LiveOffshore - Liberty, Financial Privacy, and Economic Freedom

About LiveOffshore

LiveOffshore seeks to promote tax competition, fiscal sovereignty, and financial privacy.  LiveOffshore does this by seeking the following goals:

1. Tax competition should be celebrated, not hunted down and exterminated.  Tax competition is a very important domestic and international check on the power and control of big government.  It attracts investment, savings, and skilled labor into the domestic economy.

2. Defend the right of sovereign jurisdictions to determine their own tax policy.  High-tax nations do not have a right to impose their tax rates and rules for banking secrecy on sovereign nations.  Smaller nations that compete on the basis of tax competition are not the tax-collecting vassal states of western socialist democracies.

3.  Promote political liberty, financial privacy, and economic freedom . . . and periodically we highlight the absurdities of big government.

The War Against Financial Privacy

The war against financial privacy in 2009 took a turn for the worse.

The financial crisis in the United States and Europe showed just how unstable the financial system is.  It also demonstrated that western socialist democracies are financially, politically, and morally bankrupt.  95 years of central banking, deficit spending, inflation, fiat currency, and fractional reserve banking have eroded the foundations and exposed the dross.

They are desperate for a bailout.

Fanatical politicians in the US have delusions of $100 billion in unpaid taxes sitting in secret accounts in offshore tax havens.

This is a myth.

At least $70 billion of this figure comes from a former staffer for US Senator John Kerry. Dan Mitchell of the Cato Institute writes that when the congressional Research Service asked for the method used to generate the number, the staffer "was not able to send us a written discussion of his estimating procedure" and he "indicated that the estimate was an uncertain one."

The hard truth: There is no magic bailout.