Monday, March 18, 2013

This could NEVER happen where you live... right?

 

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Sovereign Man

March 18, 2013
Sovereign Valley Farm, Chile

As you no doubt have heard by now, the government of Cyprus announced Saturday morning (when the banks were closed) that they would impose a 'levy' on bank deposits.

Originally they announced levies of 9.9% for accounts above 100,000 euros, and 6.7% for accounts below 100,000 euros.

In the face of such a massive backlash, they're now talking about increasing the levy on larger deposits to 12.5%, and reducing the levy on smaller deposits to 3%.

A final vote on the measure won't come until later this week. But they have imposed a mandatory 'bank holiday' this week to prevent people from withdrawing their savings.

And, according to the draft legislation, anyone who doesn't hand over the money will be thrown in jail.

Now if this doesn't prove the point of what we've been talking about for so long, I don't know what will.

Cyprus is totally broke. And as we have discussed, bankrupt, insolvent governments have a very, very limited playbook that almost unilaterally involves stealing from their own citizens.

Bankrupt governments can, and do, steal from people. Pensions funds. Private property. And yes, even bank accounts.

This has happened so many times before throughout history; just over a decade ago in Argentina, for example, the government was in the middle of a debt and currency crisis. They shuttered bank accounts and completely vanquished the savings of their citizens.

Here's my advice, plain and simple: do not hold the preponderance of your assets in insolvent, bankrupt nations. This includes the United States, Japan, and most of Europe.

Rather, move at least a portion of your assets to stable, independent countries. These are the same places that we routinely discuss in this column-- Hong Kong, Singapore, Chile, Norway.

An Argentine friend of mine is staying down here at the farm with me, and this morning over breakfast I informed him this morning about what happened in Cyprus.

"Duh," he responded. "What did they think would happen..?"

It just goes to show, there are two types of people-- (1) Those who know that these things happen, and (2) those who refuse to believe that these things can happen.

One group will be able to protect what they have. The other will become victims.

Which one are you?

Until tomorrow,
Signature
Simon Black
Senior Editor, SovereignMan.com

 

 

 

 

Open a Chilean-peso account-- from your living room

 

Last month's edition of Sovereign Man: Confidential featured an extensive boots on the ground coverage from Ecuador, examining everything from the country's incredibly cheap real estate market, its agricultural opportunities and residency requirements. The issue also included, among others, a thorough overview of buying & selling gold and silver in Hong Kong. Nothing was left out, including storage.

This month's issue includes:

  • Another exclusive and compelling opportunity for SMC members-- an incredible chance to open a Chilean account denominated in pesos (one of the best performing currencies in the world) or a unique inflation-adjusted currency unit, available only in Chile. And you can do it straight from home!
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  • A thorough breakdown to guide you through the maze of a yet another IRS reporting requirement, Form 8938. The tangled paperwork, definitions and uncertainties are staggering. This will shed some light on how to proceed.
  • An overview of some of the residency and/or citizenship by investment programs around the world. As more and more governments around the world are scrapping by, there are some interesting opportunities available out there.
  • An in-depth look at Australia's residency-for-investment program, as well as its very recent fast-track offshoot that grants investors immediate permanent residency as well as eligibility for naturalization after five years.
  • The SMC citizenship chart, updated with current information to help you make you best diversification decisions. This is a very sought-after item in our publication, and is back this month by popular demand.

To get immediate access to the knowledge contained within this month's issue, and all the back issues, click here to get the full details on your invitation to join Sovereign Man: Confidential today.

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