Tag Archives: Middle Class Dismissed

Western banking regulations could be ‘mutually destructive’: IMF

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“Western governments have put in place banking regulations that could be ‘mutually destructive’ and undermine efforts to prevent bust banks from costing taxpayers billions of pounds, according to a report by the International Monetary Fund.  Policymakers representing the world’s biggest financial centres have failed to make the banking sector stand on its own feet by ending implicit subsidies and co-ordinating rescue plans when multinational banks go bust, the Washington-based lender of last resort said.  Subsidies to the banking sector in some countries are as high as they were before the crash, amounting to $590bn (£355bn), with the eurozone the worst affected.”

http://www.theguardian.com/business/2014/mar/31/western-banking-regulations-costly-mutually-destructive-imf-report

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The Top 6 Reasons Why Everyone Needs a Second Passport

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“Doug Casey has said over and over that spreading your political risk beyond one jurisdiction is the single most important thing he can recommend today.  Obtaining a second passport and citizenship in another country is a critical part in heeding Doug’s advice.  This is because it’s a fundamental step towards minimizing the political risk of being subjected to the whims of any single government.  The political diversification benefits that come with obtaining a second passport are universal and prudent for anyone in the world to obtain… especially those under a desperate (fiscally or otherwise) government.  Here are the top six reasons why everyone needs a second passport.”

http://www.internationalman.com/articles/the-top-6-reasons-why-everyone-needs-a-second-passport

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A List Of 97 Taxes Americans Pay Every Year

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“This year Americans will spend more than 7 billion hours preparing their taxes and will hand over more than four trillion dollars to federal, state and local governments.  Americans will fork over nearly 30 percent of what they earn to pay their income taxes, but that is only a small part of the story.  As you will see below, there are dozens of other taxes that Americans pay every year. Our politicians have become extremely creative in finding ways to extract money from all of us, and most Americans don’t even realize what is being done to them.  By the time it is all said and done, a significant portion of the population ends up paying more than half of what they earn to the government.”

http://theeconomiccollapseblog.com/archives/a-list-of-97-taxes-americans-pay-every-year

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The Real Reasons Americans Give Up Their US Citizenship

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“Do these folks sound like tax evaders? Well, they do to ‘homelanders’ and their congressional representatives.  Also, don’t forget that the United States is one of only a handful of countries that tax citizens or permanent residents wherever they reside. Expatriates don’t get a lot of sympathy on Capitol Hill – or on Main Street America. If you expatriate, you won’t bleed to death, and despite mainstream American attitudes, you probably won’t get burned at the stake. But there are significant consequences – even if the rationale upon which they are based is as misguided as assuming that the sun and stars revolve around the Earth.”

http://www.nestmann.com/the-real-reasons-americans-give-up-their-us-citizenship

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Cyprus abolishes maximum daily cash withdrawal limits

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“In a decree issued by the finance ministry, the 300 euro limit per person per day was scrapped, along with restrictions on breaking fixed-interest time deposits prior to maturity.  The decree also allowed, under conditions, individuals to open bank accounts in other credit institutions.  Restrictions remain on moving money abroad. Cypriot officials have previously said they anticipate that all controls could be fully lifted by the end of 2014.  Cyprus was forced to wind down a major bank and convert large deposits in a second to recapitalise it in order to qualify for aid from the International Monetary Fund and the European Commission.”

http://www.reuters.com/article/2014/03/28/cyprus-capital-controls-idUSL5N0MP3GP20140328

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US Citizen? No Foreign Bank Account For You!

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“Banks around the world are turning away US passport holders, ‘No bank account for you!’ But you don’t even have to do anything wrong other than having been born a US citizen.  Decades ago holding a US passport was a ticket to worldwide opportunity.  Today it is nearly the opposite. First it started with the erosion of the US’s reputation as a bastion of freedom. Then, legislation-after-legislation made it nearly impossible to do business with US persons as the nation became increasingly paranoid and fixated with raising funds.  Faced with draconian penalties, countless banks worldwide are deciding it is easier and safer to just turn away all US customer business.”

http://dollarvigilante.com/blog/2014/3/25/us-citizen-no-foreign-bank-account-for-you.html

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Ukraine Goes Cyprus 2.0, To Tax Deposits Over 100,000 Hryvnia

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“Ukraine’s parliament is to consider draft laws which would ban foreign-currency bank deposits and introduce a 25% tax on interest on deposits in banks and other financial institutions in circumstances where the interest received is more than 5% above the rate set by the National Bank of Ukraine.  The proposed amendments to banking and tax legislation were put forward by Yevhen Sihal, who is a member of the country’s ruling Party of Regions. In an explanatory note submitted with the drafts, he argued that the higher tax rate will encourage consumer spending, reduce the cost of business loans, and provide extra funding for the country’s Pension Fund.”

http://www.zerohedge.com/news/2014-03-20/ukraine-goes-cyprus-20-tax-deposits-over-100000-hryvnia-appease-imf

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Why expats are ditching their U.S. passports

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“3,000 Americans around the world renounced their citizenship last year. Meet five U.S. citizens who have given up their passports — or are thinking about it — to escape an overly complicated tax code.”

http://finance.yahoo.com/news/expats-ditching-u-s–passports-151127757.html

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Colorado Man Will Go to Trial Over $42 Girl Scout Cookie Purchase

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“A Colorado man’s purchase of $42 of Girl Scout cookies has led to a court date and more than $700 in debt for what he says was an error by a Girl Scout troop’s bank.  Tad Osborn, an IT professional in Fort Collins, Colo., bought about a dozen boxes last year from a scout from his neighborhood. He wrote a check for $42 and enjoyed the cookies with his family.  Then last summer, he received a notice from a collection agency, informing him that his check had bounced and nearly doubled his bill to $82.  The debt collection agency, AAA Collectors Inc., sued Osborn for $739.85, the bulk of which is $450 in attorney fees, followed by court and principal costs.”

http://news.yahoo.com/colo-man-trial-may-over-42-girl-scout-213852513.html

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Free banking will go, says RBS chief

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“Savers eventually will have to pay for their current accounts, according to the new chief executive of Royal Bank of Scotland. Ross McEwan, the head of Britain’s second-biggest current account provider, said that free banking would come to an end because up-front fees were more transparent. RBS had no plans to scrap free banking, but he cast the eventual adoption of a fee-based system in the context of making banks more straightforward for customers. He said in a weekend interview: ‘I think [the end of free banking] is something that will be addressed in the marketplace.'”

http://www.thetimes.co.uk/tto/business/industries/banking/article4020894.ece

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