I know - my point was that whatever might kill finance (i.e. the EU & USA deciding to embark on a global war against offshore finance [even though, according to JTM, we don't do much business with them... but that isn't the point]) would also kill a lot of the alternatives to finance.
I think you have hit the nail on the head here. The point to hammer home is that the USA and EU already have gone to war, it just has not filtered down locally yet. Take a gander at the FBI (and others) website and link down to fraud and what they so politely call 'white collar crime'. The message is clear, tax avoidance is now a crimminal offence in the USA, UK and most other EU countries. Note there is no longer a grey area, it is now a crimminal offence to hide money from the tax man in another country. The Nat West lads were, although not tax associated the first of the many - dont book a holiday to the States if you work in .....etc blah blah!
However, tax avoidance is something the Scots, with Whisky buried around yonder hills 'in pot and peat' have much experience and long memories, the 'bastard' excise men smashing stills and hanging the local sheriff, turning out the families and presenting a sovereign to London! It is often much romanced and rightly so, because the assumption is, that levied taxes will be spent with 'wise and guided thought to the poor man, his tears we wiped on our breeches as they slipped into the purse of the Crown!'
Take your pick, do you really think the US will spend wisely?
So what is wrong with a history of Privateering and plundering the ships of Spain, France and yes, the USA?
Sorry, guys - serious note though, reliance upon one industry is always going to hurt in the long term. So, look elsewhere as well, but where?
More soon.
