First it was the housing bubble. Then it was the education bubble. The death of marriage and the exit of men from the sexual market place was always an undercurrent. And the retirement bubble was there too. But I believe as the US continues does the road of socialism and its debt becomes increasingly unsupportable, the next "stage" will be capital flight.
Not today
Not tomorrow
But I believe over the next decade the productive people of the United States will be looking for greener pastures, especially those who are younger, have their lives ahead of them, and do not have anything to root them down to this socialist, diversity, feminism, wealth-transferring Titanic.
I am terribly naive and uninformed about this realm however. Sure I've read some Escape Artist, and I've followed Nomad Capitalist, but truthfully, I don't have enough money to make it worth while leaving the US. Therefore, I've really had no incentive to "find an offshore tax haven" or "move to Bermuda." But that's just the point. It's no longer whether you have millions of dollars and want to avoid a 50% tax rate. It's becoming bad enough that there just aren't any jobs for young people. Laws and regulations are becoming too onerous, even tyrannical, and sociologically the government, teachers, and the education system is training people to hate people of different colors and races. These political and non-financial reasons are why most people should be considering things like:
another bank account overseas
purchasing property overseas
secondary passports
or at least having an escape plan
it is also why you may want to consider attending the "Passport to Freedom."
I'm going to be speaking there, along with keynote speaker Peter Schiff and many others. I'm actually looking forward to it because I am only speaking about one narrow aspect of capital flight, while expecting to learn much more from others. Besides, it's Vegas. How fun would it be to get hammered in Vegas?
Jan. 23rd - 25th. Escape the cold, have some fun, learn something valuable in the process.
I've been thinking about this also. The Treasury paid out more than $7.5 trillion in maturing short term treasuries in 2013 (borrowing it all back in order to make good, in addition to the new borrowing) - what is going to happen when the buyers for short term treasuries wise up and don't buy?
ReplyDeleteTotal expenditures from the treasury in 2013 were $11.74 trillion, total borrowing was $8.3 trillion. Without that "refinancing" of the maturing debt, there will be a default, and what happens then?
https://fms.treas.gov/fmsweb/viewDTSFiles?dir=a&fname=13093000.pdf
That's what the Yellen Fed is for. To keep the sisterhood in non-jobs Yellen will print all the Fed-confetti it takes to cover DC's shit checks, until no man in his right mind will use a Fed note for anything but light cigars. For the children, you know.
DeleteWould you say masters in science are also worthless? I am considering going back for one, but idk, seems like a trap.
ReplyDeleteSpeaking of having some fun (though otherwise totally off-topic for anything you're posting so far today), it'd be interesting to have your take on cigars: general overview for the unenlightened (or un-lighted), maybe, but mostly your personal preferences.
ReplyDeleteIf there's a country with lower taxes, broadband, equal or better liberties (including gun rights) and English as a common language, I'll move there.
ReplyDeleteAFAIK there is no country on Earth that satisfies those requirements better than the US currently, alas.
I've always wondered who the zillions of useless bureaucrats think is going to pay their lavish pensions as they tax and regulate the productive classes out of existence.
ReplyDeleteActually, Captain, you're better off to leave before you accumulate much wealth. Upon revoking your citizenship Uncle Sugar will take, (if I remember correctly) 1/3 of your assets.
ReplyDeleteLive overseas as an American citizen and you are still liable for US taxes, plus those of the country in which you reside.
We live in the only "free" country that operates this way.
Satellite broadband is available everywhere. While they don't have a 2nd amendment, countries like Singapore are usually good about issuing permits for weapons, including weapons restricted in the US. They tend to have other limitations, like limited land.
ReplyDeleteI hear this advice all the time, but nobody has any suggestions on where to move to. If the shit hits the fan, it is likely that every place on the globe will be affected to some degree.
ReplyDeleteCountries that are worth moving to tend to have tight immigration controls. Being a second class citizen in the U.S. sucks, and I can't imagine that it is any better in other countries. And then there is the matter of navigating a different language and political system.