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11.20.01. Russian Ruminations. A-Letter
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, November 20, 2001 - Vol. 3 No. 91
In This Issue:
* COMMENT: Russia - Past as Prologue
* OFFSHORE: Anti-OECD War Continues. IRS Disastrous Regs. Court Hits Bahamas Trust. Swiss Tax Fraud Explained. Icelandic Miracle. US Leads in Dirty Cash. Tonga Treasury Tinkers. Becker Tennis Tax.
* WEALTH: Deflation Coming? Offshore Credit Cards Sued. Citibank Woos Asian Rich. Luxuries Still Sell. Mergers May Boost Gold Price. Caught in the Laundry Net. Forbe's Best of the Web.
* PRIVACY & CIVIL RIGHTS: Liberty Dying, Who Cares? The Pursuit of Happiness! ID Card Debates. Military Court Dangers.
COMMENT: Russia - Past as Prologue
by Bob Bauman, Editor
I have often commended to your reading articles concerning the Russian Republic, that tattered remnant of the late, unlamented Soviet Union. Geopolitics alone dictates that this largest of all nations (in area at least), must be taken seriously by those interested in the future. To understand Russia, from the Varangian warriors to the fall of the Romanovs and the Communists, is to grasp much of world history.
Many years ago I learned that importance in my Russian history class at the Georgetown University School of Foreign Service. (I got my undergraduate degree in foreign service, but the prospect of the State Dept. bureaucracy discouraged a diplomatic career, for which, all who know me will attest, I am ill-suited temperamentally. So I became a lawyer and politician instead).
For those of us interested in offshore financial freedom, the Russian transition from a monolithic, totalitarian economic relic to free wheeling but limited free enterprise offers some useful lessons. (Just how far the Soviet economy fell can be measured with a number: Russia's gross domestic product last year was about $300 billion, slightly more than that of the state of Michigan).
But an article in the New York Times on Sunday concluded there are "signs that Russia has reached, at long last...the status of a growing, politically stable and hopeful nation."
The Times notes: "One measure is the rate of capital flight, that is, the speed with which profits are spirited to offshore banks and other foreign havens rather than being put back into the economy. The less people trust the future, the faster money flees." Capital flight totaled $1.9 billion in July 2000. Last July capital was still leaving, but only at a rate of $700 million to $900 million. About $3.8 billion come back onshore in the last 12 months.
As we have said so often, the best reason to go offshore is to protect your assets from domestic threats. In the case of Russian investors, at last some "feel that if they have assets, they are not going to be taken away by the state...They have an incentive to develop that asset."
It would be ironic in the extreme if the restrictive new Bush "anti-terror" laws launch massive US cash flows offshore, just as ex-Communist Russia learns the important lessons of successful capitalism.
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WEB SOURCES:
* "At Last, Signs of Economic Revival in Russia"
LINK: http://www.nytimes.com/2001/11/18/international/europe/18RUSS.html
* "Russians go for for the gold"
LINK: http://www.ireland.com/newspaper/front/2001/1116/fro3.htm
* History of ancient Russia,
LINK: http://www.interknowledge.com/russia/rushis02.htm
* Official Russian Government Website,
LINK: http://www.gov.ru/index.html
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* OFFSHORE *
O.E.C.D. ANTI-TAX HAVEN THREAT CONTINUES
Last Friday we reported the OECD has again put off its phony sanctions deadline aimed at tax havens.
LINK: http://www.oecd.org/daf/ctpa
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The Heritage Foundation's Daniel MITCHELL explains why the OECD's deadline extension definitely does not mean anyone can relax.
LINK: http://www.freedomandprosperity.org/memos/m11-19-01/m11-19-01.shtml
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Sir Ronald SANDERS of BARBADOS, a leading Caribbean defender of offshore havens, doesn't think the high tax OECD has changed.
LINK: http://www.freedomandprosperity.org/Articles/cmc11-01-01/cmc11-01-01.shtml
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But the offshore haven nations still distrust the OECD.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=6318 ; http://www.tax-news.com/asp/story/story.asp?storyname=6299
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I.R.S. REGS COULD RUIN U.S. ECONOMY
Dan Mitchell exposes the real threat of IRS regulations that would drive foreign investors from America.
LINK: http://www.freedomandprosperity.org/Articles/ibd11-12-01/ibd11-12-01.shtml
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U.S. COURT ORDERS OFFSHORE TRUST TO PAY UP
A federal bankruptcy judge orders a Bahamas trust to repatriate funds.
LINK: http://orlando.bcentral.com/orlando/stories/2001/11/19/story6.html
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SWISS EXPLAIN TAX FRAUD POWERS
The top Swiss banker defends his nation against tax evasion charges, reaffirms bank and financial secrecy, pledges cooperation with US.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6313
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ICELAND MIRACLE CURE
REYKJAVIK. A 10-year turnaround brought domestic prosperity. Now Iceland plans a new offshore financial and privacy haven.
LINK: http://www.freedomandprosperity.org/Articles/wsje11-08-01/wsje11-08-01.shtml
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U.S. DIRTY CASH TASK FORCE QUESTIONED
Experts agree the new US dirty cash police task force is unlikely to succeed, except in destroying financial privacy.
LINK: http://www.businessweek.com/bwdaily/dnflash/nov2001/nf20011115_1679.htm
And the sanctimonious United States is estimated to be home
to 46% of all world banking and financial crimes.
LINK: Click Here
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TONGA'S TINKER TOY TREASURY
Dave BARRY exposes a little noted offshore scandal.
LINK: Click Here
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TAX HAVEN TENNIS ANYONE?
Tennis great Boris BECKER faces German tax evasion charges on 50m marks. Boris says he's lived in MONACO since 1985.
LINK: http://www.ananova.com/sport/tennis/story/sm_451917.html?menu=sport.tennis
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* WEALTH *
THE COMING DEFLATION?
US industry's recession is the longest since the Great Depression of the 1930s, and the new worry is deflation.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3WJ6FF4UC
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CARD COMPANIES SUED OVER OFFSHORE CHARGES
Major credit card companies are sued for rigging currency exchange rates to soak customers who have offshore card charges.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3BEWC13UC
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CITIBANK WOOS ASIAN WEALTHY
Special private banking in Asia earned $3 billion last year.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3X4DO57UC
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LUXURY GOODS KEEP ON SELLING
$80 billion annually is spent on luxury goods, and the beat goes on.
LINK: http://www.nytimes.com/2001/11/18/business/18INSI.html
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GOLD IN THOSE MERGERS
Experts suggest new corporate combinations of gold mining companies could result in a major upturn in the price of gold.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3VK15Y2UC
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CLEAN CAUGHT IN DIRTY CASH NET
LIMASSOL, Cyprus. A legitimate financial reporter is caught up by nervous world money laundering laws, US and otherwise.
LINK: http://www.themoscowtimes.com/stories/2001/11/19/009.html
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* FORBES 'BEST OF THE WEB'
Investing, travel, finances, all worth a look, Forbes magazine's updated "Best of the Web" site lists.
LINK: http://www.forbes.com/bow/b2c/main.jhtml
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* PRIVACY & CIVIL RIGHTS *
LIBERTY DIMINISHED, BUT FEW CARE
Across Europe, in the UK and the US the anti-terror excuse is used to give police vast new powers and destroy liberty. But does anyone care?
LINK: http://www.nytimes.com/2001/11/18/politics/18LIBE.html
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PURSUIT OF HAPPINESS?
Why does the United States elicit such extreme hatred in some parts of the world? Is it the American 'pursuit of happiness'?
LINK: http://www.forbes.com/asap/2001/1203/014.html
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RONALD REAGAN ON TERRORISM
Said he: "We must remember our heritage, who we are, what we are, and how this nation, this island of freedom, came into being."
LINK: http://www.forbes.com/asap/2001/1203/030.html
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U.S. NATIONAL I.D. CARD DEBATE
The anti-terror demand to "do something" fuels the idea of a national identification card for every US person.
LINK: http://www.newsbytes.com/news/01/172252.html
But US Rep. Ron PAUL (R-Tex) explains why this would be the ultimate insult to Americans and harm freedom and liberty.
LINK: http://www.lewrockwell.com/orig/paul5.html
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DANGER IN U.S. MILITARY COURTS
The military accuses, tries, convicts and no appeal allowed.
LINK: http://dailynews.yahoo.com/h/abc/20011119/pl/military_tribunals011115_1.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. E-mail to: info@sovereignsociety.com. * SUBSCRIBE FREE or send to a friend at LINK: http://www.sovereignsociety.com
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THE SOVEREIGN SOCIETY Ltd., 5 Catherine St., Waterford, Ireland. TEL: 353-51 844 068 FAX: 353-51 304 561. Copyright (C) 2001. All domestic & international rights reserved.
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