!
Dateline: SAN FRANCISCO
Dear A-Letter Reader:
I am writing today from San Francisco where I am attending the Agora Wealth Symposium at The Palace Hotel. As I was checking in yesterday I realized that the last time I stayed at The Palace, a venerable old SF institution, was 40 years ago when I was a delegate to the 1963 Young Republican National convention.
A little history: it was at that '63 YR convention that, for the first time, a major arm of the Republican Party was taken over by militant young conservatives,who were the vanguard of what was to become the Goldwater-Reagan triumph within the GOP.
A year later I returned to San Francisco as a Maryland delegate for Barry Goldwater who we nominated for president, but lost decisively to Lyndon Johnson that fall. Out of that raucous 1964 campaign came the conservative cadre, including Reagan, who paved the way for America's move to the Right and away from stultifying New Deal liberalism.
Four decades ago I was imbued with a youthful idealism that made me fight the status quo of Big Brother government at home and appeasement of Communism abroad. That ardor for limited government and maximum individual freedom hasn't dimmed, but I must admit that, at the moment, the future does not look bright for these Americans' freedom.
But back then we were told that Communism was inevitable, that our 'right-wing' views were relics of a past age, that we were reactionary kids who wasting our time opposing the liberal juggernaut. The history of the 40 years since has proven us right. That the US government is, at the moment, veering from that freedom path, proves only that it is now more important than ever that every American take a stand in favor of freedom -- whether from terrorism, or from misguided efforts to defend against terrorism by destroying liberty.
That's the way that it looks from here.
BOB BAUMAN, Editor
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* OFFSHORE *
53 INDICTED IN U.S. UNDERCOVER OFFSHORE STING MIAMI.
Two year 'Operation Bermuda Short' accuses brokers, CPAs, executives in The Bahamas, Bermuda, Canada and the US.
LINKS:http://ap.tbo.com/ap/breaking/MGA2FDR9X4D.html
http://www.washingtonpost.com/wp-dyn/articles/A19911-2002Aug14.html
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THE VIEW FROM BERMUDA HAMILTON:
A local business professional explains why only the US is a loser because of Stanley Works withdrawal from Bermuda.
LINK:http://www.theroyalgazette.com/apps/pbcs.dll/article?Date=20020812
&Category=BUSINESS&ArtNo=108120008&Ref=AR
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WHAT IS THE O.E.C.D.?
LONDON: BBC tries to explain what the Organization for Economic Co-operation and Development is. (We have our own ideas).
LINK:http://news.bbc.co.uk/1/hi/business/92719.stm
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GERMAN LEADERS DISARRAY ON OFFSHORE TAX AMNESTY BERLIN:
On Monday Schroder proposed a tax amnesty for repatriated offshore funds. On Wednesday the plan is scrapped. LINKS:http://www.tax-news.com/asp/story/story.asp?storyname=9077http://www.handelsblatt.com/hbiwwwangebot/fn/relhbi/sfn/buildhbee/
cn/bp_artikel_e/docid/555180/strucid/PAGE_201098/pageid/
PAGE_201098/SH/0/depot/0/index.html
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MALTA MAY TELL E.U. TO STUFF IT
Maltese leaders accuses EU of insults and blackmail.
LINK:http://www.tax-news.com/asp/story/story.asp?storyname=9074
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JERSEY CONFIDENCE SLIPS ST. HELIER.
Having agreed with the OECD and about to sign with the US IRS, this Channel Island's business leaders do not see a bright future.
LINKS:http://www.tax-news.com/asp/story/story.asp?storyname=9083
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GUERNSEY INCREASES FINANCIAL POLICE REPORTS PETERS PORT.
30% more suspicious activity reports filed on this Channel Island in the last six months.
LINK:http://www.tax-news.com/asp/story/story.asp?storyname=9076
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MANX BANKS TAXED DOUGLAS, Isle of Man. Zero corporations tax will not apply to banks.
LINK:http://www.tax-news.com/asp/story/story.asp?storyname=9072
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PACIFIC ISLANDS FORUM MEETS FIJI.
16 nations will discuss money laundering, terrorism.
LINK:http://www.tax-news.com/asp/story/story.asp?storyname=9089
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COSTA RICAN RESIDENCY TIGHTER SAN JOSE:
New, stricter residency rules for foreigners begin Jan. 1, 2003.
LINK:http://www.tax-news.com/asp/story/story.asp?storyname=9073
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LINK:http://www.agora-inc.com/reports/190SGOPS/W190C840/
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* WEALTH *
GOLD BECKONS INVESTORS AGAIN
Recession, war threat; the worst brings out the best in the precious metal.
LINK:http://www.usatoday.com/money/markets/2002-08-14-gold_x.htm
* E-gold currency expanding worldwide; Baltic electronic gold arrives.
LINK:http://www.baltictimes.com/business.htm#1
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SOUTH AFRICAN MINE OWNERS FACE CONFISCATION PRETORIA:
Government plans to force black majority ownership of De Beers, AngloAmerican and all mining companies.
LINK:http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT
/FullStory&c=StoryFT&cid=1028185734816}
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EUROPEAN UNION PUSHES TRADE WAR WITH U.S.A. BRUSSELS:
EU, WTO trade sanctions could wreck havoc with trade.
LINK:http://www.tax-news.com/asp/story/story.asp?storyname=9084
* EU's weak euro slips against the dollar once again.
LINK:http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/
FullStory&c=StoryFT&cid=1028185762716
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U.S. SENATE MAY CURB OFFSHORE TAX DEFERRAL WASHINGTON.
Riding the anti-offshore political wave, senators want to outlaw deferring compensation in offshore trusts.
LINK (subscribers only):http://online.wsj.com/article/0,,SB1029355017866642915-search,00.html
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BANKRUPTCY LAWS EXPLAINED BBC
explains intricacies of legal debt avoidance.
LINK:http://news.bbc.co.uk/1/hi/business/1578896.stm
* And what is 'money laundering'?
LINK:http://news.bbc.co.uk/1/hi/business/1871437.stm
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* PRIVACY & RIGHTS *
WORLD CRIMINAL COURT BATTLE WASHINGTON:
Battle between EU and US over ICC escalates.
LINK:http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT
/FullStory&c=StoryFT&cid=1028185762976
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U.S. LAWYERS OPPOSE SECRET DETENTIONS
American Bar Assoc. condemns secret detentions of immigrants.
LINK:http://www.boston.com/dailyglobe2/226/nation/ABA_pushes_for_
details_on_US_secret_detentions .shtml
* US judge attacks government detention without counsel.
LINK:http://www.washingtonpost.com/wp-dyn/articles/A14862-2002Aug13.html
* Cato Report: Protecting Our Liberties While Fighting Terrorism.
LINK:http://www.cato.org/pubs/pas/pa-443es.html
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