Twisted Titan
16th February 2011, 06:03 PM
http://finance.yahoo.com/tech-ticker/article/535935/Tips-to-Protect-Yourself-From-a-Worthless-Dollar%3A-Porter-Stansberry
Tips to Protect Yourself From a Worthless Dollar: Porter Stansberry
The clock is ticking...The End of America as we know it is near, according to Porter Stansberry, founder of Stansberry & Associates Investment Research.
As he discusses in depth in another clip (See: "The End of America”: Porter Stansberry Sees the Future ... And It's Grim), it won't be the end of the Republic but it will mark the end of the U.S. as the main economic power and the end of the dollar as the reserve currency. With this future will come higher taxes, less freedoms and more hardship.
But if you act now, Stansberry says you may minimize your pain.
TIP No. 1: Open a Foreign Bank Account – Soon
Stansberry predicts stashing money will become increasingly difficult in the near future. "There are already laws on the books that go into effect in 2013 that will make it much more difficult for Americans to open overseas bank accounts," he tells Aaron Task in this accompanying video, referring to portions of the HIRE Act that impose a 30% withholding tax on certain types of U.S-source income and gross sales proceeds to foreign financial institutions.
"Nothing I'm saying is about avoiding taxes or about any kind of tax shelter," he is quick to point out. "It's just about getting your money outside the U.S. dollar as a currency and getting it to a place where the government can't seize it."
If that sounds too complicated, Stansberry recommends buying gold bullion and storing it somewhere that isn't a bank.
TIP No. 2: Buy a Little Bit of Land
"Foreign real estate is not required to be reported to the IRS," he says. The other advantage: It also allows one to invest more than $10,000 without reporting it, something you can't do with a foreign bank account.
The other reason is to hedge: "Food prices could absolutely go to the moon if the dollar collapses like I think it's going to." Another and simpler way to hedge food costs, he suggests, is to buy into a local co-op which offers access to food at a reasonable price.
TIP No. 3: Create a Trust to Protect and Build Wealth
This only applies to people with the means. "There's no doubt that politicians are going to try to radically increase our taxes, so if you have assets you want to pass onto your heirs, there are some things you can do right now that are still legal that can help you avoid the possibility of vastly higher taxes in the future," he says.
TIP No. 4: Gold in the Bank
Instead of investing in the GLD ETF based in the U.S., Stansberry recommends buying into the ZKB, an ETF based in Zurich, Switzerland
Tips to Protect Yourself From a Worthless Dollar: Porter Stansberry
The clock is ticking...The End of America as we know it is near, according to Porter Stansberry, founder of Stansberry & Associates Investment Research.
As he discusses in depth in another clip (See: "The End of America”: Porter Stansberry Sees the Future ... And It's Grim), it won't be the end of the Republic but it will mark the end of the U.S. as the main economic power and the end of the dollar as the reserve currency. With this future will come higher taxes, less freedoms and more hardship.
But if you act now, Stansberry says you may minimize your pain.
TIP No. 1: Open a Foreign Bank Account – Soon
Stansberry predicts stashing money will become increasingly difficult in the near future. "There are already laws on the books that go into effect in 2013 that will make it much more difficult for Americans to open overseas bank accounts," he tells Aaron Task in this accompanying video, referring to portions of the HIRE Act that impose a 30% withholding tax on certain types of U.S-source income and gross sales proceeds to foreign financial institutions.
"Nothing I'm saying is about avoiding taxes or about any kind of tax shelter," he is quick to point out. "It's just about getting your money outside the U.S. dollar as a currency and getting it to a place where the government can't seize it."
If that sounds too complicated, Stansberry recommends buying gold bullion and storing it somewhere that isn't a bank.
TIP No. 2: Buy a Little Bit of Land
"Foreign real estate is not required to be reported to the IRS," he says. The other advantage: It also allows one to invest more than $10,000 without reporting it, something you can't do with a foreign bank account.
The other reason is to hedge: "Food prices could absolutely go to the moon if the dollar collapses like I think it's going to." Another and simpler way to hedge food costs, he suggests, is to buy into a local co-op which offers access to food at a reasonable price.
TIP No. 3: Create a Trust to Protect and Build Wealth
This only applies to people with the means. "There's no doubt that politicians are going to try to radically increase our taxes, so if you have assets you want to pass onto your heirs, there are some things you can do right now that are still legal that can help you avoid the possibility of vastly higher taxes in the future," he says.
TIP No. 4: Gold in the Bank
Instead of investing in the GLD ETF based in the U.S., Stansberry recommends buying into the ZKB, an ETF based in Zurich, Switzerland