In the aftermath of the Panama Papers scandal, one topic that will only continue to receive attention as this topic moves along, is the state of Delaware and its perceived status as a U.S. tax shelter. According to Bloomberg, the state has about 1.1 million business entities, and one single building located at Wilmington's 1209 Orange Street is the home address of 285,000 companies including Alphabet (Google), Ford Motor Co., and Wal-Mart. However, as pressure from mounts from the outside asking Delaware to reform some of its laws around incorporation and business in general, there is one good reason why the state will choose to leave everything at the status quo if at all possible.
The standard narrative we are told by the government and their lapdog media is that tax avoidance is something that self-centered rich assholes do so that they can buy more Ferraris. This is complete propaganda. Taking legal steps to reduce what you owe is all about ensuring that your labor goes to the causes that YOU believe in, rather than funding spy agencies and bombing raids on children’s hospitals.
Saudi Arabia Threatens To Liquidate Its Treasury Holdings If Congress Probes Its Role In Sept 11 AttacksSubmitted by Tyler Durden on 04/17/2016 09:13 -0400
Saudi Arabia has told the Obama administration and members of Congress that it will sell off hundreds of billions of dollars’ worth of American assets held by the kingdom if Congress passes a bill that would allow the Saudi government to be held responsible in American courts for any role in the Sept. 11, 2001, attacks.
What's a Couple Hundred Trillion Benjamins Between Friends?
- U.S. readies bank rule on shell companies amid 'Panama Papers' fury (Reuters)
- Co-Founder of Mossack Fonseca Defends Law Firm at Center of ‘Panama Papers’ (WSJ)
- Fed's Cautious Approach on April Rate Hike Raises Stakes for June (BBG)
- Dollar sinks again after Fed remains cautious (Reuters)
- New Tax Rules on Inversion Deals Are Met With Protest (WSJ)
- Fed Chairs Since 1979 Offer Peek Into Central-Bank Philosophy (BBG)
Unlike yesterday's overnight session, which saw some subtantial carry FX volatility and tumbling European yields in the aftermath of the TSY's anti-inversion decree, leading to a return of fears that the next leg down in markets is upon us, the overnight session has been far calmer, assisted in no small part by the latest China Caixin Services PMI, which rose from 51.2 to 52.2. Adding to the overnight rebound was crude, which saw a big bounce following yesterday's API inventory data, according to which crude had its biggest inventory draw in 2016, resulting in WTI rising as high as $37.15 overnight
Thanks to an ever-increasing need for tax revenues to fund an ever-increasing horde of government-handout-beneficiaries, the populist-in-chief has once again taken aim at tax inversions for the crusade-du-jour. We look forward to him explaining how this is different (and better for American jobs) from what Donald Trump has suggested.
- Panama Papers: Biggest Banks Are Top Users of Offshore Services (WSJ)
- Panama Papers probes opened, China limits access to news on leaks (Reuters)
- Credit Suisse CEO Distances Bank From ‘Panama Papers’ (WSJ)
- Fed's Evans says market more pessimistic on U.S. rate hikes (Reuters)
- IMF's Lagarde Says Risks to Weak Global Recovery Are Increasing (BBG)
Lars Schall explores the time-honored tradition of following the money in an attempt to discover answers to yet unresolved questions regarding the terrorist attacks of 9/11 in New York City. Mr. Schall is an independent investigative journalist that has produced many hard-hitting pieces regarding Central Bankers' manipulation of gold prices, and the failure of the US Central Bank (The Federal Reserve) to return all of Germany's gold reserves in the past.
Iran's Future Is In Missiles, Not Dialogue, And Anyone Who Says Otherwise Is "Ignorant Traitor": AyatollahSubmitted by Tyler Durden on 03/30/2016 13:30 -0400
The US and its Mid-East allies are furious at Iran for a series of ballistic missile tests that Washington thinks may well violate a UN Security Council resolution. And while some Iranian politicians are prepared to take a conciliatory stance, the IRGC and the Ayatollah are having none of it.
"Eventually, they'll buy all the government bonds; they'll buy all the corporate bonds, all the shares outstanding. Afterwards the housing market goes down, they'll buy all the homes and then the government will own everything... That's the road to socialism."
“What if the banks stop loaning you money to make your payments on your loans? What happens then?”
“I guess I’m assuming that won’t happen.”
Two weeks ago we reported that while for most of 2015, tax withholdings rose at a rate of 5% or more from a year ago, on the back of job growth and gains in wages, commissions and other incentive pay, in recent months there has been a substantial dropoff in this key indicator. Today, TrimTabs put an actual jobs number to this particular decline in tax withholdings: according to the research service, the US added only 55,000 to 85,000 jobs in February, less than half of the official estimate.
- Europe shrugs off pre-G20 China stocks slump, sterling steadies (Reuters)
- China Unveils Its Deliverables for G-20 -- And No Plaza Pact (BBG)
- Foreign Money Could Be Slow to Enter China’s Bond Markets (WSJ)
- China Urged to Stomach Much Higher Fiscal Deficit (WSJ)
- Trump's Momentum Has Republicans in Congress Confused and Cowed (BBG)