During the years it was my honor to serve as a member of the U.S. House of Representatives representing the First District of Maryland (1973-1981), I often heard my colleague and good friend, the late Rep. John Ashbrook of Ohio, say: "99% of the time in Congress you're right if you vote 'NO'." (John and I were at the top of the list of House conservatives who, indeed, repeatedly did vote "no.")
Standing on principle, John was very much correct.
In those days the liberal Democrats, (as they do now), controlled both the Senate and the House. As a result, much of the legislation we were forced to consider was left wing garbage, boondoggles designed to spend more taxpayers money and impose more government controls.
Well, earlier today, a majority of the Democrat-controlled House of Representatives, voted 205 aye, 225 nay, defeating the $700 billion legislative monstrosity that was billed as an imperative Wall Street bailout. The vote caused an historic 5% drop in the stock market -- but the vast majority of Americans should cheer the outcome.
Unwanted "Bank" of America
This horrific, slapped together legislation would have forced the American taxpayer into the unwanted role as the true "bank of America" -- millions of us were being asked to pay the hundreds of billions, (if not trillions) in Wall Street bailout costs, in one way or another -- by deficit spending, inflation, dollar devaluation, more taxes, plus a new level of proto-fascist government intervention.
Last week I wrote: "My thesis is simple -- there is no longer remains a U.S. lender-of-last-resort. The game is over. For the same reasons that logic dictates concern, perhaps even panic, about shaky banks and financial institutions, the U.S. government can no longer be trusted to save the day." Face it -- the U.S. government is broke.
It is time that the so-called "free market" economy be allowed to work. Those who have stupidly or greedily perpetrated these colossal financial blunders should be made to pay the price, both corporately and personally.
Nothing less than a radical change in American government policies is going to turn the tide and restore confidence. That means deep cuts in spending, a balanced budget now, adoption of realistic policies that truly will curb the economic insanity of both Wall Street -- and of the politicians in both parties that Wall Street has bought and paid for with their campaign largess.
More Good News -- From Austria
VIENNA, Austria: Austrians Monday celebrated the resurgence of conservative political parties, a day after the country's two rightist parties soared to almost 30% of the vote. Some local experts suggested the vote results Sunday reflected a deep-seated discontent with the country's outgoing governing coalition, rather than a sign that Austrians were becoming more extremist.
The governing coalition between the center-left Social Democrats and the center-conservative People's Party collapsed in July after a shaky 18-month alliance that hit snags over tax reforms and EU policy changes.
For those of us that recognize Austria as a leading offshore banking haven nation with strong financial privacy laws, the election outcome guarantees that there will be no dilution of Austria's banking secrecy laws.
Strict Banking Secrecy
Austria is not a haven in the sense of low taxes, but it is a "banking haven." That’s because this nation has one of the strongest financial privacy laws in the world. That guarantee has constitutional protection that can be changed only by a national referendum of all voters. For the very wealthy, Austria also offers low tax residency, if you can qualify.
In my opinion, the elections assure Austria’s financial and banking privacy laws now are even more secure.
The more busybody outsiders, such as the European Union, try to pressure the government in Vienna, the more the Austrian people resent the interference in their internal affairs.
I don’t think this "Vaterland First" attitude will change any time soon. As a result, it’s wise to keep Austria near the top of your potential offshore banking list, especially if your major area of business interest is in eastern Europe or Russia.(We can recommend reliable Vienna banks, if you need one).
* You can learn all about how Austrian banking can help you in my colleague Mark Nestmann's book, Austrian Money Secrets. Click Here.
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