Free Republic

When there is war, conflict, or instability, vulnerable human beings flee, seeking refuge in safer countries. Everyone is familiar with the plight of refugees, and the challenges refugees create for surrounding nations. People need and deserve support, and it requires resources to meet this need. When there is war, conflict, or instability, vulnerable capital and wealth also flee. The "problem" of fleeing capital is different, however. Because capital and wealth are not as encumbered and physically restricted as are human beings, especially in the modern electronic age, capital moves far from the source of instability. Capital flight makes support of...

China’s fake travel spending masks capital flight, warns Fed Outflows have also artificially cut country’s trade surplus, says discussion paper Capital flight disguised as overseas tourism spending has artificially cut China’s reported trade surplus while masking the extent of investment outflows, according to research by the US Federal Reserve. A significant share of overseas spending classified in official data as travel-related shopping, entertainment and hospitality may over a 12-month period have instead been used for investment in financial assets and real estate, the Fed paper argued. The findings could provide fresh ammunition to US President Donald Trump and other critics...

Noting that America's middle class has lost its distinction as the wealthiest in the world, two Bay Area lawmakers say they're attacking income inequality with legislation that would link a company's tax rate to the gap between executive pay and average employee wages.

December 10, 2011 As Money Flees Russia, Tycoons Find Tough Times By ANDREW E. KRAMER MOSCOW NIKOLAI MAKSIMOV, one of the richest men in Russia, was sitting in a grimy jail cell in the Ural Mountains. Through the murk, Mr. Maksimov saw his cellmate — a man, he says, who appeared ill with tuberculosis, a scourge in Russian prisons. “I had the feeling that I was put in this cell on purpose,” Mr. Maksimov, now free on bail, recalled recently. Mr. Maksimov, who was arrested in February on suspicion of embezzling hundreds of millions of dollars, is hardly the only...

Many Rich Chinese Consider Leaving By JEREMY PAGE BEIJING—More than half of China's millionaires are either considering emigrating or have already taken steps to do so, according to a survey that builds on similar findings earlier this year, highlighting worries among the business elite about their quality of life and financial prospects, despite the country's fast-paced growth. The U.S. is the most popular emigration destination, according to the survey of 980 Chinese people with assets of more than 10 million yuan ($1.6 million) published on Saturday by Bank of China and wealth researcher Hurun Report. While growth has slowed, China's...

'Run on UK' sees foreign investors pull $1 trillion out of the City http://www.independent.co.uk/news/business/news/run-on-uk-sees-foreign-investors-pull-1-trillion-out-of-the-city-1639413.html

Energy: Another day, another oil company fleeing the country. No, this isn't Ecuador, the banana republic that just defaulted on its debt after chasing out investors. It's the United States, and what we're seeing is self-defense.Much political hay has been made in Congress about "unpatriotic" corporations that move operations abroad. Weatherford International is the latest, taking its headquarters from Houston to Switzerland. The oil services company said that it wants to be closer to its markets. But what it really meant was that it no longer saw the future in the U.S. In a political atmosphere of blaming corporations, it's...

As Venezuelan President Hugo Chavez further tightens control of the South American country's economy, wealthy Venezuelans who once thought they could live with his socialist edicts are turning to their backup plan - flight to the United States, particularly Florida. Venezuelans have long gobbled up condos and pre-construction deals in Florida as investments, but the latest buyers want homes where they can live and business properties that will help them earn a green card. "First the people who come are the businessmen in the highest circles, then the losing politicians, then the military and then the professionals," said Miami-based immigration...

SAN FRANCISCO The San Francisco Board of Supervisors voted unanimously Tuesday to make the city the nation's first to provide all residents with health care, approving a plan that would give adults access to medical services regardless of their immigration or employment status. Financed by local government, mandatory contributions from employers and income-adjusted premiums, the universal care plan would cover the cost of everything from checkups, prescription drugs and X-rays to ambulance rides, blood tests and operations. Unlike health insurance, however, it would not pay for any services participants seek outside San Francisco. Instead, residents would receive care at existing...

The Economy BombTicking Down FasterMore proof that legislative attacks upon the wealthiest 1% of Americans could soon wreck our economy. May 10, 2004 by John Gaver Publishers note: To reflect the large amount of relevant new data that has emerged over the last year, we felt that the annual update to our popular Tick-Tick-Tick article deserved a new name. Although this article contains much of what is in that article, the additional volume of new data actually constitutes a significant rewrite. Unfortunately, this means that the Economy Bomb is ticking down faster. Fact: The top-earning 1% of US taxpayers pay...

Short term interest rates have dropped to a 45 year low at a time when tax revenues, as a percent of GDP, are at a 44 year low; budget deficits are exploding upwards; the economy still has capacity utilization under 75% and the delightful increase in corporate profits are from cost cutting not revenue growth or the need for new investment. Indeed, there is virtually no return on capital investment in this country. If there was a return on capital, new factories would be built here in the U.S., not in Asia. The return on capital in Asia comes from...

Hiding Behind the FlagGOP Assaults on Privacy Drives More Wealth Offshore! by John Gaver May 18, 2003   "The Executive Orders, regulations, and laws enacted over the past year in the name of “anti-terrorism” constitute the greatest single governmental assault on personal and financial privacy in American history.  But there are safe, legal...indeed, wise...steps you can take to grow your wealth and better protect your assets and privacy overseas and offshore."So begins a recent promotion that I received, advertising an exclusive series of private seminars on international real estate, tax law, banking, and investment, aimed at the wealthy and very...

The following is from the Editorial Comment section of the Sovereign Society A-Letter, Friday, October 18, 2002 - Vol. 4 No. 108.  This editorial about the IRS Tyranny, by former congressman Robert E. Bauman, JD, is only a small portion of one of the better issues of the A-Letter. I strongly suggest that you follow the above link to the A-Letter and read the various articles that you will find links to on that page. Comment:  IRS TyrannyDear A-Letter Reader: We often have commented critically about the US Internal Revenue Service and it high handed, even unconstitutional tactics. Its special...

(The Royal Gazette is Bermuda's daily newspaper. It seems they understand the US economy and US politics better than do most of the US media and many US voters.)   BUSINESS Friday, August 16, 2002 Contact us Last modified: August 12. 2002 8:51AM Why Stanley Works is no loss to Bermuda Cathy Duffy Insurance Issues by Cathy Duffy Some are reacting to the Stanley Works decision to remain in the US as if it was really bad news for Bermuda. The decision may do more good for Bermuda than bad. With Stanley Works making the decision to stay in Connecticut,...

Bush co. went offshore Harken Energy set up Caymans subsidiary in '89 By TIMOTHY J. BURGER DAILY NEWS WASHINGTON BUREAU WASHINGTON - Harken Energy Corp. set up an offshore subsidiary in the Cayman Islands tax haven while President Bush sat on Harken's board of directors in 1989, the Daily News has learned. The revelation comes as Republican lawmakers are roundly criticizing the practice of U.S. companies setting up offshore subsidiaries, usually to skirt American disclosure laws or corporate income taxes on foreign income.Even White House spokesman Ari Fleischer condemned the tactic yesterday, saying, "The President is concerned about corporations in...

<p>With major corporate responsibility legislation passed, elected officials are turning to a new target -- business tax evaders -- in a scramble to convince voters they are cracking down on corporate wrongdoing.</p> <p>Senate hearings today will touch on the topic, but House members got a head start last week. First, they overwhelmingly approved a corporate responsibility bill drafted largely by Senate Democrats. Then, while debating a less-noticed provision in the president's homeland security proposal, 110 Republican members defied their party's leaders to confront another brand of questionable corporate behavior: companies locating overseas to escape U.S. taxes.</p>

Defending the American DreamHow the Wealthy Defend Against Taxes, Tort and Terrorism July 4, 2002 John Gaver     As our elected representatives argue among themselves about how best to exert even more legislative control over citizens and corporations, in the name of "fighting terrorism", they fail to realize that just that sort of draconian legislation is actually brewing a virtually unseen crisis of terrifying proportions.  Combine that with the effects of the terrorist attacks of September 11, 2001 and more data that we have uncovered and what you have is a recipe for disaster.The wealthiest people in the United...

This should be titled"Democrats Spread Lies About Expatriation" (Note:  I took the liberty of highlighting the BIG LIE in this article.) Democrats Blast Firms Over Offshore Tax BreaksMay 18, 2002 11:15 AM ETWASHINGTON (Reuters) - Democrats on Saturday said U.S. companies seeking to avoid paying millions of dollars in taxes by moving their headquarters to offshore tax havens were "unpatriotic" and called for legislation to stop the practice."The tax dodgers may set up paper headquarters in Bermuda, but they continue operating in the United States," said Rep. Jim Maloney of Connecticut in the weekly Democratic radio address."They still receive...

May 15, 2002, 7:40AM Cooper shareholders back shift to BermudaBy NELSON ANTOSH Copyright 2002 Houston Chronicle Note:  I highlighted certain words and phrases in bold for later reference. Shareholders of Cooper Industries, one of Houston's largest manufacturing companies, voted 9-to-1 Tuesday to change its place of incorporation from Ohio to Bermuda. With no remaining regulatory hurdles, Cooper expects to be a Bermuda company as soon as possible after the close of business May 21. Cooper is one of several Houston companies reincorporating in Bermuda or the Cayman Islands, primarily to save on income taxes. It is a $4.2 billion-per-year company...

Cooper OKs Bermuda Reincorporation HOUSTON (AP) - Shareholders of a Houston-based manufacturer of electrical products, tools and hardware voted Tuesday to reincorporate the company in Bermuda. Cooper Industries Inc., which is incorporated in Ohio, said the reincorporation offers strategic advantages not available under the company's current structure. Plans for the reincorporation first were announced in February after hand tool maker Danaher Corp. backed away from purchasing Cooper.Cooper counts Crescent wrenches and pliers among its brands.``This change will enhance Cooper's strategic flexibility and our reduced global tax position will significantly increase cash flow - enabling us to further strengthen our balance...