Monthly Archives: July 2014

The Biggest Opportunity for Americans to Reduce Their Taxes

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“Puerto Rico is different because it is actually part of the US, and it has a unique status because it’s not a state and it’s not a foreign country. It’s what is known as a commonwealth or a territory; and the way it’s set up—and the way it has existed for over 100 years—is that Puerto Rican residents are all US citizens, but they do not have to pay US federal taxes on their Puerto Rican-sourced income. They pay taxes on that income to the Puerto Rican government. And this arrangement allows for the Puerto Rican government to offer incentives to mainland Americans who move to Puerto Rico that pretty much no other jurisdiction can offer.”

http://www.internationalman.com/articles/the-biggest-opportunity-for-americans-to-reduce-their-taxes

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Macedonia Plans to Set up Tax Haven

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“Prime Minister Gruevski insisted the plan will not attract criminal money, but will boost employment.  ‘We aim to open an international financial zone on an area of 10 to 20 hectares where we will copy the financial laws from countries such as the United States, Britain or Germany, which will additionally boost its credibility,’ he said.  ‘The regulations will be taken from these top economies and companies that decide to move their HQs here will be offered additional tax and other benefits,’ he explained.  The government plans to give more details about the draft law soon after the constitutional changes are adopted by parliament, which should happen by mid-October.”

http://www.balkaninsight.com/en/article/macedonia-plans-becoming-tax-heaven

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BRICS establish $100bn bank and currency pool to cut out West

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“The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.  The new bank will provide money for infrastructure and development projects in BRICS countries, and unlike the IMF or World Bank, each nation has equal say, regardless of GDP size.  Each BRICS member is expected to put an equal share into establishing the startup capital of $50 billion with a goal to reach $100 billion. The BRICS bank will be headquartered in Shanghai.”

http://rt.com/business/173008-brics-bank-currency-pool/

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Bank of Cyprus Depositors Face New Blow With Share Sale

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“Less than a year after the conversion of almost half their deposits over 100,000 euros ($136,000) into equity, Bank of Cyprus Pcl shareholders face another potential blow as the lender’s management prepares to woo international investors for a stock sale. The lender was responding to an ultimatum this week by Central Bank Governor Chrystalla Georghadji to raise at least 1 billion euros in new capital by Aug. 8 before euro-area bank stress tests. Such a move was opposed by shareholders, many of them Russian, who are concerned their stakes will be diluted, according to a senior Bank of Cyprus official.  Bank of Cyprus’s liabilities toward euro-area central banks total almost 60% of GDP.”

http://www.bloomberg.com/news/2014-07-03/bailed-in-bank-of-cyprus-depositors-face-share-sale-blow.html

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Cyprus: 16 months of capital controls, banks still pitifully capitalized

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“It’s been over a year since the banking system in Cyprus officially went bust.  On Friday, March 15, 2013, practically everyone in the country went to bed thinking that everything was just fine.  Many had probably gone to the bank that very day to do business, or logged on to an Internet banking platform.  Yet the very next morning, they woke to a completely new reality: the nation’s banks were broke, and the government was in no position to rescue them.  All the promises they had been told about government guarantees and having a ‘well-regulated’, sound banking system turned out to be lies.”

http://www.sovereignman.com/finance/cyprus-despite-16-months-of-capital-controls-banks-still-pitifully-capitalized-14686/

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IMF pronounces Bulgaria’s banks safe, 2 weeks before bank run

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“Earlier this summer, IMF bureaucrats went to Sofia, Bulgaria to study the country’s economic progress.  And roughly a month ago, they released an official report which stated, among other things, that Bulgarian banks are ‘stable and liquid.’  Talk about epic timing. Because less than two weeks later, Bulgaria’s banking system was in the throes of a full-blown crisis.  There was a run on two of the nation’s largest banks—several hundred million dollars had been withdrawn in a matter of hours.  And the Bulgarian central bank had to step in and take over both of them or risk a collapse in the entire system.”

http://www.sovereignman.com/trends/genius-imf-pronounces-bulgarias-banks-safe-just-two-weeks-before-bank-run-14679/

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Econ 101 for Panama: New Price Controls Bring Rampant Shortages

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“During the last couple of weeks, Panama — with expected annual economic growth of 7 percent this year — has faced what hardline socialist nations such as Cuba and Venezuela experience every day: food shortages. As many experts warned, and only 15 days after newly elected President Juan Carlos Varela announced the price-control law, the empty shelves are everywhere.  On July 7, Varela’s administration selected 22 retail products from Panama’s basic food basket for the ‘Pocket First’ program. The implementation of price caps is supposed to save families up to US$58 per month, and ‘rectify speculation.’  The productive sector is already feeling the pain.”

http://panampost.com/marcela-estrada/2014/07/21/econ-101-for-panama-new-price-controls-bring-rampant-shortages/

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Police Shoot Man In Back, Paralyze Him Over Unpaid Parking Tickets

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“A man was shot Thursday morning in Lehigh County when a Pennsylvania State Constable tried to serve him with a warrant over unpaid parking tickets.  The constable told the District Attorney he felt his life was in danger as he tried to serve 38-year-old Kevin McCullers.  McCullers, who had 31 outstanding parking tickets, was shot as he tried to back out of his driveway along the 3400 block of Portland Drive in Whitehall Township around 7:30 a.m. Thursday. His girlfriend says McCullers was on his way to Dunkin’ Donuts and was surprised by the constable.  District Attorney Jim Martin said the shooting could have been avoided if McCullers had entered into a payment plan.”

http://www.nbcphiladelphia.com/news/local/Pa-Constable-Shoots-Fleeing-Suspect-267490701.html

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Bill Bonner: The Dumbest Investment Mistake You Can Make

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“There could be a 15-day cooling off period… which could be extended by the Fed, in the interest of market stability.  Economists don’t know what will work because no one can know what the future will bring. But we all know what won’t work: central financial planning. Likewise, investors can’t consistently choose good investments; because they don’t really know the future. All they can know is what isn’t true and, knowing that, avoid bad investments.  That’s why investing is often called a ‘loser’s game.’ You don’t win by choosing winning investments; you win by not losing. You don’t win by pretending to know what is true; you win by knowing what is false.”

http://www.bonnerandpartners.com/the-dumbest-investment-mistake-you-can-make/

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The Logical Conclusion of the Modern, Monetary Argument

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“One of the most terrible things about the globalization of finance, money and industry is that it homogenizes booms and busts. There is literally nowhere to go. As economic centralization continues, these cycles will only worsen. These days in the West – and certainly in Washington – Republicans are sure they can mandate a technocratic interest-rate rule that will restrain the Fed from doing inordinate damage to the economy. Ironically, Democrats argue for more flexibility and less government interference regarding money. This would be admirable from a free-market standpoint except that they are arguing on behalf of a MONOPOLY facility. As usual, both parties get it wrong.”

http://www.thedailybell.com/news-analysis/35494/The-Logical-Conclusion-of-the-Modern-Monetary-Argument/

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