The End of the American Century?

[dungeonbaby]

http://www.salon.com...a_collapse_2025

 

 

How America will collapse (by 2025)

 

Oil Shock: Present Situation

 

One casualty of America's waning economic power has been its lock on global oil supplies. Speeding by America's gas-guzzling economy in the passing lane, China became the world's number one energy consumer this summer, a position the U.S. had held for over a century. Energy specialist Michael Klare has argued that this change means China will "set the pace in shaping our global future."

 

By 2025, Iran and Russia will control almost half of the world's natural gas supply, which will potentially give them enormous leverage over energy-starved Europe. Add petroleum reserves to the mix and, as the National Intelligence Council has warned, in just 15 years two countries, Russia and Iran, could "emerge as energy kingpins."

...

 

Compounding the problem, the Chinese and Indians have suddenly become far heavier energy consumers. Even if fossil fuel supplies were to remain constant (which they won't), demand, and so costs, are almost certain to rise -- and sharply at that. Other developed nations are meeting this threat aggressively by plunging into experimental programs to develop alternative energy sources. The United States has taken a different path, doing far too little to develop alternative sources while, in the last three decades, doubling its dependence on foreign oil imports. Between 1973 and 2007, oil imports have risen from 36 percent of energy consumed in the U.S. to 66 percent.

 

Oil Shock: Scenario 2025

 

The United States remains so dependent upon foreign oil that a few adverse developments in the global energy market in 2025 spark an oil shock. By comparison, it makes the 1973 oil shock (when prices quadrupled in just months) look like the proverbial molehill. Angered at the dollar's plummeting value, OPEC oil ministers, meeting in Riyadh, demand future energy payments in a "basket" of Yen, Yuan, and Euros. That only hikes the cost of U.S. oil imports further. At the same moment, while signing a new series of long-term delivery contracts with China, the Saudis stabilize their own foreign exchange reserves by switching to the Yuan. Meanwhile, China pours countless billions into building a massive trans-Asia pipeline and funding Iran's exploitation of the world largest percent natural gas field at South Pars in the Persian Gulf.

...

 

 

The oil shock that follows hits the country like a hurricane, sending prices to startling heights, making travel a staggeringly expensive proposition, putting real wages (which had long been declining) into freefall, and rendering non-competitive whatever American exports remained. With thermostats dropping, gas prices climbing through the roof, and dollars flowing overseas in return for costly oil, the American economy is paralyzed. With long-fraying alliances at an end and fiscal pressures mounting, U.S. military forces finally begin a staged withdrawal from their overseas bases.

 

so with that new Ohio State U study that has successfully removed the dirty in coal-powered energy, and with US coal reserves enough to last a hundred years - the oil shock scenario is beginning to go kaput, isn't it.

[hit05]

No wonder the US IRS is tightening its noose on US citizens living overseas. It's trying to help reduce this huge deficit. The IRS now requires banks around the world to disclose the names of US citizens who have deposits in their banks.

 

 

The trick is to keep the hen which lays the golden egg on close watch. Isn't that happening locally as well too? Taxation is being intensified and even residence certificates are being asked before dealing with government. The unified ID system is also being pushed.

 

The Bible enthusiast should be able to co-relate this drive to tag people as the mark of the beast. The tagging is all about prohibition of those without it from trade or from buy and sell. Have you ever wondered the restrictions and requirements of credit cards? Imagine these rules extending to all market transactions.

[Bugatti Veyron]

The trick is to keep the hen which lays the golden egg on close watch. Isn't that happening locally as well too? Taxation is being intensified and even residence certificates are being asked before dealing with government. The unified ID system is also being pushed.

 

The Bible enthusiast should be able to co-relate this drive to tag people as the mark of the beast. The tagging is all about prohibition of those without it from trade or from buy and sell. Have you ever wondered the restrictions and requirements of credit cards? Imagine these rules extending to all market transactions.

 

Hmmm....Now that you mention it....

[sonnyt111]

No wonder the US IRS is tightening its noose on US citizens living overseas. It's trying to help reduce this huge deficit. The IRS now requires banks around the world to disclose the names of US citizens who have deposits in their banks.

The American government is becoming more and more socialist in its economic policies while China, which had a communist economic policy not too long ago, is turning to unbridled capitalism. Part of dialectic materialism? How thesis evolves into anti-thesis?

[paeng]

The problem isn't reserves, as there are lots of that even for oil, but production rate vs. demand. That is, the energy returns for other sources of energy are lower, and thus production rate is unable to keep up with demand. That's why we are now resorting to non-conventional production:

http://www.economist.com/blogs/dailychart/2011/06/oil-production-and-consumption

which explains why oil prices are still high. To adjust to other sources of energy will require several decades:

http://www.businessinsider.com/131-years-to-replace-oil-2010-11

but we only have around a decade to make the transition, and the IEA argues that governments should have started at least a decade ago:

Meanwhile, demand even for non-conventional production continues to rise:

http://www.guardian.co.uk/environment/2013/jan/30/china-burns-half-coal-worldwide

According to the IEA, we will need the equivalent of one Saudi Arabia every seven years just to meet global economic growth. When conventional production starts dropping, even more will be needed.

Finally, at best it is reported that total oil and gas production for North America will be around 12 Mb/d by the end of the decade. The current demand for the U.S. alone is 19 Mb/d.

Edited March 19, 2013 by paeng

[Bugatti Veyron]

The trick is to keep the hen which lays the golden egg on close watch. Isn't that happening locally as well too? Taxation is being intensified and even residence certificates are being asked before dealing with government. The unified ID system is also being pushed.

 

The Bible enthusiast should be able to co-relate this drive to tag people as the mark of the beast. The tagging is all about prohibition of those without it from trade or from buy and sell. Have you ever wondered the restrictions and requirements of credit cards? Imagine these rules extending to all market transactions.

I've heard that some Americans have given up their US citizenship because tax rates in the US are just too high. The time might come when there won't be any rich people left in America. Their government is killing the goose that lays the golden egg.

[maxiev]

I've heard that some Americans have given up their US citizenship because tax rates in the US are just too high. The time might come when there won't be any rich people left in America. Their government is killing the goose that lays the golden egg.

That's the nature of a Democrat government. Democrats are basically socialist in their philosophy. Tax the rich, give more to the poor. Which to me is an indication that many Americans are now hard-up. Probably because the American economy isn't performing as well as expected.

[friendly0603]

I've heard that some Americans have given up their US citizenship because tax rates in the US are just too high. The time might come when there won't be any rich people left in America. Their government is killing the goose that lays the golden egg.

These are the very rich.

 

The tax office wants to get all the money from americans. That includes overseas earnings. This is the reason why these americans are giving up their citizenship. They do not want to be taxed from money they earn outside the US or not double taxed at least.

 

Even pro-tennis players do this. They make their residence as Monaco or the like where they aren't taxed or low tax for their earnings.

Edited March 21, 2013 by friendly0603

[Bugatti Veyron]

These are the very rich.

 

The tax office wants to get all the money from americans. That includes overseas earnings. This is the reason why these americans are giving up their citizenship. They do not want to be taxed from money they earn outside the US or not double taxed at least.

 

Even pro-tennis players do this. They make their residence as Monaco or the like where they aren't taxed or low tax for their earnings.

 

So only the very rich are affected by the new law. Majority of Americas aren't affected by this law. But many Phil-Ams, whose parents are still Filipino citizens, may be affected. When the parents die, the kids may be taxed by the US government even if they choose to settle in the Philippines. Their incomes may be taxed by both the Philippine and US governments.

 

Hope there are some tax experts out there who are familiar with the new US law providing for the taxation of properties and income. It would be nice to hear their inputs and/or advise.

[sonnyt111]

So only the very rich are affected by the new law. Majority of Americas aren't affected by this law. But many Phil-Ams, whose parents are still Filipino citizens, may be affected. When the parents die, the kids may be taxed by the US government even if they choose to settle in the Philippines. Their incomes may be taxed by both the Philippine and US governments.

 

Hope there are some tax experts out there who are familiar with the new US law providing for the taxation of properties and income. It would be nice to hear their inputs and/or advise.

 

I have a cousin based in the Philippines who has several kids who were born in the US. By the time Uncle Sam collects the estate tax, very little will be left for his kids. His kids may have to renounce their American citizenship if they expect to enjoy their inheritance. Imagine, his kids have to report to the US IRS all income including interest earned in Philippine banks despite the fact that they all live in the Philippines, were raised as Filipinos and do not intend to reside in the United States.

[friendly0603]

So only the very rich are affected by the new law. Majority of Americas aren't affected by this law. But many Phil-Ams, whose parents are still Filipino citizens, may be affected. When the parents die, the kids may be taxed by the US government even if they choose to settle in the Philippines. Their incomes may be taxed by both the Philippine and US governments.

 

Hope there are some tax experts out there who are familiar with the new US law providing for the taxation of properties and income. It would be nice to hear their inputs and/or advise.

Nope, everyone is affected but only the very rich that wants to keep as much of their money as they want because it's a lot. Remember, even Pacman doesn't want to fight in the US to save on tax.

 

For those that are enjoying their american lifestyle, do they think about their inheritance overseas? If they do, then they wouldn't take the citizenship oath and just keep their green card or return after saving enough money.

 

If you want to settle in the Philippines, then give up your US citizenship if the tax is reason enough for you. Most of these Filipinos who went overseas wanted a better life or provide a better future for their families. If their lives were better in the Philippines, they wouldn't leave or they would just return after experiencing life abroad.

Edited March 25, 2013 by friendly0603

[Bugatti Veyron]

Nope, everyone is affected but only the very rich that wants to keep as much of their money as they want because it's a lot. Remember, even Pacman doesn't want to fight in the US to save on tax.

 

For those that are enjoying their american lifestyle, do they think about their inheritance overseas? If they do, then they wouldn't take the citizenship oath and just keep their green card or return after saving enough money.

 

If you want to settle in the Philippines, then give up your US citizenship if the tax is reason enough for you. Most of these Filipinos who went overseas wanted a better life or provide a better future for their families. If their lives were better in the Philippines, they wouldn't leave or they would just return after experiencing life abroad.

 

If children of Filipino citizens are born in the USA, there's no need to take the citizen oath. They are automatically considered US citizens. Now even if the parents of these US-born kids are loaded, most of that amount will have to be paid to the US government and what's left divided equally by the children. Even if the kids were raised all their lives in the Philippines and are true blooded Filipinos, they will now have to settle scores with the US government when their parents pass on simply because they were unfortunate to have been born there. Parents sometimes want their kids born in the US because of the prestige and benefits of being a US citizen. They didn't count on this new law which may become a tremendous weight on the finances of the parents. Not to mention the kids who now are liable to the US government even if they live in the Philippines and don't intend to settle in the US. I discussed this recently with a tax lawyer. He said there are ways or loopholes in the US law. For instance, if you're a Filipino citizen with a child born in the US and your kid is now studying at a university in the United States. The lawyer I spoke with mentioned that if the parents wire their child an amount over $10,000 into his personal bank account, the child will have to declare that amount to the IRS. But if the parents wired the money directly to the university where the child is studying, then there's no need to declare anyting. Many banks overseas are now mandated by the US government to disclose the names of US citizens holding investments, interest income, capital appreciation of their other investments such as bonds, stocks, etc.

[friendly0603]

If children of Filipino citizens are born in the USA, there's no need to take the citizen oath. They are automatically considered US citizens. Now even if the parents of these US-born kids are loaded, most of that amount will have to be paid to the US government and what's left divided equally by the children. Even if the kids were raised all their lives in the Philippines and are true blooded Filipinos, they will now have to settle scores with the US government when their parents pass on simply because they were unfortunate to have been born there. Parents sometimes want their kids born in the US because of the prestige and benefits of being a US citizen. They didn't count on this new law which may become a tremendous weight on the finances of the parents. Not to mention the kids who now are liable to the US government even if they live in the Philippines and don't intend to settle in the US. I discussed this recently with a tax lawyer. He said there are ways or loopholes in the US law. For instance, if you're a Filipino citizen with a child born in the US and your kid is now studying at a university in the United States. The lawyer I spoke with mentioned that if the parents wire their child an amount over $10,000 into his personal bank account, the child will have to declare that amount to the IRS. But if the parents wired the money directly to the university where the child is studying, then there's no need to declare anyting. Many banks overseas are now mandated by the US government to disclose the names of US citizens holding investments, interest income, capital appreciation of their other investments such as bonds, stocks, etc.

So do you want to focus on this aspect only - Filipinos born in the US?

 

The prestige and benefits outweigh the tax implications? Yes, they didn't think of the tax. It's their fault. But there's no benefit here if they don't intend to settle in the US. Give up your citizenship if you don't think it benefits you.

 

My working friends in the US wouldn't earn anywhere close to what they make in the US in the Phils. So even with foreign income tax, this wouldn't be the factor for them to give up their residency or citizenship.

Edited March 25, 2013 by friendly0603

[dungeonbaby]

I've heard that some Americans have given up their US citizenship because tax rates in the US are just too high. The time might come when there won't be any rich people left in America. Their government is killing the goose that lays the golden egg.

 

approximately half of americans (47%) don't pay federal income taxes. but most people have to pay some form of local tax.

those that do pay federal taxes, pay a progressive tax, with about the top 1% paying about the same as 95% of the population.

the 'rich' also pay a capital gains tax - which means they pay taxes on money that's already been taxed.

 

so you gotta ask - is this good for wealth creation, business, and productivity?

[Bugatti Veyron]

So do you want to focus on this aspect only - Filipinos born in the US?

 

The prestige and benefits outweigh the tax implications? Yes, they didn't think of the tax. It's their fault. But there's no benefit here if they don't intend to settle in the US. Give up your citizenship if you don't think it benefits you.

 

My working friends in the US wouldn't earn anywhere close to what they make in the US in the Phils. So even with foreign income tax, this wouldn't be the factor for them to give up their residency or citizenship.

 

The reason why I focused on this aspect is because my nephew (my mom's only nephew) was born in SFO in 1991, long before the new tax regulations came into effect. So there was no way for my brother and his wife to anticipate this. Not that it matters. My sis-in-law had a previous difficult pregnancy with a former husband which almost cost her her life. Hence the need to give birth in the US.

 

My nephew is now studying in upstate New York but he has no intentions of living there. He loves the Philippines and considers it his country. He was raised in the Philippines. He actually didn't want to study there but his parents insisted. He might as well take advantage of his US citizen status to get benefits while he's still a student. But as soon as he graduates, he (and his parents) will need to carefully evaluate whether it's worth keeping his US citizen status. As it is, my brother has to make checks payable to the school instead of to his son. Otherwise, my nephew will be charged a pretty steep gift tax. By paying the school directly, my brother saves a bundle.