From the Wilderness made an insightful summary of the comments at Wall Street Journal article. So I offer them here as a new post. Afterwards, I will provide a video by Doug Casey of Casey Research, a firm that specializes in helping American clients to diversify their portfolio–“diversify” means finding investments in countries outside the USA. Finally, those who believe that the US dollar can survive trillion dollar deficits (such as Andrew Smithers) should have a look-see at petrogold trade between Iran and Turkey.
The comments on the WSJ article are most insightful and made me to reflect a bit about the large gap between the “homelanders” and ex-pats points of view.
Homelander perceptions of ex-pats:
1. Ex-pats are a bunch of ungrateful whiners.
2. As citizens of the greatest nation on earth, ex-pats must pay their “fair share” of taxes.
3. Ex-pats have the right to live and work in the US any time they want.
4. The US will come to the rescue of ex-pats if they are in need.
5. Americans living outside the US are suspicious and must be tax evaders .
6. Don’t let the door hit those “traitors” who renounce their citizenship in the @$$.
Perception of ex-pats:
1. “No Taxation Without Representation” was the primary justification for America’s War for Independence. Not respecting it is beyond hypocritical, to the point of being just plain “un-American.”
2. Taxation without receiving any commensurate services in return is a Human Rights abuse.
3. The Exit Tax is a violation of the UN Universal Declaration of Human Rights. Its sole purpose is to impede Americans’ freedom to change their citizenship.
4. America condemned Eritrea’s Diaspora Tax via a recent UN Resolution but insists on keeping its own right to tax its Diaspora.
5. Pay “fair share” of taxes, what about receiving “fair share” of services?
6. Americans’ abroad are discriminated against by banks that are refusing accounts for them.
7. Americans abroad are discriminated against by multinationals who prefer hiring ex-pats from other countries because Americans are too expensive due to citizenship-based taxation.
8. Americans abroad are discriminated against by potential business partners and/or spouses because they do not want to bear their own soles to a foreign tax agency.
9. Nobody can sell American ex-ports abroad better than Americans. The US should support their citizens abroad like other countries do instead of placing so many restrictions and burdens upon them.
10. The amount of complicated paperwork for filing US taxes is mind boggling for ex-pats. It is much more complicated than for Americans living inside the US. It can also be very difficult if not impossible to find professional help abroad.
Doug Casey calls Americans “chimpanzees” in the following video. So if you don’t like anti-Americanism, then skip this one. Casey first outlines his philosophical journey in libertarian ideology, through Randism, discordianism, and anarchism. At 24:00, he argues that sociopaths with criminal personalities have taken over the US government–there is no way to turn it around. The US dollars that have been exported to the rest of world will start flowing back to the country and the end will come. Thus, his investment strategy is to make money and to find a another country and get out of the United States while it is still legal and possible. At 32:30, Doug Casey refers to the inability of American citizens to open bank accounts–these are the beginning of capital controls in his view. If you don’t get your money out of the United States now, it will become difficult and dangerous in the future. In my opinion, Casey displays an appropriate measure of pessimism and scorn towards what the United States has become.