All Western central banks including the Federal Reserve have provided for a Cyprus-style theft of your money. Negative interest rates and taxes on bank withdrawals are just some of the capital controls being bandied about. Panama like all countries around the world are getting more inventive in the ways of parting you from your money and quietly (New Year’s Eve) amended their tax code to say:
“Those who pay taxes in Panama must in the future, pay based on their worldwide income instead of just their Panamanian-sourced income.”
Passed in darkness with no prior discussion or debate the blow back was immediate. As a converging point of world steam-ship lanes, Panama had developed into a banking and foreign exchange center and this new twist to the tax law caused immediate panic in the global investment world, enough so the law was just as quickly abolished. But according to Shelter Offshore,
Panamanian authorities have given very clear forewarning that all international persons with a potentially taxable interest in Panama need to look elsewhere fast.
But where can they go?? This cancer is global.
Think US bankster won’t pull something similar here? Remember the National Defense Authorization Act (NDAA) passed on Dec 31, 2011 allowing the federal government to indefinitely detain virtually anybody (including US citizens on US soil) for any reason without due process ~until the end of an endless war?
Desperate people (and governments and central banks) do desperate things. The Obama administration in their reckless attempt to garner more power and control got away with NDAA because too many people weren’t/aren’t paying attention. They’re too busy trying to pay everything else. What recovery? Bought a loaf of bread lately? The lamestream media loves to talk about the bad year gold had (2013), but China, India and Turkey have been amassing precious metals -the real stuff, not ETFs and certificates of promise, while the Western central banks have been selling the hard stuff trying to prop up the faltering US dollar.
Capital controls are coming. It’s not a matter of if, it’s when.
Aloha, Mikie ~just a blogger (fightin’ like a girl)