Ever wonder why there such wealthy communities of Germans and Italians in places like Brazil, Argentina and Chile? Well, I haven't, either. I am still a British national becasue my net worth approaches 9 figures ( in U.S. dollars ). You see, truly rich guys like myself will never need tax protection.
Ray Davies said this in 1967: "Save me, save me, save me, from this squeeze. I got a big fat mama who's trying to break me. But I love to live so pleasantly, I live my life of luxury, lazing on a sunny afternoon... in the summertime". Rich guys like me live like that.
Of course, it was Donovan ( 1966 ) who said, "Sunshine came softly through my a-window today
Could've tripped out easy a-but I've a-changed my ways
It'll take time, I know it but in a while
You're gonna be mine, I know it, we'll do it in style". That pretty much says it all.
After the Federal Reserve reaffirmed its easy money policy Wednesday, Chairman Ben Bernanke was asked whether the U.S. would ever think of taxing bank depositors as Cyprus has done. He said that was very unlikely but Jim Rickards, senior managing director of Tangent Capital Partners, says the Fed already has its hands in depositors’ pockets.
“Nobody is stealing more money from bank depositors than Ben Bernanke,” Rickards tells The Daily Ticker. Bernanke's doing that, Rickards says, by maintaining interest rates near zero.