Real Wealth #312 07/17/2012
Romney's Refusal To Release His Tax Returns Will Cost Him The Election
Romney’s refusal to make his last 12 years tax returns is going to seriously impact his ability to wrestle the Presidency away from Obama in November.
A growing number of conservative journalists and Republican politicians are calling for him to recognize he’s going to have to give in and release his tax returns.
Brit Hume one of the most conservative pundits on TV was quoted as saying... “Anytime it’s disclosure versus non-disclosure, you always wonder whether it isn’t better just to put it out there,” ...on Bill O’Reilly’s Fox News show last night.
Hume’s comment came after Haley Barbour reiterated on ABC News his call for Romney to put out more tax records. “The advice I would give Romney is, Who cares about your tax returns?” Barbour said. “Release ‘em! We need for this campaign to be about Obama’s record.”
Other conservatives who have offered similar advice include George Will who said on Sunday that the Romney campaign is “losing in a big way” on the topic, Bill Kristol, and Alabama Governor Robert Bently.
If he doesn’t realease atleast 12 years of tax returns -- I see no way that he wins the election.
Frankly, I’m astounded that more Republicans are not insisting, on Romney’s release of his tax returns before the Republican convention. Should Romney release his taxes after the convention and they turn out to me embarrassing -- it could well cost the Republican Party control of the House and the Senate.
Personally, I think there are huge land mines in Romney’s tax returns and that’s the reason he is trying to hang on and not release them. It may be that he paid no taxes some years, it could also be that in 1999 through 2002 he listed his occupation as CEO of Bain Capital, which would clearly not help his mantra that he wasn’t at Bain and wasn’t involved in the outsourcing.
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Regardless, I really don’t think it matters whether Romney or Obama win in November for oil, precious metals and rare coin investors.
The Republicans won’t raise taxes on the wealthy by the 4% the President is asking and refuse to trim military spending. The Democrats want to further expand the social safety net; they claim that by doing so we will slow the increasing costs of health care, a key to getting our financial house in order.
Bottom line: The Federal Debt will grow no matter to $20 to $25 Trillion regardless of who wins in November. And, that spells SERIOUS TROUBLE for the world’s financial markets and world economy.
Meanwhile, the Federal Reserve is determined to lower interest rates again and rollout a third quantitative easing IF the economy worsens or just remains stagnant. I give this a 95% probability.
As a result of all this and the missteps taking place in Europe and China that Nouriel Roubini the NYU Professor and economic guru, who is known as “Dr. Doom”, is 100% right when asked by Bloomberg News recently about the lack of progress in addressing the financial problems in Europe, the United States and how dangerous is the slowdown in China taking place...
“All of it matters in the sense that we're kicking the can down the road. The Europeans do not want to make the decisions and there will be political elections in Germany, Italy and other parts of Europe. We have the U.S. presidential election and until then, we're not going to do anything about our fiscal problem.
A good many of Wall Street’s financial analysts are knocking gold ownership right now, predicting a 20% to 30% drop in prices on the belief that the U.S. dollar will continue to rally against the Euro. While I agree the Euro could fall another 20%+ against the dollar I’m not convinced that automatically means that the price of gold will fall in sympathy. Federal Reserve Chairman Bernanke’s testimony clearly indicates as I began the piece to be considering loosening credit and expanding the money supply. In short we could see the competitive currency devaluations begin to emerge i.e. the monetary crisis that I have been warning about for the past few years.
If we see a monetary crisis ignited by competitive devaluations of the world’s major currencies oil will double over night in price and gold could sky rocket to %5,000 an ounce, silver to $200 an ounce while at the same time watch the Down Jones drop like a rock to the 2009 lows.
Nouriel Roubini calls all of this the “Perfect Storm”, I call it the coming world-wide train wreck. I believe those invested in domestic oil companies and loaded with gold and silver will survive. Those who know how to use and trade options should make a bloody fortune as the Financial Markets nose dive.
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