by Jeff Berwick, The Dollar Vigilante:
Over the past few years we have watched the situation in Venezuela continually deteriorate as the country’s socialist regime led by Nicolas Maduro has helped to hyperinflate the nation into oblivion.
For Venezuelans, this runaway inflation has come with a number of awful consequences.
The situation is especially dire in Caracas where people often have to kill and eat stray animals to survive since the bread lines which stretch blocks, oftentimes run out of food.
Even now, large numbers of people continue to die in hospitals without access to medicine, or become terribly sick due to malnourishment. To make things worse, most of the citizens couldn’t escape even if they wanted to.
At least not legally.
Thousands of people are hopelessly trapped in the country because the Venezuelan government, which has a total debt burden of over $71 billion, is bankrupt. As a result, the government does not have the funds to import the materials or to buy the spare parts needed to fix their passport printing machines.
And the United States whose national debt is rapidly approaching $20 trillion, is not far behind.
In the USSA if you have an extortion bill (delinquent tax debt) that exceeds $50,000, there is a strong chance you won’t be able to get a new passport and or renew your old one. What’s more, the State Department also has the ability to rescind existing passports.
This was all made possible through the “Fixing America’s Surface Transportation” or “FAST” act, a new section (7345) added to the US tax code that is titled “Revocation or Denial of Passport in Case of Certain Tax Delinquencies.”
Of course, the only thing “fast” about this act is how quickly it stripped away American’s freedom of movement.
Since the US has become so glaringly Orwellian, it is no surprise that there has been a mass exodus of expats fleeing the country before it becomes even more oppressive.
Just take a look at the numbers.
Under O’bomber’s regime alone, there was a record 2,200% increase in the number of people who renounced their citizenship!
As you can see, there was a 26% increase from 2015 in 2016 and the 2017 numbers are sure to be yuuuge considering the selection of Donald Trump which has nearly half the country looking at the exits.
Most nations base taxation on physical residency, however, most Americans aren’t even aware that the US is one of the few nations that taxes the worldwide income of its citizens.
Yes, you read that correctly. Not only are people who were born on US soil paying their extortion fees to their current country of residence, but also to the good ol’ land of the not-so-free.
To provide a frame of reference, one of the few other nations that also does this is North Korea.
As the US becomes more of a police state and more prone to instability because of its monstrous debt, you’re going to want to make the right moves to protect your vulnerable assets within the western financial system.
After all, just last week, Trump expressed his desire to increase the US police state and vehemently backed the police’ ability to outright steal anything they want from anyone without even needing anything but a “suspicion” that the person may be doing something illegal.
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