Can You Hear the Money Whooshing Out of Panama?

Call it what ever you want; tax treaty, mutual assistance information exchange, etc. To me it is a complete sell-out of privacy and ultimately security.

I am referring to the recently signed tax treaty [Nov. 30, 2010] between the United States and Panama. Little tax-cheat Treasury Secretary Timmy Geithner signed on behalf of the U.S., while the Panamanian legislature has a full year to ratify.

Message to the people of Panama: your politicians are idiots. If you think for a second you have gained anything by this you are sadly mistaken. Your country is going to lose at least $135 Million per year from IBC and Foundation renewal fees. Your banks, brokerage houses, and offshore law firms will definitely lose business; and by default jobs that were considered valuable to the educated middle class will flee and be gone.

Since the end of WWII, someone please enlighten me on exactly which countries have benefited from U.S. “tax deals”. Switzerland, Lichtenstein, Turks & Caicos, and the Cayman Islands have not benefited one iota from partnering up with Uncle Sam. If anything, they are in much worse shape than before.

Maybe you guys can go back to selling trinkets and fishing all day to make ends meet, I dunno. But I do know this: you have entered a deal with the devil [U.S.] that will only harm the wonderful people of Panama.

I am not privy to the secret backroom deals little Timmy offered to the gentry-class politicos of Panama. I’m sure, though, they got their collective pockets lined with U.S. taxpayer dollars.

For the One Big Ass Mistake America crowd, they of course get what they want; i.e. the ability to go after U.S. citizens who refuse to watch their hard-earned money stolen from them through socialist confiscatory taxation. Socialism always works until you run out of other people’s money.

If you have any money in Panama, in any way shape or form, I suggest you get on your horse and get it the hell out of there before the Panamanian Legislature commits suicide and ratifies the treaty. When that day comes, the people of Panama will be the true losers.

To help everyone in their quest to escape socialism, communism, and governments who think your money is theirs, I am including this link for your perusal and inspection. This offshore law firm can help you; their website contains a ton of valuable material you won’t find anywhere else. Please read it! Here is the link:

http://www.panamalaw.org/

Long live John Galt!

-vegas

Update December 6, 2010
From the prestigious blog http://pajamasmedia.com/instapundit/
right underneath the photo of the shark, paragraph 3:
"They’ve also been hit pretty hard by the financial collapse."

This of course is referenced to the beautiful island of Provdenciales in the Turks & Caicos. Yea, it not only has been the financial collapse, but since they flipped on expatriates [Scotia Bank, IRS and Revenue Canada] tourism and real estate sales have never been the same.

I don't feel sorry for them: they dug their own grave. Now that they have taken U.S. "help", the real money has left in droves. The island is a shell of its former self and is likely to stay that way for a very, very long time. Happy trinket selling and fishing!