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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Tuesday, December 16, 2003 - Vol. 5 No. 148
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In This Issue:
* COMMENT: E.U. Unconstitutional.
* OFFSHORE: Blocher Complicates EU Deals; Gets Justice Post. Ireland Changes; Cash Offshore. Anglo Irish Booms. Hong Kong Up. RSA Amnesty Helped. Russian Revolution? Howard Dean Offshore.
* WEALTH: Critical Investors. Bad Management. Chinese Relax. Saddam's Cash. Prepaid Cash Cards. Popular Cape. Terror Diamonds.
* PRIVACY & RIGHTS: More FBI Powers. Unchecked Spying. A Terror Board? IRS Computer Mess Costs Millions.
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COMMENT: E.U. Unconstitutional.
Dear A-Letter Reader:
In a dramatic account of John Wilkes Booth's assassination of Abraham Lincoln at Ford's Theater in Washington on April 14, 1865, the actor was said to have exclaimed, after shooting the President and jumping to the stage: "Sic semper tyrannis." (That's Latin for "Thus always to tyrants.")
We could say the same about the capture of Iraq's Saddam Hussein, assuming he will get the fairness he cruelly denied to many thousands of his countrymen and to his nation for so many years.
But let's get away from the momentarily sensational and be a bit more practical.
Late last week European Union member nations failed to adopt a much debated constitution for the EU. Aside from the fact that this bureaucratic document failed to mention Europe's religious heritage or even God, it went down to defeat because of the smaller nations' fear of the voting power of the larger nations, especially Germany and France.
The defeat was largely at the hands of the smaller nations, many of them in eastern Europe and scheduled to join the EU next year. Poland and veteran EU member Spain teamed up to lead that bloc.
But what is more revealing about the leaders of the EU is their attitude towards competitive free enterprise, especially their hatred of offshore tax havens. As Cato's Veronica deRugy says: "The EU is really bothered by [tax havens] because they are such a strong competitors. Most EU countries are doing very poorly with high tax rates, high unemployment, slow economic growth, massive brain drain and capital flight."
One by one the new EU member nations, notably Malta and Cyprus, were forced to dismantle their offshore tax and privacy laws favoring foreign investors. The EU has made the same demands on the tax haven offshore territories of the the United Kingdom, resulting in possibly fatal threats to the economies of places such as the Cayman Islands and Bermuda.
The European Union was supposed to be a federation of nations bound together by the common principles of liberty and economic freedom. More and more it appears to be a supranational socialist cabal in which weaker members must surrender their rights and the leftist big boys rule.
Tyranny comes in many forms, including that of the majority. Perhaps the defeat of this so-called constitution will cause all EU members to wake up and consider where those idealistic plans went very wrong.
That's way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS:
* A victory for good sense. The Economist. LINK:
http://www.economist.com/agenda/displayStory.cfm?story_id=2295754
* European Union: no deal on constitution. NY Times. LINK:
http://www.nytimes.com/2003/12/14/international/europe/14EURO.html
* Spain and Poland may pay financial price. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1071251533458
* Offshore competition too ‘strong’ for the E.U.
LINK: http://www.bermudasun.bm/archives/2003-12-12/03Business04/
* What wrong with the EU savings tax directive?
LINK: http://www.freedomandprosperity.org/eu/eu.shtml
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* OFFSHORE *
NEWS FROM A MORE CONSERVATIVE SWITZERLAND:
* Blocher election complicates EU relations. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=111&sid=4538866
* Blocher election adds to existing cabinet divisions. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=111&sid=4538933
* Blocher named Swiss Minister of Justice. LINKS:
http://www.swissinfo.org/sen/Swissinfo.html?siteSect=111&sid=4548944
http://www.nzherald.co.nz/latestnewsstory.cfm?storyID=3539509&thesection=news&thesubsection=world
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A CHANGING IRELAND:
* Non-EU immigration has transformed a once homogenous nation.
LINK: http://msnbc.msn.com/id/3660204/
* Billions of Irish money still held in off-shore accounts. LINK:
http://breakingnews.iol.ie/news/story.asp?j=1883895&p=y8839yx
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ANGLO-IRISH BANK RAKES IN CASH
Massive new Irish cash inflows to Isle of Man banks. LINK:
http://www.businessworld.ie/livenews.htm?a=820901;s=rollingnews.htm
* Anglo Irish is one of the Sovereign Society's convenient offshore bank
account partners. Want to know how you can have one? Click here:
LINK: http://www.agora-inc.com/reports/SVS/WSVSCB14/
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GLOBAL RECOVERY FUELS HONG KONG GROWTH
Exports to rise 7% in 2004; US recovery helps Asia. LINK:
http://english.peopledaily.com.cn/200312/15/eng20031215_130468.shtml
* NAURU removed from FATF money laundering blacklist.
LINK: http://www.abc.net.au/news/newsitems/s1009329.htm
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DID OFFSHORE TAX AMNESTY HELP SOUTH AFRICA?
Opinion: Amnesty made RSA a better place to live. LINK:
http://www.sundaytimes.co.za/2003/12/14/business/money/money05.asp
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IS THE RUSSIAN OLIGARCHY A THING OF THE PAST?
The Yukos saga may be the end of an era. LINK:
http://www.russiajournal.com/news/cnews-article.shtml?nd=41363
* Tax on oligarchs could right wrongs in Russia. LINK:
http://www.taipeitimes.com/News/edit/archives/2003/12/13/2003079418
* Russian gold, hard currency reserves top US$70 billion.
LINK: http://www.themoscowtimes.com/stories/2003/12/15/047.html
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U.S. PREZ CANDIDATE DEAN BIG ON 'OFFSHORE'
Gov. Dean made Vermont an 'offshore' captive insurance haven. LINK:
http://www.boston.com/news/politics/president/dean/articles/2003/12/12/for_dean_captive_insurance_a_vt_boon?mode=PF
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* WEALTH *
U.S. INVESTORS CRITICAL OF BUSH POLICIES
60% give Bush fair-to-poor marks on economics. LINK:
http://triangle.bizjournals.com/triangle/stories/2003/12/08/daily59.html?jst=b_ln_hl
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INVESTORS HURT BY BAD MANAGEMENT
Investors may be paying price for bad management.
LINK: http://www.business.scotsman.com/index.cfm?id=1366302003
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CHINA TO RELAX EXCHANGE CONTROLS
SHANGHAI: Rigid controls hurting trade, economy. LINK:
http://www.ajc.com/business/content/business/ap/ap_story.html/Financial/AP.V5083.AP-China-Foreign-E.html
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WHERE IS SADDAM'S CASH?
$54 billion missing: US investigators search 50 countries. LINK:
http://www.smh.com.au/articles/2003/12/14/1071336820669.html
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PREPAID CASH CARDS REPLACE TRAVELLERS CHECKS
A new way to get cash when going offshore. LINK:
http://seattletimes.nwsource.com/html/travel/2001812521_cashcards14.html
* Yahoo starts offshore cash transfer system. LINK:
http://www.forbes.com/technology/newswire/2003/12/15/rtr1180850.html
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CAPE TOWN POPULAR WITH OFFSHORE INVESTORS
Germans want to invest $20m in commercial property in Cape. LINK:
http://www.businessreport.co.za/index.php?fSectionId=566&fArticleId=308824
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U.S. GOVERNMENT EYES DIAMONDS AS TERROR CASH
Could this be another step towards controlling financial activity?
LINK: http://www.tacyltd.com/Research_Materials_Full.asp?id=53087
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BRITISH LABOUR TO HIKE DEATH TAXES
LONDON: Home loans target of inheritance taxes. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1071251519109
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* PRIVACY & RIGHTS *
BUSH SIGNS LAW GIVING F.B.I. EXPANDED NEW POWERS
Financial records grabbed with no need for probable cause. LINK:
http://www.boston.com/news/nation/articles/2003/12/15/bush_signs_bill_extending_fbi_powers/
* Many FBI searches not subject to regular courts' oversight. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A60964-2003Dec12.html
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BUSH ASKED TO CREATE TERROR BOARD
Group wants panel to assess degree of lost liberties. LINK:
http://seattlepi.nwsource.com/national/apwashington_story.asp?category=1151&slug=Terror Commission
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I.R.S. COMPUTERS MESS
Computer systems overhaul turns into major mess; millions wasted.
LINK: http://www.nytimes.com/2003/12/11/business/11irs.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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