Category: simonblack

The Federal Reserve– the most critically important central bank in the world– is completely, hopelessly insolvent.

This isn’t some wild conspiracy theory or overly dramatic interpretation of the facts; we’re extremely data-focused in this organization and base our conclusions on indisputable, open-source figures .

And the facts in this case are crystal clear: the Fed’s own financial statements show that their unrealized losses amount to over $910 billion. Given that the Fed only has $42 billion in capital, this means that America’s central bank has a net financial position of MINUS $868 billion on a mark-to-market basis.

To understand why, we need a quick review of how bonds work.

Most people understand pretty intuitively how investing in stocks works. Share prices fluctuate up and down every day.

Bonds are the same way. They also have prices which fluctuate day-to-day, month-to-month, and year-to-year, just like stocks.

And one of the biggest influences on bond prices is interest rates.

In fact, the cardinal rule in the bond market is that when interest rates go up, bond prices fall.

And this makes sense when you think about it. If you own a bond that pays 1%… but suddenly interest rates rise to 10%… then the market value of your 1% bond is going to fall.

After all, why would anyone buy a bond paying 1% if they can buy a brand new bond paying 10%?

Well, at the start of the pandemic, the Federal Reserve slashed interest rates to zero. And as a result, yields on US treasuries were so low they even went negative for a short time.

Banks, large corporations, and even the Fed itself bought trillions of dollars worth of bonds at these record low interest rates.

But over the past 16 months, interest rates have risen dramatically. And this means that everybody who bought bonds at record low interest rates during the pandemic is now sitting on deep unrealized losses. And that includes the Federal Reserve.

This is exactly what happened to Silicon Valley Bank several months ago.

Silicon Valley Bank had acquired more than $100 billion worth of bonds— much of that during the pandemic at record low rates. But when interest rates increased, SVB’s bond portfolio plummeted in value; they racked up huge losses and eventually went bust.

When I wrote about this several months ago, I said clearly that if SVB is insolvent, so is everyone else, including the Fed.

Now we know the truth: taking into consideration its unrealized losses, the Fed is insolvent by $868 billion. And if they keep raising rates as they did last week, the insolvency will continue to grow.

The natural question to ask is, if the Fed is insolvent, why hasn’t the financial system crashed?

Simple: the financial system is based on perception and confidence rather than reality.

And Silicon Valley Bank is instructive here yet again.

SVB went bust in March 2023. But it was insolvent as far back as late 2022. SVB was sending financial data to the FDIC and Federal Reserve back in December showing huge unrealized losses. But nobody cared.

SVB then publicly released its annual financial report to the market in January 2023; this report once again showed massive unrealized bond losses. And yet, in response, investors gobbled up SVB shares, and the stock price shot through the roof. No one cared about the insolvency.

It remained this way for months. Then, suddenly, the bank collapsed virtually overnight. It was so obvious in retrospect… and yet all the ‘experts’, including Wall Street analysts and government regulators, totally missed the warning signs.

This reminds me of the cartoons I watched when I was a kid, when Wile E. Coyote ran off a cliff, only realized when he was halfway across the canyon that he no longer had any ground underneath him.

SVB was insolvent in 2022. But like Wile E. Coyote, no one realized it until it was too late.

It’s the same thing with the Federal Reserve. They publish financial statements showing extreme unrealized losses… which grow worse with every interest rate hike. It’s so obvious.

I’ve been predicting for years that Fed would eventually engineer its own insolvency. Well now they’ve done it. Wile E. Coyote has already run off the cliff.

This doesn’t mean that Mr. Coyote will plummet to the canyon floor today, tomorrow, or even next year.

But it is very difficult to argue (though some “experts” will surely try) that the mark-to-market insolvency of the largest, most important central bank in the world is somehow a good thing.

An insolvent central bank does not make America stronger. It does not make the US economy stronger. It does not make the dollar stronger.

This is one obvious reason to consider diversifying out of the dollar, and into an asset that isn’t controlled by central banks.

And gold is one obvious candidate to consider.

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In a world full of unimaginable absurdity, we spend a lot of time thinking about the future… and to where all of this insanity leads.

“Future Headline Friday” is our satirical take of where the world is going if it remains on its current path. While our satire may be humorous and exaggerated, rest assured that everything we write is based on actual events, news stories, personalities, and pending legislation.

July 28, 2025: Fed Says New Pandemic is the Only Way to Bring Down Inflation

With inflation remaining stubbornly high at 5%, well above the Federal Reserve’s 2% target, for the fourth year in a row, the Fed seems ready to throw in the towel with its current set of policy tools.

“We’ve exhausted all of our normal tactics,” Fed Chairman Jerome Powell said at today’s press conference following the Fed’s normal July meeting. “At first, back in 2022, we denied that inflation existed. But very few people believed us; it turns out too many Americans were visiting grocery stores and filling up their cars with gasoline.”

“Next we figured if we said enough times that it was transitory, we could manifest it with the Law of Attraction. But that didn’t work either.”

“Then we thought, ‘hey why not pass a law to bring inflation down’ and we were hoping Congress would just enact new legislation banning inflation outright. Unfortunately that didn’t do the trick, but we got the next best thing with the Inflation Reduction Act.”

“You know the deal with legislation, it’s all about the name— and believe me, I was more surprised than anyone that inflation didn’t respect the Inflation Reduction Act.”

Inflation did fall to 3% in 2023. However, inflation quickly rose back to a range of 5-8% after energy prices soared in late 2023. Many economists blame the Biden Administration’s anti-fossil fuel energy policies, and the passage of the Green New Deal in 2024, which triggered enormous increases in food and fuel prices.

Powell addressed stubbornly high inflation in his remarks, when he said, “We tried raising interest rates for four years now, but it hasn’t gotten the job done, and in many respects, things are much worse now since so many banks have failed due to higher interest rates, and now even the Treasury is nearing default, so we really have to try something new.”

“So today, I am introducing a new tool— the only proven way that inflation was eradicated for a short time during my tenure— a new pandemic.”

Powell explained that the Federal Reserve is in talks with the Chinese government to go through the catalog of indexed viruses, to see if any might be just what the economy needs.

The Fed calls the new tool COVID, which stands for Currency Optimization Via Infectious Disease.

The plan is to release a new virus into the population, and let public health officials do their work.

“If you think back to how great the economy was during the last pandemic, it’s pretty obvious we need to create those conditions again. So let’s bring out another virus, slash interest rates to zero, and print tons of money again. What could possibly go wrong?”

One disruptive reporter asked whether the Fed’s new COVID policy would create new supply chain dysfunction and future economic havoc.

“We don’t anticipate that printing trillions more dollars will have any negative impact on the economy. The important thing is just making sure people cower in fear inside their homes.”

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Costa Rica, a small country nestled in Central America, boasts a unique blend of natural beauty, modern convenience, and a highly appealing investor visa program for those seeking a flexible “Plan B” residency.

And priced from just $150,000, the program could make sense for a wide range of people.

Let’s get into the details below…

Costa Rica: The paradise location where buying a $150K property earns you a flexible residency…

If you hop on a plane, a quick 4-hour flight from the southern United States takes you to Costa Rica – and right into the heart of “Pura Vida” – or the “Pure Life,” for which this paradise location is renowned.

The country strikes a wholesome balance across a range of considerations that expat retirees and digital nomads care about. And as an added benefit, the country boasts an exceptionally low cost of living.

We like Costa Rica for all the above-mentioned reasons, and members of team Sovereign Man have spent a lot of time there over the years.

That’s why we dedicated a whole Total Access Quarterly Report covering Costa Rica as a Plan B destination in 2022. And in May of 2023, we also organized a boots-on-the-ground TA trip to explore it first-hand.

TA members who joined us in Costa Rica had the opportunity to meet some of our local network there in person, and also attended an insightful presentation by leading local service providers.

And as a matter of fact, tomorrow, July 27th, our trusted Costa Rican legal partners will be joining us on a TA Monthly Supplier Call to answer members’ questions about topics like Costa Rican residency, citizenship, property investment, taxation and much more…

But without further ado, let’s unpack the country’s investor visa program…

The Costa Rican Investor Visa at a glance…

While Costa Rica’s “inversionista” residency may not be as popular as the country’s pensionado or rentista options, it could make a lot of sense – provided that you’re comfortable investing $150,000 or more of your own (not borrowed) money in Costa Rican property…

Having a second home here could make for an excellent lifestyle and diversification play:

After all, you will always have a place to call home if you purchase a residential property there. And by purchasing Costa Rican property, you are diversifying the location of your assets.

(Plus, with Costa Rican residency, you also achieve political diversification for yourself.)

However, you don’t have to invest in residential property. You could also invest in land, operating businesses, vehicles, stocks, bonds and more.

And the good news is that a recently enacted law reduced the minimum investment amount from $200,000 to $150,000.

Importantly — according to our provider, the required $150,000 threshold applies to the declared value of the property at a local city hall. (Your annual property tax will depend on it, too.)

The actual purchase price is irrelevant.

Also, the declared value can often be higher than the purchase price, and can depend on many factors. Your Costa Rican attorney will be able to advise you on this issue.

(Sovereign Confidential members, let us know if you need a reference for trusted suppliers on the ground.)

Speaking of property taxes – these are not high in Costa Rica at all.

For example, a declared value of $200,000 will imply an annual property tax of around $500 per year — that’s just 0.25% per year.

In addition, you are allowed to combine investments to reach the required threshold. For example, if you purchase a property with a declared value of $120,000 and buy a personal vehicle worth $30,000, this should qualify you for an investor visa, too.

Additionally, there is a one-time tax exemption for importing your standard household goods and two personal vehicles.

This is big, as cars and furniture tend to be expensive in Costa Rica due to high import taxes.

With the import duty waived, bringing your vehicle(s) from the US or Canada should be much cheaper than buying them locally.

Plus, the same legal bill that reduced the investment threshold to $150,000 also made provision for a 20% transfer tax reduction when purchasing local real estate.

But this law is not designed to last forever: It will only have a five year validity.
And if, during this time, you decide to sell your property, cars or even lose your resident status, Costa Rica will want you to pay back the taxes from which you have been exempted.

The bottomline…

If asset and political diversification plus healthy, laid-back living in a paradise location sounds like your thing, then Costa Rica might be just the place for you.

And if you’re not necessarily looking to invest there, the country’s offers at least three other residency programs that could be well worth considering.

Yours in freedom,

Team Sovereign Man

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I landed in Panama last night for a quick business trip, and I have to say, I’m really astonished at the political situation here.

Central American countries like Panama are often referred to as “Banana Republics”. The term refers to largely impoverished nations with underdeveloped economies which are controlled by a corrupt ruling class.
I suppose Panama fits the description:

For example, an independent watchdog agency found that the top 100 members of Panama’s legislature increased their net worth by an average 114% PER YEAR over a decade-long period.

I guess these Panamanian politicians are just really good investors and real estate speculators.

Not to be outdone, the spouse of one of Panama’s most prominent and longest serving politicians has become one of the wealthiest people in the country… but claims to have no inside information about critical changes to the country’s laws. Somehow people actually believe them.

Panama’s current president is a truly bizarre human being. He says the most cringe-worthy things, often makes no sense when he speaks, and he refuses to acknowledge the existence of his own 5-year old granddaughter.

He has committed multiple crimes while in office and is widely suspected of receiving bribes from some very unsavory people.

Several members of the Panamanian first family have become expert ‘business consultants’, raking in mountains of cash in exchange for doing absolutely nothing of substance.

Panama’s president also uses government resources to attack political opponents, including censoring dissent and even trying to imprison a key adversary.

The local media here in Panama is a total joke, too. It’s basically a state-sponsored propaganda ministry that is in complete lockstep with the ruling party.

But hey, like I said, Panama is a ‘banana republic’, so you’d expect this sort of thing to take place here.

Except, as I’m sure many readers have figured out, I’m not actually talking about Panama. Everything I mentioned above refers to the United States.

It’s not to say that Panama is some pristine place devoid of any problems. Of course not. But every time I come here, this country never fails to impress me with its remarkable progress.

My first trip to Panama was two decades ago in the early 2000s.

Back then, Panama was in the throes of a deep recession, grappling with the fallout of the US military’s withdrawal.

The US presence in Panama (to watch over the Canal) had been a massive bonanza to the local economy. But after the military left, Panama was forced to reinvent itself from scratch.

Over the next two decades, Panama transformed into one of the most prosperous nations in Latin America. And the standard of living for the average Panamanian has risen dramatically.
This isn’t an accident.

Success, whether for an individual, a business, or a nation, is the result of hard work and responsible decisions.

Places like Singapore or Estonia are devoid of any real natural resources. But they became wildly successful as a result of hard work and responsible decisions. And, while it obviously still has its share of issues, Panama is on that path as well. Not bad for a ‘Banana Republic’.

I wish the same could be said of the United States.

The basic idea of “America” remains one of the most ingenious creations in 5,000 years of human civilization: take limited government and capitalism, enshrine personal freedom, and unleash it all on pioneering people who value community, hard work, and self-reliance.

And the idea worked. It created more success and prosperity than the world has ever seen. On top of that, the land was blessed with an abundance of natural resources, from unparalleled farmland to cheap energy. The US truly had it all.

Yet now the ruling class is doing everything they can to turn this success into a quintessential banana republic. They’re rapidly chipping away at capitalism, eroding social cohesion, undermining the rule of law, weakening the dollar, and even rewriting American history itself.

These problems are all fixable. Humanity has never yet met a challenge it couldn’t overcome.

But if things don’t change soon, the current trajectory will lead to a disastrous outcome.

The national debt is so high and rising so quickly that it’s only a matter of time before the government has to default. Social Security is already set to run out of money in ten years. The dollar is in real danger of losing its dominance as the world’s primary reserve currency.

Just one of those issues would be catastrophic to the US economy. Yet America faces all three of them, likely within the next decade… and that says nothing about the laundry list of other major problems.

We can certainly hope that voters have the good sense to elect responsible leaders who can make difficult decisions and put the good of the nation first.

But if that doesn’t happen, the current trajectory likely leads to higher taxes, increased civil unrest, less freedom, sustained inflation, and more.

This is the whole point of having a Plan B… which includes protections like

1) Having another place to go– a second residency or citizenship

2) Strategies to protect your assets and reduce your taxes

3) A diversified portfolio with a more global view

4) Ownership of real assets

It’s important to remember that there may be a finite window of opportunity for certain key strategies within a Plan B.

Panama is a great example of this.

Panama used to have a “Friendly Nations Visa” to grant residency to foreigners from dozens of countries. The rules were simple, the visa was very cheap, and the program was highly successful.

So successful, in fact, that the government was inundated with applications, and they ultimately changed the rules and made the program much more expensive.

Like most good things in life, Panama’s Friendly Nations Visa had a limited window of opportunity.

There are still plenty of other great options in the world (like Mexico). But when building your own Plan B, it’s important to not procrastinate.

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Some time in the year 136 AD, in the ancient town of Lanuvium located just south of Rome, a private club known as the ‘Society of Diana and Antinous’ hired a local scribe to chisel the group’s bylaws onto a large marble slab.

You can just imagine the club’s Board of Directors hovering over the scribe to check his work as they dictated the inscription line by line.

The slab still exists today, and it lists the club’s regulations, major donors, and even birthdays of founding members.

It also shows the initiation fee for new members: 100 sestertii, roughly $440 in today’s money based on modern gold and silver prices. The annual dues were an additional 24 sestertii per year.

So what exactly did the members of this ancient club receive in exchange for their dues? Peace of mind.

That’s because the Society of Diana and Antinous was what was known as a ‘burial society’ or collegia tenuiorum. We would think of it today as a rudimentary insurance policy.

Life in ancient Rome, even during the empire’s Golden Age, was fraught with risk. War, fire, famine, and plague were constant threats. Many jobs (like mining) were exceptionally hazardous. And occasionally a natural disaster like an earthquake or volcano eruption would strike.

Romans knew these risks were a normal part of life. But death was very expensive—as it still is today. So, given the very real risk of an untimely and expensive death, ancient Romans created private groups like the Society of Diana and Antinous to help offset burial costs in a sensible way.

In the event of a member’s untimely demise, the club would pay for the burial, easing the financial strain on the deceased’s family.

Insurance has obviously evolved substantially over the past 19 centuries… but the basic concept remains the same: mitigate obvious and critical risks in a sensible way.

Most people today have fire or flood insurance for their homes, collision insurance for their vehicles, and even life insurance to protect their families. These are all sensible precautions that any rational person might take.

But there are a number of far greater risks lurking that don’t come with a traditional insurance policy.

While I am an optimist at heart and believe that nearly all major challenges are entirely fixable, it’s not controversial anymore to say that much of the West is a complete mess.

Most of Europe has been importing rape and violence under the banner of multiculturalism at an astonishing pace; France can’t seem to destroy itself fast enough.

And, according to recent data published by the European parliament, nearly half of Europeans say their standard of living is falling thanks to multiple, never-ending crises.

Then there’s the US, which, while comparatively better off than Europe, has its own unique dumpster fire of chaos.

The national debt stands at over 120% of GDP as the government continues to borrow more; in fact the US national debt has increased by $1 trillion in just the last two months.

The US dollar is in serious danger of losing dominant market share as the global reserve currency. And the Federal Reserve– the US central bank– is insolvent.

Social Security’s key trust funds are also within a decade of running out of money.

Every major city has seen crime surge. Socialist politicians are rising in popularity. And Americans have lost faith in every major institution, from education and the justice department to news media and Big Tech.

These are clear risks which barely scratch the surface of America’s list of problems.

Like traditional, “insurable” risks (like a collision policy for your vehicle), some of the above risks are quite simple to quantify, visualize, and mitigate.

Social Security’s trustees state in their annual report, for example, that the program will have to slash benefits once it runs out of money in a decade. This isn’t even a risk… it’s a near-certainty. And that makes it easy to visualize: any Social Security beneficiary can easily quantify the cost of their benefits being slashed.

(It’s also easy to mitigate this risks— like setting up a solo 401(k) structure and putting more money away for retirement.)

But some risks are really nebulous. For example, it should be obvious that the US is a deeply divided society that is deteriorating quickly. Just think about how much has changed in the past decade alone.

But where will American society be ten years from now? It’s hard to say.

It’s much harder to predict the future of social trends than it is to map out the trajectory of the national debt or Social Security, which are really just arithmetic problems.

And this is ultimately what makes a second passport so useful: a second passport is like an insurance policy for all of the ‘hard to define’ non-financial risks that we cannot predict or quantify.

Of course, a second passport isn’t some magical document that will solve all your problems. It’s not going to make inflation go away, convince politicians to do what’s in the best interest of the nation, or save the dollar.

But it does mean that, no matter what, you and your family will always have a place to go if you ever need it.

A sensible insurance policy is also usually low cost; a good home insurance policy should cost a small percentage of the home’s value.

Likewise, a second passport is not something you need to spend a fortune on.

Sure, you can spend close to $1 million if you want to gain citizenship through investment in Malta. You could also spend closer to $100,000 for one of the Caribbean programs.

Or, it could cost next to nothing.

Many people qualify for citizenship by descent that allow you to reclaim your ancestors’ citizenship.

Or you could find a foreign country that you enjoy spending time in and naturalize after as little as two years of residency.

The whole concept of a Plan B is that it’s an insurance policy that allows you to come at all the future unknowns from a position of strength.

And a second passport might be a useful part of that.

A lot of people probably think they will never need it. And hopefully you don’t. Hopefully you don’t need your home insurance policy either.

But if the day comes and you do need it, it will be too late to start working on it.

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This information is general guidance and is not tax advice. Before acting, please consult a qualified financial and legal advisor familiar with your particular situation.

With every US presidential election, there are thousands of people – on both sides of the aisle – who threaten that they’ll renounce their citizenship and leave the country. But the majority of them don’t follow through on these threats.

Yet after the 2016 presidential election, over 5,100 US citizens did renounce in 2017. And outside of the pandemic period, this appears to be a growing trend.

However, politics isn’t the only contributing factor. A combination of high taxes, combined with the complexity of complying with US tax laws, are two key reasons for US expats, in particular, to consider renouncing their citizenship.

It’s important to understand that moving away and formally renouncing your citizenship are two very different things. One is temporary – or it can be; the other is permanent.

One still ties you to the American financial system (because Uncle Sam taxes you on worldwide income, wherever you live). The other frees you forever, but relegates you to alien status.

One can be cheap and easy — you just hop on a plane. The other is expensive (legal and/or application fees, and in some cases an exit tax) and cumbersome (as you have to acquire a different citizenship first).

Still, every year, more people give up their US citizenship.

Outside of politics and taxes, people renounce for personal or career reasons. In addition, others do it for reasons related to financial privacy, or because of taxation without representation:

(Note: US citizens must always file US taxes, regardless of where they live and pay applicable taxes. Only limited tax breaks are available to them, e.g. the Foreign Earned Income Exclusion.)

When FATCA came out in 2010, renunciation applications started climbing. US citizens were finding that the costs of being a US citizen — in the form of regulations, reporting requirements and restrictions — started to exceed the benefits.

And the fact that the Bolsheviks want to squeeze you even harder is (almost) beside the point: US tax rules are already onerous enough that if you are living outside America’s borders, you’re being penalized for it.

Source: US Treasury Department data

Considering renouncing? Make haste slowly

Formally giving up your US citizenship is not something to be done lightly. And especially if you’re still young, you may want to think very carefully before locking yourself out of the US job market – and making accessing your motherland more difficult.

Unless your new citizenship will be from Canada or one of the countries participating in the Visa Waiver Program, you will have to get a US visa at a US consulate – an arduous process.

It behooves you to take a big-picture view of the situation, and really weigh how helpful (or potentially unhelpful) renunciation might be. Factor in your source of income, your ties to the United States (including to family members or business partners), and whether you can really find what you’re looking for elsewhere.

And even then, wait some more…

But if you’re ready to pull the trigger, then the next key question is…

Will you have to pay an exit tax upon renouncing?

This is one of the most important things to understand about renunciation: If you’re what’s known as a ‘covered expatriate’, i.e. you meet certain financial requirements, then you may have to pay an exit tax.

You are a covered expatriate if any of the following conditions are met:

• You have a net worth of $2 million or more;
• You have an average net U.S. income tax liability (what you owe) of greater than $190,000/year (in 2023) for the five-year period prior to expatriation; or,
• You fail to certify that you have complied with all US federal tax obligations for the preceding five years.

As for your net worth, the $2 million includes the aggregate value of your worldwide assets, not just your US ones. And that includes pensions and your home.

Embedded into the law, however, are a few ways to get out of being considered a covered expatriate. If both of the following conditions are true, you are not a covered expatriate:

• Your relinquishment of US citizenship occurs before you turn 18 and a half; and,
• You have been a resident of the US for fewer than ten ‘taxable’ years before you relinquish.

Another way to get out of the designation is to be born with dual citizenship. (We cover the conditions for this in the pages of Sovereign Confidential.)

An exit tax may apply to green card holders as well…

If you have been a permanent resident of the US for at least eight years (or more precisely, eight out of the last 15 years), then the same “exit tax” rules apply to them as to other US citizens, should they decide to renounce.
The IRS will consider individuals in this category as “covered expatriates” if they decide to give up their permanent residency in the US.

Beware: there is a LOT more to renouncing your citizenship than meets the eye…

And that’s why you need Sovereign Confidential, our flagship intelligence and diversification service. Members benefit from comprehensive deep-dive guidance on every aspect of renouncing your citizenship.

For starters, you’ll ideally need to obtain an alternative residency (and ideally citizenship) to avoid becoming stateless, either on the basis of your ancestry, or via investment.

In addition to helping you understand the complexities of whether you’re a ‘covered expatriate’, the product also explores the various ways in which you can avoid this dreaded status.

We also cover the respective rules and differences between how Roth and Traditional IRAs are treated if you’re a covered expatriate – versus when you’re not.

In addition, we also included detailed case studies of people who successfully expatriated, along with the strategies they used to legally lower their exit taxes owing.

To learn more about the benefits of joining Sovereign Confidential, click here.

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Hollywood is buzzing after Prince Harry’s first feature film was nominated for an Emmy.

The Struggle of Privilege chronicles the tumultuous life of Hunter Biden in a gripping tale of adversity, survival, and the power of resilience.

The film was a real passion project for Prince Harry, his first time to write, produce, and direct.

But first on Harry’s mind, more important than everything else, was his commitment to equity, diversity, and inclusion. That’s why he chose to have all the characters in his film played by actors of color.

One of the most gripping scenes is when Hunter, played by Will Smith, confronts his father, played by George Takei, over which son he loved more— Hunter, or his deceased brother Beau.

Prince Harry said he was inspired to write the film after being denied his request to fly with President Biden on Air Force One on the return trip to the US after Queen Elizabeth II’s funeral.

“I realized I had to bring something to the table for the Biden family,” Prince Harry said.

“Then I thought about how unfairly Hunter had been treated by the media and by the far right. Commoners just don’t understand the pressure of being born into extreme privilege. I guess you could say I saw a bit of myself in Hunter, and I thought, I need to make the public see Hunter for the heroic figure he is.”

But the film does not shy away from the controversy in Hunter’s life.

It delves into his sexual relationship with his dead brother’s wife, played by Meghan Markle.

It also chronicles Hunter’s crack binges and legal troubles. One dramatic scene in the movie shows Hunter suffering the extreme indignity of his 2023 plea deal in which he avoided jail time in exchange for pleading guilty to lesser charges.

“Well, it’s still on his permanent record,” Prince Harry said, dismissing any suggestions of favoritism as Russian disinformation.

Of course, Hunter didn’t fight his noble fight alone. The film shows how former Attorney General Merrick Garland, played by rap diva Cardi B, shielded Hunter from the unfair consequences of his crimes.

In one thrilling scene, a courageous Justice Department official races against the clock to make sure Twitter and Facebook executives banned the Hunter laptop story from their platforms before it leaked out.

But what really got critics raving was the depiction of poise and grace that Hunter displayed when he was again convicted in 2024 of extortion, money laundering, and human trafficking.

In fact, the climax of the film shows Hunter’s 2024 crack-fueled three-day bender in which he drove across state lines with several prostitutes to threaten his drug dealer.

In exchange for 6 months of house arrest, prosecutors dropped the charges of making a threat with a deadly weapon, drug possession, possession of an unregistered firearm, and discharging a firearm in a school zone.

When arrested, Hunter’s phone contained evidence of money laundering, reportedly including photos of cash stuffed into a washing machine as a joke.

He then texted the photos to an anonymous contact known only as “The Big Guy” with the text, “From Ukraine with love LOL. No but seriously, it’s washed. We’re good.”

Asked for comment on whether or not the film was a fair depiction of his son’s life, President Biden said, “Ever since my son Hunter died in Vietnam, he’s been plagued by LGBT. Sorry PTSD. The film showed how he copes with being a famous artist whose dad is a Senator, and he who is without sin, let him cast the… the… you know the thing.”

Some on the far-right have criticized the film for leaving out any mention that President Biden was a key sponsor of the 1994 Crime Bill, a piece of legislation that imposed mandatory minimum sentences, three-strikes rules, and other measures that have resulted in lengthy prison sentences for many Americans.

But these attacks have fallen flat. The film is a testament to the flexibility of our justice system, which can adapt to the unique circumstances of each case.

Hunter Biden’s sentences are shining examples of how far we’ve come since the 1994 Crime Bill. It’s a reminder that while no one is above the law, our justice system is not without its heart.

That’s why the final scene of The Struggle of Privilege is so moving.

Hunter realizes he is not alone, as a close friend and Chinese billionaire buys Hunter and his redeemed drug dealer side-by-side $40 million mansions in Malibu.

The film closes with the two getting ready to enjoy their six months of house arrest as neighbors. As the credits roll, a helicopter lands and girls emerge to celebrate Hunter’s redemption party.

Prince Harry, moved by his film’s Emmy nomination this morning, released the following statement on Threads:

“Sometimes all people see is the enormous mansions and private jets. The opportunities for 8-figure podcast and streaming deals that just fall into your lap. The high caliber connections that can open every door in the world. But people don’t realize how difficult all that wealth and privilege can be.”

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Despite announcing the imminent closure of their Golden Visa Program on February 19, 2023, the Portuguese government has opted to keep the program open in a surprising – if very welcome – about-turn.

Let’s get into the details below…

Portugal’s Golden Visa program is here to stay (albeit with some major changes)

In the worlds of singer Charles Bradley, Portugal’s Golden Visa is going through changes. 

…Where even to start with the shambolic handling of this issue by the Portuguese government.

In February, the socialist politicians were adamant that the program was going to get shut down without a sunset clause, thus leaving over 6,000 investors in the lurch. 

Then they were going to completely change the Golden Visa’s residency permit renewal requirements, and force investors to either live in their properties, or rent them out long-term…

And they were going to introduce a retroactive clause affecting investors currently being processed, despite the industry and legal sector warning that this would be unconstitutional…

Only to make a complete about-turn on the decision some months later, as touristic development projects funded by Golden Visa investors were getting canceled en masse.

Now don’t get us wrong – the survival of the program is great news, both for current and future applicants. After all, the Portuguese Golden Visa offers both great affordability and a clear path to citizenship within five years. 

Assuming we ignore the fact that many investors have had to resort to taking SEF – the country’s borders and immigration service – to court to secure biometrics appointments. (Attending one of these is an essential step to obtain one’s actual residency card.)

Yet it also has to be asked how much the latest political shenanigans have tarnished the program’s reputation… However, given that EU Golden Visas are increasingly an endangered species, we may find that a large percentage of investors are willing to forgive Portugal for this momentary lapse of reason.

Let’s take a look at what the program’s investment options are going to look like going forward…

The incoming Portuguese Golden Visa investment options at a glance

Portugal is facing a serious housing crisis that is being blamed, albeit disingenuously, on the Golden Visa Program. On July 12, 2023, the controversial “Mais Habitação” (More Housing) Bill was approved in the Portuguese parliament. 

(This is the exact bill that sought to shutter the entire Golden Visa Program.)

And the Golden Visa’s two most popular investment options to date – being Real Estate, and the Capital Transfer track – were its two main casualties:

Golden Visa Investment Options	Minimum Capital Requirement
Subp. 1: Capital Transfer	€1.5 million
Subp. 2: Job Creation	Create 10 jobs or more
Subp. 3, 4: Real Estate	€280,000 – €500,000+
Subp. 5: Scientific Research	€500,000+
Subp. 6: Cultural Production / Heritage Preservation	€250,000+ (€200,000 in low-density areas)
Subp. 7: Venture Capital (VC) / Investment Funds*	€500,000+
Subp. 8: Business Investment + 5 Jobs	€500,000+

*Real estate investing no longer allowed.

Furthermore, while the VC option was retained, funds may no longer invest in Portuguese real estate projects (which is what most of them focussed on previously).

Given that over 90% of Golden Visa investors have historically preferred the real estate option, this is a great pity. But on the bright side, the Cultural Golden Visa – priced from only €200,000 for projects situated in low density areas – is substantially cheaper than even the cheapest real estate option used to be…

We expect things to settle down for a while now, but when it comes to the decisions of socialist governments, one can never be sure. So if you’re not up for the level of drama we’ve seen coming out of Portugal, then perhaps the Greek Golden Visa or Spain’s Golden Visa might be worth looking at, too.

The bottomline…

As we always say – if you spot a great residency and/or citizenship deal – grab it. These programs are constantly evolving, with many of them disappearing seemingly overnight.

Portugal is an excellent Plan B country in terms of its lifestyle, warm-hearted people and its low cost of living. But no place is perfect, and when it comes to dealing with Portugal’s bureaucracy, you’re going to need the patience of a saint.

Yours in freedom,

Team Sovereign Man

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The legendary walls of Constantinople were supposed to have been impenetrable. At least, that’s what the citizens thought.

But shortly after midnight on Tuesday, May 29, 1453, they watched in horror as Turkmen mercenaries from the Ottoman Empire breached a section of the walls that had stood proudly for more than 1,000 years. The city fell hours later.

Ottoman soldiers looted and pillaged Constantinople with such barbarous ferocity that their ruler, Mehmed II, was said to have wept when he inspected the city three days later, remarking, “What a city we have given over to plunder and destruction.”

Prior to the Ottoman siege, Constantinople had been the capital of the Byzantine Empire… which was for centuries one of the most powerful empires in the world.

Byzantium was the legitimate continuation of the original Roman Empire; Constantinople was even initially known as “Nova Roma,” or New Rome.

But over time, the Byzantine Empire became weaker and weaker, just as the Roman Empire before it.

And, similar to Rome, many Byzantine emperors were legendary for their incompetence. A 2012 study from the medical journal Geriatrics & Gerontology International, in fact, concluded that at least seven Byzantine emperors exhibited signs of pathological confusion consistent with dementia.

Byzantine rulers squandered the empire’s wealth, inflated the currency, and failed to secure their borders.

They engaged in disastrous trade and economic policy. They adopted highly unpopular social positions that were out of touch with mainstream citizens… then canceled anyone who disagreed with them. Some ideological dissidents were exiled, while others were blinded or had their tongues cut out.

Political blunders led to humiliating defeats of the Byzantine’s once-dominant military, causing a severe loss of the empire’s reputation around the world.

They failed to keep up with their rising adversaries; as rivals like the Ottoman Empire and Venice grew more powerful, many Byzantine rulers ignored the obvious threats and continued their mismanage the empire.

Just like Rome, there were occasionally strong Byzantine emperors who undid some of the damage of their predecessors. But they couldn’t stop the inevitable decline.

And by the time the Ottoman armies approached in the spring of 1453, the Byzantine Empire was done. It wasn’t even an empire at that point; at just a few square miles, it was no larger than the size of a small county in Rhode Island.

Yet even with such an obvious decline– and even with an invading army moving towards their city– the residents of Constantinople clung to past… to the idea that their empire and city were still invincible.

As a result, many people did absolutely nothing in the face of such obvious danger. They just sat and watched Ottoman engineers chip away, brick by brick, until the walls fell.

This is what I call “Plan A”, i.e. do nothing. Hope for the best.

Misguided optimism is a powerful force in human nature: our instincts are great at detecting threats. But our brains make us want to ignore these threats and assume that everything will be OK… because it always has been in the past.

This is why people consistently misplace their confidence in a system that produces terrible leaders who have a track record of deceit, corruption, or incompetence. And this irrational trust in a broken system is at the core of “Plan A”.

The fall of Constantinople is just one example; “Plan A” is very common throughout history… and we can certainly see a lot of it today, especially in the West.

To illustrate, here are a few obvious examples of some serious challenges facing the United States:

1) It was only four months ago that the US financial system was in dire straits. Multiple banks failed due to the negative impact of rising interest rates on their bond portfolios. And then, poof, ‘confidence’ was restored and everyone started pretending like the problem had gone away.

And yet even the FDIC announced last month that banks are still sitting on over $500 BILLION worth of unrealized losses in their bond portfolios. Meanwhile, bank customers withdrew $472 billion worth of deposits last quarter– the largest withdrawal EVER since record keeping began in 1984.

This massive flight of deposits coupled with historic unrealized bond losses is one of the worst combinations for a bank to suffer. And this doesn’t even include the potential losses that banks will suffer from a looming commercial real estate meltdown.

Yet most of the market is still happy to pretend that everything is just fine, and to misplace their trust in a financial system that has consistently deceived them. It’s classic Plan A.

2) Social Security is another example. The program’s trustees state very clearly that Social Security’s key funds will run out of money within 10 years.

What is the government doing about it? Nothing. What are most individuals doing about it? Nothing.

It’s Plan A: let’s just pretend that everything will be OK despite all rational evidence to the contrary.

This barely scratches the surface of the challenges. There’s the national debt, crumbling education system, weaponization of government agencies, cancel culture, the increasing likelihood of the US dollar losing its dominance, etc.

The larger point is that you have options and the power of choice. And, as I’ve been writing about for more than a decade now, this is what a “Plan B” is all about.

Unlike “Plan A”, a “Plan B” is a rational way of looking at the world… not from a position of fear, but from a position of strength. It acknowledges obvious risks, yet it takes sensible, non-disruptive steps to reduce their impact.

For example, if there’s a credible risk of mostly peaceful protesters taking over your neighborhood and declaring a new, woke republic, it’s probably too disruptive to pick up your family and move to Timbuktu tomorrow morning.

But it would be sensible to consider other places to go, and even have another residence at the ready.

There are obvious threats to Social Security as well. Yet there are plenty of great options available to take charge of your retirement with robust structures like a solo 401(k).

The beauty of a “Plan B” is that you won’t be worse off for having done any of it. You won’t be worse off for having a more secure retirement… or having a smaller tax bill, second residency, stronger asset protection, greater freedom, more privacy, diversified investments, etc.

These are all sensible things to do regardless of what happens or doesn’t happen next.

Yet if this trajectory of incompetence and decline continues in the West, a solid “Plan B” ensures you’ll be in a position of strength when it really counts.

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In a move that surprised literally no one in the industry, St Kitts and Nevis recently extended their Limited Time Offer (LTO) on Citizenship By Investment. In today’s episode, we take a look at the country’s CBI offering – and the discount deal – as it stands in 2023.

Let’s get into the details below…

St Kitts extends its Limited Time Offer on Citizenship By Investment for an additional seven months

An official government press release issued on June 29, 2023, confirmed what practically everyone in the Citizenship By Investment (CBI) industry predicted would happen: St Kitts extended its Sustainable Growth Fund Limited Time Offer (LTO) until January 31, 2024.

The St Kitts Citizenship By Investment (CBI) program is the Caribbean flagship offering. Established in 1984, the program has issued over 20,000 CBI passports to investors hailing from around the world.

The country’s passport is a decent travel document, scoring a respectable B-grade rating in the Sovereign Man Passport Index. And as of 2023, it offers visa-free access to 135 countries around the world, including Russia, the UK and the Schengen Area.

St Kitts’ CBI program boasts a streamlined, efficient application process, and thanks to the recently extended Limited Time Offer, it also offers excellent value for money.

According to their Citizenship By Investment Unit Head, Michael Martin, the decision to extend the Limited Time Offer was based on the overwhelming investor demand.

But these kinds of extensions are very common. The Caribbean CBI market is fairly price sensitive, so we’d take the stated rationale with a grain of salt.

CBI funds raised via the Sustainable Growth Fund (SGF) are used for infrastructure projects and to provide financial support to educational institutions and medical facilities in the twin-island nation.

The SGF remains the quickest and easiest route to alternative citizenship in St Kitts and Nevis, and many of our Total Access (TA) members have taken advantage of this discounted offer.

Moreover, TA members can get Caribbean CBI passports – including that of St Kitts – for cheaper than anyone else in the world, thanks to deep discounts we’ve negotiated with leading suppliers on the ground.

For example:

If you’re applying as a family of 4, with two kids under the age of 11, you could save a whopping $20,000 as a TA member – on top of the $25,000 LTO discount.

To find out more about the benefits of Total Access membership, click here.

But now, let’s recap the details of the program and the LTO offer.

The Limited Time Offer’s Investment Requirements at a glance

As per the LTO deal, a main applicant can acquire alternative citizenship by contributing only US$125,000 to the SGF, and receiving approval in principle within 60 days of acknowledgement by the CIU of submission of their application.

The minimum SGF contributions for additional applicants are as follows:

ST KITTS CBI PRICING: DONATION OPTION
TEMPORARY  $25K DISCOUNT DEAL Sustainable Growth Fund Contributions:  (Valid until January 31, 2024.) Required non-refundable contributions:  $125,000: Main applicant  $150,000: Main applicant and spouse  $170,000: Main applicant, spouse and two dependants $10,000: Each additional dependant under the age of 18  $25,000: Each additional dependant over the age of 18	REGULAR PROGRAM PRICING Sustainable Growth Fund Contributions: (Valid from February 1, 2024 onwards – unless it gets extended again.) Required non-refundable contributions:  $150,000: Main applicant  $175,000: Main applicant and a spouse  $195,000: Main applicant, spouse and two dependants $10,000: Each additional dependant under 18  $25,000: Each additional dependant over 18

The St Kitts passport became even more valuable in 2023

On June 6, Canada’s Minister of Immigration, Sean Fraser, announced the addition of 13 more countries – including St Kitts, Antigua and St Lucia – to the Electronic Travel Authorization (eTA) program.

Bearers of the St Kitts passport who either hold a valid US travel visa, or have held a Canadian visa in the past 10 years, can now apply for an eTA, rather than a visa at a Canadian consulate, when arriving in Canada by air.

Eligible nationalities can apply for an ETA online, with approvals typically issued within minutes. And ETAs are generally valid for five years.

However, St Kitts citizens who have not held a Canadian visa in the past 10 years, nor hold a valid US visa, and who will be entering Canada by sea or land, will still need to apply for a regular Canadian visa.

The bottomline…

Obtaining a second passport can be a truly invaluable asset – offering increased mobility, more optionality and protection from a host of potential risks you may face in your native jurisdiction.

And given St Kitts’ stellar reputation during the past four decades, its passport is arguably THE one to get if you’re in the market for alternative Citizenship By Investment.

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