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The Shadow Banking System: A Third Of All The Wealth In The World Is Held In Offshore Banks

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You and I live in a totally different world than the ultra-rich and the international banking elite do.  Many of them live in a world where they simply do not pay income taxes.  Today, it is estimated that a third of all the wealth in the world is held in offshore banks.  So why is so much of the wealth of the globe located in places such as Monaco, the Cayman Islands, Bermuda, the Bahamas, and the Isle of Man?  It isn’t because those are fun places to visit.  It is to avoid taxes.  The super wealthy and the international banking elite think that it is really funny that our paychecks are constantly being drained by federal taxes, state taxes and Social Security taxes while they literally pay nothing at all.  These incredibly rich elitists make a ton of money doing business in wealthy western nations and then they transfer virtually all of their profits offshore where they don’t have to contribute any of it in taxes.  It works out really great for them, but it sucks for the rest of us.

It is estimated that approximately $1.4 trillion is held in offshore banks in the Cayman Islands alone. According to an article in Forbes magazine, there is a total of approximately 15 trillion to 20 trillion dollars in offshore bank accounts, brokerage accounts and hedge fund portfolios.

A recent article in the Guardian stated that a third of all the wealth on the entire globe is held in offshore banks and that the vast majority of international banking transactions take place in these tax havens….

On a conservative estimate, a third of the world’s wealth is held offshore, with 80% of international banking transactions taking place there. More than half the capital in the world’s stock exchanges is “parked” offshore at some point.

All of the biggest banks in the world are involved in playing this game.  All of them have big branches in these various tax havens.  All of them work very hard to ensure that the tax burdens on their ultra-rich clients are as light as possible.

Nobody knows for sure how much money big governments around the globe are missing out on from all this tax avoidance, but everyone agrees the number is huge.  It is at least in the hundreds of billions of dollars every single year.

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.

No, most Americans just go to work every week and have their hard earned paychecks raped by an oppressive taxation system.

To the ultra-wealthy and the international banking system we are all just a bunch of suckers.  In fact, a big portion of our taxes ends up going into their pockets to pay the interest on all of the government debt that they are holding.

When the global elite decide that they want to do some “social engineering” inside the big countries where they operate, they just set up tax-free “charitable trusts” that usually aren’t very “charity-oriented” at all.  Rather, many of these “charitable trusts” push the various radical political and social agendas that many of these elitists love to promote.

Examples of this include The Rockefeller Foundation and The Ford Foundation.  George Soros also loves to use entities like these to push his various agendas.

The wealthy know how to play the game.  For most of the rest of us, the game kicks our behinds.

So for those who are constantly screaming “tax the rich”, the cold, hard truth of the matter is that those who are truly ultra-rich know how to escape just about any oppressive tax regime you may set up.  They are light years ahead of the rest of us in knowing how to play the game.

What are you going to do?

Kick them out of the country?

Yeah, they will be really sad to spend even more time down in Bermuda or in the Cayman Islands.

Are you going to kick out any company that has any stock holders that have offshore bank accounts?

Well, you would have to kick out virtually every single major corporation in the United States.

This is just another example of how deeply flawed our system of income taxation really is.

Do you want to become a master of the tax code?

You might want to set aside some time for reading.

A lot of time.

The income tax code and its associated regulations contain well over 7 million words and are more than seven times longer than the Bible.

The IRS employs more than 90,000 people and it costs more than 11 billion dollars a year to operate.

Talk about a colossal waste of resources.

Meanwhile, the ultra-rich are just parking all of their money in Bermuda and the Caymans and are laughing at all the rest of us.

It would be hard to understate just how much influence and power all of this offshore money has.  The ultra-wealthy and the elite international bankers own many of our largest corporations, they exert influence over central banks, they control big media outlets and they “contribute money” (bribes) to political campaigns.

The elite are always two steps ahead of any new laws that get passed.  They are masters at moving money around.  They will quickly find a half dozen ways around any new law that you could possibly dream up.

Most of us never even get to meet any of these incredibly wealthy individuals.  They don’t attend the local church or go shopping down at the local shopping mall.

No, the global elite generally live in very exclusive gated estates or hang out at the most expensive private resorts.  They don’t spend a lot of time mixing with the rabble.

It turns out that life is pretty good when you have a ton of money coming in and you pay next to nothing in taxes.

So the next time you get your paycheck and you see that a half a dozen things have been taken out of it, take a few moments to think of the global elite that don’t pay any taxes at all and see how that makes you feel.

Hopefully when enough Americans get mad enough and start demanding change, the current income tax system will be scrapped for good and something much more equitable will be put in place instead.

  • Solomonpal

    “Hopefully when enough Americans get mad enough and start demanding change” Ya think so? Most Americans are too $&@$”! dumbed down…too entranced with Megan Kelly’s legs or NFL. Looks like lemmings jumping off a cliff to me.

  • Wilma

    Time to rise up!

  • Gary2

    I have been constantly saying we need to tax the rich and spread the wealth. I think this article proves my point.

    Get this straight-the rich DO NOT pay their fair share, not even close. This article is again proving me right.

    When more people finally wake up to this fact the rich will be taxed and the wealth and power will be spread.

    It is not just the gross income and wealth inequality that is killing this country but the power inequality that all the wealth inequality buys. The rich buy government and pass laws for their benefit but that are bad for middle/poor folks. Think the hedge fund billionaires only paying 15% on their “capital gain income” and how even this commonsense loophole could not be closed in the tax cut for the rich republican mania and the spineless democrat tools.

    TAX THE GREEDY TO HELP THE NEEDY! this will be the mantra in 2011. People are starting to wake up to the gross inequality in wealth distribution.

  • Globalization has made it even more easy for the rich to escape taxation, and increase their income.

    As I mentioned before, most of the goods made in Asia are not invoiced directly to the buyer in the US or Europe, but to a shell company, located in one of these tax havens.

    Thus, the bulk of the profit is “made” in the tax haven.

    I actually worked for a company, using such a system.

    Shoes were made in China for, say, 5 dollars a pair, then invoiced to a shell company for, say, 6 dollars a pair (some profit has to show up in the country of origin).

    Then the shell company invoiced the importer at, say, 15 dollars a pair, thus leaving a non-taxable profit of 9 dollars per pair at the disposal of the company’s owner!

    Now, just try to imagine what top executives of Apple, Nike and the likes can put aside every year, without anyone being even conscious that such a system exist!

    When Forbes publishes its estimates of the world’s richest persons, it doesn’t (cannot) take into account these hidden billions…

    Click on my name to visit my blog.

  • mickey

    how about a simpler solution…they are few…we are many…lets take back what is rightfully ours… sometimes you just have to hit the reset button when a system is so totally screwed up…How about the people of the world stand up and have some pride for a change instead of allowing them to paddle your backside while we cry out “please sir can I have another’ wack…”Please sir can I have another’ Wack.. Lets see at 5% a year, which is simple interest…if we took back this money, we could pay off the entire national debt and have enough money left over in the form of interest that we could pay for social programs for the most needy, as well as job training programs to make the majority os current recipients of welfare employable..

  • Gringo!

    Good luck, really. I work with these people and it will never change. Half aren’t even American. Also it’s hard to pin down what is an American company nowadays. Over half of Pepsi’s revenues come from outside the USA. After the WBD merger they will be the largest dairy producer in Russia. Most of Colgate’s revenues come from outside the USA. It is an emerging market’s company. Avon’s largest and most profitable market is Brazil. Actually when you dig in, you see that Avon is a Latin American company. GM is a top 3 automaker in virtually ever country worldwide. GOOG derives 50% of it’s profits from outside the USA and this is growing faster than the US portion, so in the next few quarters they should become a truly international company. Bottom line is that taxes are the problem, not tax payment. The US government is living in an old world where ever market was insular and there was no flow of capital and labor. So the things you see with capital parked outside the US reflects that the US is not as competitive and everyday becomes less so. Everything needs to simply including government and regulations. And yes, you would have to be crazy to leave a substantial amount of wealth exposed to the kleptocrats in the US government.

  • Well, as long as the politicians get a piece of the booty before it is offshored, offshoring will continue. We have a corrupt political system that permits this, and with public funding of campaigns we’d see an immediate stop to it. The politicians would then find a way to tax the elites BEFORE the money is offshored.

    Political corruption has killed the US economy in so many other ways, and nothing is going to change until we get the bribes out of the system.


    Jack Lohman

  • Cary

    Good start for exploring the rabbit hole here. People talk about Leninism, Trotskism, Maoism or Stalinism as though through their subtle differences flaws can be isolated and corrected. But there is nothing to correct. All of those farm-managment systems worked exactly as they were designed to work. None were as effective as Imperial Fascist USA, however.

    Steps to fighting back:
    Step 1: Learn to farm
    Step 2: Learn who the “elite” are (they are everywhere; media/hollywood/academia/banks)
    Step 3: Tell a friend
    Step 4: Get to know god. Even if you have never thought about god your whole life you should realize that these “elite” DESPISE god. Islam and Christianity are massive acts of defiance.

    Today we think about Christ as “our shepard,” but that is just how semantics get twisted over time. 2000 years ago he was standing on a stone wall yelling at people, “You’re sheep! Wake up! You’re sheep!”

  • Edward Mack

    Most ordinary and average people would love to see the current income tax system scrapped and a new system put in place, although I don’t have the polls to prove it. But I can’t see anything changing. Politicians of both parties like the current system because:
    1)The tax code allows politicos to reward or punish their contributors and to help themselves to breaks that they hope no one finds out about, some unethical and downright criminal incentives and tax breaks.
    2)It allows the big spenders and “fairness” advocates to claim to be soaking the rich with progressive tax rates, to play the political game (done mostly by democrats).
    3)It keeps about 50+% of low income people from paying any Federal income tax, thus providing a built in constituency for a lot of politicians.
    4)I would bet that a significant number of politicos would be classified as the super rich and like to park money overseas and don’t care about making the tax system equitable because they don’t pay taxes under this system– think Charlie Rangel, Chris Dodd, etc.

  • Michael2

    I ask again, how can citizens be made to feel like criminals with their own hard earned money?

    What is even more troubling is not only do governments/law enforcement around the world look away in fear from the truth about criminal activities in international banking. They go after citizens, i.e. ‘little people’ with a vengeance for things that when compared to the banking sectors crimes are miniscule. In effect more and more people are falling on hard times, doing desperate things, as a consequence of larger crimes committed by “people” higher up on the food chain. The best description I have read is calling the crimes of desperate people “poverty crime”. It seems to me like more and more we are living in times that are comparable to Robin Hood or William Wallace.

    There are weapons to be wielded against the banking beasts though as brave hearts like Wiki Leaks, independent researchers/authors and alternative media sources (like this blog) are more and more exposing proof damaging the banks. That is exactly what the world needs a major ‘deep throat’ type of figure to emerge from the nefarious international banking world. Someone with the credentials and iron clad proof to reveal exactly how deep into the dark side some of these institutions of doom are and to reveal how to retaliate against them. If there is a Satan it is not hard to imagine that the SOB is in charge of this whole “one world” old world order banking system concept and direction. Only a devil would want all the nations of the world on their knees, beholden in debt and subject it’s every whim. Like the Bank’s whole bail us out or the worlds economy will collapse and riotous, chaos will ensue. Well it looks there will be a socioeconomic collapse and riotous, chaos will ensue anyway. Tricky just like a devil those banks are.

    In closing, I do not like every thing President Andrew Jackson did or stood for. But I do hold in high esteem the way he stood up to and check mated the international banking syndicate of his time. We need another figure to emerge like Andrew Jackson who knows the weak spots of these behemoth banks and how to apply the pressure to destroy them once and for all.

  • Steelerpop

    Not sure what “something more equitable” would look like, though. Lower tax burden on existing taxpayers – but how to capture something from those now parking it all offshore?

  • newyorklondon

    Well put & informative.
    Yes, if only most Americans knew about this.
    Sadly, they are massively ignorant (to a large extent) nor do they seem to give a damn. Over here in Europe, more of us Americans & many others of various backgrounds are mad as hell and trying to not take it anymore (although the protests only seemed to work in Iceland).

  • de Malfosse

    Off-shore banking allows narcotics money to be laundered. Yes, while your cousin “John” is doing X years for possession of a good time, big banks launder the money Joe spent on his drugs.

  • Joker

    Want some inside info; just to survive one must offshore.
    It is not any longer to do it or not. Everything we do is illegal.
    if you do not change the system, one day you end up there as well.
    Very good article

  • Benjamin

    I like the article, but I don’t like the defeatism that is implied. *If* an honest and serious government were in place in the U.S., it would not be difficult to tax the very rich.

    Simply tax them for offshore assets held in tax havens, and investigate and prosecute fraud, or failing to report assets – then punish with actual jail time.

    As soon as the first couple billionaires are in a jail with drug smugglers and muggers, the rest of the billionaires will pay their taxes, on time and as requested. As Joseph Stalin would have asked, how many tank battalions do the billionaires command? None, *if* we get an honest, populist government in the U.S. (no small “if,” of course).

  • Benjamin

    Making billionaires pay taxes may seem like pie in the sky, but it happens in Russia. Putin put a few of the crooks in jail and now the rest pay their taxes. It’s really not rocket science, all it takes from a leader of a major power is integrity and a tiny bit of spine.

  • Thomas Paine, Agrarian Justice, 1797

    “The state of civilization that has prevailed throughout Europe is as unjust in its principle as it is horrid in its effects, and it is the consciousness of this, and the apprehension that such a state cannot continue when once investigation begins in any country, that makes the possessors’ of property avoid every idea of a revolution. It is the hazard and not the principle of revolutions that retards their progress. This being the case, it is necessary…for the protection of property, as for the sake of justice and humanity, to form a system that while it preserves the part of society from wretchedness, shall secure the other from depredation…To remove the danger, it is necessary to remove the antipathies, and this can only be done by making property productive of a national blessing, extending to every individual. When the riches of one man above another shall increase the national fund in the same proportion; when it shall be seen that the prosperity of that fund depends on the prosperity of individuals; when the more riches a man acquires, the better it shall be for the general mass; it is then that the antipathies will cease and property be placed on the permanent basis of national interest and property be placed on the permanent basis of national interest and protection.

  • Why not remove all the taxpayer subsidies embedded in the IRS chartered tax-exempt foundations? Why should taxpayers pay for special interests?

  • Maria

    I agree with you on the idea of abolishing the IRS and the Federal Reserve.

    I don’t agree with the notion of envy that you seem to be distilling. The “elite” give greed new meaning, but envy is just as morally devastating as greed. By envying them, we become just like them.

    We were once viewed as a nation with great integrity, but we have become the nation of greed and sloth. We lost our moral compass.

    A large portion of our citizens no longer have the ability to take care of themselves, and another group of our citizens have gained complete control of the government through their wealth. These two groups have become the primary focus of our government…the slaves of the state and the slave masters.

    Social justice should be the focus of the economy, and the motive of profit should always give way to the motive of the moral law. That is the only way to attain and retain economic strength and sound sovereignty.

    In today’s world that concept has been completely abandoned, and that is the root of this entire economic mess.

    No morals…no strength.

  • Scott M.

    The answer is easy: Nationalize the banks (it is our money after all) and treat them as a utility

  • Tom

    People with kids rarely pay more taxes then services they consume. $8000 a year per kid at school and they kid tax credits for having kids! Bad system. Time for food prices to way up so these families can pay to have kids instead ofliving off the rest of us.

  • Dano

    “Taxes are for the little people” – Leona Helmsley

  • If we abolish the income tax and go to a flat sales tax this would eliminate the entire problem. They could not get around paying taxes on items they pruchase.

  • Yea, the elites really have us confused and scrambling, blaming everything except what caused the problem, the politicians and the corporate interests that gave them the bribes to twist the rules. Only a 100% turnover will fix the system — until, that is, we implement public funding of campaigns.

  • mondobeyondo

    Bermuda shorts: What elite bankers call the U.S. dollar…

  • mondobeyondo

    As much as I like Marxism-Lennonism (as in Groucho and John), what the elite banksters are doing is not funny or humorous. In fact, it is downright criminal.

    If the rules were fair, the average American Joe Six Pack should be able to transfer his weekly wages to, say, Tahiti, where it would be safe from the evil clutches of the IRS.

    Why are the major corporations and powers that be, allowed to do this, and get away with it??

    If there were any fairness in the world, the Rockefeller Foundation, Bill and Melinda Gates, Warren Buffett, Ted Turner, etc. etc. would get sued by the IRS for delinquent taxes, back taxes and criminal evasion.

    Who do they go after? Guys like Bernie Madoff.

    Chase after the guppies, and let the whales go scott free.

  • Patrick

    God bless these people that have their money offshore. If the government got their hands on it they would only blow it on bombs and wars, nuclear submarines, carriers and all the other crap they like to buy at our expense. On top of that; they will increase the Federal payroll and then fatten all of their own pensions. Nothing would change for the underclass. At least this hidden money is invested in keeping the economic activities going in the world a bit longer.

  • Another excellent article here on the last day of 2010!!! That is why the whole economic financial system is going to collapse, “Greed.” Friends, take a serious look at Glean as much as you can before its too late for you and family!!!! Get prepared now!!Procrastination can kill you!!!

  • Ed

    It is a great thing and doesnt take THAT much money to have money offshore, in other countries, in other instruments/currencies, etc. The real problem ISN’T so-call “Off Shore” banking, or anonymity of those accounts but that countries, ESPECIALLY the US have draconian rules that, basically, only allow the uberrich, corporations, and politicans to off-shore. The draconian, immoral, and dare-I-say-it UnConstitutional taxing schemes of the US that drives money away. If only everyone, even the little guy, would say “No Mas” to IRS. Then, maybe, we can rein in the power, corruption, of the Feds.

  • Tom Brown, they’d absolutely LOVE a flat tax! It is regressive as hell and they’d send even more money to their offshore tax haven. No, best to get politicians off the payroll of the rich guys and let them pass laws that have teeth in them.

  • Bob

    Foreign banks allow you to keep your savings in other currencies. This is important because it helps people to evade inflation.

    Some foreign banks used to give you financial privacy. Privacy could be reinstated. No government anywhere has authority to know anything about you. Their authority is revoked.

    US banks will give your savings to the government on demand. Some foreign banks will make confiscation more difficult for the government.

    It is well known that all US taxes, especially the income tax, are unconstitutional. No one owes taxes to the US government.

    Remember, humans don’t make laws any more than a colony of bees do. All the laws that exist will remain unchanged long after humans are extinct. To the extent that you can avoid coercion, no one has an obligation to obey government.

  • David Collyer

    The despair is unwarranted. If we removed the tax burden from labor and business and impose it instead on economic rents – Land Tax, Mining Tax, Radio Spectrum, etc – we could lift these inequalities and DOUBLE most countries’ GDP in one fell swoop.

    See: Henry George

  • The Elite

    The content of this blog and the responses to it are compelling reasons to expatriate money and family out of the USA. The thing the frustrates governments and their fans the most is the unstoppable mobility of capital. Best of luck with your plans for other people’s money and with explaining to your offspring how your ideas were not supposed to impoverished enslaved them.

  • Richard

    The income tax is for economic and social control. You don’t even need taxes for the government to pay it’s bills. If the government can pay it’s bills with 20% of the profit of 100% of the economy, it can pay it’s bills with 100% of the profit of 20% of the economy. A national energy company for energy self sufficiency would be a good place to start.

  • They don’t want to tax the rich. They are the rich.

    Why do you people think you have any say in this? You don’t. Your rich and elite government masters run the show. You can whine and snivel all you want but the sad truth is you can’t do a thing about it. Vote? Swap one elitist for another? Yea hows that been working out?

  • Carol

    This is not only an american issue. Don’t forget it when you write such an article. We are all victims of this insanity.
    I live in Europe, and I tell you the system is as bad as in the US. The country where I live take away around 40 to 50 % in taxes from your paycheck. Where the money goes? To pay the debts, interest and loans. Everything here is double taxed, plus all kind of extra along the line. The cost of food here has been recently evaluated to be more than 40% higher than in the rest of the EU. Yes, salaries are high, though it doesn’t change a thing at the end of the day. You end up as poor as the US average american. To top it all, Denmark is a socialistic democratic extremist country hence suffocating individuality, aggressive austerity measures are being implemented right now, the amount of bitchy control laws are growing by the day, police forces are look alike US police, becoming more and more monster bullies, working to implement government laws, protecting the elites. Remember the attitude of the police last COP 15 in Copenhagen! Denmark is litterally becoming a police state and thus far quicker than in USA. The banking system is corrupt, working hand in hand with ECB, Rothschild and the rest of it. US citizens are not being treated worst than the rest of us on this planet. We are all being sucked dry by the ultra elite and their minions. And I want to add, we have here in Scandinavia the Royals who without any bit of shame and decency are spending public money for their exclusive clothing, festive gallas, private jet travels, exquisite million dollars holidays, huge costly castles, and more. Why? because they are bloodlines!!!!!
    What can we do? 99% of the Danes are totally unaware of the system they are living in. On the contrary, they think they are very priviledged to belong to a civilized scandinavian society. They have been manipulated for so long, believing their country being a freedom heaven. The reality is absolutely the opposite. The politicians here are worthless, totally brain washed, just puppets complying to the EU directives, FDA, US Government, the shadow government. No, the banking criminals are not only destroying USA, but too, each single country on this planet. I cannot think of more evil than this bunch of egocentric decadent demons. They should be sentenced to livelong guantamano jail in solitary confinment. Unfortunately I know this picture will only happen in my dreams.

  • cordagejoe

    Money does not exist and it means nothing. It is just another form of control of the human race. The saying “follow the money” is false. The powers to be could care less about the money. They could print out as much money that suits them in their agenda of the new world order. It’s not the money, it is control. It is a war against us. They can clean the slate, if they want to, but it is all false. Wake America, the joke is on us.

  • Pete Wilson

    Tax havens can easily be dealt with by ensuring all transactions in or out or between any of those jurisdictions are charged a transaction fee proportionate to the amount of money involved. It’s all done electronically so wouldn’t be difficult to do.

  • Kevin

    Even with this informative article, most of the sheeple will bark, do nothing else then go back to their so-called normal special lives watching TV and movies….

  • MoT

    If our nation would simply STOP stealing money from us: taxes,social security, military, etc. and STOP scheming up new ideas to steal more: mandatory insurance etc., and simply let people do with the fruits of their labor as they see fit: true freedom, then and only then would you ever see things turn around. Right now we’re only being distracted with bread and circuses until the bitter end. If you trust these bastards to ever do the right thing then you fall under the definition of being insane.

  • DarkStarAz

    I love the way these comments are saying Americans need to wake up. Meanwhile the article headline is “A Third Of All The Wealth In The World – is Held In Offshore Banks…”

  • Lou

    Everyone has good points; however, it is time to understand that there is REALLY only ONE party here – the international elites making sure the rest of us stay divided, distracted, dumbed down and broke.

    Assuming y’all do want change for the better – getting back to the Constitution for starters, get educated on the real current situation to understand what needs to be done. Can’t fight an enemy one is ignorant of.

    Begin by reading Ayn Rand, the Constitution and Bill of Rights, “The True Story of the Bilderberg Group”, and top them off with the desert of now understanding, by reading “Alice in Wonderland” and “The Wizard of Oz”. Better start today before they are all considered fodder for the “T” gang.

  • Based on the lenght of control corporations, national and international have over the media, armament industry,Wall street, the Congress (both houses)and the Federal Reserve a quasi public corporation controlled by private individuals whose families go back to Europe a hundred years or more we, Americans, need to pray to the Lord Almighty for real justice and hope that we have another Cromwell or Andrew Jackson to bring about Fundamental Fairness.

  • Boycott American Women

    Why American men should boycott American women

    I am an American man, and I have decided to boycott American women. In a nutshell, American women are the most likely to cheat on you, to divorce you, to get fat, to steal half of your money in the divorce courts, don’t know how to cook or clean, don’t want to have children, etc. Therefore, what intelligent man would want to get involved with American women?

    American women are generally immature, selfish, extremely arrogant and self-centered, mentally unstable, irresponsible, and highly unchaste. The behavior of most American women is utterly disgusting, to say the least.

    This blog is my attempt to explain why I feel American women are inferior to foreign women (non-American women), and why American men should boycott American women, and date/marry only foreign (non-American) women.


  • The Elite

    Socialist dreams. Nationalize this. Tax that. Anything to feed the 65 pound tick on a 100 pound dog. Whatever you tax you get less of, because it leaves. Keep going and the USSA will nationalize everything and tax everything – fed, state and local governments will be 100% of GDP. But that is what most of the commenters here really want don’t they. 85% of Americans utterly depend on Social Security and Medicare, which have $100 trillion in unfounded liabilities. The are only $50 trillion of hard assets in the USSA, so the vast majority of voters will force the country to confiscate itself twice over for those two issues alone. Politics has nothing to offer you, because it is inly a symptom of your infestation by socialism. You have already nationalized currency, agriculture, banking, education, roads, pension, healthcare, military, policing and private corporations. As the trend accelerates, you will foolishly print more laws to create more “social justice” the same way you foolishly print more currency to create more money. Both have a perfect historical record of creating the opposite effect. No amount of ink on paper will never solve your problems unless it represents a contract between two parties willing to enter it. The only “waking up” the whiners need to do us to realize that the government cannot possibly deliver on any of the promises that you have forced it to make. The money to pay for the handouts that you think you deserve was all embezzled to buy votes via prior rounds of government handouts. Start taking responsibility for your own lives. Exclude from your calculation of personal wealth anything that you expect from governments and anything that is encumbered by debt. That is reality. Stop dreaming. But you won’t, because the vote is the most valuable financial asset that the vast majority of Americans own free and clear. It is the means to blame and confiscate from others for your own terrible personal choices. History shows this works for a while, until you wind up blaming and confiscating yourselves into oblivion, which is exactly what you are doing. So keep chasing the boogie man and keep depending on the government, and I’ll watch the submarines rust the same way they did in the USSR. The smart money and people are preparing to leave. What happens then? Will you declare war on the entire globe to confiscate more real capital so that USSR voters can receive their government checks? Wake up to what the common *individual* of the USSA has become.

  • DJ

    You say you want to tax the rich?

    Stop letting them bail themselves out with money created out of thin air.

    Let them fail.

    But be prepared for the temporary chaos that would ensue.

    Legalize competing currencies.

    Get rid of the income tax. Turn the U.S. into a tax haven with concrete respect for private property rights.

    Seek local solutions to local problems. Ignore D.C. They are irrelevant and illegitimate at the local level.

    Become more self-sufficient. Government will not be able to help you (short of whisking you away to a highly-controlled facility with other destitute people) when this system finally unravels.

    Learn how to grow your own food. Teach friends and neighbors how to do the same.

    Invest in yourself by learning new skillsets.

    Consider radical reform of the U.S. educational system. Common sense dictates that homeschooling should flourish in the Information Age (combined with rising energy scarcity).

    Tax the rich by leveling the playing field.

    Stop letting them write laws that benefit themselves.

    No favoritism allowed.

  • Doc Thomas

    Excellent article is there any way to sign up for a Email of your articles????

    • Michael


      At the top of every page is a link that says “By Email” – if you click it you will be given the opportunity to sign up on a list to have every single article sent to your email box.


  • as always, the US television “news” media (propaganda) networks just glossed over the whole thing – nothing to see here, just move along, back after a message from our sponsors… Other than that obvious reason, I’ve come to the realization that the Federal Reserve’s crimes are so big, so huge in scale, it is very hard for people to even wrap their head around it and comprehend what has happened here.

  • Mark

    GARY2: You recognize that “The rich buy government and pass laws for their benefit but that are bad for middle/poor folks.” There are certainly plenty of examples of that to make a point.

    Then you say that we need to “TAX THE GREEDY TO HELP THE NEEDY!” This implies the use of government force to take their wealth and give it to other people (i.e. people not rich, perhaps not unlike yourself).

    The only difference between your plan and theirs is the beneficiary. Both want to control the force of government to take that which has not been earned. Should your plan succeed, then of course you will be the evil one.

    Fighting fire with fire just burns everything.

    Has it yet occurred to you that the success of the “tax the rich” mentality in the US is one reason all that money has moved overseas instead of being reinvested in our own economy?

  • No, the solution is to enable everyone to offshore all his assets, even the minimum-wage janitor. Replace fiat currency with energy-backed currency, and facilitate trading is privately-issued digital certificates for any assets one chooses. Let government be confined to keeping order and adjudicating disputes, and return to compliance with the Constitution as originally understood. The result will not be a perfect world, but it will be a better one than the meddlers are trying to create.

  • joe

    I love when I hear the rich don’t pay their fair share of taxes in this country. They pay taxes with in the rules set forth by our extremely corrupt government. Tax rules created so our corrupt leaders can also avoid paying the same taxes that they demand you and I pay. So there are loopholes in the system in which they can reduce their tax liability, big deal. Are you going to to tell me you would not do the same? The rich still pay a majority of the taxes in this country. Why don’t we cut government spending? Then maybe some day if it’s not too late, we can reduce the amount of taxes everyone pays.

  • mondobeyondo

    Ben Bernanke, Bank of England, Rothchilds, Bank of America, JP Morgan Chase et. al…

    You pathetic, despicable bastards. Give me back my money! Every red cent of it!

    I paid into Social Security to have a decent retirement for myself, not for you to race yachts and relax in the Cayman Islands.

    Go ahead, have another bite of caviar. You will soon feel the bite of the common people. Some of us still have teeth!

    “It’s your money! You paid for it!” – George W. Bush, 2004

  • David

    I enjoyed reading many comments here and if I am not mistaken I know who the Anti-Christ is now in religious point of view! Time is clearly near for justice and rights of people across the globe!

    I always believe in justice above and our world will certainly shift in a major change for the better world to come for mankind. however, there will be many casualties and many sacrifices for the price of justice, equality, rights of people . . . . .The power of EVIL is unbeatable without GOD because it will take more than just us to bring this shattered world to order and just! As such, no matter what will come upon us, I go to this war with GOD! The time of global financial collapse is near and we(the people) shall prevail in the end! Be aware of all riots and unrest across the globe; Revolution? You bet!

  • Money is the grease that keeps people moving. Tying it up in bank accounts is a very short-sighted method of “investing.”

    On the other hand, if the elite took their money out of banks and spent it on whatever they want done, God help us all.

    Their problem is they have bought up nearly everything for pennies on the dollar while continuing to print money for nothing at a faster pace than ever. There is more money than stuff, making anything you buy more expensive and yet less valuable over time as it depreciates. Even gold must be guarded.

    With everything seeming a bad investment, no one is buying much. The rich are accumulating dollars and the poor are accumulating debt.

    Any fool can see where this is headed as both debt and dollars accumulate exponentially.

    Perfecteconomy dot com for real money ideas.

  • thecaterwaulingcurmudgeon

    This is the true definition of ultimate “gated communities”


  • zack

    It’s patriotic to avoid paying taxes when most of those taxes are going to line the pockets of moochers like Goldman Sachs and Citibank. For those without enough wealth to shelter in the Cayman Islands, consider sheltering yourself outside of the US’ jurisdiction.

    We help Americans find jobs and prosperity in Asia. Visit for details.

  • Craig

    So basically what you are saying is that they are smarter than most people.

  • Morena

    you should not be mad at the ultra mad at your government and regulators who had made it this way. Begining with the IRS act which was the set up for the current situation. The IRS act was/is unconstituional, it was the first time in our history where you are reported to the government without committing a crime. Earning a living, saving or investing is not a crime…so explain to me why do my bank, my employer has to report my income to the government? Also explain to me why the USA government has to borrow money when it can print it? and every time the Democrats scream to tax the rich and the more regulations they pass…the more oppressive it becomes to the middle class or poor. Regulations are at advantage to the super rich because only them have the resources to hire good lawyers or accountants. And even fields existed before all these regulations and taxes. Be mad at the government for taking your hard earned dollar and not accounting for it. If we can keep what we earn we can afford more or better without the government telling me where or how. Excessive taxation is oppression to everyone poor or rich. The day it becomes cheaper for the ultrarich to just pay their taxes than to avoid them, they will pay their fair share. This is the best weapon. Lower taxes to everyone…less regulation and greater enforcement of less regulations will create the jobs and growth that is needed to support our population. At the moment we have excessive taxation, excessive deficits and excessive regulations. The more the government takes from us the less we all have. Charity starts at home or near home or at your churches or temples and it only works when it comes from your own free will and heart. This is much more efficient and effective. Our churches, temples or synagogues could do a much better jog of helping the needy than a federal or state bureoucray

  • Jeff Mikres

    Read this.
    There is no law saying U have 2 pay withholding taxes. Ask Ron Paul, Mike Bilirakus or any Congressman. They all know the truth. Look at Rome from long ago. The most powerful nation for 300 years. What brought it down? Immorality and sin of different kinds. It was about 300 years old.
    THINK about the American revolution. Do U really think that a small bunch of militants could actually bring down at the time the mightiest nation on earth. The king had possessions all over the earth and we win?
    JFK was killed because he was going to bring down the non federal reserve. Don’t look at the puppet but the puppeteer.
    THINK. Why would any one who had the power to coin (make from nothing)money, borrow it from a “bank” and pay huge interest on it. THINK. The Congress has that power according to the Constitution. THINK. Go watch the original movie “The Mattrix”. Your in it.

  • Yes, this article points out what we all know. The regular joe is just a sucker.

    The moral of the story:
    “If you’re tired of being treated like a sucker, stop acting like a lollypop.”

    “Common Sense 3.1” at ( ) – “Try – It”

  • ArchAngel

    An offshore bank is a bank located outside the country of residence of the depositor.

  • RichP

    These are not normal wealthy people we are talking about. The vast majority of what we would consider wealthy, pay taxes. These are the uber elite, the people who influence the world and will do anything to retain power. They have no morality or ethics other than selfishness. Do not confuse well to do people with mega financiers and industrialists of “old” money. That line that the rich do not pay taxes is an ideology but not a full truth.

  • Save_R_Species

    Wait a second. I’ve got to get out my globe. I thought Switzerland was landlocked?! I’ve heard of people that it is virtually an island in Europe but I thought that was a euphemism. If a third of the wealth is “off-shore” does that leave Switzerland with the other 2/3rds?

    • Dragon

      As it stands, the super rich use off-shore banks (big ones!) in order to save on taxes. With the FairTax in place, there would be no need for these rich people to save on taxes; None! That money would be repatriated.

  • Save_R_Species

    O.K. Mr. Flat Tax idea. This is about the uber-wealthy. What happens when they buy their billion dollar yacht from their own corporate conglomeration that has a subsidiary or relationship with a corporation that manufactures boats. This boat manufacturer has never had any operations in the U.S. nor has it had any U.S. citizens ever employed by it. It may have links to this boat manufacturer that operates at a loss similar to BP’s links to Nalco which makes Corexit. That Flat Tax idea no longer sounds so simple.
    This is about the Uber-Wealthy…..not about the clown that was able to pay for his BMW outright!

  • Save_R_Species

    Darn this site needs an edit option (or I need to proof read;-).
    Please imagine parentheses around “that operates at a loss” so that it doesn’t sound like I am making some ridiculous reference that either BP or Nalco operates at a loss!
    They definitely made a KILLING on their use of Corexit to “clean-up” the Gulf! (sorry couldn’t help myself)

  • Under the Apartheid rule in South Africa, we had a communist system in diquise. 95% of The Afrikaans speaking white citizens worked for Government or quasi government services. The tax collected went to pay the excessive incomes they received. The Private sector was the Workers of all races that pid taxes for their benefit. The communist has failed where ever it has been tried. Governments the world over are the leeches, blood suckers and are failing as those that do not get a fair return on thier taxes seek to escape the tax burdon. STINGRAY

  • My hope is that the FairTax will be passed in the United States. While not perfect, it is far superior than the current tax system. These tax havens would immediately cease to exist. Illegal aliens (11 million of them) and international travelers would be paying taxes on anything that is new. Corporate taxes would most likely cease to exist, though I can’t guarantee that. Politicians see many big (sometimes read as “evil”) corporations as free money, when in fact, the tax is passed on to consumers.

    So I actually believe we’d get more tax revenue with the FairTax than from the usual broken down tax system. It would certainly help with the deficit, though we’d still need to have some stable restraint on spending, IMO.

  • BTW, I was listening to Bob Brinker on the radio, this afternoon. He had a guest named, Christopher Whalen, an investment banker who has written a new book called, “Inflated: How Money and Debt Built the American Dream.”

    During his interview with Bob, he suggested that we get rid of the Federal Reserve and it’s governors, arguing that the banks can handle the job, themselves. He argued that this would get the politicians out of it and simplify things. Bob Brinker was a bit taken aback at first, but seemed to warm up to it a bit with some reservations.

    Mr Whalen explained that what he was proposing was actually the way it used to be, some years ago, and that it worked just fine.

  • Ann

    All this venting but what are the solutions???

  • Dragon

    I’d say there are solutions if only people will get serious.

  • Dragon

    Americans spend $300 billion annually in tax preparation costs.

    The IRS employs more than 90,000 people and it costs more than 11 billion dollars a year to operate.

    Fire the tax code and all the IRS people!

    • Dragon

      Heck, even my tax preparer wants the FairTax, and that would mean her job. When I mentioned that to her, she got this big smile on her face and said, “Wouldn’t that be wonderful!”

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