Comments by "Matthew Nirenberg" (@matthewnirenberg) on "Nomad Capitalist"
channel.
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First of all that's not how capital gains works. Also, taxing capital gains only pushes people to NOT invest in the country. Fun fact - bank accounts aren't taxed on gains as they don't make gains; any interest paid on the account by the bank is treated as income and can be taxed as income.
When the govt prints money, the rich LOSE money because inflating (or hyperinflating) an economy reduces the buying power of the economy - i.e. each dollar is worth less than what it was the day prior.
If you tax capital gains, then you still lose out. If the rich sell assets, only other rich people can afford to buy them. If you can't currently buy them, you won't be able to buy them if they get sold because prices do NOT come down. The markets would NEVER be flooded with assets as giant mega-corporations like BlackRock and Vanguard would simply buy them, increase their portfolios and at tax time have a profit that's basically unchanged.
The reason you can't afford to get assets is likely because:
* You waste money on having the latest phone, etc.
* You eat out all the time
* You have no savings because you NEVER put your pocket money into the bank whilst you were young
* You stupidly went heavily into debt to go to a US university because "everyone does" without thinking about "is it actually worthwhile and do I absolutely need it to work?"
* The US debt is NEVER paid off so the USD keeps hemorrhaging its value as the debt climbs
The rich get rich because they save money when they're young, they buy and hold silver and gold bullion which retains its value (i.e. it doesn't lose value), they don't party all the time, they don't go on holidays all the time - they save all that money. They save money because they know they need to save $100k ASAP because that's the point at which Compound Interest starts to seriously help their wealth grow. They AVOID debt. They AVOID rent because 'rent money is dead money'. They do this over 30yrs, not 5 seconds. They know how to create value, generate wealth and how to maintain wealth. Once they are getting enough interest on their savings that they can live off 25% of the compounding interest the bank pays them on their savings, they can basically live on passive income.
You want a quick "give me money, I deserve to take your sh*t" because you're a commie nutjob who supports high taxes and the endless illegals who increase the welfare problem whilst also taking resources that would otherwise exist for you to use.
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Low tax is an essential as without it, its not possible to save money to get prepared. When you're handing almost half your money to the government in taxes after working stupid hours and the cost of living keeps outpacing wages, you're screwed - that's Australia. Also by mid-2023 it'll be almost impossible for most people to leave the Australian tax system unless they never return to Australia and get their "family" to move outside of Australia (note that "family" isn't just your partner and kids, it includes your siblings and parents as the definition was intentionally left vague so as to benefit the government). There are videos on here explaining the new rules for leaving the Australian Tax System.
Functioning countries (with large population centres such as Australia) are only functioning whilst global trade is freely operating and they rely on regular shipments and whatever stockpiles (usually 6-8months worth) to function. What happens when that fails (or runs out)? Anarchy! Huge volumes of people trying to take what they need from anyone with anything. That's literally a hell that 99% won't survive. In 2020 it was reported on the mainstream news that the country only had 18 days of diesel, 60 days of food and munitions for the army and 3 months of food for the public (via supermarkets). That was on the news on channels 7, 9, 10, ABC (2) and SBS. Even if that was fixed by the government and adequate stockpiles were made, what happens once those stockpiles run out if SHTF due to a world war or total global economic collapse? Nothing would be functioning.
In the Caribbean, people are primarily self sufficient (especially for water and electricity, its not hard, it just takes planning and preparation) and where something needs to be imported they import from other CARICOM countries, the EU (the Schengen Zone exists in the Caribbean) or, North or South America. Honestly those small islands will likely be the safest places as everyone is prepared and everyone knows everyone.
As for Australia, its the last place to be in such a situation, thanks to moronic governments over the last 30 years, Australia manufactures basically nothing (too expensive and too many pointless OHS laws and licences that make both compliance and cost of compliance not worth doing business) and imports 95% of everything. Between the fires, floods, '2020 thing' restrictions and farmers being paid to not farm and instead either do nothing or plant trees, there are huge shortages of food and farmers quitting farming. If you're in Australia, you better grow your own fruit and veg and have some animals such as chickens (for both eggs and food) and other animals you can eat (be aware that rabbits won't sustain you longterm as they lack a vitamin humans need).
Oh and thanks to Australia's moronic over regulation of everything, unless you live in the middle of nowhere you're severely limited in generating and storing your own power - grid connection (mandatory unless in the middle of nowhere) limits your generation and storage to the point of not being worth doing.
As both and Australian citizen and a survival expert who specialises in extreme survival scenarios and training (to "approved" organisations and government entities, not the general public) Australia is the last place I would recommend anyone be in a SHTF scenario. Too many large centres of population, no ability to be self-sufficient and too many pointless rules that get in the way of self-sufficiency.
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I doubt it, especially as they're increasing their due diligence process. For what you get, its a great deal if you don't do business in Europe (otherwise they withhold taxes because Vanuatu is a tax haven) and/or if you want to actually live there because you work or do business in Oceania/Asia. Vanuatu is also great as the National Bank of Vanuatu and ANZ Bank (Australia & New Zealand Bank) are available in Vanuatu so ANZ will give you more options for banking and credit cards that will work in most places than you'll find in other parts of the world.
One thing that I personally think many people put too much emphasis on is visa-free access to Europe. ETIAS is mandatory from this year for non-EU citizens and has many restrictions such as point of entry and point of exit must be the same and isn't that much harder to get than a Schengen Visa (for tourism). Just because a passport has visa-free access to the EU doesn't really benefit you much as you're limited to 90 days (3 months) in a 180 day (6 month) period subject to you being a tourist (absolutely no work of any type permitted) and then you must leave.
Sure all you have to do is get an ETIAS (if your passport is visa-free to the EU) or a Schengen visa (if you don't have visa-free to the EU) but you're very limited to what you can and can't do. You can't legally rent or buy apartments or property, you can't do any form of "investing or investments", nor can you legally bank in the EU unless you're a citizen of an EU country or unless you enter the EU on a Business visa as banking is considered to be "investing or investments" and work!
So I ask, what's so important about having visa-free access to Europe?
Personally I think its become a big nothing since the ETIAS was introduced (it's a visa in all but name and the fact it doesn't get stuck into your passport, you print and carry it - its an EU equivalent of a US ESTA).
Antigua & Barbuda have started considering whether or not to end their CBI program to keep their visa-free access to Europe as they see it as critical, even though its not. Losing EU access in my opinion would be a good thing as its one less excuse for the EU to use to demand that these CBI countries introduce high tax rates (50%+ like in Europe, Australia and New Zealand).
If Antigua & Barbuda end their CBI program, given they are in CARICOM its highly likely that the rest of the Caribbean programs will end so I guess for those of us unable to currently afford CBI to Antigua & Barbuda we'll have to look to Vanuatu & other parts of the world or other ways of legally paying zero personal income tax. Unfortunately almost all of the Caribbean don't have any visas to go to start a business or invest and then work towards citizenship, its CBI or nothing which sucks!
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