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CNBC gets it wrong… again.


May 30, 2012
New York City

After a ridiculous 6-hour delay that bordered on the surreal, I finally arrived to New York’s Laguardia Airport last night at nearly midnight. Miraculously, my checked bag arrived quickly… and without the usual trappings of physical abuse from airport ground crews.

The taxi line was long… but I eventually settled myself into the adorning vinyl seats of a New York yellow cab and directed the driver to my location near Central Park South. Time to relax.

The LCD screen in front of me popped on and began playing the day’s news, leading off with a story about how some guy got stabbed to death and Mitt Romney was out raising money with Donald Trump.

Wondering to myself if the two were perhaps related, I started to move my hand towards the LCD screen’s on/off button, thinking I might take a snooze as we approached the Queensborough Bridge. But then something caught my eye on the news ticker:

“The Mass Migration of the Super-Rich (CNBC)”

‘OK, I’ll bite,’ I thought, as I poked at the screen with my index finger trying to call up the story.

The article went on to explain how “there is a sudden awakening among the wealthy that they’re no longer bound to a certain country,” and that “millionaires and billionaires are migrating like never before.”

Duh. Wealthy people have been migrating their capital and their families for centuries. That’s one of the reasons that they’re wealthy– because they don’t allow themselves to become victims of governments gone crazy, what I call ‘sovereign risk’.

From the run-up to World War II to the Russian Revolution to the economic decline of Venice in the 14th century (formerly the wealthiest place in Europe), history is full of examples that when the writing is on the wall, wealthy people liquidate and head to greener pastures.

Moreover, the prospect of diversifying abroad with foreign property, foreign accounts, foreign trusts, precious metals, etc. is a very old idea for the world’s wealthy.

This time is not different. Recognizing how cannibalistic their governments have become, the wealthy are on the move once again. French wealth is heading to Switzerland and Monaco, Chinese and Indian wealth is heading to Singapore, Russian wealth is heading to London, etc.

There is one major change, however, from historical tradition… and the CNBC article completely missed this point:

For the first time ever, it’s not just the wealthy who can take advantage of international diversification. Given the breadth of technology and low-cost transportation options, anyone can follow the same path of ensuring they don’t become victims to government theft.

There are a myriad of options available to open a foreign bank account where the minimum deposit is quite low. This includes places that are favored by the wealthy like Turks & Caicos, Andorra, and Hong Kong.

(We’ve discussed many times before, in fact, how you can open a Hong Kong bank account at HSBC without having to leave town…)

Offshore gold storage is another option that’s available to just about everyone… whether it’s fractional ownership like GoldMoney.com, or whole bar and coin storage like Global Gold in Switzerland, or Perth Mint certificates.

There are even options to own foreign property and acquire dual nationality for regular, everyday folks. You don’t need to be one of the world’s elite to pick up some gorgeous, inexpensive land in Ecuador or the Philippines… or to become a citizen of Chile or Brazil.

These options are available to almost everyone. Yet ironically, most people don’t realize it. Even if they do see the writing on the wall, they haven’t made the connection that the same tricks that have helped the wealthy stay wealthy for centuries are now wide open for everyone.

This means that, if you’re reading this missive and thinking about these ideas, you are light years ahead of everyone else.

And as governments turn up the volume on their extractive, cannibalistic approach to dealing with their terminal fiscal wounds, you too can be one of the few who watches it from the sidelines.

Our goal is simple: To help you achieve personal liberty and financial prosperity no matter what happens.

If you liked this post, please click the box below. You can watch a compelling video you’ll find very interesting.

Will you be prepared when everything we take for granted changes overnight?

Just think about this for a couple of minutes. What if the U.S. Dollar wasn’t the world’s reserve currency? Ponder that… what if…

Empires Rise, they peak, they decline, they collapse, this is the cycle of history.

This historical pattern has formed and is already underway in many parts of the world, including the United States.

Don’t be one of the millions of people who gets their savings, retirement, and investments wiped out.

Click the button below to watch the video.

About the author: Simon Black is an international investor, entrepreneur, permanent traveler, free man, and founder of Sovereign Man. His free daily e-letter and crash course is about using the experiences from his life and travels to help you achieve more freedom.

Comments on this entry are closed.

  • http://www.facebook.com/profile.php?id=580128454 ‘Jim Kingsland

    I am one of the dumb ones for allowing myself to be taxed to death in NY suburbia. Thanks for the refreshing thoughts. well done. 

    • Rick

      Hey Jim,

      You’re not dumb – you have realised what is happening and that puts you ahead of the game.  Good luck.

      SV Calypso
      La Paz

      • Smekuly


        you are NOT dumb. the first step is realization.   I understand completely since I also used to be on Long Island  so I know the tax situation.

        luckily I left 15 years ago before all this now has become on gov raders.

        i also understand how difficult this may be when you have a family especially if she does not understand certain truths.

        good luck my friend

  • http://www.PeteSisco.com/ Pete Sisco

    All part of whipping up some hysteria that people might slip through the tax net – therefore we need tough new laws to protect Americans. Of course, it the WMD distraction – the real game is to slam the door on Joe Six-pack ever being able to get his money out of the country once it’s all too obvious the collapse is upon us. (Not that it’s not already obvious to readers here.) The media is, as ever, 100% complicit in the coercive move to reduce individual property rights.

  • Alex Z

    Exit plan in place.

    See you ”sheeple’ in the next life.

  • Chuck B.

    Agreed Simon, these strategies aren’t just for the super rich as the media always reports. For example, I opened a bank account in Hong Kong with a deposit of approximately $1,300 USD to avoid monthly banking fees. Not only that, this account allows you to trade stock and hold foreign currencies. You don’t need to be super rich to jump on that.

    • Guest

      How’s your trading going with that huge account? What’s the return after brokerage fees? 10 bucks? Some people are indeed morons

      • InnerCynic

         You can at least START to trade.  It gives you a base to do what YOU wish to do.  In the Forex realm it’s an absurdity that you are required to trade at lower margins than your foreign counterpart but ironically it doesn’t stop you from having multiple lots open for an equivalent margin.  All smoke and mirrors.  Still, your arrogance is telling as is your cowardice.

  • Sdesse

    I think many of the cheap and nice countries like the Philippines have protection on land. Having checked myself owning land in Las Philipinas is not allowed for foreigner (a condo is OK) and getting citizenship is even harder than in Japan, something like 10 year of perfect track record and without leaving the country too much.

    Thailand has restriction on land too I heard; This leads to my question:

    What are the nice/cheap/friendly place in Asia/SE Asia that are the best candidates for and exit? (I know Mongolia is nice but too cold for me…)

  • Rev. LTC Retired

    The pen is mightier than the Sword. Well, CNBC, you have fallen down on your sworn duty to print/tell the honest to God truth and your name is the same as reading/listening to a no nothing crew of idiots. YOU are as much a liar as obummer, the fairy. I don’t get it, but I know that they (CNBC) will get it someday and they sure as H*** won’t like what they get. It will be a one way trip to H*** and will they be surprised when all they can smell is fire and brimstone, their just deserts and too, they will be crawling all over themselves to get OUT, like the German war camps that the JEWS had to endure in the death gas chambers. Yes, Virginia, there ain’t no santa clause, but all you are getting for Christmas is a bag of switches.If it were me, all you would get is a bunch of black eyes to match your mentors. So, if the pen is mightier than the sword, then you who are suppose to protect the “pen” have fallen long and hard from the responsibilities that were (WERE) yours to protect.  

  • Rev. LTC Retired

    CNBC are all communists and they wouldn’t know the truth to print if it slapped you all in the faces. 

  • Rev. LTC Retired

    You watch dogs go to H***i

  • InnerCynic

    There are several choices to be made for anyone, not only those with the extra “means”.  You may consider living somewhere far enough out in the boonies that it’s too inconvenient to be screwed with by the powers that be.  Living in any major metro area is in my mind quite insane. Why make it easier for them to round you up? Though I think that having drones filling the skies in the next couple of years is the next step in keeping the cattle penned up on the Federal Farm.  All of course for our “security” ,against terrorists, and the perpetual War on Drugs!  Or do I repeat myself?  Then there is the option of fleeing for a foreign country that likewise hasn’t the financial means (i.e. stolen tax money) to diddle with you as much as the Heimat does.  My preference is for the later.

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