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The Global Elite Are Hiding 18 Trillion Dollars In Offshore Banks

In recent days, the fact that Mitt Romney has millions of dollars parked down in the Cayman Islands has made headlines all over the world.  But when it comes to offshore banking, what Mitt Romney is doing is small potatoes.  The truth is that the global elite are hiding an almost unbelievable amount of money in offshore banks.  According to shocking research done by the IMF, the global elite are holding a total of 18 trillion dollars in offshore banks.  And that figure does not even count any money being held in Switzerland.  That is a staggering amount of money.  Keep in mind that U.S. GDP in 2010 was only 14.58 trillion dollars.  So why do the global elite go to such trouble to hide their money in offshore banks?  Well, there are two main reasons.  One is privacy and the other is low taxation.  Privacy is a big issue for those that are involved in illegal enterprises such as drug running, but the biggest reason why people move money into offshore banks is in order to avoid taxes.  Some set up bank accounts in foreign nations because they want to legally minimize their taxes and others set up bank accounts in foreign nations because they want to illegally avoid taxes.  You would be absolutely amazed at what some large corporations and wealthy individuals do to get out of paying taxes.  Unfortunately, the vast majority of the rest of us don't have the resources or the knowledge to play these games, so we get taxed into oblivion.

So why do they call it "offshore banking"?

Well, the term originally developed because the banks on the Channel Islands were "offshore" from the United Kingdom.  Most "offshore banks" are still located on islands today.  The Cayman Islands, Bermuda, the Bahamas, and the Isle of Man are examples of this.  Other "offshore banking centers" such as Monaco are actually not "offshore" at all, but the term applies to them anyway.

Traditionally, these offshore banking centers have been very attractive to both criminals and to the global elite because they would not tell anyone (including governments) about the money that anyone had parked there.

These days some governments (particularly the U.S. government) are trying to change this, but we certainly will not see the end of offshore banking any time soon.

The amount of money that goes through these offshore banks is absolutely astounding.

It has been estimated that 80 percent of all international banking transactions take place through these offshore banks.  $1.4 trillion is being held in offshore banks in the Cayman Islands alone.

One article in the Guardian estimated that a third of all the wealth on the entire globe is being held in offshore banks, and others believe that as much as half of all the capital in the world flows through offshore banks at some point.

Obviously, all of this tax avoidance means that governments around the world are missing out on a whole lot of money.

It has been estimated that the U.S. government is missing out on $100 billion a year because of these offshore banks.  Others would put that figure significantly higher.

Avoiding taxes is a game that the global elite have mastered.  They are playing a whole different ballgame than you and I are.  They don't just sit there like idiots and get blasted with taxes.  Instead, they hire the best experts and they employ every trick in the book to hold on to as much money as they possibly can.

These days, taking advantage of offshore tax havens is not that complicated to do.  The following is from a recent Politico article....

A plausible scenario plays out like this: I hire an accountant. Doing her job, my accountant tells me that if I sign a few legal documents and route my money through a small Caribbean island, I could keep more of my paycheck and pay a lower tax rate. I may have earned my money in the United States, but legally I can claim that it was, in fact, earned in a tax haven.

If it is legal, perhaps more of us should look into this.

After all, if playing these kinds of games is good enough for Mitt Romney, then why isn't it good enough for all the rest of us?

During a campaign stop recently, Romney said the following....

"I can tell you we follow the tax laws"

I certainly believe him when he says that.  But it is what he said next that is troubling....

"And if there's an opportunity to save taxes, we like anybody else in this country will follow that opportunity."

I certainly believe him when he says that too.

ABC News recently revealed that Bain Capital has established an astounding 138 different offshore funds in the Cayman Islands.

Something has got to work pretty well to want to do it 138 times.

But Bain Capital was also very busy over in other offshore banking centers as well.

One of the largest shell companies that Bain set up down in the Caribbean was called Sankaty High Yield Asset Investors Ltd.  It did not have an office in Bermuda and it had no staff in Bermuda.  But it helped clients of Bain Capital avoid a whole lot of taxes.

The following comes from a 2007 Los Angeles Times article....

In Bermuda, Romney served as president and sole shareholder for four years of Sankaty High Yield Asset Investors Ltd. It funneled money into Bain Capital's Sankaty family of hedge funds, which invest in bonds and other debt issued by corporations, as well as bank loans.

Like thousands of similar financial entities, Sankaty maintains no office or staff in Bermuda. Its only presence consists of a nameplate at a lawyer's office in downtown Hamilton, capital of the British island territory.

"It's just a mail drop, essentially," said Marc B. Wolpow, who worked with Romney for nine years at Bain Capital and who set up Sankaty Ltd. in October 1997 without ever visiting Bermuda. "There's no one doing any work down there other than lawyers."

The amount of money being funneled through Sankaty today is absolutely stunning....

Today, Bain Capital manages $60 billion in assets, according to a spokesman. The total includes $23 billion in Sankaty debt and credit funds. Half a dozen Sankaty affiliates now are active in Bermuda, corporate registry records show.

The Sankaty debt hedge funds are organized as partnerships in Delaware that produce taxable business income by investing in fixed-income bonds and other debt instruments. Under tax law, even tax-exempt U.S. institutions may face a 35% tax if they invest directly in such hedge funds. By investing instead through a Bermuda corporation, the taxes are legally blocked, experts say.

Of course all of this is perfectly legal.

So nobody gets into trouble for any of this.

By keeping money offshore, even those managing these kinds of funds can avoid being taxed.

Victor Fleischer, a tax professor at the University of Colorado Law School, recently explained how this works....

"The idea behind some of the Cayman Island strategies was that the income that the fund managers receive for managing the money would be kept offshore in the Cayman Island — and the chief benefit is that you can defer when you recognize that income until a later date and you can reinvest the money from the Cayman islands and none of those reinvested funds get taxed until you bring them back either"

So was Romney doing this?

We may never know unless he shows us his tax returns.

What we do know is that Romney has millions of dollars of his own personal wealth invested in offshore tax havens.

The following comes from ABC News....

In addition to paying the lower tax rate on his investment income, Romney has as much as $8 million invested in at least 12 funds listed on a Cayman Islands registry. Another investment, which Romney reports as being worth between $5 million and $25 million, shows up on securities records as having been domiciled in the Caymans.

But Romney does not just have money invested down in the Cayman Islands.  Apparently his money is invested in a whole host of offshore tax havens.

The following quote comes from a Reuters article....

Bain funds in which Romney is invested are scattered from Delaware to the Cayman Islands and Bermuda, Ireland and Hong Kong, according to a Reuters analysis of securities filings.

So is there anything wrong with this?

Well, it depends on how you define "wrong".

What Romney is doing is perfectly legal.

But it also stinks.  Washington lawyer Jack Blum recently told ABC News the following about Romney's finances....

"His personal finances are a poster child of what's wrong with the American tax system"

So now we may have a few hints as to why Romney may not want to release his old tax returns.

But as noted above, what Romney is doing is just small potatoes compared to what the ultra-wealthy do.

The U.S. Congress has been trying to clamp down on offshore banking, but the ultra-wealthy are always two or three steps ahead of them.

The ultra-wealthy will go to just about any extreme in order to avoid paying taxes.

In fact, the Washington Post has reported that an increasing number of wealthy individuals are actually deciding to renounce their citizenship rather than face the wrath of the IRS.

The ultra-wealthy aren't really concerned that much with national citizenship anyway.  If they want to influence an election, they can have far more influence by donating a few million bucks to a "Super PAC" than they can by casting the few votes that they have.

In a previous article, I described how the ultra-wealthy use offshore banks as a "shadow banking system" that plays by rules that most people don't even know exist....

It is a shadow banking system that most Americans don't know anything about. Most Americans don't have the resources to be able to set up shell companies in half a dozen different countries so that they can "filter" their profits.  Most Americans don't know a thing about complicated tax avoidance plans that tax lawyers use such as the "Double Irish" and the "Dutch Sandwich".  Most Americans would have no idea how to eventually have most of the money that they make end up in Bermuda so that it can avoid taxes.

Most among the global elite simply do not care that U.S. debt is climbing into the stratosphere.  All they care about is keeping as much of their own money in their pockets as they possibly can.

Of course there are always exceptions to this rule.  Warren Buffett recently wrote a check to the U.S. Treasury for a little more than $49,000 to help pay off the national debt.

But considering the fact that the U.S. national debt is increasing by more than 100 million dollars an hour, that didn't exactly do much to help.

Our system is deeply broken and the global elite are getting away with bloody murder.  Over the decades, they have carefully crafted the rules so that as much wealth as possible is funneled into their pockets, and they have carefully crafted the rules so that as much wealth as possible stays in their pockets.

Of course if we got rid of the personal income tax and the corporate income tax entirely and replaced them with a completely new system we could get rid of all of this game playing once and for all.

But what do you think the odds are of that happening?

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  • Cinderella Man

    Butt Romney is discusting. I loved how he was booed last night, and I loved Dr. Pauls anwser when he said he had nothing to hid like the lobbyists on stage with him. The media wants this guy to be the repub fall guy just like John McLame and Bob Dole. Obama will wipe the floor with this asshole! It sickens me that he wants us working class heroes to pick up his slack in the taxes he dosent pay. His message to tax the rich less during a time when ordinary people are barley making it wont go over well with the rest of us. Last night showed Butt’s weakness that he will have going into the election. Unless we want Life with Barry Season 2 we must stop this shill from getting the nomination!

  • Georgiaboy61

    Re: “Of course there are always exceptions to this rule. Warren Buffett recently wrote a check to the U.S. Treasury for a little more than $49,000 to help pay off the national debt.”

    Good grief, don’t tell me you bought Buffett’s alleged concern hook, line and sinker! He’s the same financial predator he’s always been, albeit one with a flair for public relations. A check for $50,000 is so small a percentage of his fortune as to not even be worth mentioning.

    • mark

      Dosen’t Warren Buffit owe around 1 billion or more in taxes he is fighting to not pay?

    • McKinley Morganfield

      Buffet is the buffoon the MSM likes to put the spot light on whenever they want a willing stooge to pump up their class warfare propaganda.

    • Colin

      Warren Buffet is the consumate inside trader whose wealth makes very evident.

      On top of that he is an extremely smart man which makes people like him and the current administration even more dangerous.

      Why else would he come out and defend Obama’s “tax the wealthy” policies so willingly?

    • Nobody

      You nailed it. It’s obvious that Buffett has spent millions on PR, trying to give the impression that he’s nothing more than that rich old uncle down the street, especially whenever he’s around that little hottie on CNBC.

  • Cinderella Man

    And its not a lock in terms of Butt getting the nomination. Turns out Alfred E. Santorium won Iowa. Thank God for small favors! Butt Romney is a rapicious corporate raider and he would be like electing Gordon Geckko as president. Butt only thinks us little people need to pay taxes. Even Barry pays more of his “fair share” than him! This is sick and America deserves much better than this fraud as president! Come on sheeple! This is our last chance! There wont be an America left in 2016!

  • Bone idle

    Here’s some quotes from Australia’s richest man (Now deceased)

    I am not evading tax in any way, shape or form. Now of course I am minimizing my tax and if anybody in this country doesn’t minimize their tax they want their heads read because as a government I can tell you you’re not spending it that well that we should be donating extra.

    I’ve already given you the answer on this subject, I have told you that I pay whatever tax I am required to pay under the law, not a penny more, not a penny less, and the suggestion that I am trying to evade tax, which is what you’re putting forward, I find highly offensive and I don’t intend to cooperate with you in the blackening of my character.

    Given in evidence to a government tax inquiry.

  • Bone idle

    Then there’s the story about the Australian Father and son burglary team which were caught last month with six million dollars in cash, over a hundred kilograms of silver bars and an undisclosed amount of Gold coins and gold bars – believed to be in excess of 50 kilograms.(plus a gunny sack full of expensive jewelry)

    So where did these burglars reap this haul? From self storage units in upmarket suburbs.

    Police are still trying to identify the owners of these hauls. Good luck to that.

  • Bill

    Michael

    Thamks for this one- now you are rolling- keep this going !

  • gary2

    Looks like Mittens is the rights guy. Anyone who can think must know Obama will mop the floor with this guy and the right will go down in flames, hopefully for a generation or two.

    Tax the rich hard, go after all the off shore accounts. We did this in Switerland (spelled wrong) so we can do it now .

    Low information social conservatives are cannon fodder for Mittens. What fools.

    Tax the greedy to help the needy!

  • Game Over

    Warren Buffet is a poster child for everything that is wrong with american celebrity culture: all flash, no substance…

  • mark

    If Romney wants to go through with all of the paper work to save some taxes go ahead. I would rather get rid of the income tax and pay a national sales tax and not be bothered with all of the paper work. It sure would be nice to not have to do all of the tax work each year. Just make sure that we put an iron clad limit on the percent they can take.

  • http://myadventuresinselfreliance.blogspot.com/ Jamie

    Buffet’s company Berkshire Hathaway is currently fighting a Tax bill of $2.1 billion.
    Of course it’s all leagal the elites write the bills and pay to elect the congress critters to vote it into law. It’s doubtful those same congress critters read the bill let alone understand any of the tax implications.

  • McKinley Morganfield

    “It has been estimated that the U.S. government is missing out on $100 billion a year because of these offshore banks. Others would put that figure significantly higher.”

    The federal government is spending well north of $10,000,000,000 per day so if that $100,000,000,000 was collected in taxes it would be spent in less than 10 days. Lets assume its 5 times as much, which means it would be spent in less than 50 days. If it was 10 times higher DC would spend it all in less than 4 months.

    “In fact, the Washington Post has reported that an increasing number of wealthy individuals are actually deciding to renounce their citizenship rather than face the wrath of the IRS.”

    It so happens that many of the super wealthy are fleeing to Singapore and elsewhere in Asia. Are they not free to do so?

    I agree that the system is gamed. I agree that we don’t have real free market capitalism. I agree that members of the political system are prostitutes bought and paid for by the top 0.1%. I most certainly would like to see (fat chance) that changed. However, I do not begrudge those who have amassed wealth through hard work, initiative, and creativity.

    I’m almost 64 and my wife is 61. We’ve worked hard (and are still working), we raised 3 kids, we lived a frugal life style, we saved and invested conservatively, we’ve paid our taxes year after year after year, we give about 10% of our annual income to local charities, and now – after 40+ years of work/saving/investing – we have total assets of about $2 million. We have honestly earned those assets. Yet per the OWS & Gary2s of the world we are in the 1% and they demand that government take my wealth and give it to them.

    Leave class warfare in the bloody hands of the Marxists Michael. I don’t think you as a Christian want to go there.

    • Lord Koos

      Wishful thinking — your $2 million does not put you in the 1% my friend. More like the top 5%.

      • McKinley Morganfield

        Lord Koos,

        I said, “Yet per the OWS & Gary2s of the world we are in the 1% and they demand that government take my wealth and give it to them.”

        The Gary2s of the world are not capable of 3rd grade math proficiency.

    • Gary2

      so by your twisted logic because the gov will simply spend the taxes it gets by going after rich people evading taxes we should just let them evade?

      Am I missing something?

      You unsophisticated right wingers are exactly what is wrong with this country.

      You can’t think!

      • Gary2

        After reading all your post I see your in the 1%. Figures. How many people did you exploit to get there?

        • gary2

          read the conservative case for a wealth tax in the wall street urinal. We will tax your nest egg at 3% per year.

          Sucks to be you!

        • McKinley Morganfield

          We exploited no one. We lived a frugal life and still do. We saved 10% per year and invested in bonds and real estate. We never took expensive vacations. And except for investing in real estate we never borrowed money to buy anything. We’ve never owned a new car. Everything we have we worked for. So Mr. Big Mouth Know Nothing do you want to come to my front door and get in my face?

          • Gary2

            only if you pay airfare!

            Be quiet and pay your taxes.

          • Gary2

            its common knowledge that the rich are rich by exploiting others usally by paying ****** low pay wages. If you are the .000000001% who did not do this and are still rich then my hats off to you. You probably have a better chance getting struck by lightening than finding a honset rich person.

  • http://www.OlGreyGhost.Blogspot.com Ol’ Grey Ghost

    If people do not have a right to do what they must in order to avoid paying taxes, then a little old lady with every dime to her name in her purse has no right to fight the thief who is trying to snatch it from her shoulder. Evil is as evil does. No one “owes” taxes; the government just steals what it wants…

    http://www.olgreyghost.blogspot.com/2010/07/oil-changes-and-government.html

    • Gary2

      Are you mentally challenged? That is the only way you could post such nonsense.

      • http://www.OlGreyGhost.Blogspot.com Ol’ Grey Ghost

        No, my mental capacity is challenging for those who have not reached the same level that I have…

        • MisterC

          Mr. Ghost, don’t argue with an idiot because that is stepping down to thier level.

          • http://www.OlGreyGhost.Blogspot.com Ol’ Grey Ghost

            Mister C:

            Thanks for the heads up. I generally try to avoid arguing with an idiot if I am aware of the deficiency in my opponent’s I.Q. beforehand. I am certainly not against refuting a fool though if youngsters are present. I always like to set a good example for the next generation…

  • McKinley Morganfield

    “So was Romney doing this? We may never know unless he shows us his tax returns. What we do know is that Romney has millions of dollars of his own personal wealth invested in offshore tax havens.

    The following comes from ABC News….

    In addition to paying the lower tax rate on his investment income, Romney has as much as $8 million invested in at least 12 funds listed on a Cayman Islands registry. Another investment, which Romney reports as being worth between $5 million and $25 million, shows up on securities records as having been domiciled in the Caymans.

    But Romney does not just have money invested down in the Cayman Islands. Apparently his money is invested in a whole host of offshore tax havens.

    The following quote comes from a Reuters article….

    Bain funds in which Romney is invested are scattered from Delaware to the Cayman Islands and Bermuda, Ireland and Hong Kong, according to a Reuters analysis of securities filings.”

    AND WHY WAS THIS NOT AN ISSUE WITH JOHN KERRY WHO IS FAR MORE WEALTHY THAN ROMNEY AND TAKES FULL ADVANTAGE OF THE CONVOLUTED TAX LAWS AND PAYS FEWER TAXES THAN SOMEONE MAKING $200,000 PER YEAR? Seriously folks, Kerry is worth somewhere around $4 billion while Romney is worth about half that. So why is Romney now demonized for being wealthy but Kerry was the ‘liberal’ heart throb in 2004?

    I’m not a Romney fan by any means (Ron Paul or Gary Johnson are my kind of politicos) but why is it that the MSM demeans wealthy republicans as evil and then turns around and gives wealthy democrats a pass?

    • Gary2

      Because-in 2004 many people did not understand the wealth and income inequality in this country. I of course did and finally people are waking up to the fact that the rich are rich by exploiting others and not by (gag) earning anything. They usually pay shit low wages to their workers etc.

      This is a duh answer to your obvious question.

      Again-a little thinking on your part and the answer is obvious. Oh yeah I forget-the right only follow Rush and fox news instructions. My bad.

      • McKinley Morganfield

        “Because-in 2004 many people did not understand the wealth and income inequality in this country. I of course did….”

        BS…. you’re just another running dog lackey for the democrat party who thinks there is a difference between the Ds and the Rs.

      • Syrin

        Gary, You are a MORON of the highest level, and morons are insulted by the comparison.

        NO the rich did not get wealthy by exploiting people. You’re just a GREEDY little jealous bastard who spouts hate and lies at every opportunity.

        Here are the FACTS for those who can read and do something besides greedily puruse others property and spout garbage.


        Since 2007, there has been a 39% decline in the number of American millionaires, and the top 1%’s share of all income has declined four percentage points since 2008. The portrayal of the top 1% being composed of corporate bankers by the OWS crowd is contradicted by the actual statistic, where only 14% of the top 1% is involved in banking or finance of some kind. To break down the 1% by profession, around 1/3 are entrepreneurs or managers of a nonfinancial business, 16% are doctors, 8% are lawyers, and 6.6% are engineers, scientists, or computer professionals.

        Read more: http://www.americanthinker.com/2011/12/leftist_talking_points_of_2011.html#ixzz1kJ9bBwlR

        AND

        Thomas J. Stanley’s insightful book The Millionaire Next Door tells us that the majority of wealthy people live quite frugally, and about 80% of them are first-generation rich, receiving little to none of their wealth by inheritance. They tend to spend less on clothes, food, and homes, opting instead to save and invest. When it comes to cars, few of them have ever leased, and most drive a car at least two years old. This picture of wealth — the accurate one — isn’t politically advantageous. It’s hard to talk about the greedy rich guy when he drives a 2004 pickup truck and gets his clothes from ROSS

        Read more: http://www.americanthinker.com/2011/11/the_wealth_race.html#ixzz1kJ9wPRGu

        AND the uber rich are Nazicrats

        http://www.americanthinker.com/2011/12/the_rich_are_not_conservative.html

        AND they are declining in number SUBSTANTIALLY thanks to your hate America policies

        http://www.americanthinker.com/blog/2011/10/the_bush_tax_cuts_threat_or_menace.html

        AND they are the ENGINE of the economy. This is a scholarly article WELL beyond your mentalt capacity.

        http://mises.org/daily/5773/In-Praise-of-the-Capitalist-1-Percent

        But hey, keep trying to bully people into submission without facts or knowledge. Sorry Spanky, people are educating themaselves are they KNOW YOU ARE WRONG.

        The top 1% pay 40+% of ALL our taxes. That means they aren’t evading taxes as well as your greedy little butt would like to portray.

        51% of the country pays NOTHING in federal income taxes MORON. NOTHING. So the MINORITY that DOES pay for EVERYTHING is putting money elsewhere, mostly legally, and you throw a tantrum. DUMB ASS. You and your tin hat can go back to pleasuring yourself to your Stalin and Lenin dolls while speaking quietly to Obamugabe’s unicorns. That’s the world in which you live.

      • Syrin

        And by the way, that $100 billion you may not be stealing from others wouldn’t cover a MONTH of your boy’s spending.

        The answer is not nor has it ever been to increase taxes. All that does is ENCOURAGE MORE SPENDING.

        HEY GARY, I’ve asked this DOZENS of times now, and yet you can NEVER ANSWER.

        SHOW US ALL OR STFU a SINGLE STUDY that shows us:

        1) Raising taxes makes the poor wealthier
        2) Raising taxes makes ANYONE wealthier
        3) Raising taxes balances the check book of the gov’t rather than encourage MORE spending
        4) Raising taxes balances a budget more than cutting spending

        In fact, I can provide links that show the exact OPPOSITE IS TRUE for ALL FOUR POINTS !!

        • Gary2

          ) Raising taxes makes the poor wealthier
          2) Raising taxes makes ANYONE wealthier
          3) Raising taxes balances the check book of the gov’t rather than encourage MORE spending
          4) Raising taxes balances a budget more than cutting spending

          Look at the Scandavian example. The rich have never had such low taxes ever. Time for them to start paying their fair share.

          How many people do you take to the polls? None you say? Sucks to be on your side. I will probably be taking people until the polls close. Lets just say they will not be voting republican and they will all have proper ID as we are seeing to this.

          You can rant-my side will vote. You can watch fox, my side will vote. The people who sat out 2010 will not be sitting this one out.

  • dmitry

    And Romne$ belongs to the global elite, if they are 100 members to the group…I can’t imagine how much money is flying to the off shore banks?…Just my take. Poor.. John Doe.

  • pavan

    I don’t object to Romney using legal means to avoid higher taxes. I would do the same thing if I could. I don’t think the solution is to make the wealthy pay higher taxes. I would prefer to allow everyone to pay at the lower tax rates that the wealthy enjoy. If John Kerry and Mitt Romney pay a 15 percent rate, then let everyone do the same. It’s only fair. The government just wastes the money anyway, so let us keep it.

    • Gary2

      The right winger dolt says “I don’t think the solution is to make the wealthy pay higher taxes”

      then you are so brain dead there is no hope for you.

      Hopefully you are not allowed to drive, or leave the house without adult supervision.

      When Michael had a post about the dumbing down of America people that think (I use the term think very lightly) are what comes to my mind.

  • tappedps

    Holy Cow… theres no New world Order, no ones hiding any thing…theres no offshore cartel caball… retract Mr M before i soap you or pimp you or detain you or EEa you…cower in fear and well let you have a, how to spy on your neighbor website…if you pay us…

  • guy

    anonymous just needs to figure out how to transfer all of this money into our bank accounts. we will. we are anonymous we are legion.

  • http://worldendsat5newsat11.blogspot.com Tony Lamb

    So you say if I “invest” 500 million in a shell company in the Bahama’s I can keep all of it? With NO tax burden on any of it? Wow why didn’t I think of this? Will they take a check? Who do I talk to down their?
    What flavor Kool-aide are they serving in the soup kitchen tonight???
    The super rich think:
    “We are all just cat food”.
    See how to survive the coming Economic Apocalypse at:
    http://surviving12-21-2012.blogspot.com

  • Gutter Economist

    So why do the global elite go to such trouble to hide their money in offshore banks? Well, there are two main reasons. One is privacy and the other is low taxation.

    And here is the third and most important reason:

    The Global Elite truly believe that a New World Order with them in charge instead of sovereign governments will be the answer to the problem of world instability.

    After the coming economic collapse, the Global Elite will use this money to bail out (take over) sovereign governments.

  • newton

    Oh give us a break already ! They are ALL the same – with the lone evception of Ron Paul ; they are ALL the SAME

    Get it !!!!! SAME SAME SAME

    People need to get agrip on reality; you can win at “their game” just takes a little ingenuity – thats all.

    They’ve got all these billions of dollars; great
    I say; what do you do with all that money? Do you eat better food than I?

    I doubt it as I raise most of my own.

    Do you drive a suoerior car to mine ?

    While you probably don’t even drive; your chauffer does; it’s still getting from point A to point B & I do just fine and on time.

    OH boy; you have a private jet I see – that’s ok
    anywhere your jet can go; I can get a ticket for one helluva lot less than that sucker is costing you.

    You drink the best Scotch in the world !

    So do I – 25 year old Jameson; it’s really not that expensive.

    You have a 25 Million dollar Villa overlooking
    the San Bernadino Mountains.

    Gteat ! I have a hand hewn log home on 250 acres in the Adirondacks

    And the big difference ?

    I am happy because I did it all myself and coulsd do it again; because I have the knowledge

    You ? You have pieces of paper that say you own more paper

    Oh Boy !

    Like Ray Charles said – ” I can’t eat but 3 squares a day and make love to one woman at atime ”

    Hallelujah to that !

    Get what you can and hold what you get

    Know who wrote it?

  • Gutter Economist

    Santorum releases “Made in America” plan to revitalize the US economy…

    Eliminate the tax on repatriated taxable corporate income – from 35% from 0%

    http://www.ricksantorum.com/pressrelease/santorum-releases-made-america-plan-revitalize-us-economy

  • http://EconomicCollapse Already Gone

    Just how hard is the u.s congress clamping down on offshore banking i suspect very little effort
    mainly because most of them are doing the same
    and to do so would obviously effect them.
    Recently on fox news two Swiss bankers got busted for hiding billions of dollars belonging
    to u.s citizens.As For getting rid of the personal income tax and corporate tax the answer would be the same as when some people started to demand term limits for congress and
    congress said no so it is obvious who is running the show.

  • Paul

    Did anyone here any news about the Greek bailout talks today? They were supposed to make a deal today and have not found anything about it.

  • BenjiK

    You know I love ya brother, but c’mon Michael, you have to admit the Warren Buffet analogy is quite preposterous. With Buffet’s estimated net worth at $50 billion, $49,000 is less than .0001%. Equally, the average American has a net worth of $100,000, and .0001% of 100 grand is 10 CENTS. So do I think Mr. Buffet is a national hero for “donating” the equivalent of 10 cents to the national deficit? Hardly. Seems more like a grandstanding publicity stunt. I would have been much more impressed if Berkshire Hathaway, Buffets multinational conglomerate holding company, would have paid it’s estimated $1 billion in unpaid and overdue taxes.

    • Michael

      I wasn’t applauding Buffet.

      I was using that as a point to show how ridiculously bad our situation is.

      Michael

      • BenjiK

        “Ridiculously bad” is putting it mildly! :) Another thought: Although I in no way advocate any of the practices mentioned in the article, isn’t it fair to say that what we really have is not so much a revenue shortage, but a MASSIVE spending problem? Any increase in federal revenue seems like it’s spent before it even hits the books, and never allocated to paying down our crippling debt.

        Again, thanks again for your hard work, I don’t think most of us realize the time and effort involved in researching, writing and proofreading all these articles. With truth, conviction and knowledge, we will……Triumph: “Fight the good fight every moment, every minute every day”

        God Bless…

  • lili

    Well if China and Russia go rogue on us over Iran at least they’ll know where to find the cash.

    Laws can be changed to abuse the little citizen but never are changed for the one percent.

    Why again are the 99 percent paying taxes if it goes to no good purpose?

  • andy

    Are we bashing the rich again? I am pretty sure if you have his kind of money, you would not think doing the same thing? So don’t call people name, go out, work hard, and try to become rich like him. And about Buffet’s stun, he was called out by one of the congressmen from Virginia and he matched the amount. I would be more impressed if he contributed more than the challenged amount, but at least he did it, so give him some credit for it.

  • Colin

    A lot of the feelings out there is that people are sick with wealth envy and demonize Romney like he’s the anti-christ because he’s made money and has been successful! How many folks would demonize themselves if they had that kind of wealth?

    You want everyone to be poor and feel what you feel? Do you wish you were poorer?

    What kind of income gap has Obama capitalized on with his presidency or most of congress for that matter (which will probably be 2 terms BTW)??!!

  • Sid Davis

    I have a major problem with people and corporations getting economic advantage by lobbying Congress to pass laws that favor them correspondingly granting economic disadvantage to others. This is simply a slave system creating slaves who work and are plundered, and I think they who are responsible should be punished.

    There are others, however, who are wealthy because they competed fairly without government favors, were successful, and who want to preserve that wealth.

    We should eliminate the root problem, government interference in the economy, and not demonize everyone who is wealthy and who chooses to move some of his assets out of the country in the event that he must leave for safety or simply in order to minimize taxes.

    If you could ask the millions that Hitler killed what they thought about having bank accounts out of the country to facilitate their escape, I bet you would get a very positive endorsement of offshore accounts.

    And as far as tax evasion, I think you should thank tax evaders, because it is they who keep the rates from being so high that nobody complies. There is a point where most people will comply and pay, and when government exceeds that point, evasion increases noticeably discouraging higher rates because those higher rates would actually decrease federal revenue.

    Totalitarianism is complete subjugation, and freedom is its opposite. The one fundamental political issue is the struggle between these and we should keep our eye on winning back freedom and not on insisting that everyone be subjected to the same level of plunder by demagoguing those who successful escape some tax or secret away some of their wealth safe from the plunder of government.

    • McKinley Morganfield

      “I have a major problem with people and corporations getting economic advantage by lobbying Congress to pass laws that favor them correspondingly granting economic disadvantage to others.”

      As do I and many others. Its a form of fascism… corrupt government officials picking (or at least trying to) winners and losers in the market place. All the Obama voters accomplished was bringing the cronyism of Chicago to the Oval Office. Same as it ever was.

      http://tinyurl.com/yj3uqj9

  • michelle

    their trillions will be worth jack…when shtf

  • http://HomelessMovie.org How to Be Homeless in America

    I see money as being like rabbits. We can consume most of our rabbits like poor people tend to do or breed most of our rabbits like rich people tend to do. I think it’s cool that by changing our behavior we can slowly move from one extreme to the other. I believe any American should pay taxes on the money they personally earn through their own labor to buy rabbits to eat or breed. I also believe one should be allowed to breed rabbits anywhere in the world and pay taxes to those sovereign nations in the location where those rabbits are bred. Otherwise, rabbit breeders would simply move to those countries leaving us a country of entirely rabbit consumers.

    It might sound unfair that someone does not pay taxes on rabbits they own and breed and eat in other countries, but the alternative is one-world government. Our best hope is to attract people here and charge a fee for importing rabbits back into our country, and a sales tax when trading them for other goods, and to close any loopholes therein.

  • Michael

    Michael,

    There is an amazing gap between the “real” wealth in the world (banknotes, factories, workers, goods, real estate, gold ….) and the “financial” wealth .

    i am not sure this 18 trillons dollars even exist, outside the banks’ computers. Many very small countries have offshore banking system because they don’t have other resources…..

    from my part, the true wealth is getting NO NEED !!!

  • Graham

    The more that people “consciously awaken”, the more nonsense they will “see” and understand. That also means the more votes a gentleman like Ron Paul will receive, despite the corporately controlled “alphabet” media doing all it can to tear the guy apart. The system is finished due to greed and corruption and it’s high time the global elite egomaniacs, narcissists, sociopaths and psychopaths and Luciferians were knocked out of the game they have created over hundreds of years for their own benefit.

    To get a better idea about what is now known, stop by David Wilcock’s site “Divine Cosmos” and read Part I, II and III of the “Financial Tyranny” release. If you want to carry out your own research, I would highly recommend Biblioteca Pleyaides, which is one of the biggest Internet document archives I came across many years ago. Don’t believe everything you hear and read, just absorb what’s being said and watch for further developments. The “Main File Library’s” are worth bookmarking as the detail is immense within them.

    Been following your sites for a long time Mike. Great job and your valuable time is very much appreciated in light of the “illuminating” content you deliver. Perhaps some high ranking “Masons” (32th – 48th Degree) should stop by here and witness just how much destruction their “Great Plan” has caused. Ordinary and humane people who possess a moral compass will win out. Learn their fears and the 99% have a very clear target. Eyes Wide Shut!

    As a UK resident, based in the land where the “Scottish Rite” has its roots, I would say to all in the USA, vote for the guy who can breach the existing system and change the course of global politics for good. That man has to be Ron Paul as he talks so much sense when his policies and plan are properly understood. The days of “empire” are clearly over. Readers may also want to research the logo history of the Olympics. Watch this years opening event in London very closely! Why does the logo spell out “ZION”? Note what they did in LA in 1984!

    It is the sum of the parts that make the whole, by understanding the parts, the whole becomes apparent.

    Namaste!

  • stan

    The rich take care of themselves, with no reguard for the poor.

    Dost remember what Mrs. Hemsley said? “Rich people don’t pay taxes. Little people pay taxes”

  • Larry

    Our entire government has gotten so corrupted that it reminds me of several computers I have owned. The hard drives had gotten so corrupted on them that they had to be reformatted to get rid of the corruption and virus and just start over with the operating system reloaded. I think that is what is going to happen with our government. The reformatting will be acomplished by a complete collapse. The operating system reload will be accomplished by a new government being formed.

  • Larry

    American Taxpayer

    For only the second time in my adult life, I am not ashamed of my country. I want to thank the hard working American people for paying $242 thousand dollars for my vacation in Spain.

    My daughter Sasha, several long-time family friends, my personal staff and various guests had a wonderful time.

    Honestly, you just haven’t lived until you have stayed in a $2,500.00 per night private 3-story villa at a 5-Star luxury hotel.

    Thank you also for the use of Air Force Two
    and the 70 Secret Service personnel who tagged along to be sure we were safe and cared for at all times. By the way, if you happen to be visiting the Costa del Sol, I highly recommend the Buenaventura Plaza restaurant in Marbella; great lobster with rice and oysters!
    I’m ashamed to admit the lobsters we ate in
    Martha’s Vineyard were not quite
    as tasty, but what can you do if you’re not in Europe, you have
    to just grin and bear it?

    Air Force Two (which costs $11,351 per hour to operate
    according to Government Accounting Office reports) only used 47,500 gallons of jet fuel for this trip and carbon emissions were a mere 1,031 tons of CO2.

    These are only rough estimates, but they are close. That’s quite a carbon footprint as my good friend Al Gore would say, so we must ask the American citizens to drive smaller, more fuel efficient cars and drive less too, so we can lessen our combined carbon footprint.

    I know times are hard and millions of you are struggling to put food on the table and trying to make ends meet. So I do appreciate your sacrifices and do hope you find work soon.

    I was really exhausted after Barack took our family on a luxury vacation in Maine a few weeks ago. I just had to get away for a few days.

    Cordially,
    Michelle (Moochelle) Obama

    P.S. Thank you as well for the $2 BILLION dollar trip to India from which we just returned!

    P.SS. Thank you, too, for that vacation trip to Martha’s Vineyard; it was fabulous.

    And thanks for that second smaller jet that took our dog Bo to Martha’s Vineyard so we and the children could have him with us while we were away from the White House for eleven days. After all, we couldn’t take him on Air Force One because he might pee on some wires or something.

    P.SSS. Oh, I almost forgot to say thanks also for our two-week trip to Hawaii at Christmas. That 7,000 square foot house was great!P.SSSs don’t forget my ski trip to Vail this winter and now the girls and I are in Africa with my mom. All this while Barack golf’s and campaigns to keep my trips coming for the next 4 years ! Love ya! Remember, we all have to share the pain of these economic times equally! Love to -redistribute- share- the wealth.

  • Mustard Seed

    Congress certainly has been busy over the years legalizing their own tax evasion, insider trading, non payment of student loans, full retirement after serving one term, top rated medical benefits…all the while squeezing the life out of the rest of us. Disgusting…not as much as legalized abortion…but it is disgusting all the same.

    My trust of our nation’s political leaders is almost non existent. Ron Paul is the only one that gives me a mustard seed of hope.

    Just sent my oldest cross country to DC this week to participate in the Pro Life march. I wonder how many of our illustrious leaders will participate.

    They are probably too busy beating on their war drums.

  • Paul76

    Michael, The REAL question you should be asking is “Why do people have to hide money in offshore accounts?”

    The answer is obvious. To protect THEIR money from governments trying to confiscate large pieces of THEIR pie!

    The real problem here isn’t that people are trying to protect their wealth, it’s that big, bloated governments are trying to STEAL it to perpetuate their power.

    The SOLUTION to all of these problems is the REPEAL OF THE SIXTEENTH AMENDMENT and a return to CONSTITUTIONAL GOVERNMENT–not the meddling welfare state we have today. If you earn your money without resorting to fraud or theft, it’s YOURS, no matter how MUCH you have. To rail against “the rich” or “the 1%” or whatever term people care to employ is, quite simply, coveting what is thy neighbors.

    P.S. I’m NOT rich. I’m reasonably certain that if I bothered to calculate it, according to government statistics I’d be “below the poverty line” and would qualify for medicaid, food stamps and more. But to accept ANY of those things is morally wrong, no different than receiving stolen goods–property and cash taken from your neighbor by the government to give to you.

    There’s NOTHING WRONG WITH ACCEPTING CHARITY OR FREELY GIVING TO CHARITY TO HELP THOSE LESS FORTUNATE, so long as the orginization giving the charity doesn’t employ force to compel others to “donate” (as does the government).

    Sorry to rant. Just tired of people whining about others having more than they do. Remember, no matter how bad you’ve got it, there’s somebody below you that views YOU as the WEALTHY and is coveting that which YOU possess.

  • Ralphieboy

    It is sheer hyprocisy to damn Romney and other wealtby people for their efforts to legally defer taxes by sheltering income. Think hard about this. We have a massive government with a gargantuan appetite which robs investors and companies of capital they would likely have invested in business development and growth had not our government imposed a draconian corporatetax rate, presently one of the highest in the world. It is this fedeeral tax policy that has so many companies sending jobs overseas.

    I speak from experience. I have spent 30 years of hard work and sacrifice buildinga business

  • http://theafricanamericanclarioncall.com GREG L

    Taxes and dying in wars are for the little guy. It’s always amazing to me how an appeal “patriotism” is always trotted out for the little guy to die in wars, while the 1% do no dying nor paying for them, yet derive all of the benefit. A recognition of that puts the current unannounced war in Iran in context. The 1% want the presidential race to be between Obama and Romney. That makes your vote absolutely meaningless as they’re the same much like most of the other aspirants who are campaigning to do the bidding of the 1%. The only possible exception might be Ron Paul who has issues of his own, however I agree totally with his position on foreign policy.

  • Ralphieboy

    To continue….Ispent 30 years building a business which I startedin California. Cal taxesgot so high that I could not afford to stay, so I moved the business to Texas. If Obama gets re-eleected, I am considering moving the company offshore. So don’t fall into the trap of class warfare…blaming the so-called one percent. I am a guy who started out very poor, worked my butt off forr years with little return , and finallydid well, now one oftne one percent. I providee a lot of jobs, but I can ‘t continue to do so when the govt. Tries totax me out of existence, and rob my kidsiut of their inheritance with a greedy tax. I sat congrats to capitalists who take the big risks and work their asses off.

    • Gary2

      I am glad you did well. Now its time to give back to the country that gave you the opportunity to be successful. Do not pull the ladder up after yourself and start paying your fair share!

  • an independent citizen

    WOW. I’ve been reading this blog for a long time, its completely lost it.

    I cannot stand Romney, however I dug further into that ABC Cayman island story, that money is a venture capital fund that invests in the US, its set up in the Cayman’s because it attracts foreign money to bring into investments into the US. The US govt and Cayman island govt both agreed on the terms, after 9/11 the Cayman govt had to disclose any requests by the US govt. So the whole nonsense about “hiding” is pretty stupid, at least when it comes to Willard Romney.

    And that venture fund is actually a Bain fund, Romney has no control of where its located. To blame him is pretty stupid, he’s doing what the system allows. The system itself has to be changed. Warren Buffet does the same crap so do Pelosi’s family, so did John Corzine — well he’s just an outright crook.

    As for Obama, the level of corruption this man has engaged in would make the Pope blush.

  • http://tubianus@gmail.com shoeupon67

    NEWS -. BANK RUN -TRINIDAD AND TOBAGO.CARIBBEAN. WEST INDIES, REPUBLIC , ROYAL , FIRST CITIZEN and SCOTIABANK . Customers are simultaneously closing their accounts fearing imminent bankruptcy and insolvency. Already collapsed in the same countries two large banking institutions CLICO and HCU. [ Global News Network ]–

  • Jones

    IT AMAZES ME HOW THE MEDIA AND THE SO CALLED RIGHT CONTINUE TO ATTACK ROMNEY FOR USING THE CURRENT SYSTEM TO PROTECT HIS MONEY AND INCREASE HIS WEALTH YET COMPLAIN ABOUT THE TAX SYSTEM AND GOVERNMENT INTRUSION. YOU EXPECT IT OF MOST MEDIA. HE IS DOING NOTHING ILLEGAL. IT IS LIKE THEY ARE SAYING “BE STUPID” LIKE THE REST OF US ABOUT CREATING WEALTH AND ALLOWING THE GOVERNMENT TO WALK ALL OVER US. THE AMERICAN PEOPLE WOULD RATHER VOTE FOR A WASHINGTON INSIDER (NEWT) THEN GIVE ROMNEY A CHANCE.

  • Rancher

    If the money was earned or gotten legally who cares where it is stored. It is no one’s business were we store our legal money either. I would consider an off shore account if I could get it there without big brother knowing and keep it there without big brother knowing. Once I have paid my legal taxes on it I can and should be able to store it where ever I wish to.

    I do not think it is your business nor the big brother’s business where my money is keep. It is not your;s either ;-) and no…I am not giving you any to help you along to your next failure in life either!

  • Steve Mawson

    There should be a simple yet total rewrite of the US tax code :-

    1. no person [corporation or otherwise] shall be allowed to defray abroad any US earned revenue for tax reduction purposes.

    2. ALL revenues earned in the US must be reported in the US and accounted for in US banks and have US tax rates applied.

    3. Business tax rates across the board – 22%.

    4. Personal income tax rates across the board – 25%

    5. No State may levy additional taxes such that total taxes paid by an individual [corporation or otherwise] totals more than 30% of taxable income.

    6(a). No tax deductions allowable for donations, mortgages, child support or any item whatsoever. (b) 100% of all income is taxable.

    7. Taxes to be filed by APRIL 30 of each year.

    8. Penalty for late tax return filing to be 30% per month or part thereof of base taxes levied and payable.

    9. Any and all taxation above to be used for all Federal, State, Local Governmental, Social and other programs.

  • Hucklebuck

    And you’re against this why, exactly? Because it’s legal? It’s our duty to deprive the government of taxes in whatever way we can legally do so.

    I am not rich but I do have two legal overseas back accounts which I duly report to the IRS each year. My motivation is one you probably have not even considered: I get 7% interest on my 6 year term deposit. Should I keep that here and earn 0.2% out of some duty to a government which views me as a cash cow? Also, I think that government will someday insist I “repatriate” the funds for the common good. (They floated a trial balloon on this last year by “suggesting” businesses holding cash overseas bring it back to “create jobs”. No takers.) I plan to resist that when it comes.

    So take of your class warrior outfit.

    .

  • bongstar

    Michael! are you saying that you trust reports from the IMF? Are you saying that you think the thief govornment should be able to steel these peoples money? Michael, please answer me this, Have you read The Creature From Jekel Island?

  • bongstar

    Im starting to belive that most,But not all people on here dont have a real clue about the way the monetary world operates. The Imf is a Branch of the Federal Reserve And is responsibe for some of the most predatory lending practises ever and have intentionaly starved out and and robbed countless nations of there wealth. and your citing Them! you better get Scared when these people start ratting each other out. This is A ploy to get us mad at the wrong people, so we will give them the go ahead to rob these off shore acounts just like they have robbed us. please do your home work before you write articles like this, Im afraid you might be steering people in a scary direction.

  • tom

    This article is completely ridiculous, these aren’t tax haven’s they just have lower taxes. If a country has an unfair tax system and out of control spending why is it wrong to avoid this unfairness? Hitler tried to confiscate all the German Jews assets, by having accounts in Switzerland many Jews could prevent their wealth being confiscated by the Nazis. Sovereign nations should not get bullied by the IRS and the American Government into handing over Americans details. The Elite are the Government cronies which do not make up the majority of these bank account holders.

  • Big Dave

    The wealthy pay the lions share of taxes in this country. Half of all Americans pay no federal taxes. Romney has paid more in taxes than most of us will make in a life time and he has donated more than most of us will make in a life time. That’s capitalism, not perfect but preferred over socialism or Marxism which your president supports. Taxing the wealthy to oblivion accomplishes one thing quite well. It makes everyone poor. Freedom does not make us equal. It only gives each of us a shot at it.

    • Michael

      Big Dave:

      I am not advocating taxing the rich. Did you read the article. I suggested getting rid of all personal income taxes.

      But if we are going to have taxes, it is ridiculously unfair that middle class folks like us often pay a higher rate than guys like Romney.

      Michael

      • Gary2

        Amen Michael-tax the rich and spread the wealth! I knew I would win you over!

        What took you so long?

        • Michael

          Gary:

          I am not advocating raising taxes on the rich.

          I just don’t like the games and the loopholes that enable the rich to pay a much lower rate than many of the rest of us.

          Michael

          • gary2

            ergo you are then for taxing the rich.

          • Michael

            No, I would like to see taxes lowered on all of us.

            But what I don’t like is for people like you and me to be taxed at a very high rate and then some ultra-wealthy folks barely paying any taxes at all because they know how to game the system.

            Michael

  • http://savemygreenpenny.blogspot.com/ CClitgirl

    I’ve often felt like the richest elite were beginning to create lordships and the rest would be classified as serfs. Yup, you confirmed it. We have returned to the Middle Ages. We might have some modern conveniences, but we’re repeating history.

  • nowwthen

    Bradley Birkenfeld is doing 40 months in a federal prison after blowing the whistle on UBS.

    “UBS pleaded guilty last year to conspiring to defraud the government and helping U.S. clients hide up to $20 billion in assets from the IRS. . .

    UBS agreed to pay a $780 million fine, closed down its cross-border U.S. business and subsequently promised in a deal with Attorney General Eric Holder to turn over the names of 4,500 of some 19,000 American clients.”

    http://articles.nydailynews.com/2010-04-16/news/27061965_1_tax-evasion-karina-byrne-clients

    Granted, maybe Birkenfeld had selfish motives – collecting reward money – but potential whistleblowers will probably continue to keep their eyes open and their mouths shut after seeing how the feds showed their appreciation.

  • Earl Nash

    With all the talk about fiat currencies that are not backed by anything, I suspect that these elite 1% are converting their screen digits to gold and storing it in these offshore locations.

    Congress will never act effectively against this scam; most of them are participating.

  • http://pjcarbonaro@comcast.net PJ Carbonaro

    The greatest good for the greatest number, NOT
    the greatest good for the fewest number.

  • chrisgo

    http://www.bis.org/

    who’s accountable for the ongoing gloom of the human experience on a global scale????

  • gary2

    The government simply needs to take the wealth of the rich and redistribute it to the rest of us regardless of where it is hidden. It is a safe bet that 99% of the rich are crooks and got rich by exploiting others. We would simply be taking back that which was ours to begin with.

    If a few of the honest rich (this is an oxymoran) get their money taken unjustly oh well, one needs to crack a few eggs to make an omlet.

    Force all banks to do princepal writedowns of 50% for everyone who makes under 250,000 per year.

    Now before people start saying I am stealing, I am not-reread the first part of the post.

    For those that call what I am doing unamerican I say that the wealth and income inequality is more unamerican.

    Political policies have allowed the wealth and income inequality to happen and politiacal policies can reverse it.

    Many other first world countries have had the same globalization and have chosen to deal with it in a way that does not benefit the few at the expense of the many. We can and must do the same.

  • martina

    and notice: goldman sachs is investment partner of bain capital witch is related to sankaty… yesyes.

  • nowwthen

    Another great article!

    Because of the information you provided and Newt’s debating skills it looks like the people of South Carolina got wise to Romney. I for one learned a lot about ol’ Mitt from this article. The thing about that flip-flopper is this: If someone will say anything to get into office what will he do once elected to stay in office?

  • OH NO

    If romney becomes president he will help wall st cut taxes to let the corporations and his buddies bring back the trillions offshore, it will be a 5-7% tax and he’ll say that it will be reinvested back into the economy, he’s a pure capitalist!!

  • nowwthen

    It really is an interesting phenomenon how people can assume an article will make a point they disagree with, read it with that mindset, and then criticize it even though agrees with them.

  • Deborah

    Can someone answer this: If anyone who denounces their citizenship can still donate to a super pac, does this not mean that even a foreign terrorist/leader who hates the US donate and influence our election?

    • JC

      Well Deborah, when it come to the possibility of foreigners affecting our elections, what do you think the Dem’s policy of allowing anyone to vote without proper ID? Any illegal alien here in the US can actually VOTE to affect the outcome of any election to supposedly accomplish the desires of any of our enemies from any other country or faction who wants to bring us down or to aid their agenda. That’s why only LEGAL CITIZENS should be allowed to VOTE!

    • http://www.truedemocracy.net Arlene Johnson

      A terrorist imho is someone who controls elections, wouldn’t you say? If you think so, then they could be in the United States or a foreign country. There is an organization that is controlling elections and has been doing so since at least 1976 when Carter was elected. For proof check out http://www.truedemocracy.net/w01/3.html especially the third section of that article where the names of members of that organization that is relatively secret are named.

      That link is not the only link. There are many others in that e-zine too that are controlled by organizations that very few people are aware of.

    • robertsgt40

      I have a little mre cynical take on those trillions piled up offshore. When the time is right, those trillions will be made available to buy up nation states on the cheap

  • mondobeyondo

    The truly wealthy aren’t even thinking about redistributing the wealth. They’re too busy stashing it overseas.

    Too bad the average American isn’t able to have a portion of his taxes transferred to the Cayman Islands. Oh, noooo, it doesn’t work that way for the average Joe. He has to pay FICA tax, income tax, state tax, and just about every other tax imaginable.

    Come to think of it, your taxes ARE being transferred to the Cayman Islands. Unfortunately, you won’t see one red cent of it.

    • http://www.truedemocracy.net Arlene Johnson

      The IRS has the American people fooled. The IRS was actually surprised when the American people filled out their 1040 after the IRS was formed which was directly after the Federal Reserve Bank was established, because people thought that they had to pay income tax on their salary.

      But there is a way of eliminating income tax on one’s salary that is completely legal. You just need to know how to endorse your paycheck to avoid the income tax. Here is what one of my supporters told me people should write instead of “For Deposit Only.”

      “Deposited for credit on account or exchanged for non-redeemable Federal Reserve Notes”

      The problem is that only a few banks will accept a check that is endorsed this way. I checked when I was in Massachusetts, and was told that the wording could only be “Deposited for credit on account” not the whole phrase. And I can’t remember which bank told me that either except I remember that it was not Bank of America. And I don’t know if that phrase would be sufficient to avoid having to pay income tax on salary.

      But one of my supporters told me that the following banks, one of which is in North Dakota and the other of which is in North Carolina do.

      The bank that did not bat an eye was American Federal in Wahpeton, North Dakota. Another bank there, had to consult with their management at first.

      The bank in Winston, North Carolina is SunTrust Bank. The only thing they require is they won’t give cash back on the deposit. I have to write a separate check to withdraw cash.

      A credit union in Wahpeton, ND gave my friend a great deal of trouble. I don’t remember what all happened, but maybe a credit union follows different banking procedures.

  • bongstar

    Wow! no answer Hu? I use to like this site But now im starting to see that you truly are steering people in the wrong direction! Most of your articles are great and helpfull, and thats why I come on this site, but im afraid your way off on this one. This is a great fourm for people who are trying to get a grasp on the economic machine that have destroyed there lives. So when you misdirect the blame it truly hurts. There is one problem in this nation and the world and its the Fed and it tenticles.

    • mondobeyondo

      The Fed has tenticles, the people need testicles.

      Unfortunately, the vast majority don’t have a pair.

      • JC

        Your are demographically and annotomically correct, men are out numbered greatly in the population. And of those, too may have dried, sriviled up little dust bags.

  • davidmpark

    Yeah, no surprise. None at all.

    And right now, I’m not backing anyone for any political office… they won’t back me (except into a corner for a good mugging and beating).

  • tappedops

    As long as the dumb@zz sheeple keep paying their income taxes…these things will never end…

    • mondobeyondo

      We don’t have much of a choice, but to pay income taxes.

      I hate it when April 15th comes around. But guess what happens if I don’t pay? Yep, the IRS will send the bloodhounds after me, and once they find me, the feds will haul me off to prison for tax evasion. Since I don’t want to go to prison, I have to pay up.

      Life is sooo not fair.

      • mondobeyondo

        There’s always an alternative, of course.

        Let the government come after me, and lock my little Mondobeyondo butt in prison for 20 years or so. See if I care. The problem is, I DO care. I have family and friends that would miss me.

        And that’s the government’s trump card.

      • Discusted

        If you get busted no paying taxes you could ask the judge to send you to “Club Fed” the mega rich white collar prison, but more than likely send you to Pelican Bay Hell Hole.

  • NESS

    What on earth difference will it make to tax the wealthy if 95% of their money is unreachable for taxing because they are hiding it in the Bahamas??? Of course they are all going along wit the “tax the rich” policy because what they WILL be taxed is a mere pittance of what they SHOULD be. Makes me so farking mad!!!

    • Rancher

      Ness;

      If those with money paid their taxes then why do you care where they store it? If the man increases the rate and the money has already been taxed once then it is exempt. Taxes are on new income not stored wealth. Get it?

      • stowed

        Eh, that’s the problem, the money they are storing is money made illegally. Why else would they want to store it somewhere else, bc when money starts flowing into your bank account from some random place in China, people are going to ask questions, specially the IRS. Its easy to say that its not really happening when you are doing it yourself though. You haven’t read much in this blog, have you?? If taxes are on new income than why does no one who is making all the money paying all the taxes?? They aren’t. You can’t blind people with your dumb words Rancher, GET IT?

    • gary2

      Oh no my friend-we empower the IRS to go after their money where ever it is. The USA has a lot of power to make the tax shelter countries do as we say. Just look at how fast Switzerland came lean a couple of years ago.

      • McKinley Morganfield

        Egad, you are 1.) a programed robot spitting out the same illogical drivel time after time, 2.) truly brainwashed, 3.) a running dog lackey for the DNC, or 4.) all of the above.

        http://www.youtube.com/watch?v=JY8LKII_MNA&feature=youtube_gdata_player

        • Gary2

          they are in the process of nailing the scum bag rich who stash wealth in swiss bank accounts. The Caymen Islands are next. We goona tax the f-ing rich hard.

  • honestann

    Simple answer.

    All organizations are FICTIONs. Even the most fundamental, long-standing law states this clearly by calling all organizations “fictitious entities”. This is what the term DBA also makes clear (DBA == “doing business as”). Thus, the world today is mostly controlled by:

    predators DBA government
    predators DBA corporations
    predators DBA central banks

    The predators are quite real, Obama and Romney most certainly included. The so-called organizations (governments, corporations, central banks, think tanks, etc) are pure unadulterated fiction.

    There is exactly zero LEGITIMATE reason to pay any attention to government, corporations, central banks, think tanks and other forms of so-called organizations. They are not real.

    Of course, the military and police-state thugs they hire WITH MONEY STOLEN FROM YOU are quite real. The predators and thugs are indeed real. So the question then becomes, when you realize no so-called “institution” is real, is clearly “what do we do about it?” and “how should we live and behave?”. The most obvious answer is: DO NOT HELP THE PREDATORS AND THUGS IN ANY WAY. The next most obvious answer is: DO EVERYTHING POSSIBLE TO EXPOSE THEM AND SCREW UP THEIR SYSTEMS. And finally, take every possible feasible action to treat them like all predators must be treated.

    The “answer” is not to make Romney pay taxes. The “answer” is to stop paying ANY taxes, direct or indirect, obvious or obscure. And stop obeying the predators-that-be and predator-class. Every penny of fiat, fake, fraud, fiction, fantasy, fractional-reserve debt-money is… NOTHING. If they loaned some to you, understand they loaned you NOTHING. Don’t pay them back, and start demanding real payment for your time, efforts and products… in the form of any other real, physical good, including gold, silver, platinum, palladium, rhodium, nickel, copper, wheat, bread, rice, anything real and valuable to you.

    If human beings don’t destroy the predators who now control mankind with their endless fictions, humans are finished.

    • mondobeyondo

      Essentially, you are paying your tax money to the people who will imprison and possibly kill you. Just like turkeys voting in favor of Thanksgiving.

      • honestann

        Yup. Good analogy. Except, of course, that turkeys aren’t dumb enough to support the predators who prey upon them. Only humans are that dumb.

  • Big Dave

    Michael, I wasn’t refuting your claims. I think everyone should pay something. When half of us pay nothing then we create a dependent class. I am mostly speaking to those simple minded folks who bash the rich because they are rich. Our current president is doing everything he can to divide us, black, white, rich and poor, dems and repubs. We are Americans first and we need to act like it. Yes, the tax code is broken. If 10 percent is good enough for God why not the government?

    • Calculus

      Half of us do not pay “nothing.” half of us do not pay income tax. Half of us do, though, pay payroll taxes, sales tax, and property taxes (if we own). That adds up to a larger percentage per capita than the upper tier pay. It’s the very definition of reverse Socialism. Those at the top need to put some skin in the game and pay what everybody else does at an effective rate on thieir income.

      • Lennie Pike

        We pay property taxes if we rent also.

  • josh

    did you happen to see steven colbert’s video with romney being a serial killer? its quite funny… sad..

    http://www.colbertnation.com/the-colbert-report-videos/405930/january-15-2012/colbert-super-pac-ad—attack-in-b-minor-for-strings

  • Antonio Gonzalez

    Plus the money from Iraq, and now from Lybia, maybe 30 T
    more, and going.

    This is America;s democracy.

  • Darryl Burt

    Everybody forgets that in the end when we die, we can’t take it with us. All this power, prestige, fame and fortune will not do us any good when we are dead. God is going to ask what we did on earth, did we help our fellow man or were we greedy. All that matters for a better life is our penitence and love for God, family, respect for natures laws including our rights, love for fellow man and seeking knowledge to improve our civilization.

    • Joel

      Take Steve Jobs, for example. He died a very rich man. I’m sure the Lord was satisfied with his answer to that question – that he donated to charities, and created charities, and that he used his money; and more importantly, the technologies his company created, to help provide ways to educate the very poorest of children in parts of the world that had never had access to education. That his company’s tools helped teach children about living healthier lives and made it possible for those who have wealth to do good with it by helping those who do not.

      No, we can’t take wealth with us. Those who have it can, and often do, particularly in America, choose to try to make other people’s lives a little better by using their wealth, however.

  • drago

    hey michael
    just seen your name mentioned in today’s rueter’s online prepper article- congratulations!

    • Michael

      Yeah I saw that, but they spelled my name wrong. :(

      Michael

  • plato’s pug

    The US is the only country that taxes based on citizenship not residency, which is despicable!

    Obviously, if one lives outside of the US, then why should they be made to file? but it’s true. In the case of Mittens and the other low-life creatures, they clearly made their money in the states and then funneled it to offshore accounts.

    • mondobeyondo

      The IRS (Internal Robbery Service) isn’t too concerned about ex-pats overseas. Don’t know that for a fact, just from second hand knowledge.

      • Lennie Pike

        Infernal Robbery Service

        • Lennie Pike

          It’s more like ex-pats overseas aren’t to concerned with the IRS.

  • patriot

    Im amazed so many of you have woken up.

    Just think, did the gov and irs just learn this?????

    of course not, you have been under full attack since the creation of the criminal federal reserve system for all most 100 years.

    Ron paul know this and knows your all being assaulted.

    Long live our rebublic.
    And
    Death to the new world order.

  • patriot

    A redistrobution of money is not the fix.

    It will just come again.

    Restore the constitution
    Eliminate the federal reserve and irs
    Have a sound currency
    Stop policing the world
    Ban lobbying
    Reform tax code.

    Basicly undo the last 95 years of corrupt legislation.

    Thats the only solution there is.

    Who would do this?

    RON PAUL OF COURSE.

    but america is chocked full of indoctranation people

    So its going to take them loosing everything and being enslaved

    Sad but true.

    • bongstar

      RIGHT ON!!!!!!! these are the true answers. ending the fed would be hard but repealing legal tender laws and allowing other forms of currency to compete aginst the Federal Reserve notes would be a great start. Also fractional reserve banking must be outlawed, as it was in 1361 in Vinice, all banks were requierd to hold 100 percent of there deposits and have there books open to the public. These same bankers were banned form being able to reinvest there clientels money in to any other comercial persuits. People figured sound banking out long ago, but of course as time passed and the ones who sufferd passed away and with newer generations who were ignorant to history, fractional reserve banking came back and begain its ravages agin.
      Nothing is new under the sun, passing on real history is the only to keep from repeating the past.

    • gary2

      A redistrobution of money is not the fix.

      It will just come again.

      Sorry-yes it is the fix and if it just comes again than redistribute again.

  • Gary2

    Every $1 added to the IRS for enforcement, the data show, yields over $4 in revenue.

    Yes we can tax the rich hard and spread the wealth!

  • Gary2

    Michael-in reading the responses to this post I am dismayed at the low information posts that are actually defending the rich not paying even close to their fair share.

    I do realize this is a right wing leaning libertarian site so I should expect such drivel but the sheer appallingly defense of the rich not paying their fair share is stunning.

    I think you hit a new low in the intellectually bankrupt responses in this post.

    Are people really this ignorant or do you pay people to post the non intellectual crap to make this site more interesting?

    • Rancher

      Gary: What % is their fair share. I mean in all taxes paid out. Do you really see it the responsibility of the more wealthy to pay the way of the less wealthy? Do You really?

      • View from Abroad

        Do a mental experiment:

        put anyone of the ultra-rich – anyone you like, Steve Jobs, Warren Buffett, Bill Gates or WHOMSOEVER – on a lonly island, maybe like in LOST.

        Now leave this person there…1 year…5 years…10 years.

        Now, after 1, 5 or 10 years, visit them and guess what they have “earned” or “accomplished”.

        What will you find – a 330 feet yacht? A 50.000 sqft Mansion? A private Jet?

        No. You will find, that – whosoever! – ALONE, without a society of other people, without infrastructure, AT BEST will accomplish BARELY to SURVIVE!

        WEALTH is a phenomenon, which completely depends on the existence of a society – if you find a pirate’s treasure on said island, gold, pearls, diamonds…are you RICH then and there, ALONE? Hardly. You will still have to go yourself to gather leaves to wipe your a**.

        Insofar: the sheer opportunity to amass “wealth” depends on the existence of a working society, education, healtcare, infrastructure, civil peace and protection.

        For this, everybody has to pay his fair share…and those people, who, as described abore, reap the most benefits from the existence of said working society, i.e. are able to amass wealth far above the average, have to pay far more than the average.

        Its simple logic.

        • Joel

          You’re joking, right? One of the three people you mentioned started his first company in his garage. Another had a minor in mechanical engineering (presumably he knows at least a bit about something other than computers). The third, well, he might be out of luck, but he should at least have gotten enough education to be able to count the coconuts he collects to survive on. Both Gates and Jobs were innovators who became businessmen when their success at innovation forced them to. Jobs, in fact, failed at Apple and was forced out. He then started another company in a different field, but a company that excelled at innovating. Such men will be successful no matter where you put them, with whatever circumstances. They thrive on strife. They didn’t get rich in the first place by sitting back and counting their money.

          If you dropped a man like Steve Jobs (were he alive today) on an island for 5 years, no he probably wouldn’t have a mansion when you went back for him. What he probably would have is hands stained from charcoal and a water-proof and burn-proof container containing the next 10 years of innovative progress in technology and, if you took away is billions while he was there, he will have brought back with him the start of his next billion dollars.

      • gary2

        yes-its called dues for living in this once great country. Giving back to the country that gave uyou the nopportunity to become rich in the first place. NO ONE gets rich on their own-see Elizabeth Warren take on this via u-tube.

        I heard Bill Gates say that if he was born and lived in the rain forest somewhere he would not be where he is today.

        • Joel

          Gates is telling the truth, and using it to foment a lie. He knows where he would be if he were born in a rain forest. He would be in an office building making a ton of money in another country. Conversely, he could possibly be still in the rain forest as the head of whatever tribe he was a part of. Such men rise to the top of whatever societal hill they endeavor to climb.

          As far as Elizabeth Warren’s take on much of anything, why would any thinking person consider her words to be truthful? We are all well aware that no one creates wealth in a vacuum. Nor is income created without those who have wealth. Those who work for the government work for the wealthiest employer in the country. The government is simply wealthy through taxation whereas private enterprise is (usually) successful/wealthy through earnings from the work of the employees (including the rich guy who owns the company).

    • bongstar

      please understand economics and history before you speak. Im not a rep or dem they are both crooks! obama bush and the rest before them. so what has obama or bush given you? if you think our govornment would give you anything your crazy, even if they took more from the rich do you think they would right you a personal check???? Do you realize how much our govornment makes in Taxes, bond sales, and fines and other revenues. And guess what its still not enough to pay for there squandering. thats why we have a 15 trillion dollar debt. because they rob us all blind rich and poor. The rich arent the problem, The federal reserve is!!!!! Remeber our dollars are backed buy bond debt, wich means that if we paid of our debt our dollars would litteraly be worthless, thats why they dont want to pay our debt off!

  • Jo

    Should this article really Shock anyone?!

    Our system is intrinsically flawed, it’s only going to get worse

  • El Pollo de Oro

    Leona Helmsley once said that taxes were for “little people,” not an ultra-rich person such as herself. It was an honest statement that landed her in prison; the IRS decided to make an example of her for thumbing her nose at them, but it didn’t invalidate her point. And she was really the exception rather than the rule. The ultra-rich know how to get out of paying taxes, while the IRS will hound their favorite cash cow, the middle class, to death. But now that the former USA has become The Banana Republic of America and the American middle class is an endangered species, the IRS is losing its favorite cash cow. The poor majority are barely surviving and don’t have a lot to tax. And if the poor turn to crime and join the underground economy, that won’t be a source of tax revenue because the cash-only profits from drug sales, kidnapping, carjacking and violent home invasions aren’t reported on tax returns.

    Welcome to huge deficits, a weak currency, dirt or gravel roads, crappy drinking water, social unrest, violent crime galore, and the lousy infrastructure of a Third World country. How lousy? I’ve been saying that conditions in the BRA will ultimately become Guatemala bad or Bolivia bad—some folks think I’m overly optimistic and that when the you-know-what really hits the fan, we’ll be looking at Sub-Saharan Africa bad or Haiti bad. I’m not quite THAT pessimistic…..not yet, anyway.

    Hmmm, maybe the destruction of the American middle class wasn’t such a good idea, now was it?

  • Otown Right Guy

    The problem is not that the wealthy are sheltering their money in offshore accounts to avoid taxes. That does not make them evil. What sane person would not? The problem is that the 1% have opportunities that the rest of us do not. We are not privy to them. And when they fail WE bail THEM out.

    Ron Paul 2012… or more of the same.

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