Reader "Roger Dodger in Aussieland" is just about to leave (or maybe has left already) the USA for the other side of the Pacific. Read what he has to say!
Hi Robert Sorry for the late reply - it used to be that Mondays were lost due to catch-up, now its Mond, Tues, Wedn lost to trying to keep up with everything. The problem is, you get older, things require more thought and actions get slower (or at least that's my excuse these days). My neighbor oncologist is in research (working in pharma) and the angel investors have pulled in their horns. He had a 2nd interview and thought he nailed it but learned this Monday they would continue their search for a better candidate. His work is very specialized and I think he'll have to look in China for a job; so much of that pharma research has moved there but they still need advanced team leaders with knowledge like my neighbor has. I've lived in several countries over 6 years and here's what I'd suggest to anyone in their early 20's, especially if they have just graduated from a 4 year college: Go overseas (Asia, China or any country doing business with China, but not Europe/EU). If they have never filed with the IRS, continue. Once you have filed, they will continue looking for your yearly return. Women can usually work this to an advantage with maiden names, married names, then no names, especially if you live and work outside the US. Marry a non-US citizen. Only 3-4 countries require their citizens to report/pay taxes on income made outside their home country; US is 1, the others are like Libya, N. Korea, and Cuba (something ridicules like this). Live and work in Singapore, Hong Kong or Macau where the top top tax rate is 17% or 14% for Macau. Personal Capital Accumulation is needed to make risky investments where maybe 1 in 10 will pay off - that 1 in 10 is what's needed to make your life comfortable - but you can never make that investment if the state takes 60% of your earnings. Use ALL of your relatives and friends that you can trust to be like a squirrel and store nuts (small bank accounts) in various parts of the world - $25k here, $50k there, etc. Amounts small enough, that if lost, won't make you cry. Accounts in HKG, SGP, Macau for non-US citizens require little documentation and perhaps only a 'chop' for Chinese friends/relatives. If you marry a foreign national, make sure your children get that 2nd passport - vitally essential in the coming decades when Americans will be saddled with horrendous taxes. And last, hold/store/own PM's outside the US. Private (non-bank) Safe Deposit boxes with small nuts. If possible, several 2-4 acre micro farming ops (with enough water, either wells or rainfall) with chickens, pigs, goats, and vegetable farming in 2-3 countries that you can escape to (Vietnam, Philippines, Malaysia are some low cost ideas). Have a way to get out: cross borders and fly/bus/sail to the next safer place where you've stored a nut or two. I've read some ZH posters that know a helluva lot more than I do on this subject - unfortunately a "trusted" site doesn't exist where we could exchange knowledge. Of course, all this is hypothetical. Having lived and studied overseas, the history of countries that have raped and pillaged their own people financially is widespread and well known; except to Americans. But that lesson is soon to be taught and learned I'm afraid. This ticking time-bomb is atomic. The numbers are irrefutable - $4-5 Trillion on bailouts/"govt investments" in the last 3 years, $15Trillion in debt ($60Trillion in debt if you add SS & Mcare/Mcaid - maybe $100Trillion), 44 million on food stamps, 22% unemployed (see John Williams ShadowStats.com) - these are numbers that can not be paid back in taxes alone; currency debasement must also be employed to offset the amount owed to creditors and delay the end of the empire. America will be impoverished by the 'Greek-style' austerity that is sure to come. We have paid for Social Security and health care but when the baby boomers go to cash in those IOU's, they'll be asked to pay again for those pre-paid benefits. EVERYONE should have savings to cover their retirement and healthcare costs OUTSIDE of SS & MC, with a built-in inflation factor of X (put your own number in). Your first responsibility is your family, then your community, and then the State. But if the State or community takes more than what you need to take care of your family, it's time to abandon the State/community. Feel free to use any of this but attribute it to some anonymous source (like Roger Dodger in Aussieland). My thoughts are patch-work and maybe you can better assemble them for a post. Again, it's all hypothetical. One last point. I see your postings on ZH are 'couched conservatively' but a word to those who post more vociferously and have something to lose - see CPL remarks onhttp://www.zerohedge.com/article/anonymous-a99-opesr-rico-class-action-lawsuit-against-federal-reserve Any comments on any blog are public - there is no such thing as anonymity on the web, in emails, or phone calls. Be careful of what you think 'Freedom of Speech' means. I applaud you for trying to awaken the sleeping, with your blog and comments on ZH. My best wishes to you and yours - I hope you fare well and that we'll see each other safely 'on the other side'