NC Renegades

While the propaganda surrounding Europe’s “recovery” has reached deafening levels, what is going on behind the scenes is quite the opposite, and in the latest example that Europe is increasingly formalizing a regime of implicit capital controls, we learn that Italy has just ordered banks to withhold a 20% tax on all inbound wire transfers: a decree which on to of everything will apply retroactively to February 1. As Il Sole reports, “the deductions will be automatic (unless prior request for exclusion), and then it will be up to the taxpayer to prove that the money is not in the nature of compensation “income.” In other words, as of this moment, but really starting two weeks ago, all Italians are money launderers unless proven innocent.

Some more details on Italy’s latest decision to limit capital flows into the country, Google translated:

… the collection is the result of the decision to consider any transfer from abroad and directed to an individual Italian, as a component of taxable income, subject to proof to the contrary, which must be date the taxpayer receives the sum on your account. However, the first payments to the Treasury by intermediaries (mainly banks) will be performed July 16, so that the deemed payment accrued from February 1 until June 30 (and therefore set aside and with interest). Next, you will pay the withholding every 16th of the month following the effective perception of the sum. In fact, alltaxpayers who receive a transfer from abroad on their personal account – and not professional or business – will be applied to the deduction, as an advance which will then be computed in the annual tax return.

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Why does anyone have money in any bank at this time. Any financial resources that the governments know about will be taxed and then confiscated. 

David DeGerolamo

There was never any doubt that the pResident would sign the legislation removing the debt ceiling. Notice the title of the article below from “The Hill”: Obama signs clean debt hike.

Let’s be absolutely clear: this was not a “hike” as the media is portraying it. This is a capitulation of any fiscal restraint by our elected representatives. There are only three possibilities:

1. They are incompetent.

2. They know the economy can no longer be fixed.

3. Both 1 and 2

I believe that the looters as defined by Ayn Rand are in their end game.

David DeGerolamo

Obama signs clean debt hike

President Obama on Saturday signed into law the bill raising the nation’s debt ceiling.

Obama signed the bill in California, where he is staying for the weekend before a trip to Mexico next week. A White House aide told CBS News that the bills were flown to Palm Springs, Calif. for Obama to sign.

The debt bill approved by Congress this week suspends the debt ceiling until March 15, 2015. Surplus spending between now and then will be added to the nation’s $17.2 trillion debt.

Hundreds of billions of dollars in spending are likely to be added in the next year.

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