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Hockeys Hokey skating over competition

By on September 28, 2019

“Hokey” and “hockey:” words so similar, they’re often mistaken to be same. Despite the discrepancy of one little “c,” among the women’s collegiate hockey world, “Hokey” and “hockey” are becoming synonymous.Freshman forward Hokey Langan, a 5-feet-4-inch standout from Chatham, Ontario came to Ohio State to play under coach Jackie Barto last year and is having a breakout season.“She’s a dynamic offensive player. She’s a really head-smart, nose in the game [kind of player],” Barto said. “She does the little things out on the ice. She comes to play every night. She’s a determined, aggressive player.”The love of hockey was something Langan always had growing up. Around the age of 3, Langan said she started to play around with her siblings.“It just came. It was something I wanted to do every day,” Langan said. “[I] used to shoot pucks outside with my brother and my sister, and I never wanted to stop playing.”But it wasn’t until Langan developed as a more mature player that the long list of recognition began to grow. In high school, Langan played for the London Junior Devilettes before earning a spot on Team Canada’s Under-18 team. She was a two-time member of the gold medal-winning Team Ontario Red at the ‘07 and ‘08 Canadian U18 National Championships. She served as a captain at the ‘08 championships. In Aug. 2008, Langan competed with Team Canada in a U18 series against Team USA. At the 2009 IIHF World Women’s U18 Championship, Langan won the silver medal with Team Canada.  When looking at colleges, Langan said OSU offered her multiple reasons to become a Buckeye.“The first time driving in, the campus [was] beautiful,” Langan said about her recruiting trip. “Academics [are] really good here, and [OSU is] known for athletics. Every sport here is developed, so you can get a good crowd.”But OSU’s location was the biggest factor for Langan.“I live four hours away, so my parents can come and watch,” she said. “They’ve been to every single home game so far.”This year, Langan has been named the WCHA Rookie of the Week twice. She tied OSU single-game records for goals with four and points with five in the 5-2 victory over Bemidji State Jan. 22.Barto said she is proud of the girls who have received WCHA honors this season because the individual rewards are a reflection on the team.Langan has moved into the lead for overall points in the WCHA with 39 (18 goals, 21 assists). She’s maintained the top spot in conference-only scoring with 32 points, 16 goals and assists apiece. With 1.42 points per game, she leads NCAA rookies and ranks eighth overall in the nation.Senior co-captain Raelyn LaRocque said she likes playing with Langan because she can always count on the freshman to be in the right spot.“[Langan offers] a lot of confidence, a lot of control. You know if you give her the puck, she’s going to make something happen with it,” LaRocque said. “So you can just throw her the puck at any point and time … [and] she’ll knock it off her stick and toss it over there.”With a goal of winning a national championship before she graduates, Langan respects the suggestions and criticisms the coaches offer her after each game.“[In] team meetings with the coaches, Jackie [Barto] tells me what I can do to improve and that’s what I strive to do,” Langan said. “Just to improve as a player in offense, defense. Hopefully I can improve for the next three years.”Still in her inaugural season as a Buckeye athlete, Langan said what makes the experience worthwhile is the people that surround her.“The coaches, as well as the team, they make it really fun,” Langan said. “You go to school, do what you have to do, and then you come to the rink and play what you love.”Barto said she sees Langan as a continual contributor to the team, with a bright futureahead.“[If] she keeps working hard on and off the ice, and improving her game … she’s going to be one of the top players in this country,” Barto said. “[She’s] going to … help this program get to the level we want to get to.” read more

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Ohio State mens hockey sweeps Niagara earns sixth win in seven games

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Junior forward Tanner Fritz (16) passes the puck during a game against Niagara Nov. 8 at the Schottenstein Center. OSU won, 4-1.Credit: Ryan Robey / Lantern photographerWith junior forward Tanner Fritz’s return to the lineup came an offensive surge on the ice as the Ohio State men’s hockey team handed Niagara University a two-game sweep over the weekend.Fritz, who missed five games due to an upper-body injury he sustained in OSU’s loss against Bowling Green Oct. 15, was an offensive powerhouse for the Buckeyes (6-4-0, 0-0-0) with a goal and five assists.Coach Steve Rohlik said while Fritz performed well, his presence on the ice spurred some life in the team as they took on the Purple Eagles (1-6-1, 1-1-1).“Obviously, he’s proven himself over the last few years. He’s our quiet leader,” Rohlik said. “He’s not a rah-rah guy. He leads by what he does on the ice … He’s certainly a big part of our team, and as a coach, it’s nice to know he’s in our lineup.”Junior forward Max McCormick said Fritz’s versatility — being able to do everything, anywhere on the ice — is what sets him apart as such an important component of the Buckeyes’ lineup.“He does everything,” McCormick said. “He does the little things — he blocks shots, he chips pucks, he makes great plays, he snipes, he does it all — so it’s great having him back.”After the opening period Saturday, the Buckeyes led Niagara, 2-0, off goals from McCormick and junior forward Ryan Dzingel.OSU widened the gap in the second stanza, as freshman forward Nick Schilkey, junior forward Matt Johnson and Dzingel scored, giving the Buckeyes a 5-0 lead. The Purple Eagles answered at 8:30 with a goal from freshman forward Stephen Pietrobon, but McCormick canceled it out with another goal of his own at 15:00 to give the Buckeyes a 6-1 advantage.With the lead, OSU played more conservatively in the third period, and neither team scored. Overall, the game saw an aggressive OSU squad, who took 37 shots, compared to the Purple Eagles’ 16.The Buckeyes played the majority of the game without their starting goalie, freshman Matt Tomkins, who suffered and injury and was replaced by freshman Logan Davis at 3:44. Rohlik said Tomkins is “day-to-day,” and was pleased with Davis’ performance, in which he made 14 saves and allowed only one goal on the night.“Logan did fantastic,” Rohlik said. “That’s what we expect out of him. That’s why he’s part of this team, and that’s why he comes to practice every day. He works extremely hard, so we wouldn’t expect anything less.”McCormick said the Buckeyes handled the physicality of the game well, especially in faceoffs.“We want to win one-on-one battles and we want to out-compete the other team, and that’s what we focused on in practice, so we executed that well tonight,” he said.The first game of the series was held Friday, and the Buckeyes came out strong on their way to a 4-1 victory.The game remained scoreless until the second period, when Fritz put OSU on the board with a late-period goal, and Dzingel followed suit in the third with a goal of his own at 12:16. Senior forward Ryan Rashid of the Purple Eagles closed the gap with a goal at 18:17, but McCormick responded with a goal just 10 seconds later and then another at 19:27 with an empty Niagara net.After the game Friday, Fritz said his legs “were a little bit heavy at the start,” but once he got going, he was fine.Rohlik said the defensive unit, which only allowed two goals in the series, was as good as it could’ve been.”When you say ‘defense,’ I think that’s all five guys on the ice, and certainly I think it starts on that end,” he said. “We talk about offense, but everything starts from the D-zone. Our guys stepped up in that area — we blocked some shots from our forwards to our (defensemen).”The Buckeyes are slated to finish their homestand with a two-game series against Canisius Friday and Saturday. The puck is set to drop at 7:05 p.m. in both games. read more

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Mango mania Bengal reaps first harvest of Alphonso from Paschimanchal

By on August 31, 2019

first_imgKolkata: The Red and Laterite Zone of Paschimanchal area of Bengal has emerged as a good quality Alphonso producer in the country, after Ratnagiri district in Maharashtra.For the first time in Bengal, a sizeable amount of good quality Alphonso mango has been harvested this year. Alphonso mango is famous worldwide due to its quality and Ratnagiri district is the sole producer of this specific variety of mango, which has immense scope for export. Also Read – Heavy rain hits traffic, flightsThree thousand Alphonso saplings have been brought from Dr Balasaheb Konkan Krishi Vidyapith Agriculture University situated at Dapoli in Ratnagiri district in Maharashtra, to maintain genuineness of the variety and three orchards have been set up in Khatra sub-division of Bankura district. The first commercial harvest has been done this year. Five thousand saplings had been procured in 2017 and planted in Purulia and Jhargram districts, with the aim to make the region one of the Alphonso hubs of the country, through the Paschimanchal Unnayan Affairs department. It has been seen in the orchards that more care is needed to nurture the variety, than conventional mango varieties of the region like Amrapali and Mallika. Also Read – Speeding Jaguar crashes into Merc, 2 B’deshi bystanders killedAlphonso mangoes from Bankura have been analysed in the laboratory at Bidhan Chandra Krishi Viswavidyalaya and Scientists have compared the Alphonso of the Red and Laterite belt of Bengal to that of Ratnagiri. They reported that Alphonso of Bankura have an average 200 gm fruit weight, TSS-200 Brix, 16.00 percent total sugar, 12.6 percent reducing sugar, 0.42 fruit acidity and 78 mg vitamin C per 100 grams of mango pulp, as compared to 195 gm fruit weight, 21.80Brix TSS, 17.5 percent total sugar, 13.5 percent reducing sugar, 0.45 fruit acidity and 106 mg vitamin C in Ratnagiri Alphonso. Prof Sisir Mitra and Prof. Bikash Ghosh of Bidhan Chandra Krishi Viswavidyalaya, who visited the Alphonso sites several times, are excited to see the colour development and quality of the Alphonso mangoes in the region. They are very positive about making the region into an Alphonso hub and said that colour development is far better than Ratnagiri, while quality is almost similar. “If we go for extensive cultivation of genuine Alphonso in this region, export can be done from Bengal as well,” they said.last_img read more

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In This Issue… WSJ says Fed is considering more

By on August 4, 2019

first_imgIn This Issue… * WSJ says Fed is considering more action… * Gold soars again… * Oil rebounds… * BOC leaves rates unchanged… And, Now, Today’s Pfennig For Your Thoughts! Now, Back To You, U.S.! Good day… And a Wonderful Wednesday to you! Another night in a very quiet house… I guess I could go crazy, and turn my stereo up real loud… Or get one Alex’s electric guitars, plug it in and rock out… But, I’m sort of like the 75 year old fisherman that comes across a talking frog, that says if the fisherman will kiss it the frog will turn into a beautiful bride for him, but the 75 year old fisherman decides that at his age, that he’d rather have a talking frog! HA! How about that! A little funny to start the day with! I could have all that loud stuff, but at my age I would rather have the quiet… Sometimes! There’s a time to be loud… Speaking of a time to be loud… did you see the story in the Wall Street Journal (WSJ) about the Fed considering more action amid new recovery doubts? Well, folks, that story spoke loudly to the markets, and once again the focus has shifted to the U.S. problems… yes, it’s been like a tennis match, back and forth, but last night and this morning, the focus is on the U.S. and its disappointing economic data… or… even like a newscast, where one anchor is the U.S. and the other is the Eurozone, and the Eurozone says, now back to U.S.! So… I have to ask the question… “What happened to those bright and cheery forecasts for the economy that the Fed Heads were talking about in their April meeting?” Well, the Fed Heads meet again this month… and maybe Big Ben Bernanke will give us a hint at this testimony on the economic outlook today and tomorrow… But I doubt it… With the focus shifted squarely on the U.S. right now, and what flavor of Quantitative Easing (QE) might be implemented, thus throwing the dollar under the bus once again, the currencies and Gold are kicking sand in the dollar’s face this morning. Gold is up $17, and the currencies are healing a bit, including the beleaguered euro. The Aussie dollar (A$) has gained more than 1-cent overnight, first on the WSJ story, and then a HUGE boost from a stronger than expected 1st QTR GDP report that showed the Aussie economy grew at 1.3%, VS .06% forecast… Interesting though, that the Reserve Bank of Australia (RBA) cut rates just the night before… I said going into the RBA meeting that I didn’t think the economy needed another rate cut, but the RBA thought otherwise… Of course, that’s like me calling balls and strikes from the stands, and arguing with the umpire who’s on top of the action! But, as a follower of the Australian economy for almost 20 years now, I feel I have some say… And when the RBA used the weak 4th QTR GDP as their excuse to cut rates 50 basis points in May, only to see the 4th QTR GDP get revised up, and then now seeing the 1st QTR blow the forecasts out of the water, I think I was right to say no rate cut was needed! I liked seeing what Aussie Treasurer, Wayne Swan told reporters after the GDP report printed, “Australia is outperforming the world, and it is an island of growth.” – Wayne Swan… That sounds a lot like me talking, as I do call Australia the proxy for global growth… Hey! 1.3% is a good number for a country that has seen its share of rate cuts in recent months, but I don’t think we should all be getting in the conga line and doing the bunny hop on it… BUT! It’s good that the Aussie dollar has responded… Well the G-7 teleconference that was called yesterday, gave us some insight into what the Japanese are thinking regarding the strong yen… I would have to say that Finance Minister, Azumi, scared the currency boys and girls with his comments, and almost immediately, fearing Intervention, traders began to blow out of yen… But, it still held the so-called “safe haven” title… But then overnight with the WSJ article shifting the focus back on the U.S., the “safe haven” trades unwound, and yen lost one whole figure to 79 and change… I’ll keep an eye on Japan for the next week or so, as I feel that this could be nothing more than a tempest in a teacup, with yen returning to the so-called “safe haven” chair, soon.. But if it doesn’t, this could be the beginning of what I’ve expected to see for some time with yen, and that is a general weakening of the currency.Oh! And what did Azumi say to rile the markets? He said that “G-7 remained supportive of intervention to address extreme currency moves”… I know this is in the line of talking the talk… but Japan, over the years, has shown a willingness to intervene, so that has to be in the back of the minds of traders… Well… when I went to get the latest price on Oil this morning, I said to myself, “Self, the price of Oil sure has rebounded this week, I bet those petrol currencies are doing better”… Yes, the price of Oil has rebounded this week after hitting a low of this week of around $81, it has rebounded to $85… You know, sometimes I think I sound like a broken record saying that the price of Oil plays into the price values of the petrol currencies that include: Norway, Canada, Russia, Brazil, U.K. and so on… When it goes down, it drags these currencies down, and when it goes up it gives these currencies a boost… So… for instance, the Russian ruble, is on a 3-day rally… just like Oil is… Now, this is not to say that Oil is the only thing that makes up the value of these currencies… It’s just a boost or drag, that’s all… There’s a lot of hope surrounding what actions the Eurozone policy leaders might come up with, and that has stopped the bleeding of the euro for now. So, add that hope for the Eurozone, and the WSJ story throwing the dollar under the bus, and you’ve got the ingredients for a euro rally… But, any euro rally is tempered, for sure! There is no one saying, “I’m going all-in” and they shouldn’t! Hope is good, but the Eurozone needs more than hope…The European Central Bank (ECB) meets tomorrow… I think a lot of that hope is for a rate cut from the ECB… And I do think ECB President Draghi, will deliver that tomorrow… I’m probably the only person thinking that… But that’s OK… I remember being the only person in 2001, saying that the dollar was going to go on a multi-year downtrend… I have a slide that I show at presentations, that shows the prices of things in 2001 and now, and then I list some other things from 2001 to now, but end with a note that in 2001, Chuck had more hair, less weight, and few believers… People laugh, but it’s true… back in 2001, I would walk into rooms to speak and if it weren’t for some people left over from the previous talk in the room, and members of my family and Frank’s family, there would be no one to speak to… Nobody believed then, that the all-mighty dollar was ready to go into a multi-year downward trend… Why go listen to the short, fat, bald guy talk about something they didn’t believe in?Things have changed over the years… but one thing that hasn’t… My conviction then and now that debt is bad… The Bank of Canada (BOC) left rates unchanged yesterday… Once again disappointing all those, that includes me, that believed the BOC when they said that interest rates would have to be raised sooner than later… Well, they’ve watered down that statement to: “some modest withdrawal of the present considerable monetary policy stimulus may become appropriate.”That’s Central Bank parlance for: we’re not doing a darn thing! You know… I read a lot about Canada, as I’ve always held the Canadian economy in high regard, because they have “stuff” that other countries want and need… Well, from what I read, the 2nd QTR economic growth has been very strong, as the impact of temporary shutdowns in the energy and non-energy mining sector were reversed in the 2nd QTR… Therefore, what I’m saying is that I believe the BOC will rue the day that they didn’t react to this 2nd QTR growth when they could, and be proactive… I’ll say right here, right now, that 2nd QTR GDP will be 3%! Ok… yesterday, I received quite a few emails from readers thanking me for talking about the Bilderberg Group… And one or two that said I was crazy… Well, to those that thought me to be crazy for talking about this group, I have this ditty for you: No one could have said it better than David Rockefeller, founder of the Trilateral Commission, a Bilderberg member and board member of the Council On Foreign Relations in his Memoirs: “Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as ‘internationalists’ and of conspiring with others around the world to build a more integrated global political and economic structure-one world, if you will. If that’s the charge, I stand guilty, and I am proud of it.” Then There Was This… OK… there I was eating my dinner last night, and reading the paper, when I came across this, and I turned around to yell at the wall! Serenity now! From McClatchy Newspapers… “The federal General Service Administration (GSA) has handed out more than $1 million in taxpayer-funded bonuses since 2009 to dozens of employees who were under investigation for misconduct. The GSA which oversees the business of the federal government and is its landlord and contracting office, is still facing questions over the nearly $1 million Las Vegas event, which featured $7,000 worth of sushi rolls, a mind readers for entertainment and $20,000 worth of gifts iPods.” Chuck again.. Ok.. there are a ton of things I would like to say here, but knowing my state of mind after reading this story, I had better not… I’ll leave that up to you, because I promised to not call Government leaders or Agencies names any longer… To recap… The WSJ said that the Fed is considering more action amid new recovery doubts last night, and the focus shifted back to the U.S. problems, thus unwinding so-called safe haven trades… Gold is up $17 this morning, and the beleaguered euro has climbed back to 1.25. The A$ is up over 1-cent this morning after printing a better than expected 1st QTR GDP of 1.3% (.6% forecast) , and Oil has made a 3-day rebound, which has lifted the spirits of the petrol currencies like Norway, Canada, Brazil and Russia… Currencies today 6/6/12… American Style: A$ .9865, kiwi .7635, C$ .9685, euro 1.25, sterling 1.5485, Swiss $1.0410, … European Style: rand 8.42, krone 6.0860, SEK 7.2065, forint 239.80, zloty 3.48, koruna 20.4280, RUB 32.50, yen 79.20, sing 1.2785, HKD 7.7585, INR 55.45, China 6.3635, pesos 14.13, BRL 2.0210, Dollar Index 82.51, Oil $85.10, 10-year 1.60% (see the exit from safe havens in the 10-year?) Silver $29.36, and Gold… $1,636.10 That’s it for today… Well, did you see Venus cross the sun yesterday? I didn’t… That’s funny, I was taking a drink of water, and Jack Johnson’s song, Drink The Water started playing on my iPod… funny… I’ve had a great run of fave songs this morning… I had to deal with our home email getting hacked this week… I just don’t understand what drives these people to put their talents to destroying other people’s things… Oh well, all taken care of… and now that I’m getting ready to get this out the door, Led Zeppelin’s song, Baby I’m gonna leave you is playing… HA! OK… I hope you have a Wonderful Wednesday! Chuck Butler President EverBank World Markets 1-800-926-4922 1-314-647-3837 www.everbank.comlast_img read more

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Theyll probably be retroactive Actually remove

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first_img They’ll probably be retroactive. Actually, remove the word “probably.” Plenty of laws in response to prior financial crises have been enacted retroactively. Any new fiscal or monetary emergency would provide easy justification to do so again. If capital controls or savings confiscations were instituted later this year, for example, they would likely be retroactive to January 1. For those who have not yet taken action, it could already be too late. Controls will likely occur suddenly and with no warning. When did Cyprus implement their bail-in scheme? On a Friday night after banks were closed. By the way, prior to the bail-in, citizens were told the Cypriot banks had “government guarantees” and were “well-regulated.” Those assurances were nothing but a cruel joke when lightning-fast confiscation was enacted. “If I scare you this morning, and as a result you take action, then I will have accomplished my goal.” That’s what I told the audience at the Sprott Natural Resource Symposium in Vancouver two weeks ago. But the reality is that I didn’t need to try to scare anyone. The evidence is overwhelming and has already alarmed most investors; our greatest risk is not a bad investment but our political exposure. And yet most of these same investors do not see any need to stash bullion outside their home countries. They view international diversification as an extreme move. Many don’t even care if capital controls are instituted. I’m convinced that this is the most common—and important—strategic investment error made today. So let me share a few key points from my Sprott presentation and let you decide for yourself if you need to reconsider your own strategy. (Bolding for emphasis is mine.) 1: IMF Endorses Capital Controls Bloomberg reported in December 2012 that the “IMF has endorsed the use of capital controls in certain circumstances.“ This is particularly important because the IMF, arguably an even more prominent institution since the global financial crisis started, has always had an official stance against capital controls. “In a reversal of its historic support for unrestricted flows of money across borders, the IMF said controls can be useful…” Will individual governments jump on this bandwagon? “It will be tacitly endorsed by a lot of central banks,” says Boston University professor Kevin Gallagher. If so, it could be more than just your home government that will clamp down on storing assets elsewhere. 2: There Is Academic Support for Capital Controls Many mainstream economists support capital controls. For example, famed Harvard Economists Carmen Reinhart and Ken Rogoff wrote the following earlier this year: Governments should consider taking a more eclectic range of economic measures than have been the norm over the past generation or two. The policies put in place so far, such as budgetary austerity, are little match for the size of the problem, and may make things worse. Instead, governments should take stronger action, much as rich economies did in past crises. Aside from the dangerously foolish idea that reining in excessive government spending is a bad thing, Reinhart and Rogoff are saying that even more massive government intervention should be pursued. This opens the door to all kinds of dubious actions on the part of politicians, including—to my point today—capital controls. “Ms. Reinhart and Mr. Rogoff suggest debt write-downs and ‘financial repression’, meaning the use of a combination of moderate inflation and constraints on the flow of capital to reduce debt burdens.” The Reinhart and Rogoff report basically signals to politicians that it’s not only acceptable but desirable to reduce their debts by restricting the flow of capital across borders. Such action would keep funds locked inside countries where said politicians can plunder them as they see fit. 3: Confiscation of Savings on the Rise “So, what’s the big deal?” Some might think. “I live here, work here, shop here, spend here, and invest here. I don’t really need funds outside my country anyway!” Well, it’s self-evident that putting all of one’s eggs in any single basket, no matter how safe and sound that basket may seem, is risky—extremely risky in today’s financial climate. In addition, when it comes to capital controls, storing a little gold outside one’s home jurisdiction can help avoid one major calamity, a danger that is growing virtually everywhere in the world: the outright confiscation of people’s savings. The IMF, in a report entitled “Taxing Times,” published in October of 2013, on page 49, states: “The sharp deterioration of the public finances in many countries has revived interest in a capital levy—a one-off tax on private wealth—as an exceptional measure to restore debt sustainability.” The problem is debt. And now countries with higher debt levels are seeking to justify a tax on the wealth of private citizens. So, to skeptics regarding the value of international diversification, I would ask: Does the country you live in have a lot of debt? Is it unsustainable? If debt levels are dangerously high, the IMF says your politicians could repay it by taking some of your wealth. The following quote sent shivers down my spine… The appeal is that such a task, if implemented before avoidance is possible and there is a belief that is will never be repeated, does not distort behavior, and may be seen by some as fair. The conditions for success are strong, but also need to be weighed against the risks of the alternatives, which include repudiating public debt or inflating it away. The IMF has made it clear that invoking a levy on your assets would have to be done before you have time to make other arrangements. There will be no advance notice. It will be fast, cold, and cruel. Notice also that one option is to simply inflate debt away. Given the amount of indebtedness in much of the world, inflation will certainly be part of the “solution,” with or without outright confiscation of your savings. (So make sure you own enough gold, and avoid government bonds like the plague.) Further, the IMF has already studied how much the tax would have to be: The tax rates needed to bring down public debt to pre-crisis levels are sizable: reducing debt ratios to 2007 levels would require, for a sample of 15 euro area countries, a tax rate of about 10% on households with a positive net worth. Note that the criterion is not billionaire status, nor millionaire, nor even “comfortably well off.” The tax would apply to anyone with a positive net worth. And the 10% wealth-grab would, of course, be on top of regular income taxes, sales taxes, property taxes, etc. 4: We Like Pension Funds Unfortunately, it’s not just savings. Carmen Reinhart (again) and M. Belén Sbrancia made the following suggestions in a 2011 paper: Historically, periods of high indebtedness have been associated with a rising incidence of default or restructuring of public and private debts. A subtle type of debt restructuring takes the form of ‘financial repression.’ Financial repression includes directed lending to government by captive domestic audiences (such as pension funds), explicit or implicit caps on interest rates, regulation of cross-border capital movements, and (generally) a tighter connection between government and banks. Yes, your retirement account is now a “captive domestic audience.” Are you ready to “lend” it to the government? “Directed” means “compulsory” in the above statement, and you may not have a choice if “regulation of cross-border capital movements”—capital controls—are instituted. 5: The Eurozone Sanctions Money-Grabs Germany’s Bundesbank weighed in on this subject last January: “Countries about to go bankrupt should draw on the private wealth of their citizens through a one-off capital levy before asking other states for help.” The context here is that of Germans not wanting to have to pay for the mistakes of Italians, Greeks, Cypriots, or whatnot. Fair enough, but the “capital levy” prescription is still a confiscation of funds from individuals’ banks or brokerage accounts. Here’s another statement that sent shivers down my spine: A capital levy corresponds to the principle of national responsibility, according to which tax payers are responsible for their government’s obligations before solidarity of other states is required. The central bank of the strongest economy in the European Union has explicitly stated that you are responsible for your country’s fiscal obligations—and would be even if you voted against them! No matter how financially reckless politicians have been, it is your duty to meet your country’s financial needs. This view effectively nullifies all objections. It’s a clear warning. And it’s not just the Germans. On February 12, 2014, Reuters reported on an EU commission document that states: The savings of the European Union’s 500 million citizens could be used to fund long-term investments to boost the economy and help plug the gap left by banks since the financial crisis. Reuters reported that the Commission plans to request a draft law, “to mobilize more personal pension savings for long-term financing.” EU officials are explicitly telling us that the pensions and savings of its citizens are fair game to meet the union’s financial needs. If you live in Europe, the writing is on the wall. Actually, it’s already under way… Reuters recently reported that Spain has …introduced a blanket taxation rate of .03% on all bank account deposits, in a move aimed at… generating revenues for the country’s cash-strapped autonomous communities. The regulation, which could bring around 400 million euros ($546 million) to the state coffers based on total deposits worth 1.4 trillion euros, had been tipped as a possible sweetener for the regions days after tough deficit limits for this year and next were set by the central government. Some may counter that since Spain has relatively low tax rates and the bail-in rate is small, this development is no big deal. I disagree: it establishes the principle, sets the precedent, and opens the door for other countries to pursue similar policies. 6: Canada Jumps on the Confiscation Bandwagon You may recall this text from last year’s budget in Canada: “The Government proposes to implement a bail-in regime for systemically important banks.” A bail-in is what they call it when a government takes depositors’ money to plug a bank’s financial holes—just as was done in Cyprus last year. This regime will be designed to ensure that, in the unlikely event a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. What’s a “bank liability”? Your deposits. How quickly could they do such a thing? They just told us: fast enough that you won’t have time to react. By the way, the Canadian bail-in was approved on a national level just one week after the final decision was made for the Cyprus bail-in. 7: FATCA Have you considered why the Foreign Account Tax Compliance Act was passed into law? It was supposed to crack down on tax evaders and collect unpaid tax revenue. However, it’s estimated that it will only generate $8.7 billion over 10 years, which equates to 0.18% of the current budget deficit. And that’s based on rosy government projections. FATCA was snuck into the HIRE Act of 2010, with little notice or discussion. Since the law will raise negligible revenue, I think something else must be going on here. If you ask me, it’s about control. In my opinion, the goal of FATCA is to keep US savers trapped in US banks and in the US dollar, in case the US wants to implement a Cyprus-like bail-in. Given the debt load in the US and given statements made by government officials, this seems like a reasonable conclusion to draw. This is why I think that the institution of capital controls is a “when” question, not an “if” one. The momentum is clearly gaining steam for some form of capital controls being instituted in the near future. If you don’t internationalize, you must accept the risk that your assets will be confiscated, taxed, regulated, and/or inflated away. What to Expect Going Forward First, any announcement will probably not use the words “capital controls.” It will be couched positively, for the “greater good,” and words like “patriotic duty” will likely feature prominently in mainstream press and government press releases. If you try to transfer assets outside your country, you could be branded as a traitor or an enemy of the state, even among some in your own social circles. Social environment will be chaotic. If capital controls are instituted, it will be because we’re in some kind of economic crisis, which implies the social atmosphere will be rocky and perhaps even dangerous. We shouldn’t be surprised to see riots, as there would be great uncertainty and fear. That’s dangerous in its own right, but it’s also not the kind of environment in which to begin making arrangements.center_img Restrictions could last a long time. While many capital controls have been lifted in Cyprus, money transfers outside the country still require approval from the Central Bank—over a year after the bail-in. Ban vs. levy. Imposing capital controls is a risky move for a government to make; even the most reckless politicians understand this. That won’t stop them, but it could make them act more subtly. For instance, they might not impose actual bans on moving money across borders, but instead place a levy on doing so. Say, a 50% levy? That would “encourage” funds to remain inside a given country. Why not 100%? You could be permitted to transfer $10,000 outside the country—but if the fee for doing so is $10,000, few will do it. Such verbal games allow politicians to claim they have not enacted capital controls and yet achieve the same effect. There are plenty of historical examples of countries doing this very thing. Keep in mind: Who will you complain to? If the government takes a portion of your assets, legally, who will you sue? You will have no recourse. And don’t expect anyone below your tax bracket to feel sorry for you. No, once the door is closed, your wealth is trapped inside your country. It cannot move, escape, or flee. Capital controls allow politicians to do anything to your wealth they deem necessary. Fortunately, you don’t have to be a target. Our Going Global report provides all the vital information you need to build a personal financial base outside your home country. It covers gold ownership and storage options, foreign bank accounts, currency diversification, foreign annuities, reporting requirements, and much more. It’s a complete A to Z guide on how to diversify internationally. Discover what solutions are right for you—whether you’re a big investor or small, novice or veteran, many options are available. I encourage you to pursue what steps are most appropriate for you now, before the door is closed. Learn more here…last_img read more

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