Another Awesome Friday Mailbag

Some super feedback and questions to answer! [The Rude Awakening] July 21, 2023 [WEBSITE]( | [UNSUBSCRIBE]( Another Awesome Friday Mailbag - Larry Fink changed his mind about Bitcoin. - Word salads and other acronym issues. - Second passports are on a lot of menus. [Urgent Pentagon City Announcement]( There are two things I believe could change your life in the coming months. - A major financial war could be set to go nuclear just a few weeks from now - A [special strategy]( my team has developed that historically could have allowed investors to take home profits 50-100 higher from these Currency Wars than what most people get trading stocks But with these Currency Wars playing out as we speak, and my live recording set to come down at any moment. You may not have long to prepare. [So click here to see an urgent rebroadcast of my announcement.]( [Click Here To Learn More]( [Sean Ring] SEAN RING Happy Friday on my last day in NYC this time around! I take off for Milan just before midnight, and I’ll land mid-morning Saturday. But before I do, I hope you pour yourself a cold one and enjoy it. You deserve it! I’ll make this intro short, as we have a gem of a mailbag issue today. Let’s get to it. BlackRock’s Bitcoin ETF Sean the Rude, I would be interested in your take about the BlackRock ETF for BTC -- and any related endeavors by others like CoinBase. It seems like these guys want a BIG piece of the action, but can't get it because it's becoming near impossible to accumulate enough coins. So an ETF allows them to set up a cash cow that they can milk by owning a huge chunk of the ETF shares before anyone else gets to buy them. Is that even remotely logical? Joe B Hi Joe! Thanks for writing in. BlackRock’s turnaround on BTC has more to do with client demand than anything else. Larry Fink, BLRK’s CEO, once called Bitcoin “an index of money laundering.” He only turned around when his clients were threatening to walk elsewhere. As for wanting a piece of the action, of course, they do! It’s their job to make money. And if they aren’t, their clients take their business elsewhere. Different parts of BlackRock will make money off this in different ways. The ETF team will make money charging fees for its service. The fund managers will make money investing in the fund. And the sales teams will make money by selling the fund to other managers. There are many ways for remarkably huge asset managers like BlackRock to make a boatload of money off this. On Words, Acronyms, and Meanings Sean, I always enjoy your columns, and this one struck me twice. First, in the late 1990’s I was working in a Texas state agency where one of my duties was to frequently interact with the US Army Corps of Engineers. No one loves acronyms more than the Army, and my frustration with their seeming assumption that the outside world should know each of them without explanation grew with time. I was eventually tasked with spinning up a new department and hiring its staff, including writing bullet-list job descriptions for new positions. On a lark, I included a bullet called “TLA Manager,” assuming my superiors would either red-line it or at least ask me what it meant. No one ever did, and to this day, the guy that took the position says it remains in his job description. What’s a TLA, you ask? Three Letter Acronym, of course! Your Cobra story reminded me of a common prank played on carpetbagging politicians and grandstanding bureaucrats in South Texas (anything south of Austin). Tamales are a staple of “Tex-Mex” cuisine and are properly served in corn husks to keep them warm and moist until eaten. If you know, you know, but out-of-towners and ineptly-handled national politicians don’t always get the memo that you remove the corn husk before eating the tamale. Few things are funnier than watching someone trying to maintain their pomposity while consuming an unchewable, unswallowable corn husk! Enjoy NYC, and come to Texas sometime (maybe not in July or August). Regards, Bill W. Austin, TX Thanks, Bill! You’ve made my day! Sean, I loved your account today of confusing words. Anyone who has tried to learn a foreign language as an adult has had embarrassing moments. At different stages of my life, I have learned Thai (never got beyond functional) and Italian (almost fluent), and now live in Ecuador, where I speak Spanish (the locals tell me fluently, but they are being kind). I could share lots of stories, but the most frustrating are those where I say something and everybody around me laughs, and I don't know why, and when they try to explain it, I can't understand. And then, as you note, there is a specialized vocabulary for every career or trade, much of which has a different meaning outside of that specialty. If you don't believe me, ask a chemist what a mole is. I love reading the Rude! Gordon FC, Ecuador Thanks for the kind words, Gordon! Remembering what a “mole” was brought back pleasant memories of my high school chemistry class. [WATCH: America’s #1 Income Investor]( A leaked memo from Google on AI could prove that it's [the biggest opportunity of the decade](. Let me introduce you to one of my close financial contacts... He might be the most successful investor in America right now. In fact, [his unique income philosophy has allowed him to generate years’ worth of returns – in as little as 2 days](. I have never seen anything quite like it. That’s why I’m urging you to [watch this video]( he made ASAP. He’s agreed to show you how anyone could make rapid ‘income trades’ for themselves. [Watch this video to learn about a trade that could make up to 166% in 10 days](. [Click Here To Learn More]( Second Passports In your last posting, you addressed getting citizenship in different countries via family heritage. My grandparents migrated from Ireland and Germany, and my wife’s grandparents both came from Italy. I have some family history from my side of the family, but no formal paperwork, and I have no paperwork for my wife. My questions are: - Is it worth pursuing citizenship in any of the above countries? - Is it possible to get citizenship for spouses & children? - What kind of expense and time is required to process these transactions? - Your recommendation on how to proceed? If we move forward, you said you had a legal entity you recommend. Please provide if appropriate. I enjoy your daily narratives and look forward to reading them every day. Phalen F. Hi Phalen! Thank you for the kind words, and thanks for writing in. First: yes, it’s absolutely worth looking into. Italy is my favorite, followed closely by Ireland and Germany. Second: Yes. Usually, when you apply, your children will be in line to get theirs. Italy and many other countries now require your spouse to learn the language to a European B1 level before they get their passports. Pam is working on Italian currently. But of course, she lives with Micah and me in Italy already with her permesso di soggiorno (residence card). Third: It cost me $6,000 in fees, $1,800 in lawyers’ expenses, and another $2,000 in my own expenses (flying around to get the paperwork done). So about $10,000 in total. That took care of my mother, me, and Micah (in age order). But I don’t think you’ll need to go to all the places I did to secure my paperwork. Fourth: Go for Italy first and head to [Italian Citizenship Assistance](. This is the law firm that helped me. Talk to them first. They won’t charge you until they’re sure you’ll get a passport. They used to give Rude readers a 5% discount on the fees. Be cheeky and ask them for it! The best part is they run around Italy looking for your documents, so you don’t have to. But you’ll have to take care of the US docs. That can take about a year. But it’s totally worth it. Good luck! Hello Sean, Thank you for answering my previous question. Currently, we are using “Italian Dual Citizenship” (IDC) to help us get through the documentation and interview process for our Italian passports. I can’t remember who referred us to them, but they have reviewed my wife’s documents (mother’s birth, marriage, naturalization, and death certificates, along with other documents she has) and were told she is in the best position to obtain her passport. We have been waiting three years for our upcoming November 7th appointment at the Italian Consulate in Miami, FL (they handle South Carolina, where we live) and IDC advised it is critical we obtain original documents (as they advised our originals are too old to be accepted), have everything translated that already isn’t and get them certified (Apostille). They advised it takes 6 to 12 months to complete this process, but advised due to my wife’s situation, they should be able to accomplish this faster. I would appreciate you sharing how quickly it took you to obtain your passport and if what we have been told sounds correct. Ed C. Hi Ed! That sounds about right. It took me almost all of 2019 to collect my scattered documents. And then, the government-induced private sector shutdown of Covid delayed our application for over a year. I got my Italian passport in July 2021. Wrap Up There are some other gems in the mailbag I can’t fit in this Rude. I’ll do another mailbag edition next week, as they’re just as good as this one. Thanks to all for writing in. Hearing from you really makes my day! And for those of you who haven’t yet, the door is always open at feedback@rudeawakening.info. Have a fabulous restful weekend! All the best, [Sean Ring] Sean Ring Editor, Rude Awakening Twitter: [@seaniechaos]( In Case You Missed It… Passports? I’ll Take Two! [Sean Ring] SEAN RING Good morning Reader, With all the geopolitical messes around the world, there’s no better time to start planning for a second passport than now. Whether it’s for moving to a new country, giving your children other options, or just plain old financial planning, having a second passport opens up doors you may never have thought of. It’s a big move for most people. But once you start the process, you’ll wonder why you didn’t do it earlier. I’m sitting in New York City as I write this. When I was a young man, I thought my entire life would be lived in and around this city. Though I’m enjoying myself immensely, I can’t tell you how happy I am to be flying back to Italy this Friday night. Before we begin, a simple warning: as always, only make life-altering decisions after talking to your accountant, lawyer and family. “We have a package for you, Commander Bond.” “Mr. Ring,” the receptionist said, “we have a package for you.” I was in the Intercontinental Hotel in Abu Dhabi in 2008, teaching a CFA Level I review course for one of the big companies there. “Thank you,” I said to the lovely lady, as she handed me the DHL envelope. I went to the elevator and pressed the button. Upward I ascended to my floor. I got out, looked left, turned right, and headed to my room. As I removed my card key, I looked around to be sure nobody was watching me. With my door unlocked, I entered my room and put down my computer bag and the package. Smiling, I grabbed the tear strip on the package, pulled hard, and removed the contents. My American passport, with the requisite Russian visa for my trip to Moscow, was in the package. I could breathe a sigh of relief. The trip to Moscow was a go! I’ll tell you, pretending you’re James Bond — even if you’ve got a 40+ inch waist and a bald head — is one of life’s great pleasures! Let me take you back a few weeks prior to demonstrate why that whole exercise was necessary. My company’s London office: “Seanie, we’ve got an issue.” “What’s up, my friend?” “You’re scheduled to be in Abu Dhabi and then fly straight to Moscow via Amman, Jordan.” “Yup…” “There’s just no way we can get your UAE visa [you needed one in those days] and your Russian visa in time for the trip.” “Ugh… Wait a minute.” “Yeah?” “What if we use my UK passport to fly to the UAE? Get that visa done first. While I’m in Abu Dhabi, you can use my American passport to get my Russian visa done. And then you can mail my US passport to me at the hotel. Then I can teach both courses, and we’ve got no issue.” “I think that works!” That was one of my most fun teaching trips just because of the passport kerfuffle. And the advantage of having a second passport is self-evident. Playing with your visas is just one of the options having multiple passports affords you. [Inside the SHOCKING Plan to “TURN OFF” Your Money…]( [Click here to learn more]( In a despicable, under-the-radar move… The government could soon force you to adopt a new “trackable” version of the U.S. dollar… One that eliminates cash… And gives them the power to legally “TURN OFF” your money… Whenever they feel like it… And with ZERO warning! Thankfully, there are 4 easy-to-follow steps you can take RIGHT NOW to protect yourself… And even potentially GROW your wealth no matter what the government does. [Click here NOW to learn more about these 4 critical steps while you still can](. [Click Here To Learn More]( Still — and Forever — The Yank Even when I lived in London for over six years and had just received my UK citizenship and passport, I was “The Yank.” It was fine with me. Some people think it’s weird when I say “we” concerning Americans, but the truth is this: you are who you are. I eat, drink, think, and feel like a Yank. Actually, I think like Americans who aren’t brainwashed… circa 1999, which is when I left. Very few people ask about passports. But even when they do, I’m truthful. “You renounced? Really?” But it’s usually information gathering on how they can do the same. It must be the crowd I hang with. Very few get upset about it. They’re usually parasitic tax eaters like government employees or union guys. Funnily enough, military guys are more receptive than most when discussing renunciation. I guess they’ve seen the “Pentagon Rot” up close. Getting Through Heathrow Easier If you live in a foreign country and they don’t have worldwide taxation like America, there’s almost no reason for you not to get their passport. For instance, if you choose to live in a high-tax country like the UK, Canada, Australia, or New Zealand, why wouldn’t you get that passport the first chance you get? (There are issues with Australia’s retirement taxation, so talk to your accountant about that.) All else equal, a powerful passport gives you more travel freedom. But it also makes coming and going much more straightforward. I loved my new British passport because getting in and out of Heathrow Airport is a breeze compared to doing it on a US passport. Getting my Italian passport gives me access to the entire EU, which has many low-tax countries within its make-believe border. Estonia, Latvia, Lithuania, Czechia, Slovakia, Slovenia, Croatia, and Poland are all great countries on the up. Banking in Your New Country The US passport holder is persona non grata in most countries where you want to bank. Most American expats have to bank at their local Citibank branches in their host countries because foreign banks (their new home banks) don’t take American citizens. That’s thanks to the asinine burden of FATCA. [FATCA]( is the Foreign Account Tax Compliance Act (FATCA), which requires foreign financial Institutions and certain other non-financial foreign entities to report on the foreign assets held by their U.S. account holders or be subject to withholding on payments. If you have another passport, they still won’t bank you. But now you have the option to renounce if you want it. Renunciation is a very emotional decision. I wouldn’t even go there yet. Just get used to having another passport around to feel that extra freedom. It’s real. 99% of Passports are Emotional — Until You Start Collecting Them Let’s use my son, Micah, as an example. He has his Philippine passport from his mother. It’s a pretty useless passport right now, to be honest. But one day, it may be worth more. Micah also has his British and Italian passports from me. Now they offer options. Micah can work with Goldman Sachs in London, one of the world’s largest financial centers. No visa is required. (I had to get a work visa to work in London as a US passport holder.) Micah can also work in Rome, Paris, Barcelona, Munich, Madrid, and all the other European capitals and great cities. He’ll also have an easier time working in Zurich and Oslo, even though Switzerland and Norway aren’t in the EU. With British and European passports, he’ll also be able to travel to many other parts of the world visa-free. If you’re a globetrotter, that genuinely matters. At the moment, Micah speaks Italian and English fluently. But it’s American English, thanks to his father’s accent. If you have young children, they’ll still be “yours,” no matter what passports you have. As for fully-formed adults, you know who you are… and so do your loved ones. Getting a second passport isn’t a DNA-altering experience. It’s just another key, unlocking a door you couldn’t open before. If you can take advantage, you should take advantage. And if you can pass on that advantage to your children, that may be the greatest gift of all. Let me know what YOU think by emailing me [here](mailto:feedback@dailyreckoning.com). All the best, [Sean Ring] Sean Ring Contributing Editor, The Morning Reckoning feedback@dailyreckoning.com Twitter: [@seaniechaos]( [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2023 Paradigm Press, LLC. 808 Saint Paul Street, Baltimore MD 21202. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. 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