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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
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Executive Summary – Bloomberg ran a story quoting the IMF saying that the US would need to double its tax basis for some time to come to get out of the hole. Of course with all the hidden taxes a working guy pays about 70% in taxes. If the federal contribution is doubled, well a lot of people will be building cabins in the national parks and hunting for food.
Here is a quote from the story carried by Bloomberg:
But delve deeper, and you will find that the IMF has effectively pronounced the U.S. bankrupt. Section 6 of the July 2010 Selected Issues Paper says: “The U.S. fiscal gap associated with today’s federal fiscal policy is huge for plausible discount rates.” It adds that “closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 percent of U.S. GDP.”
Here is the link to the IMF annual Review:
IMF Executive Board Concludes 2010 Article IV Consultation
with the United States
To read the whole story on Bloomberg go here:
U.S. Is Bankrupt and We Don't Even Know It: Laurence Kotlikoff
Summary – even the IMF knows the US has had it. They tried to conquer the world with their make believe money and well it didn't work. Now it is time to pick up the pieces and start over.
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*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.
