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  • Are “Currency Controls” Coming To America On July 1?

    Some very controversial regulations passed way back in 2010 and finalized in 2012 are scheduled to go into effect on July 1 of this year, and most Americans know little or nothing about this new law. Yet the effect of these new regulations could send shockwaves through the financial system worldwide. Basically, the regulations that take effect July 1 will make it very difficult and costly for Americans to hold money or investments outside the US.

    Starting in July, foreign banks and financial institutions will be required to report to the IRS any accounts they hold which are owned by Americans – including the owner’s name, address, Tax ID number (or Social Security number) and account balances of all offshore accounts if the combined amount is over $50,000. Many foreign institutions are up in arms about this, and some are kicking their US clients out to avoid reporting this information to the IRS. Most US investors who have money in offshore banks, funds, etc. will very likely close such accounts and bring their money home when they learn about this.

    The Democrats who passed this law (back in 2010 when they controlled Congress) say these new regulations were designed simply to identify “tax cheats” who do not pay the IRS taxes on their gains earned outside the US. But the unintended consequence may be a major disruption in the global financial system that could cause the US dollar to plunge. Some even believe it could threaten the US dollar’s status as the world’s “Reserve Currency.”

    Some analysts are calling the new law “currency controls,” which have never happened before in the US. As a result, ALL US investors need to know about this ASAP, not just those who have money or investments in offshore accounts, due to the potential for global repercussions. It’s complicated, and no one knows exactly what the outcome will be, but I will do my best to explain it today.

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  • Fed Advisory Council Drops A Bombshell

    Last Friday afternoon, the Fed released the minutes from a May 17 meeting of the Federal Advisory Council (FAC) – that you probably never heard of before today. The Council is a group of 12 influential bankers from across the country who meet periodically and give the Fed Board of Governors input regarding the economy, monetary policy, etc. To my knowledge, no one in the mainstream media has reported on what you will read here today.

    Following that discussion, I will review the latest economic reports over the last couple of weeks and let you know what we’re looking for in reports during the balance of this week.

    Finally, I’ll give you my take on the escalating IRS scandal that is now being investigated in Congress. I will suggest to you that the roots of this scandal go all the way back to the landmark Citizens United vs Federal Election Commission decision made by the Supreme Court in January 2010. For whatever reasons, the media hasn’t seemed to make that connection.

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  • "Curiosity" – Return of American Exceptionalism

    It’s August; it’s hot; the Olympics have snagged our attention; and many people are on vacation. Given all those distractions, many people paid little attention to one of NASA's greatest accomplishments – the successful landing of the "Curiosity Rover" on Mars just after midnight on Monday, August 6. No other country on the planet could have pulled off this breathtaking and dangerous accomplishment. At once, American exceptionalism was reborn. So today, I will bring you the exciting highlights of this amazing accomplishment, along with some stunning photos from Mars. We can all be very proud!

    Before we get into that discussion, we look at some recent revelations from the Internal Revenue Service that are almost sure to make your blood boil. It turns out, after a government oversight investigation, that the IRS gave $6.8 billion in income tax refunds to illegal aliens last year. This is a bizarre story that you just have to read to believe. You wouldn’t think it, but millions of illegal aliens are filing fraudulent tax returns, even though they don’t have Social Security numbers, and the IRS is giving them billions in tax refunds each year. I'll explain how this is happening. Let’s get started.

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