Tag Archives: Money

Now, gods…….

Shakespeare had it; why bastard, wherefore base? Indeed. History is liberally seasoned with those of us of (Cough) uncertain (cough, cough) parentage who have made good against the odds. Some would even say that condition can act as a spur for success. As far as I’ve been concerned it’s always been used as a sideways ‘shut up or we’ll tell everyone, slaphead’ or ‘Bill, don’t embarass your poor old Mum’.

As an aside to that topic, today I have found myself dancing a careful conversational Gavotte with UK lawyers and tax advisers. Dipping my toes in turgid legal waters to map out a fiscal path from A to Z. Not that this is a Machiavellian ploy on my part to asset strip another family member, more a sidestep to avoid being asset stripped. Both by family and ultimately, HMRC. The closest metaphor I can come up with is it’s like tapdancing through a minefield wearing outsize divers boots. Every leaden step becomes future threatening. Every decision must be taken only after consulting at least three sources.

When I’ve told friends and acquaintances of my difficulties, it’s interesting how quickly the old chestnut ‘blood is thicker than water’ is trotted out. In other words “Oo, you can’t call him out as a lying, cheating whoreson ‘cos you share some familial DNA.” Sorry chums but that’s just emotional blackmail, in effect saying that you can’t claim your rightful and legal due because you might hurt someone’s feelings and they’ll never talk to you again? Hmm. Now there’s a fine howdy-do and no mistake. What do I choose? Modest wealth and security for myself and my little clan of wife and stepkids who I have come to love as dearly as life itself? Or do I let my originating family, with whom I have little real emotional attachment actively prevent me from managing my own assets and leave me with a massive UK tax bill? No contest really. Hell, I’ve even emigrated.

‘Coming out’ to being a public bastard rapidly opens your eyes to the faults of others, especially when you suspect they think you’re some kind of total eejit, simply through the lottery of birth. Particularly when you think they’re going to screw you over. It’s also amazing how complex apparently simple matters can become. Especially when there’s a glint of gold in the air. So here I am. Do I, in thinking that there are financial and legal shenanigans afoot, cry ‘havoc’ and let slip the dogs of law? Or do I continue to solicit, beg, cajole, play nice and gently persuade the offending party, who has so far ignored requests to deal with matters to my satisfaction?

There’s the rub. Now if the letters speed, and my intention thrive………..We shall see.

Where there’s a will……there’s a won’t

For anyone who has ever been a beneficiary in a will, or who expects to be, here is a cautionary tale.

Last year, as followers of this blog will be aware, my Mother died. Lost my dog on the same day, but well, that’s another hole in the heart. Now while my dog, being canine did not leave a will, Ma Sticker did, and a pretty penny it is too. Well it would be. If not for the Executor, my elder sibling. Who is being an idiot. And may be about to get a very nasty legal and fiscal shock. But first, let me fill you in on some family background.

Elder sibling and I share the same mother, but that is the total depth of our relationship. My mother married his father, according to family legend “Only because he had a car.” At least according to one of my cousins, who spent a gleeful hour at my mothers funeral letting cats out of bags, showing me a familial walk-in closet full of skeletons and reminding me that I am the family bastard. “But Bill, we thought you knew.” Was another family members semi shocked response to my statement of disbelief. Well kind of yes, and kind of no. Of course I was aware through a combination of guesswork, surmise and ‘why am I over six feet tall and built like a dray horse whilst everyone else struggles to get past a slender five feet eight’, but it’s a hell of a thing to get the news you’re a “Love child” straight from the horses mouth. Especially at your Mothers funeral. With all the gruesome details of how my mother was cheating on my brothers father, who did what, to whom and when. Cheers, cousin.

Well it’s true. I am the scion of an adulterous relationship. My biological parents were not married when I was conceived or born. I know this is no big deal any more, but autre temps, autre choses. It was back then. My only beef is that my parents, particularly Ma, continually bluffed and obfuscated on this topic while they were alive. Honesty on their part would have made my life so much more straightforward. Isn’t family guilt just wonderful dahleengs? There are so many things they should have done but didn’t because they thought they would get into trouble. Now belatedly I have to do the fixing myself. My birth certificate has to be changed for one. I’ve contacted the relevant court, and doing the changes means an expensive personal visit to the UK. Court fees and lawyers. Clucking bell.

What my parents’ misplaced guilt also resulted in is stuff like elder sibling going to private school and getting his university education fully funded while yours truly went to a bog standard comprehensive and a variety of technical colleges. He got the Gap year, I went straight to work at seventeen, all that jazz. Not that I resent these ‘advantages’ (if that’s what they are – I think they’ve narrowed his mind rather than broadening it, but that’s just me), it’s just that no-one seemed bothered to give me the choice when there was one. I was the one who took the beatings, both fathers not believing in sparing the rod. Such is life. You can play the ‘what if’ game until the cows come home but it won’t change anything. All you can do is not pass the bad shit on. There, having just talked to youngest via Skype, who is currently touring New Zealand, I think I may just have succeeded. So not all bad then.

So, that’s the background. I’m a genuine bastard son of a bitch, but you all knew that anyway, you cuddly little kittens you. Meanwhile, back on the subject. Legacies. Wills. Legal shizzle. Inheritances. Money. Moolah.

The good news is I stand to receive a goodly sum which will set me up for the rest of my days. If the Executor can get his act together. The bad news is, elder sibling is doing anything but. Getting anything out of the estate with him in the drivers seat is like pulling back molars with a set of nose hair tweezers. The will states the estate is an even split. No trusts, challenges or codicils. Probate was granted back in early October. All discoveries have been made and outstanding bills settled. No challenges, taxes paid, yet sibling wants to hang on to the major asset, which is a brace of rather pleasant little country cottages, officially valued at just shy of a very large sum indeed. He tells me he wants to ‘invest’ our inheritance jointly in those cottages and live off the rental income. I try to tell him they’re potential money pits which we should sell off, or we’ll end up losing money. I tell him I don’t want estate funds spent on them. I tell him he could make more money by selling up, splitting the estate and investing his share in more modern rental properties. Response? *crickets* La-la-la, he’s not listening. Even though he’s legally bound to execute the will and any losses he makes have to come out of his pockets, not the estate, for as long as he remains Executor. Which until the estate is fully paid out, he will remain. It’s not as though I’ve seen a penny so far, either. Despite there being significant liquid assets available ready for paying out.

As an aside; for those of you who need to make international currency transfers, here’s a piece of advice: don’t send it by cheque or in cash. Use a currency broker. Reason; you’ll get a much better rate of exchange from a broker than a bank, and they take care of all the money laundering restrictions. Broker transferred funds are available within 48hours, cheques take almost a month to clear. Canadian Banks also report cash transfers over $5000 direct to the tax man if they think the provenance of the source is a bit dodgy. They don’t like sterling cheques over CAD$5,000 either. Over a certain amount, cheques and money orders also get reported to the security services as possible terrorist activity. Believe it, the banks use special data mining applications to comply with these financial regulations. They can get fined millions if they don’t comply. RBS got caned a cool 5.6 million GBP a while back for not being careful enough. As did NatWest, Ulster Bank and Coutts. Oracle provide products for the very purpose of detecting money laundering. The only way round these restrictions is carrying large wodges of cash in your luggage, which is something the customs guys tend to frown upon.

Elder sibling does not ‘believe’ any of this. He refuses all my advice. I do not care. I just want him to execute the will and pay out my share of the estate a.s.a.p. before he manages to fritter half of it away. What he does with his own share is his business. Am I going to use my share of the money wisely? I think so, yes. I have an carefully selected Investment Fund Manager and Tax Accountant on standby. The additional question is, do I trust sibling? Well, funny you should ask that. No. His repeated failures to cough up and the way he is handling communication between us is ringing loud warning bells. I may have to lawyer up smartish. Which may prove expensive for both of us. Fortunately I have a top notch UK-qualified and based family lawyer waiting in the wings (Youngest). What I hope to gain, properly invested, will not only benefit me, but eventually our two reprobates and their families when it comes to check out time for Mrs S and I. As for who will get the job of Executor, well, it won’t be one of the beneficiaries. I’d rather pay a lawyer to do it.

You know, it’s at times like these I’m moved to reflect that I’ve never really had a close family and nowadays find myself wishing for even more distance. Maybe Canada was nowhere near far enough. The next galaxy, perchance?

Another random thought on Scottish devolution v1.08 – v1.11 rel 2

Okay, suppose the ‘Yes’ vote does have it, and Alex Salmond leads the Scots towards an oil-funded socialist utopia. Which has worked out really well for the Venezuelans hasn’t it?

Will this mean;

  1. The expulsion of any person with an accent deemed ‘Too English’ or ‘Not Scottish enough’.  Trust me, this does happen.  I have a relative who left Scotland in the early 00’s because he was sick of the prejudice against him (Graffiti on house, social exclusion, overt hostility) because his Dundee University educated accent sounded ‘Too English’
  2. The resumption of cross border cattle (or sheep) raiding as an (Even greater) economic growth area?
  3. Civil unrest when the Scots find out there’s not so much oil to fund their economy and all the real money goes South?
  4. Subsequent forcible repatriation north of the English / Scottish border for anyone who is Ginger?

 

Canada recognises Bitcoin

Bitcoin CanadaJust caught this off The Register. Bitcoin just got the endorsement of regulation in Canada. My, my. On the same footing as the Dollar no less. A little bit of a two edged sword this, as by putting Bitcoin on the official list of currencies, the various exchanges will have to register and comply with the financial regulations up north of the 49th parallel or get out of Canuckland. However, the upside is that by recognising Bitcoin, it gives the controversial crypto-currency a veneer of respectability, and encourage wider trading and convertibility. Which in a wider sense can be considered a good thing. Even if the main intent is to allow the taxman to get a piece of the action.

First the Enbridge pipeline gets approved, now this. Canada’s economic future is looking brighter all the time.

On politics and banking

The Politics of BankingI’m currently a very happy bunny and enjoying the relief that my new knee strap has brought. No crunching noises in my creaky old knee joint when I try to move quickly, or lift heavy objects. No detectable pain and I can now walk miles without a single twinge. Why aren’t these things compulsory for old knee injuries like mine? They’re worth all the painkillers and surgery in the world. None of the surgeries I’ve had have done anything to alleviate the discomfort since I first popped my knee playing Rugby. This fabric and gel pad thing has relieved all my symptoms inside forty eight hours. Although I’m taking it easy, just in case I screw up again.

Whilst enjoying this surcease, I visited Theo Sparks blog and saw the above. So I nicked it. Says a hell of a lot about the West’s current regime of casino banking. I think the world and his wife are aware that the current structure is unhealthily unbalanced, allowing those who control the flow of numbers to confiscate at will. Especially now the UK HMRC has the power to asset strip at will anyone it even suspects of not coughing up what the tax man says is a ‘fair’ share. Fair for whom? One might ask. In the US the tax man currently even ‘audits’ people for having the ‘wrong’ political views. Whoosh! Where did all those emails go and how many Server hard drives did they have to trash?

Both of which make me wonder about how open to abuse and corrupt the West’s financial system now is. The Russians are looking for a way out and the Chinese basically own all the USA’s markers. Even the fiscally cautious Mrs S has been asking me about Bitcoin and there’s even a Bitcoin ATM Downtown on Government Street. I’m tempted to try Bitcoin out on a small scale myself. Stick a few on a SDHC flash card (Not a USB stick DVD or CD – lifespan issues) in a shielded safe and Robert is one’s Father’s Brother n’est que-pas?. Unless someone crashes the entire Internet, in which case the West’s financial pooch is so screwed it’ll have had puppies.

Bitcoin as an alternative to the current mess of fiat currencies makes sense to a certain extent, but how vulnerable is it to external interventions? There was the market glitch back in December 2013. What happens if the US Government were to declare by presidential decree that Bitcoins were banned? Probably the same result. There was a big drop, a massive rebound, and Bitcoins that were trading around 4-580USD are now valued around 6-690USD (June 2014). Which left a lot of economic prophets of doom with serious egg on their faces.

That thought leads me to wonder about some of the recent political upheavals of the last fifty years. The Anti-Apartheid movement wasn’t making much headway until the Afrikaaners introduced the Krugerrand as legal tender. Then the politicians really got involved. At the time of the second Gulf War, it was rumoured that Iraq under Saddam Hussein was contemplating going back onto the gold standard, as was more recently Libya. Look what happened there. Iraq made large purchases of Gold in March this year, and lookee here, a bunch of foreign sponsored raiders are invading while the US drags its feet. At the risk of raiding the bacofoil, I’d say a certain pattern is emerging. Oil rich Country tries to go onto gold standard = Casus belli. Not so much blood for oil as blood for gold. Or in the Ukraine’s case, blood for gas.

Which further leads me to think that if the pattern of money and war, boom and bust is to be broken, maybe a more democratic currency (Out of the hands of politicians and bankers alone) is the way forward. Hmm.

That’s it for now. I’m off for a walk to test my recovering knee joint. The Galloping Goose trail calls.

Jail the parents!

So says a journalist in the Barclay Brothers Beano. Apparently two parents in East Anglia are to be hauled up before the beak for allowing their child to reach fifteen stone. It is worth noting that the original article in the Wail says that the boys father is twenty stone and out of work. Apple not falling very far from tree, methinks.

A more reasoned discussion has been carried out here on debatewise but the principle of state intervention to cut costs for the ‘wonderful’ NHS should be asking the greater question. Which National Health Service? Oh, you know, the ‘wonderful’ NHS where patients can be neglected by nursing staff whose focus is more on paperwork than actual care, and where the elderly can die a nice, lonely but tidy death in a hospital bed from dehydration and starvation in their own urine and faeces, that sort of thing. Don’t believe me? Start here.

The greater questions should be; how does the family benefit from being prosecuted and their child being put in ‘care’? How much money do these court and care processes take away from the UK’s ‘wonderful’ NHS? Let’s do some joined up thinking here. Police manpower, cost of lawyers and court time, costs of appeal, fines, jail time for being unable to pay fines. All on the public purse because the parents in question are not exactly high earners. Criminal records further damaging their prospects of employment, thus keeping parents out of the tax contributing workforce (If there were suitable work to be had). That’s even without factoring in the costs of God alone knows how many social workers. The cost of long term ‘care’ (Meals, facilities, security) with all the fees for a swath of behavioural interventionist consultants whose services are not exactly free.

What the screaming interventionists don’t seem to understand is that all of these things don’t come cheap. If your principal goal is to save the NHS money, even a fairly cursory analysis demonstrates that intervention of this kidney isn’t really the right way to go about it.

One is left with the thought that on balance it will probably prove more economic to treat the child for any conditions that crop up when they actually do, not trying to second guess what conditions will arise because it’s not unknown for the fat kid at fifteen to discover girls, or get so hacked off with being ill that he spends a couple of years getting into shape off his own bat, living to a ripe old age. Either that or the young man will die young, thus actually cutting the long term treatment bill. No prosecutions required.

Think of the savings to the ‘wonderful’ NHS.

Hi-ho. Lovely sunny day here in BC and the weekend beckons. Done with unpacking and am thoroughly enjoying being able to walk to the nearest pub. Now there’s a thought

That Queens speech thingy

Just finished moving in to our new Victorian domicile. I like this place. Should have moved earlier.

Took a break from unpacking and a wander over to the Barclay Brothers Beano for a meander down the latest list of legislative disasters as given by our Liz. The bill that caught my eye, and for a moment my breath, was the proposed bill which will give HMRC the power to demand money up front if they even suspect you are squirrelling some dosh away for a rainy day. Not only does the UK tax man already have the power to raid bank accounts at will, allowing them to asset strip people without power or influence down to their last five grand, but those rapacious tax gatherers will shortly be able to do it without due process. Only suspicion of wrongdoing, never mind the evidence. All it may take is a simple denunciation from one of those despicably cretinous cunt-stooges like UKUNCUT (May they burn forever in all the hells humanity can imagine), and any assets, personal or company, on which tax may already have been paid will magically disappear from bank accounts up and down the UK. Probably from a lot of expatriates who may well find themselves fighting a legal battle they no longer have the wherewithal to afford, or the air fare back to fight their corner. Having been well and truly sheared without any evidence of wrongdoing or contestable legal proceedings. Precedent, sets, dangerous, a, this (This cliché was purchased from Canadian Tire in flat pack format – some reassembly may be required). In spades. Even if the Chancellor says the affected will get their money back with interest ‘if they win’. Big ‘if’ there, chunky.

You know, as a keen student of history I’ve always wondered how come the Germans, who I’ve always found in person very civilised and cultured people, came to fall under the spell of the worst amoral Jackbooted fascist rob dogs in history. A piece in that jigsaw just fell into place.

How many more times – it’s a bad idea

Look, we know big Government is broke. The all conquering Godzilla flat busted and continually bleeding from a million leaking capillaries, fed on by an army of bloodsuckers which infest its scabrous hide. The more it’s fed, the more it bleeds. So perhaps it needs to go on a serious diet?

While my thinking errs of the side of the low tax, small Government faction, I understand that there is a need for some form of regulatory framework. Unfortunately, I don’t think anyone outside of a few specialist lawyers really understand the current tangled mess but what I do understand is that if your boat is sinking, the last thing you do is load it down further.

Yes, chums. The EU have pushed for, and got, a ‘Robin Hood’ or more accurately a ‘Tobin’ tax on all Eurozone financial transactions. Again. Why do they need the money? They’ve got all the sparkly buildings, inflated salaries and expense accounts avarice could dream of, yet like a junkie their spending habit is never done. Not until they go cold turkey, OD in some dank little bedsit somewhere, or prematurely slide out of this life as their vital support systems (A.K.A. the taxpaying public) fail one by one until nothing is left. Which is currently where things are. Some serious liposuction on the bodywork is called for, followed by a very large tummy tuck, not more sugar frosting on their doughnuts. Yet in 2016 this tax will be enacted in France, Germany, Estonia, Spain, Portugal, Italy, Greece, Austria, Belgium, Slovenia and Slovakia. Which will have a knock on effect in the City of London. Or more likely the City Financial Markets will do what they always have, pass the cost onto the Poor Bloody Investor.

For some people, this will simply prove another vehicle for the many EU Carousel frauds, like those continually afflicting the farcical ‘Carbon trading’ markets. Five billion lost at the last count, and that’s with a flatlined marketplace.

Robin Hood is upsetAs for ‘Robin Hood’, well a very large raspberry to that. If he were still around, our eponymous outlaw would be rightly affronted by such a reference, perhaps dropping a couple of bodkin points or hunting broadheads into the greedy breasts of our worthless modern day political leeches. Like the medieval churchmen of old, an encounter with the real deal would leave them with their purses stripped, and forced to go whining to the Sheriff wearing peasants rags. There’s an intriguing notion; EU Commissioners being forced to walk barefoot from Strasbourg to Brussels after having their assets stripped, or maybe even impaled with cloth-yard arrows? Which, knowing the sexual predilections of some, might not be quite the kind of impaling that they were hoping for.

Where does the money go?

Having just got back from the UK, I’m wondering about all the taxes on, well, just about everything. These extra taxes acting as a drag on the rest of the economy. So I asked myself, where is all this money actually going? Cui Bono? Who benefits? Does taxation, as so many of its advocates claim, actually increase, or decrease ‘fairness’? These are all fair questions which need fair answers.

At present UK public spending outdoes the tax take by an estimated £84 billion per year. Most of that disparity is interest payments an the estimated £2.2 trillion public debt if you factor in the public ownership, liabilities and support of RBS, Lloyds TSB etc. Total 2012-13 tax take by HMRC, about £468 billion. According to their own figures. So where’s the £648 billion figure come from? Confused? Join the club. £180 billion isn’t just chump change. Besides, government doesn’t make money, it has none of its own and only spends taxpayer dollar.

The approximate 2013 UK public spending breakdown is as follows. Public Pensions for well, people the workforce has decided it no longer needs. Let’s ignore all those overpaid leeches on salaries well above their real pay grade for the moment; £139 billion. National Health Care, you know, for that wonderful ‘free’ service which includes such joys as the ‘Liverpool Care Pathway‘ and compensation payments to Ambulance chasing Lawyers; over £124 billion. State Education, the edifice which no amount of political meddling seems to improve; over £87 billion. Defence, for all those wars the UK really can’t afford to fight, including the one the EU wants to declare on Russia; about £42 billion. Social Security, which includes all those ‘tax credits’ which would be cheaper to run if the tax wasn’t taken in the first place; over £117 billion. State Protection, whatever that means; over £31 billion. Transport about £17 billion. Which is a lot to cover cones, contraflows and potholes. General Government, an opaque description if ever I saw one; over £14 billion. Other Public Services, hmm, large Rattus Norvegicus smelt here; over £54 billion. Public Sector Interest, on the money the Government borrowed to buy the votes of the ill informed and lazy; over £47 billion. Additional Balance, or should that read ‘petty cash'; over £2 billion. Total Spending about £675 billion, maybe a little more, maybe a little less. The UK’s EU contribution hidden somewhere in those figures is about £8.7 billion. Source here. Somewhere in that lot is the electronic money ‘printed’ by ‘Quantative easing’ of well over £60 billion and paid direct to banks. No wonder we hear about planned raids on savings and other legalised theft like ‘Green taxes’. It’s a financial plughole of doom. Which will be the last metaphorical straw on the proverbial taxpayers back? Bank accounts raided at will?

According to this neat little infrographic from the Guardian, the difference is £84 billion, which needs to be ‘borrowed’. No idea from whom, but £47 billion in interest payments alone? My one remaining reader will note the disparity between the two sets of figures referenced. Hey, but what’s the odd billion or three between friends, eh?

The discerning reader, having done a little digging, will also note the step increase in UK taxation that happened back in 2000 and the flattening in public spending since 2011. So yes, Slaphead and friends are trying, but the purchase of the banks and resultant QE have doomed the UK taxpayer to ever increasing interest payments. Unless those debts and liabilities are sold off, those interest payments will continue to head for the stars faster than a Saturn 5 booster with a nuke up its arse.

Last time it took the UK eighteen years to bring the taxation rate and public spending into financial balance. 1998 / 9 I believe. Then Blair and his pile of grinning idiots were voted in, public debt skyrocketed and the tax take hasn’t caught up since. Figures don’t lie. No wonder the politicians are trying to skim off more and more all the time. We were told all this extra spending was all about ‘fairness’. What it has done is lumber current and future generations with an escalating debt bigger than World War 2. Which I don’t think has been fair at all.

Really scary stuff

We’re looking at our UK based savings following the revelations about Eurozone banks being due to take a Cyprus style ‘Savings Haircut’ on depositor accounts which don’t seem to be idle gossip. HSBC have clamped down on big bank transfers for fear of a ‘run’ on their accounts. Royal Bank of Scotland is 8 billion in the hole. That’s sterling, not dollars by the way. Several Russian banks are in the Ca-ca and preventing depositor withdrawals. Fortunately we use none of these, but there’s a suspicion that despite bail outs, most of the banking sector is in deep, deep trouble. Guess who’s going to end up paying? You’ll need a mirror to find out.. Take your time.

The current UK ‘recovery’ is running on the back of yet another housing led bubble-boom. Which brings me to ask; does nobody learn from History, even recent History, any more? There was the housing boom and bust of the early 1990’s, 2007, and now this time. It truly fits the definition of insanity, making the same old mistakes in the same old ways and expecting different results. Pass the straitjacket matron.

All this bank piracy makes me want to buy a boat and stock up on dry goods before taking an extended trip around the world. Although we’d avoid the Philippines, Suez and East and West Africa all the way south to the Seychelles. Apparently the Pirates down there are using ‘Mother Ships’ to run small groups of raiding craft. None of ‘em look like Johnny Depp either.But they look nothing like real pirates Or the recent revelations that the Mexican Government is seizing tourist vessels over seventy buck permits.

From piracy on your hard earned savings to piracy on the high seas and even in tourist marinas, it doesn’t leave you with many options, does it?