Rich Americans get second passports, citing risk of instability
Wealthy U.S. families are increasingly applying for second citizenships and national residences as a way to hedge their financial risk, according to a leading law firm.
The wealthy are building these “passport portfolios” — collections of second, and even third or fourth, citizenships — in case they need to flee their home country.
The super-rich make contingency plans when revolution (via warfare or taxation) is nigh.
This is a bellwether.
Will the Stock Market Crash? This Hedge-Funder Thinks So
Look, the only way to get us out of this is to tear the Band-Aid off. You know, it’s cold turkey. But of course, that’s a big, big problem, and I do not think we have the societal temperament for that. So who knows? Who the hell knows? I wish I could give you something, but I can’t give anything. And I don’t think there is anything, frankly. I think it’s a moot point anyway because they’re just going to have to do more and more and more. Powell has been talking a big game the past year or so, but it’s all a big bluff.
Are Share Buybacks a Waste of Money?
Giving it to the shareholder means that the company says “It belongs to you, I don’t know what to do with it on your behalf, so here, you figure out what to do with it.” The shareholder can then make an allocation decision that suits their sense of what is valuable or useful. The return is a deferral of decision to the owner rather than their agent.
Credit card debt collection
A disclaimer: I have had substantially more at-bats with debt collectors than most people, as a result of an old hobby of writing letters on behalf of debtors to their lenders and non-affiliated debt collectors. I did this over the Internet, on my own volition, because it seemed pro-social and I was extremely underused by my actual job at the time. This experience leaves me with strong opinions on the debt collection industry; a frequent archetypical person in need of a letter was a Kansan grandmother in diminished financial circumstances who had been harassed for months. I’m going to try to keep these views to a dull roar here, in the spirit of spending more mental energy on discussing why the system presents as so broken.
People with a passion are not to be underestimated.