Korean Job Discussion Forums

[KimchiNinja]

Every year, incremental changes...

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Some countries are already using the Chinese yuan in their foreign-currency reserves without announcing it publicly, central bank governor Zhou Xiaochuan said.

China has stepped up efforts to promote the yuan’s use overseas since the global financial crisis, as expansion in the world’s second-largest economy provides more clout while Europe has yet to fully recover. The European Central Bank will discuss next week whether to begin laying the groundwork to add the Chinese yuan to its foreign-currency reserves, Bloomberg reported yesterday.

The yuan has improved its ranking for global payments to seventh in July from fourteenth about two years ago, according to the Society for Worldwide Interbank Financial Telecommunications.
http://www.bloomberg.com/news/2014-10-11/china-s-zhou-says-some-countries-using-yuan-in-reserves.html

And, China surpasses US in GDP PPP (forecast that one back in 2009).
http://www.bloomberg.com/news/2014-10-08/hold-on-china-u-s-still-world-s-top-economy-by-main-benchmark.html

[GENO123]

http://m.barrons.com/articles/SB50001424052748704878904578541251070413678?mobile=y

[KimchiNinja]

[GENO123]

Be wary of cliche investing. But the West has to cime to terms with its debt.

Did you hear about 16,000 pigs down the river in China followed by 1000 dead ducks?

Do you belive official numbers by the Chinese govt? I dont.

[KimchiNinja]

[GENO123]

That China is pulling ahead isnt a cliche? Just like Japan was pulliing ahead used to be.

[GENO123]

Be wary of cliche investing. But the West has to cime to terms with its debt.

[KimchiNinja]

[KimchiNinja]

Not really related to the USG situation, but sold all my stocks on Friday. Seems like a good time to take profits and bow out for awhile. No ideas on where to invest at the moment; the world looks like one big cluster-f@#$.

[KimchiNinja]

The USG is getting seriously desperate for tax revenue. I got a letter from them begging for a few extra bucks from 2011. Pathetic. Seriously, we left the country already, just leave us alone. Now we have to switch citizenship to get away from this nonsense?

The U.S., the only Organization for Economic Cooperation and Development nation that taxes citizens wherever they reside, stepped up the search for tax dodgers...

...Fatca requires U.S. financial institutions to impose a 30 percent withholding tax on payments made to foreign banks that don’t agree to identify and provide information on U.S. account holders. It allows the U.S. to scoop up data from more than 77,000 institutions and 80 governments about its citizens’ overseas financial activities.

http://www.bloomberg.com/news/2014-10-25/hundreds-give-up-u-s-passports-after-new-tax-rules-start.html

[CentralCali]

US citizens, nationals, and (IIRC) resident aliens are taxed by the US on their worldwide income. If you wish to be exempted from that law, you'll have to renounce US citizenship at a US diplomatic mission outside the US. Of course, the fee for that has risen to $2,350.00. Oh, and if you do renounce your citizenship before paying any taxes you happen to owe, you will continue to owe those taxes and have to pay up if you ever decide to visit the US. Don't forget to vet the whole idea with the country you happen to be in, though; some countries take a dim view of foreigners renouncing one citizenship prior to obtaining another citizenship. Seems to be an issue with visas and alien registration on their end.

By the way, I doubt it was a letter begging for bucks. It was likely a letter informing you of the bit about your income is taxable by the US.

[Leon]

[Titus]

[CentralCali]

[KimchiNinja]