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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Friday, August 8, 2003 - Vol. 5 No. 94
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In This Issue:
* COMMENT: What Happened?
* OFFSHORE: Caymans KYC. Becker Taxes. Bermuda Work Permits.
Haveco's Demise. Jersey Optimism. Malta No Haven. Swiss Records Release. South Africa. Hong Kong.
* WEALTH: Terrorism in Asia. Belfast Fine. IRS Faulted. Westpac Buys NZ.
China Currency.
* PRIVACY & RIGHTS: Matrix Project a Threat. Patriot Act Lawsuits.
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COMMENT:
Dear A-Letter Reader:
Harry Browne has twice been the Libertarian candidate for president of the United States, but the Sovereign Society is especially proud to have him serve as a member of our Council of Experts.
The wisdom of our pride is evidenced in a recent column he wrote he asked the relevant question: "What Happened to the U.S. Economy?"
Browne noted the continual comparative decline in the US which began in 1973. Browne asks: "What's so special about the year 1973? What happened then to cause the economy to slowdown?" And he answers: "Actually, nothing. It's simply that 1973 appear to be when the weight of government finally made a significant difference on the economy. Government spending and regulation reached the point that they were causing visible problems."
It's hard to realize today -- when we have a $2 trillion federal budget -- that in 1961 the US government spent less than $100 billion. But by 1971 the budget had more than doubled. And by 1975 it had more than tripled -- in just 14 years from 1961. Today the federal budget is twenty times the size it was forty years ago.
Browne notes the growth of government under Lyndon Johnson's War on Poverty, then under Nixon and even points out how the terror attacks of 9-11 once again have served as an excuse to increase the size of government and its spending.
But on a brighter note, Harry Browne recommends investments that have managed to survive and prosper during these periods of slow US growth.
Obviously, personal wealth management is the only solution to government, and offshore is one of the better venues for that activity.
That's the way that it looks from here.
Bob Bauman, Editor
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* What Happened to the U.S. Economy?
LINK: http://www.harrybrowne.org/articles/economicgrowth.htm
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* OFFSHORE *
CAYMANS SHUN MORE K.Y.C. REGULATIONS
GEORGE TOWN: Financial leaders urge no more costly
UK sponsored "know your customer" rules.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=12901
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GERMAN TAX COLLECTORS HARASS BECKER
Tennis ace Boris Becker's claim of residency in MONACO didn't fly.
But German tax collectors just wont let him alone.
LINKS: http://sify.com/sports/tennis/fullstory.php?id=13217201
http://www.thisislondon.co.uk/news/articles/6074891?source=Evening%20Standa
rd
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NEW BERMUDA GOVERNMENT EASES WORK PERMITS
HAMILTON: Scott government softens tone on work permit term limits.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=12882
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MORE ABOUT HAVENCO'S DEMISE
ENGLISH CHANNEL: Sealand is on the skids, company founder claims.
LINK: http://www.internet-magazine.com/news/view.asp?id=3608
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JERSEY OPTIMISM
ST. HELIER: Job and profit losses, but still smiling.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=12898
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MALTA SHUNS TAX HAVEN STATUS
Under EU pressures, Malta shaking off reputation as tax haven.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=12885
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SWISS COURT RELEASES BANK RECORDS
ZURICH: In spite of protests from Panama, British Virgin Islands.
LINK: http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=895360
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SOUTH AFRICAN DEVELOPMENT URGED
JOHANNESBURG: Tax breaks for post-apartheid planning. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&
c=StoryFT&cid=1059478725211
* Identity theft in South Africa a amjor problem.
LINK: http://www.mg.co.za/Content/l3.asp?ao=18443
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HONG KONG DEMOCRACY MOVEMENT ENCOURAGED
Why HK democrats need a sense of timing. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&
c=StoryFT&cid=1059478727873
* HK to sell renminbi-denominated shares. LINKS:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&
c=StoryFT&cid=1059478738851
http://www.thestandard.com.hk/thestandard/news_detail_frame.cfm?articleid=4
0883&intcatid=1
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* WEALTH *
TERRORISM MAY NOT HURT ASIAN INVESTMENTS
MANILA: Leaders doubt impact of bombings.
LINK: http://sg.biz.yahoo.com/030806/15/3d6d0.html
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BELFAST BANK FINED £1.25 MILLION
FSA fines Belfast bank £1.25mover money laundering lax controls. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&
c=StoryFT&cid=1059478779543
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IRS FAILED TO PURSUE TAX SCOFFLAWS
Report Cites I.R.S.'s Failure to Follow Up on Tax Cases.
LINK: http://www.nytimes.com/2003/08/06/business/06TAX.htm
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WESTPAC PLANS BUY OUT OF NEW ZEALAND BANK
MELBOURNE: National Bank of New Zealand is target. LINK:
http://www.thewest.com.au/20030806/business/tw-business-home-sto107800.html
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CHINA REJECTS FREE FLOAT CURRENCY
BEIJING: China rejects calls for free float ofrenminbi.
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&
c=StoryFT&cid=1059478727452
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* PRIVACY & RIGHTS *
FLORIDA 'MATRIX' PROJECT CAUSES PRIVACY CONCERNS
New database links records, personal details immediately of everyone.
LINK:
http://seattletimes.nwsource.com/html/nationworld/2001397355_matrix06.html
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PATRIOT ACT FACES NEW COURT CHALLENGES
More lawsuits against Ashcroft and his law. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A21540-2003Aug5.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor. * SUBSCRIBE FREE or send to a friend at
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