The Biggest Ponzi Scheme in History is About to Unwind
America is heading towards an unprecedented economic crisis … and no one is talking about it. A 99-year-old ponzi scheme is about to come undone, and it could take the entire market with it. To find out how you can shelter yourself from this coming storm, click here for our urgent video report.
California, Here They Go
By Bob Bauman JD, Offshore and Asset Protection Editor Dear Sovereign Investor Subscriber,
The legislature of the Great State of California has a problem, and it's one that holds a lesson for all of us.
Simply put, California is spending money faster than it comes in. And on top of that, the state is still throwing cash on wasteful programs that seek mainly to benefit unionized state employees – all with alarming frequency.
The main problem is, as Steven Greenhut, vice president of journalism at the Franklin Center for Government and Public Integrity puts it: "The legislature recognizes no natural limits on its power."
Under a dominant Democratic majority, the California State Legislature can easily pass almost any bill put forth by its members, and it seems happy to do so, regardless of what those bills mean for their constituents.
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While it may be tempting to simply dismiss this as a partisan issue, the truth is that, in many instances, it matters little which party is in control. Politicians at all levels, of both parties, continue to launch assaults on our liberties, our privacy and our wealth.
The Nanny State Run Amok Drunk with majority power, the Democrat-controlled legislature in Sacramento has imposed new local restrictions on everything from fire pits at Newport Beach to wearing "obnoxious perfumes" in libraries in Southern California.
Another crazy example came last week, when the state legislature passed a "ban on psychotherapy aimed at making gay teenagers straight." Sen. Ted Lieu, the Torrance Democrat who authored the gay-therapy ban, boasts a list of his 17 freedom-curbing bills approved by the legislature. Reason magazine suggests Lieu is competing for the title "California's Ultimate Nanny."
As you might expect, these intrusions into the public's lives have done little to improve California's economic situation. Every new initiative costs the state more money, and those costs are either passed on to the public in the form of new taxes and fees, or simply piled onto the state's massive debt – a debt that now exceeds that of the entire nation of Greece.
In light of this assault on its citizens' liberties and ever-higher taxes, California is seeing a continuing mass exodus of people and businesses from the once Golden State to other western neighbors where freedom still lives.
It's no longer an issue of safety of life, liberty and property. It's how fast one can escape with what little the legislature has left its beleaguered citizens.
That old Al Jolson song lyric has been revised to this: "California, here I go!"
It's Not Just a State Problem What's happening in California is, unfortunately, not simply an isolated problem. Many in the U.S. Congress have shown a willingness to continue attacking freedoms we previously took for granted.
Over the past decade, financial privacy in America was killed by the PATRIOT Act, which forces bankers to act as government spies. The Federal Aviation Administration now allows local police departments to use aerial surveillance drones that can peer inside your windows, and even through solid barriers. A Defense Department report demands that the Pentagon and Department of Homeland Security be given "routine access to U.S. airspace" in order "to execute a wide range of missions including… surveillance and tracking operations."
In May, the Congress passed and President Obama signed an outrageous law that gave the U.S. military the power to arrest and hold U.S citizens indefinitely without charges or trial. Even former President Jimmy Carter denounced this law as a violation of the right to freedom of expression and the right to be presumed innocent until proven guilty, both of which are enshrined in the Constitution.
These are but a small sample of the seemingly endless diminishing of our liberties. If You Know There is a Problem, Take Action Some – but not enough – Americans seem to be aware of the problem. A September Reason-Rupe poll says that only 16% of American voters approve of the job Congress is doing, while 77% disapprove. While many pundits will say that people are unhappy about congressional gridlock, the poll disproves that theory: 50% say they want Congress to pass fewer laws, not more. Only 27% want Congress to adopt more laws, and an apparently oblivious 16% think the status quo is about right.
Unfortunately, too many people may think the upcoming elections will make these problems go away. The real truth is, no matter who wins the upcoming election, the assaults on your wealth and your liberty are only going to get worse. And that is why you have to take action to protect yourself today.
I have written recently about the power of creating an offshore asset protection trust, or the many benefits of opening an offshore bank account. Obtaining a second passport can give you the ability to create a solid "Plan B," and for some, expatriation may be the answer. The point is, understand your options and take action – as the madness in California shows us, you can only count on yourself to find ways to reclaim your lost freedom.
Faithfully yours,
Bob Bauman JD
P.S. We the people do have the power to get America back on track. Yet, at the moment, it looks like no matter who wins the election, things will only get worse. While politicians will continue to try and legislate away our precious rights and freedoms, there are still ways you can preserve your own personal liberty. I have put together my "Ultimate Wealth Protection Resources" to show you safe, legal ways to protect your financial future, as well as exercise your freedom as an American to choose your own path forward. This will only be available until midnight tonight, so to make sure you are able to secure your copy, click here.
Chart of the Day
Consider This Your Last Warning "As people in the summer of 1929 looked back for precedents, they were comforted by the recollection that every crash of the past few years had been followed by a recovery, and that every recovery had ultimately brought prices to a new high point. Two steps up, one step down, two steps up again – that was how the market went. If you sold, you had only to wait for the next crash (they came every few months) and buy in again. And there was really no reason to sell at all: you were bound to win in the end if your stock was sound.The really wise man, it appeared, was he who 'bought and held on.'"
That's how Frederick Lewis Allen described the late 1920s investment environment in his book Only Yesterday: An Informal History of the 1920s.
After peaking in 1929, the stock market plunged nearly 90%, leading into the Great Depression. Those who "bought and held on" lost their shirts. Years of rising stock prices created the mindset that there was never a reason to sell. Stocks could only go up. This is typical in major market tops.
In the late 1990s, before the stock market crash, everyone viewed stocks as the best investment you could make. After years of a bull market, everyone thought stocks could only go up.
In 2006, before the housing crash, everyone viewed real estate as the best investment you could make. After years of a boom in prices, everyone thought housing prices could only go up.
So what's the crowd's "best investment" today? Investors have flocked into Treasury bonds in recent years. But Treasuries have been rallying for over 30 years now.
The chart below shows the yield on 10-year Treasury bonds. When yields drop, the price of bonds rise. So the downtrend in yields represents the bull market in bond prices.
Treasury Yields Have Been Falling for 32 Years
See larger image Yields cannot go below zero. So there's very limited downside. In other words, bond prices have very limited upside potential and tremendous downside risk.
But those decades of consistent increases in Treasury prices have created the perception that bond prices can only go up. Guess what's going to happen next? Consider this your last warning to get out of Treasury bonds. Regards,
Evaldo Albuquerque
Senior Analyst
Related Reading: The Next Generation of Big Brother's Assault on Our Privacy
The Future of America: Think Small
To Hell with Politicians: Write Your Own Platform
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