The Sovereign Society Offshore
Monday, February 8, 2010
Timmy, Get Your Gun
Why Would the IRS Need Shotguns?
By Bob Bauman
Dear A-Letter Reader,
Why on earth would the Criminal Investigation Division of the U.S. Internal Revenue Service need sixty 12-gauge pump-action shotguns?
Tax criminals perhaps? Not really…criminal violations of the tax code are handled by the Justice Department. As for building security, that’s taken care of by the Federal Protective service.
I only ask because I recently saw a public "solicitation" just issued by the IRS, in which our tax collectors seek bids for providing them the following impressive armaments…
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Because of the soaring costs of bailouts, higher taxes could erode your investment gains - leaving you with a CRACKED retirement 'nest egg' that won't be able to support you in your Golden Years - even forcing you to go back to work.
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The Taxman Soliciting Shotguns
The Internal Revenue Service (IRS) intends to purchase sixty Remington Model 870 Police RAMAC #24587 12 gauge pump-action shotguns for the Criminal Investigation Division. The Remington parkerized shotguns, with fourteen inch barrel, modified choke, Wilson Combat Ghost Ring rear sight and XS4 Contour Bead front sight, Knoxx Reduced Recoil Adjustable Stock, and Speedfeed ribbed black forend, are designated as the only shotguns authorized for IRS duty based on compatibility with IRS existing shotgun inventory, certified armorer and combat training and protocol, maintenance, and parts.
Now perhaps the IRS knows something about the Tea Party Movement that has escaped most of us.
Or maybe they have seen the polls showing the breadth and depth of American public reaction against President Obama's historic trillions in planned deficits and spending -- or those trillions in new income, capital gains and estate taxes on just about everything and everybody.
Or might these weapons be used to ensure that every last American is forced to buy ObamaCare health insurance?
But then, this may simply be a defensive measure against the ire of the millions of Americans whose constitutional right to bank and invest offshore may be seriously curtailed by the President and his Reid-Pelosi congressional radicals -- (not that such knowledgeable offshore Americans would ever stoop to the IRS level when its comes to coercion).
The 60 shotguns are to be delivered to the IRS national headquarters at 1111 Constitution Avenue NW, Washington DC 20224. We’ll keep an eye out to see of they’re building battlements and a moat or mounting canon.
But, all things considered, don’t you wonder if only 60 shotguns will be sufficient for the IRS? (Just kidding, officer!)
Bob Bauman, (unarmed) Legal Counsel
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Global Investor: Inflate or Die
the Golden Rule
By Eric Roseman
To bet against gold is to bet that central banks will "get it right." The odds of that happening are next to nil.
Gold's decline from a nominal high of $1,216 an ounce in early December to $1,053 this morning is drawing a rising chorus among some distinguished bears that the nine-year bull market is over. Some pundits even claim gold is in a bubble.
The world's greatest hedge fund manager since 1969, George Soros, was recently quoted on Bloomberg claiming "gold is in a bubble" while renowned economist, Nouriel Roubini, believes the gold bull market is over. In the absence of inflation, the latter thinks gold should be sold.
Nothing could be further from the truth.
The Sovereign Society and my Commodity Trend Alert service have been bullish on gold since about $400 an ounce and we remain positive for many reasons, namely out-of-control U.S. deficit spending, sovereign government debt accumulation, declining global gold production, growing currency chaos and, ultimately, high inflation over the next 3-5 years as the Fed fails to drain excess liquidity from the financial system.
Gold: Still one of my Favorites
It's amazing to hear from some investment gurus that gold is in a bubble.
How can an asset such as gold be in a bubble when its all-time inflation-adjusted high is about $2,300 an ounce? Also, the gold price is only 24% higher than its nominal high in 1980. These are not bubble criteria by any means. For examples of classic bubbles, you can look to the NASDAQ, U.S. and Spanish housing, Chinese equities and real estate and Brazilian bank balance sheets, but not gold.
My bullish stance on gold went into "maximum overdrive" starting in late 2008. That’s when the Federal Reserve announced its plans to start "quantitative easing," the codeword for monetizing government Treasury or government agency debt (GSEs) in a bid to keep mortgage-backed securities markets liquid and to mop-up excess Treasury sales.
And the case for gold remains compelling in the face of a massive credit overshoot likely to emerge in the United States.
I'm pretty convinced the Fed is desperate to grow inflation at any cost in order to defeat deflation in housing, domestic consumption, wages and employment. And some sort of bungled policy response is bound to occur in the near future, should interest rates at the long end rise and threaten a recovery.
My view remains that gold is now in another series of corrections since the bull market began 11 years ago at $252 an ounce.
The global exchange rate mechanism is flawed, wrought with enormous uncertainties and governed by individuals that don't give a damn about our purchasing power vis-à-vis profligate spending. I have more faith in gold than the Fed, the ECB or The Bank of Japan – a bunch of drunks at the bar with no sense of monetary responsibility or financial integrity.
I remain more bullish than ever on gold.
Editor’s Note: If you think Eric’s passionate about gold, just take a look at what he has to say about silver.
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