Governments Usurp Rights of Individuals – Protect With Gold & Silver
June 4, 2013
In one of the most audacious hearings I have seen, Apple CEO Tim Cook, was summoned to Congress last week to explain why his company has not paid any corporate income tax to any national government on more than $74 billion in overseas earnings. While most regulators don’t even understand how real money works, what is important to understand is that what Apple’s doing is nothing new or unique, and it is perfectly legal.
By using an Irish incorporated corporation, Apple has been able to channel dividends and earnings from offshore investments in such a way as to not incur tax liabilities…in any country. Frankly, this is a perfect illustration of financial ingenuity that I have often recommended to wealthy individuals as a way to protect their assets and minimise their tax burden.
Many multinational corporations operate in the same way and in spite of media propaganda which tends to suggest that this type of practice is used mainly by money launderers and drug dealers nothing can be further from the truth. Frankly, it is a disgrace that Tim Cook was faced by a bunch of financial parasites that persist on trying every avenue they can to suck more money to fund their financial failures. And, while governments find it alright to lie to their citizens, they demand individuals tell them the truth. Frankly, instead of wasting the time of innocent people, the regulators should concentrate on their own tax policies and government spending.
The costs of the 2003-2010 Iraq War for example far surpass Apples earnings. A recent report on these costs comes from Brown University in the form of the Costs of War project, which said the total for wars in Iraq, Afghanistan, and Pakistan is at least $3.2-4 trillion. The report disavowed previous estimates of the Iraq War’s cost as being under $1 trillion, saying the Department of Defence’s direct spending on Iraq totalled at least $757.8 billion, but also highlighting the complementary costs at home, such as interest paid on the funds borrowed to finance the wars and a potential nearly $1 trillion in extra spending to care for veterans returning from combat through 2050. An update in 2013 topped this at US$6 trillion. Add to this the amount of money the US government wastes on aid programmes to alleviate poverty on the African continent where most of the money is never used for its intended purposes but simply disappears into bank accounts of their greedy politicians. How long must Africa be reliant on aid? The current situation seems to be an on-going saga.