John Marks Templeton, the pioneer global investor who founded the Templeton Mutual Funds and for the past three decades devoted his fortune to his Foundation’s work on the “Big Questions” of science, religion, and human purpose, passed away on July 8, 2008, at Doctors Hospital in Nassau, Bahamas, of pneumonia.
As a pioneer in both financial investments and philanthropy, John Templeton spent a lifetime encouraging open-mindedness. If he hadn’t sought new paths, he once said, “he would have been unable to attain so many goals.” The motto that Templeton created for his Foundation, “How little we know, how eager to learn,” exemplified his philosophy in the financial markets and his groundbreaking methods of philanthropy.
Templeton started his Wall Street career in 1937 and went on to create some of the world’s largest and most successful international investment funds. Called by Money magazine “arguably the greatest global stock picker of the century” (January 1999), he sold the Templeton Funds in 1992 to the Franklin Group for $440 million.
A naturalized British citizen who lived in Nassau, the Bahamas, Templeton was created a Knight Bachelor by Queen Elizabeth II in 1987 for his many philanthropic accomplishments, including his endowment of the former Oxford Centre for Management Studies as a full college, Templeton College, at the University of Oxford in 1983.
Prologue – Data – The Gold of the 21st Century
Thanks to Just Me for posting this video at the Isaac Brock Society.
From Osama To Obama
This is a great video that focuses on the consistent:
1. Evolution of the loss of privacy in the U.S.;
2. The inevitable progress of the United States into becoming a police state.
FATCA is not really about tax evasion. FATCA is about exercising control over other governments and individuals. The easiest and best way for the world to resist FATCA is to simply “cleanse their countries” of U.S. persons.
“From Hero To Zero” – From Patriot to Ex-Patriate
Certainly FATCA is making it harder for U.S. citizens to live abroad. Many “long time American Patriots” are being forced to renounce U.S. citizenship. (Is this really in the interest of the United States?)
The Real Debate (It’s not what it seems)- Do you value privacy?
The argument over FATCA is NOT really about taxes. The argument is over whether individuals should be allowed to have freedom and privacy.
The U.S. government wants to abolish privacy and freedom.
Some countries and individuals want to preserve freedom (at least as long as possible.)
Question: How did the values of “freedom” and “privacy” disintegrate? Why are so many people unconcerned about the the loss of privacy? Makes no mistake about it, “privacy” and “freedom” are linked.
I speculate that the world of social media has paved the way for this. People now think nothing of having their life visible to all on Facebook, Twitter and the rest. If there is no personal privacy, and financial privacy is part of personal privacy, then …
Has Facebook established the presumption of “loss of privacy” for FATCA to succeed?
Ronald Reagan reminded us that “Freedom was never more than one generation from extinction“.
Facebook, FATCA, FBAR, Forms and other F words are causing freedom to slip away in our generation.
John Adams reminded us that:
#IRS boldly goes where no tax agency has gone before – awards itself big bonus! Dances jig to celebrate!
What do you do if you’re part of a government bureaucracy that has been caught red-handed engaged in sleazy, corrupt, and (almost surely) illegal targeting of Americans for their political beliefs?
But before you answer, keep in mind that your bureaucracy also has been exposed for wasting huge amounts of money at lavish conferences. What’s the ideal way of dealing with the fallout from that scandal as well?
The answer is simple. Even though you and your pals already are paid more than the peasants in the private sector, give yourself and your cronies giant bonuses!
I’m not joking. Here are some excerpts from an AP report.
The Internal Revenue Service is about to pay $70 million in employee bonuses despite an Obama administration directive to cancel discretionary bonuses because of automatic spending cuts enacted this year, according to a GOP senator. …“The IRS always claims to…
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Wonderful post – note the following comment from:
A good commentary was posted on Linkedin that I recommend you reading…
Switzerland: is a “PR blunder” from DoJ compromising the chances of FATCA?
And with this initiative, the DoJ has turned general mood sour. Besides, there are already voices that a popular referendum would start in case the Parliament accepted, which would automatically suspend the law until it goes to the vote… which means the law could not enter into force on 1st of January 2014. And of course, those who are untertaining that idea, are now getting exposure and feel they have acquired legitimacy.
Had the DoJ kept a lower profile, none of this would have happened. Furthermore, when one is holding a gun, they should also be willing to shoot. Is the US Federal Government really willing to down banks with tens of thousands of small accounts, at the risk of creating not only a banking rush, but also a wave of panic and resentment throughout the rest of Europe — not unlike in Cyprus? I believe they did not contemplate for one second that things could ever go that far.
Because we live in an upside-down world, Switzerland is being persecuted for being a productive, peaceful nation that has a strong human rights policy with regards to privacy.
More specifically, politicians from high-tax nations resent the fact that investors flock to Switzerland to benefit from good policies, and they are pressuring the Swiss government to weaken that nation’s human rights laws so that governments with bad fiscal systems have an easier time of tracking and taxing flight capital.
I’ve resigned myself to this happening for the simple reason that it is well nigh impossible for a small nation (even one as well-armed as Switzerland) to withstand the coercion when all the world’s big nations are trying to impose one-size-fits-all policies designed to make it easier to raise tax rates and expand the size and power of government.
But, as the Wall Street Journal reports, the Swiss aren’t…
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Once upon a time in America – Protection of freedom from within
“Freedom and the dignity of the individual have been more available and more assured here than in any other land on earth. The price for this freedom at times has been high, but we have never been unwilling to pay that price. … I do not believe in a fate that will fall us no matter what we do. I do believe in a fate that will fall on us if we do nothing.”
A comment at the Isaac Brock Society included the following:
On Oct. 18th, 2012 I applied at the Royal Bank to become a signature to my husbands direct investing account. The question of my birth place was on the application form and as always I advised I was born in the U.S. At the time I was unaware of FATCA.
During that meeting, via phone, I was advised by RBS Direct Investing that my RRSP account was frozen and I could no longer trade within that account. The individual I dealt with at RBC Direct Investing was a Senior Manager. My account would be frozen until such time as I completed a “w-9″ form which required a SSN which I have never had. I have made appts. twice at Toronto Consulate to apply for SSN but have cancelled as I am not sure it is the right move for me to make at this time.
I did write letters to the PM, Jim Flaherty and my MP….in fact, just mailed them yesterday regarding my situation and I did relay the issue with the Royal Bank.
My husband and I will be attending the meeting on June 15th ….bit of a distance for us but we will be there.
What if the US wants you returned to the Homeland? The conventional wisdom is that there is not much the US can do if you are not within their borders. This is a complicated question. There are at least two issues:
Assuming a violation of U.S. law, under what circumstances will an extradition treaty provide for extradition to the U.S.?
Citizenship-based taxation – Residence based life control
All U.S. citizens abroad are living the reality that the tax and reporting requirements of U.S. citizenship abroad have meant that U.S. citizenship has been priced out of the market. Many U.S. citizens abroad simply do NOT have the money to pay the compliance costs. Furthermore, it has become clear that what the U.S. refers to as “citizenship-based taxation” is actually a deliberate form of “residence based life control“. Let’s at least understand what we are talking about.
How is the word hypocrisy spelled? Is that right?