Best of the Week
Most Popular
1. Gold vs Cash in a Financial Crisis - Richard_Mills
2.Current Stock Market Rally Similarities To 1999 - Chris_Vermeulen
3.America See You On The Dark Side Of The Moon - Part2 - James_Quinn
4.Stock Market Trend Forecast Outlook for 2020 - Nadeem_Walayat
5.Who Said Stock Market Traders and Investor are Emotional Right Now? - Chris_Vermeulen
6.Gold Upswing and Lessons from Gold Tops - P_Radomski_CFA
7.Economic Tribulation is Coming, and Here is Why - Michael_Pento
8.What to Expect in Our Next Recession/Depression? - Raymond_Matison
9.The Fed Celebrates While Americans Drown in Financial Despair - John_Mauldin
10.Hi-yo Silver Away! - Richard_Mills
Last 7 days
United States Coronavirus Infections and Deaths Trend Forecasts Into End April 2020 - 29th Mar 20
Some Positives in a Virus Wracked World - 29th Mar 20
Expert Tips to Save on Your Business’s Office Supply Purchases - 29th Mar 20
An Investment in Life - 29th Mar 20
Sheffield Coronavirus Pandemic Infections and Deaths Forecast - 29th Mar 20
UK Coronavirus Infections and Deaths Projections Trend Forecast - Video - 28th Mar 20
The Great Coronavirus Depression - Things Are Going to Change. Here’s What We Should Do - 28th Mar 20
One of the Biggest Stock Market Short Covering Rallies in History May Be Imminent - 28th Mar 20
The Fed, the Coronavirus and Investing - 28th Mar 20
Women’s Fashion Trends in the UK this 2020 - 28th Mar 20
The Last Minsky Financial Snowflake Has Fallen – What Now? - 28th Mar 20
UK Coronavirus Infections and Deaths Projections Trend Forecast Into End April 2020 - 28th Mar 20
DJIA Coronavirus Stock Market Technical Trend Analysis - 27th Mar 20
US and UK Case Fatality Rate Forecast for End April 2020 - 27th Mar 20
US Stock Market Upswing Meets Employment Data - 27th Mar 20
Will the Fed Going Nuclear Help the Economy and Gold? - 27th Mar 20
What you need to know about the impact of inflation - 27th Mar 20
CoronaVirus Herd Immunity, Flattening the Curve and Case Fatality Rate Analysis - 27th Mar 20
NHS Hospitals Before Coronavirus Tsunami Hits (Sheffield), STAY INDOORS FINAL WARNING! - 27th Mar 20
CoronaVirus Curve, Stock Market Crash, and Mortgage Massacre - 27th Mar 20
Finding an Expert Car Accident Lawyer - 27th Mar 20
We Are Facing a Depression, Not a Recession - 26th Mar 20
US Housing Real Estate Market Concern - 26th Mar 20
Covid-19 Pandemic Affecting Bitcoin - 26th Mar 20
Italy Coronavirus Case Fataility Rate and Infections Trend Analysis - 26th Mar 20
Why Is Online Gambling Becoming More Popular? - 26th Mar 20
Dark Pools of Capital Profiting from Coronavirus Stock Markets CRASH! - 26th Mar 20
CoronaVirus Herd Immunity and Flattening the Curve - 25th Mar 20
Coronavirus Lesson #1 for Investors: Beware Predictions of Stock Market Bottoms - 25th Mar 20
CoronaVirus Stock Market Trend Implications - 25th Mar 20
Pandemonium in Precious Metals Market as Fear Gives Way to Command Economy - 25th Mar 20
Pandemics and Gold - 25th Mar 20
UK Coronavirus Hotspots - Cities with Highest Risks of Getting Infected - 25th Mar 20
WARNING US Coronavirus Infections and Deaths Going Ballistic! - 24th Mar 20
Coronavirus Crisis - Weeks Where Decades Happen - 24th Mar 20
Industry Trends: Online Casinos & Online Slots Game Market Analysis - 24th Mar 20
Five Amazingly High-Tech Products Just on the Market that You Should Check Out - 24th Mar 20
UK Coronavirus WARNING - Infections Trend Trajectory Worse than Italy - 24th Mar 20
Rick Rule: 'A Different Phrase for Stocks Bear Market Is Sale' - 24th Mar 20
Stock Market Minor Cycle Bounce - 24th Mar 20
Gold’s century - While stocks dominated headlines, gold quietly performed - 24th Mar 20
Big Tech Is Now On The Offensive Against The Coronavirus - 24th Mar 20
Socialism at Its Finest after Fed’s Bazooka Fails - 24th Mar 20
Dark Pools of Capital Profiting from Coronavirus Stock and Financial Markets CRASH! - 23rd Mar 20
Will Trump’s Free Cash Help the Economy and Gold Market? - 23rd Mar 20
Coronavirus Clarifies Priorities - 23rd Mar 20
Could the Coronavirus Cause the Next ‘Arab Spring’? - 23rd Mar 20
Concerned About The US Real Estate Market? Us Too! - 23rd Mar 20
Gold Stocks Peak Bleak? - 22nd Mar 20
UK Supermarkets Coronavirus Panic Buying, Empty Tesco Shelves, Stock Piling, Hoarding Preppers - 22nd Mar 20
US Coronavirus Infections and Deaths Going Ballistic as Government Start to Ramp Up Testing - 21st Mar 20
Your Investment Portfolio for the Next Decade—Fix It with the “Anti-Stock” - 21st Mar 20
CORONA HOAX: This Is Almost Completely Contrived and Here’s Proof - 21st Mar 20
Gold-Silver Ratio Tops 100; Silver Headed For Sub-$10 - 21st Mar 20
Coronavirus - Don’t Ask, Don’t Test - 21st Mar 20
Napag and Napag Trading Best Petroleum & Crude Oil Company - 21st Mar 20
UK Coronavirus Infections Trend Trajectory Worse than Italy - Government PANICs! Sterling Crashes! - 20th Mar 20
UK Critical Care Nurse Cries at Empty SuperMarket Shelves, Coronavirus Panic Buying Stockpiling - 20th Mar 20
Coronavirus Is Not an Emergency. It’s a War - 20th Mar 20
Why You Should Invest in the $5 Gold Coin - 20th Mar 20
Four Key Stock Market Questions To This Coronavirus Crisis Everyone is Asking - 20th Mar 20
Gold to Silver Ratio’s Breakout – Like a Hot Knife Through Butter - 20th Mar 20
The Coronavirus Contraction - Only Cooperation Can Defeat Impending Global Crisis - 20th Mar 20
Is This What Peak Market Fear Looks Like? - 20th Mar 20
Alessandro De Dorides - Business Consultant - 20th Mar 20
Why a Second Depression is Possible but Not Likely - 20th Mar 20

Market Oracle FREE Newsletter

Coronavirus-bear-market-2020-analysis

Syria and Second Passports

Politics / US Politics Sep 05, 2013 - 04:05 PM GMT

By: Casey_Research

Politics

By Nick Giambruno, Editor, International Man

All of us by now have seen the latest sales pitch from the Obama administration for yet another so-called "humanitarian intervention" in the Middle East. It is not hard to see that the case for war is a bunch of rubbish and will likely end in disaster for both Syria and the US.


I am not diminishing the tragedy that is going on in Syria. The events there touch me on a personal level. I have good friends who live in Damascus and have been there myself several times when the situation wasn't so hot.

As some of you may know, I used to live in neighboring Beirut while I was cutting my teeth in finance at a regional investment bank. Due to its rich history and importance today, I have long been interested in the Middle East and sought ways to combine it with my professional background in finance.

I know it may be hard to fathom given what is put forth 24/7 on the mainstream media and if you have never been there, but Damascus is actually an amazing city on many levels—that is when it is not an active warzone of course. It is arguably the oldest continuously inhabited city in the world. The Christian quarter of the old city is one of the most enchanting places I have ever visited. And it's tough to beat the pistachio encrusted sweets from the legendary 100+ year old Bakdash ice cream parlor in the souk el Hamidiyeh.

Anyway, my purpose today is not give travel tips or to debunk the case for US intervention in Syria as hokum—David Galland did an excellent job of doing that in his latest piece here.

Instead I want to talk about Syria in terms of the lessons it provides us in internationalization.

It is human nature for people all around the world to have the "that can't happen here" mentality. And prior to the deterioration of the situation, many Syrians believed the same.

As Doug Casey has eloquently stated "The problem—your problem—is that any country can turn into a 1970s Rhodesia. Or a Russia in the '20s, Germany in the '30s, China in the '40s, Cuba in the '50s, the Congo in the '60s, Vietnam in the '70s, Afghanistan in the '80s, Bosnia in the '90s. These are just examples off the top of my head. Only a fool tries to survive by acting like a vegetable, staying rooted to one place, when the political and economic climate changes for the worse."

The uncomfortable truth is that, as history shows, no country is immune—especially one that has a deteriorating fiscal health—and internationalization is the ultimate insurance policy.

You won't be any worse off by moving some of your savings into multiple friendly jurisdictions and into things that are hard to confiscate, such as physical precious metals and foreign real estate. Obtaining a second passport is also an important ingredient in the mix.

Once you have taken these steps you will have insulated yourself and your family to a high degree from the uncertainty and sovereign risk emanating from your home country.

Developing your internationalization game plan takes time, and you must take action before it is too late. For Syrians, it would obviously have been optimal to have developed internationalization options many years ago.

Having a second passport and a financial account abroad denominated in a currency other than the Syrian pound, which has suffered from hyperinflation, would have gone a long way for the average Syrian today. The Syrian passport is not a great travel document; it requires a visa for most countries outside of the Middle East.

Having a second passport ensures that you will always have another place to potentially call home, another place where you will always have the legal right to live and work. In worst case scenarios, a second passport guarantees that once you get out of dodge, you won't have to live like a refugee.

A second passport can also come in handy when a government decides to starting treating its own citizens as beef cows instead of milking cows (i.e. when they need more soldiers for war) or if passport restrictions and other types of people controls are implemented.

The Syrian government, for example, previously refused to renew the passports of Syrians abroad it suspected of being associated with the opposition. This is not surprising and should have been completely predictable—any government could and would behave in a similar manner. Any government has the ability to revoke the citizenship and/or passport of its citizens at a moment's notice under any pretext that it finds convenient. Look at how the US cancelled Edward Snowden's passport by fiat.

It is not inconceivable that the US government would, for example, make it more difficult for Ron Paul supporters to travel internationally one day in the future. Heck, they have already taken the first step and labeled them potential domestic terrorists.

The bottom line is that if you hold political views that the establishment of your home government does not like, don't be surprised when they decide to restrict your travel options. In this case, having the political diversification that comes from having a second passport is even more important.

Unfortunately, getting a second passport, while necessary, is not easy. There are no solutions that are at the same time cheap, easy, fast, and legitimate. There is a lot of misinformation and bad advice out there regarding black and grey market passports that could likely end up causing you significant problems. It is essential to have a trusted resource to guide you through the process. There are definitely some options that are better than others. You can find our top picks for the best countries to obtain a second passport in and how to do it in Going Global 2013, a comprehensive guide to internationalization from Casey Research.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Casey Research Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules