and for those who don't already know this, the 'very rich' certainly know how to protect their OWN money while they spend ours !
(snip)"Back to the tax haven business: it is big, big business and big business needs all sorts of tax havens because they don't like paying taxes and they are willing to fill bags and bags of gold coins to bribe politicians in order to avoid paying taxes and Congress should be aware of this because ever since I was a teenager, back when I turned literally 13, our dear country decided to cut taxes and spend like crazy which is why the national debt was $0 when I was 13 and my 57th birthday is right around the corner, in just 3 days and the national debt is $9 trillion and rising fiendishly.
So periodically, over this 44 year span, the US frets about collecting taxes and they make noise about this and the bags of money pour in and note that this noise making coincides with cycles for raising money for running for office: it is a ritual that ends when the mules and helicopters bearing funds rain money or carry money to or on the politicians in the rotting hell of DC and all other hiding places for these corrupt pols.
From MSN Money Central:
Mitt Romney and John Edwards have worked for big funds. And there are three candidates based in or near New York City -- Rudolph Giuliani, Christopher Dodd and Hillary Rodham Clinton -- all of whom are drinking deeply from the private-equity cup.
What do the rich and powerful at hedge funds and private-equity shops like Blackstone, Fortress Investment , Bain Capital and SAC Capital Advisors hope to get for their money?
A lower tax rate, for one.
Go, Hillary! She and her good, corrupt buddies voted for the changes in the bankruptcy laws right on the beginning of the sudden surge in bankruptcies we are now seeing. Did the money people foresee this Alt-A tsunami back in late 2005? HAHAHA. All the talk from them that all was well and America was strong, etc, was fake. Proof of this was their rush to pass a very unpopular law. The media helped them, as usual. Stories about people using bankruptcy laws to cheat banks were rife before the passage of this very unpopular bankruptcy bill. A number of us online commentators mentioned that this law was passed because the banks knew damn well, many Americans were going to be forced into bankruptcy and of course, the banks wanted to seize the houses and the credit card companies wanted to keep people paying even if it is a little bit, no one was to escape perpetual life-time indebtedness.
The fly in this financial ointment is gigantic and ugly: 70% of our economy is consumer-based and if more and more consumers are cut off from this because they can't go bankrupt, the economy will begin to decline, rapidly. You can get blood from a stone but you can't get a stone to buy blood.
I will note here that the media never mentions Kucinich, the Democrat the money men fear and hate the most, and seldom mentions Ron Paul who gives the money men the willies. They only talk about the 'top condenders' who are always people backed by the powerful money interests that are destroying our nation.
Time to discuss tax havens and hedge funds some more, I wish to begin with today and go backwards in time because looking back in this fashion lets one see how attempts at stopping this mess peter out, they fail to curb anything and even lead to worse abuses and more problems:
From Hedge Media:
Hedge fund capital flows positive in August, says HFR
Hedge fund investors continued to allocate new capital to funds, with new capital inflows of USD8.86bn in August, albeit less than the USD16.8bn inflow in July, according to data from Hedge Fund Research, the provider of hedge fund industry information and performance data.
This is 'good news'. Hedge funds are still growing. But their rate of growth has been cut in half, literally. At Hedge Media, they had a banner story that one of my favorite pirate coves that swears fealty to Queen Elizabeth II, a protector of pirates just like the previous QE, Jersey was going to reduce taxes to 0%. I went, 'Huh?' I think this great news would be of great interest to Democratic (sic) Senate Leader Reid! Did he sip champagne upon hearing this news? The taxes in tax havens are dropping. Hoorah! More donations for the Party's party!"(snip)
from
http://elainemeinelsupkis.typepad.com/money_matters/
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