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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Friday, November 1, 2002 - Vol. 4 No. 114
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In This Issue:
* COMMENT: Fools Day?
* OFFSHORE: FATF Hypocrisy. Caymans Meet. Bush Says No. EU Super State. Swiss Talks. Moral Havens. Irish Penalty. Manx Property Fees. Russian Rules. Canada: tax havens, client privilege, citizenship, US travel.
* WEALTH: U.S. VAT? IRS Whining. Aussie Tax Billion. Hedge Funds Best. Disappearing Cash, Scam Artist. Saudi Gold Demand Up.
* PRIVACY & RIGHTS: USA Patriot Act Burdens Business.
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• COMMENT: Fools Day?
Dear A-Letter Reader:
The late, great sage of Oklahoma, Will Rogers habitually despaired of politicians. "Every time we turn one of them out," he said, "we get a worse one in his place." That from a man who truly was drafted as Oklahoma's favorite son candidate for president in 1932.
Roger's acidic commentary came back to me after reading a lengthy diatribe by a self-styled libertarian who thinks anyone who votes on election day is a fool. The author was proud of his record of not having voted in any US election for 34 years.
When I was a member of the U.S. House of Representatives from the Chesapeake Bay area of my home state of Maryland, I had a 99.9% voting record on both quorum calls and roll call votes, higher than almost all of the other 434 House members. One reason for my casting those thousands of votes was because I did not want to miss anything that might be slipped through in my absence. My few absences were caused by a road-clogging snow storm and my children's graduation from various schools.
The libertarian objection to voting is that it is wrong to participate in what some see as essentially a charade; that no matter who wins, oppressive government never really changes.
But I now live in the state of Florida, and as close as it was, for all I know, I was the one who elected George W. Bush president in 2000. Myself and 300 others. And don't tell me there was no real choice between Clinton and Bush, (though not as much as one would like).
My fellow Marylander, the late H.L. Mencken, the Sage of Baltimore, was also a doubter abut 'democracy, or, more precisely, the unrestrained populism to which democracy can lead. Such nonsense as alcohol prohibition and the teaching of evolution were, for him, a consequence of paying excessive regard to the ignorant opinions of the common man.' (So says the Economist magazine's latest issue).
All of which goes to say that I hope those of you among our American readers will indeed exercise your democratic right to vote next Tuesday. 'Early and often,' as the traditional jest goes. As they also used to say: 'Every vote counts.' But here in Florida we never quite know what to expect on election day (and the days that follow).
In Baltimore, a blue collar harbor town, the story is still told that H.L. Mencken once read his own obituary in the files of the Sun newspaper, and didn't change a word, except to add a final sentence: 'As he got older, he got worse.'
That might be true of America too, but you can help reverse the trend.
That's the way that it looks from here.
Faithfully yours, Bob Bauman, Editor
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* OFFSHORE *
F.A.T.F. DOUBLE STANDARD HYPOCRISY
PARIS: OECD's Financial Action Task Force blacklists offshore havens, but winks at lax enforcement in OECD nations, including the USA.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=9854
http://www.economist.com/research/backgrounders/displayback
grounder.cfm?bg=662976
* OECD meets in CAYMAN ISLANDS; 'level playing field' at issue.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9848
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WHITE HOUSE CONFIRMS 'NO' TO E.U. TAX DIRECTIVE
Pres. Bush flatly opposes EU information sharing plan.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9843
* Not-so-super superstate EU: a bad thing gets bigger.
LINK: http://cei.org/gencon/019,03270.cfm
* EU and SWISS meet once again to talk information exchange.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9857
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THE MORAL CASE IN FAVOR OF TAX HAVENS
HAMILTON: An offshore veteran, a time long resident of BERMUDA,
makes the case. LINK: http://www.lewrockwell.com/orig2/stewart2.html
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U.K. HITS IRISH SUBSIDIARIES WITH PENALTY TAX
LONDON: British Labour will double tax UK companies' Irish profits.
LINK: http://www.online.ie/business/latest/viewer.adp?article=1870566
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MANX TAXES ON FOREIGN OWNERS PROPOSED
DOUGLAS, Isle of Man: Annual license fees suggested. LINK:
http://www.iomonline.co.im/Businessnewsstory.asp?storyid=16851
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NEW RUSSIAN LAW IMPOSES FINANCIAL CONTROLS
MOSCOW: Draconian powers over bank accounts, financial activity.
LINK: http://english.pravda.ru/main/2002/10/31/38940.html
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NEWS FROM CANADA:
* Taxpayers seek provincial tax havens to cut income taxes. LINK:
http://www.nationalpost.com/financialpost/story.html?id={77304C86
-AFD4-4362-977D-AC886A13ABA9}
* Attorney-client privilege safe pending BC high court decision.
LINK: http://www.lwk.co.uk/ViewItem.asp?id=11548
* New citizenship law makes changes in oath, procedures. LINK:
http://www.thestar.com/NASApp/cs/ContentServer?GXHC_gx_session
_id_=48ae930b0482767a&pagename=thestar/Layout/Article_PrintF
riendly&c=Article&cid=1035773852033
* Toronto warns travelers to US of race discrimination. LINK:
http://www.cbsnews.com/stories/2002/10/30/world/main527560.shtml
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* WEALTH *
U.S TREASURY CONSIDERS NATIONAL V.A.T.
End the income tax and replace it with a value added tax? LINKS:
http://www.washingtonpost.com/wp-dyn
/articles/A43402-2002Oct30.html
* Opinion: Be wary of the VAT tax option. LINK:
http://www.washtimes.com/commentary/20021030-88080500.htm
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I.R.S. STILL WHINING ABOUT MORE MONEY
Alleged fund shortages do not explain brutality, incompetence.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9849
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AUSTRALIAN TAX OFFICE CHASES ULTRA RICH
Over A$1 billion collected from 24 taxpayers. LINK (scroll down):
http://www.theaustralian.news.com.au/
common/story_page/0,5744,5400303%5E2702,00.html
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U.S. & OFFSHORE HEDGE FUNDS BEAT U.S. STOCK MARKET
Offshore hedge funds weathering US equity storm.
LINK: http://www.moneymanagement.com.au/articles/f8/0c011df8.asp
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$7 MILLION, OFFSHORE SCAM ARTIST BOTH DISAPPEAR
10,000 investors bilked by Colorado con man. LINK:
http://www.rockymountainnews.com/drmn/business/artic
le/0,1299,DRMN_4_1511372,00.html
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SAUDI GOLD BUYING SOARS
JEDDAH, Saudi Arabia: Flight to gold, Iraqi war fears drive demand.
LINK: http://www.arabnews.com/Article.asp?ID=19956
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* PRIVACY & RIGHTS *
U.S.A. PATRIOT ACT TAKES AIM AT BUSINESS
Rules, regs ensnare American business in financial spy business. LINK:
http://www.destinationcrm.com/articles/default.asp?ArticleID=2583
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
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