Does Anyone, Tell It, Like It Is?...L&C

Does anyone know the 1965 song, Tell It Like It Is, sung in the lamenting R&Bs style by Aaron Neville? It should come back in play because today, everyone practices first their escape from the truth with publicist, think tanks, private questionnaires, et al. There is only sound bytes and spins of the truth. The best society can hope for is a 60 Minutes revelation sometime in the future or some insights by blogs like mine.
Lois Lerner
gets a bold type here, but is it because she was the whistle-blower which started the IRS scandal into tax exempt status as the head of that arm within the agency or because once she started it, she refused to answer questions about it, claiming her fifth amendment rights? Going further, is it because she is on extended paid leave of absence at the taxpayers expense? We get headlines, but no truth or substance.
Anthony Weiner...Cruz vs. McCain?
all attention getting names, but for what? Weiner wants to be mayor of New York and Cruz is fighting his fellow republican over a budget deal because he doesn't want a debt ceiling amount included. Yeah, really important stuff. Did the media ever get deeper into the bridge collapse in the state of Washington? Of course, not! According to the Society of Civil Engineers, the US needs $3.6tillion for infrastructure. It gets worse. Of the 607,380 bridges in the US, one in nine is structurally deficient and the average age is 42 years, but then, we need money for drones, ships, any military escapade imaginable. Do you know what this means? Taxes. Since the Republicans oppose taxes, there will be some type of deal, probably gas taxes which the federal government has not raised since 1993. Both parties will spin with the shale bonanza resulting in lower gasoline costs which by the way are actually two cents higher than this time last Memorial Day, but who knows or remembers that? I do.
Housing
sales rose along with prices, but Dr.Copper is telling a different diagnosis. In fact Goldman Sachs is getting out of their long-term contracts in the commodity due to new Chinese rules against financing changes addressing it as an asset and this should cause a surplus. Now, they see lower prices. Don't forget I told you about mandatory PMI on all mortgages if the buyer does not have 20% down payment.
Business Spending
is down 21% according to a Bloomberg report. This adds one more lie to the rising stock market which keeps rising according to the media because of higher earnings. Is it higher real earnings or Pro-Forma gimmick? Is it because the company bought back its stock to hide the fact that earnings are lower? Did you notice how many companies claimed higher earnings, but with lower revenues? Too many to list here, but S&P 500 projected earnings growth is only 1.6% according to a Mutual Bond find. Did you know that company insiders sold $350million just last month? Why? If prices are going higher, why, I ask again?
Default
If I asked you to name the country with the highest possibility to default, who would you name? Greece? No, but a good guess. Argentina has a 84% risk. In fact they are serial defaulters with the most recent being in 1989, 2001 and again in 2005. This time it is over previous bonds that they defaulted upon and people want their money. The judge hearing the case said, "Argentina is contumacious." I looked it up. It means obstinate to authority. Not good, however the ramifications do not end in that court room. In Europe many financially troubled nations are looking at this case and thinking, maybe we should default too? Not good.
Banking
and the lending of money is at a 60 year low. This is M2 money and it is just sitting in banks. There is no velocity of money and this is not good.
Outsourcing
continues under President Obama even though he campaigned against this loss of jobs in the economy. According to labor advocate, Robert E. Scott the US lost 400,000 jobs just to China from 2008 to 2010. In fact the US only added .1% of new jobs in exports while China has added 1.5% during the same period due to exports. The Obama administration continually seeks to rewrite the rules to allow US corporations to avoid paying taxes on income generated overseas and this too, he campaigned against. Not good.
Finally
Did I hear someone say, Yea!? Wiseguy
60% of all the stimulus money put into alternative energy forms helps foreign companies. That's right! Many of the most expensive and important components are made elsewhere like wind turbines, and this is from a study by the Department of Energy.
Liars and Crooks:with the terrible news of the killing tornadoes in Oklahoma, we must look into how terrible our insurance companies deal with their customers. I know people who suffered from Hurricane Sandy and for example, they receive only partial refunds for total losses. A new heater/ boiler cost over $8K and these crooks only write checks for $3750. Get out of town!

PREDICTION:Stock Market Correction Starts...L&C

Down? What?!? Are you out of your mind? The stock market has hit new highs in the Dow, S&P 500 and the Transports with new records on a daily occurrence. What experience do you have to justify such a statement?
Experience is the name so many people give to their mistakes.- Oscar Wilde
I will lay out some of the indicators that I use and then, some like the first response, the reasons why I could be wrong or very early in my call.
What I See
*The first thing that strikes me is the financial media misleading the public about this and past earning seasons. For instance, one really important company for technology is Applied Materials Inc.(AMAT). It not only reflects the health of technology companies, but also consumer electronics. The media gushed over the Pro-Forma earnings of .17cents a share last week, which beat the street estimate by .03cents. Oh, really? If you look at their company statement, the bottom line was an .11cents loss. This is not the only company which misleads by the phony Pro-Forma recipe and the financial media does this type of reporting with every signal company.  You either made money or you didn't. Pro-Forma should be outlawed along with other accounting tricks which are lying about the strength of a company and the economy as a whole. You cannot have excuses of one time charges like someone slipped on a banana peel and sued because it is what it is. Maybe, just maybe, investors will see this one time charge happening more than once and realize what a sloppy company this is and why would I put my money behind it.
*In Europe it was reported that car sales rose for the first time since 2011. Oh, really? The fact that car sales have shrunk every quarter since 2011 does not get mentioned and what happened is a low number beat another low number. This is the reality. Europe's economy has been contracting with .02 negative for the past quarter. In addition, each quarter adds a new country to the list that are in recession. Let me digress for one moment. If your neighbor loses their job, it is a recession. If you lose your job, then, it becomes a depression. Enough with euphemism for our economic situation. It is another example of misleading information, if you can really call it information. By the way Europe's second biggest economy, France, joins eight other nations that are suffering. The leader, Germany is also seeing a shrinking economy, but this is an election year and I'm sure there will be many spins about the strength of Europe's number one economic powerhouse.
*New York regional manufacturing shrunk 1.2% for the past month.
*Philadelphia region also declined in manufacturing.
*The nation as a whole had a decline of .05% for the past month.
*In the stock market loan margin amounts grew to $380billion which is only one billion off the record just before the crash in 2007.
*79% of reporting companies have given a warning on future revenues.
*Lastly, commodities started this rally and now, they are the first ones to breakdown. Oil is still high at $96 per barrel, but a long way down from its high of $147 a barrel. Gold is down from $1900 per ounce to now $1347 per ounce and the dollar has broken out in value to 84.35. Keep in mind the market hates a strong dollar and the decouple will happen again. At present both the market and the dollar are hitting new highs.
Contrary Indicators
a report by US Trust that analyses the Fed's policy to the economy says the experiment has helped heal and normalize the economy. Oh, really? Since when is an experiment considered normal? They are manipulating. They have driven down the savings on interest rates below inflation, however if you look closer you will see that rates are rising from 1.69% to 1.95% last week on ten year treasury notes.
*In Japan which saw its exchange explode over 15,000 last week adds with this tidbit. A girl rock group called Machikado Keiki sings about how high the market will rise.
*Barron's magazine had a bull bouncing on a pogo stick indicating the market to bounce higher.
*My favorite, the Super Bowl indicator. When an original NFL team wins the Super Bowl, the market rises that year. If a AFL team wins the Super Bowl, the market declines that year. Baltimore won and they are an expansion AFL team.
Why I'm Wrong
*There is a lot of money still on the sidelines.
*Don't fight the Fed with its easy money policy.
*Dow Theory is in place with both the Dow and Transports making new highs.
*The continuing strength in the housing sector. (I didn't mention this in my above indicators, but PMI will add one percent to new home purchases which I see stalling and then, dropping).
Companies are doing a legal technique to make their bottom line appear better than it is by buying back their stock. Too many companies use this system which I see as a negative because they are not investing in future product(R&D)or placing money in their pension funds to fulfill obligations to their workers.
Some people say that the Baltimore Ravens are really an NFL team called the Baltimore Colts which I believe are in Indiana. More misleading info.
Your Decision
I rest my case. I just want to say one more thing. Because I went on record with this call does not mean that the market will sink 200 points on Monday or any day next week. My ego is not that big or the effects of this blog. In fact there is a crazy stat that says the market has risen using average on Tuesday for over 177 straight times, but as I see it, the weekly totals will level, and then, fall to which the sequester will add to weekly unemployment even if it is only a one day furlough.
Liars and Crooks:This week the IRS scandal and the attack on the embassy in Libya were and will continue to be in the news. I have nothing against finding the truth in all things which in this case is more political of Republicans versus Democrats. I like to see Tom Cruse talk about the truth, especially with earnings season in the stock market and my all-time number one, End the Fed! 

Fed Printing=Loss of Financial Freedom...L&C

Everyone knows that central bankers around the world are debauching their currencies, seeking to gain an niche in the export market, but few see the real dangers that is happening beneath the radar. Take Japan for example. This week the $Yen fell in value to over 100 in exchange to the dollar. This is great for Sony, Toyota, et al. in the near-term, but the people of Japan will suffer over the long-term. The problem is inflation for the citizens and a possible bankruptcy for the government. At present Japan spends 21% of its revenues on interest for the nation's debt which is $11.2trillion, however the present printing policy adds another $455billion to it. This printing will mean that the value of Japan's debt will be twice the GDP($5.8t). They can print all they want, but who wants something that will have no value? The people of Japan will lose their financial freedom and this great island nation will be seeking global welfare.
Cypress
another island nation which is already seeking welfare from the ECB. However, I want to stress the real danger with these central banks controlling a nation's money. What did the citizens of Cypress do when they could not get access to their money? The bills do not go away. You will still owe the electric, rent or mortgage, food, energy, etc. Those people will add fees and charges to your bill if not received on time. They don't care about your access to your money problem. Capital controls was tested with success. Not only that, but the fact that the government stole depositor's money was also set in stone. This is what central banks want under the thinking of a One World Order with them in charge.
This is the way that they are executing this policy. Electronic accounting. The Fed does not have money in its vault. When you hear or read that the Fed is printing new money to buy Treasuries or bonds in the market place, do you picture a building with a row of printing presses going 24/7? Dear reader, this is a false image. Did you realize that 93% of all the money in circulation is just an electronic debit or credit? Does anyone pay a bill with a check? You hardly see dollars in exchange at the grocery and elsewhere. People like the convenience of credit cards. Money is disappearing and the Fed likes this result. The Millennial's make it easy for them to enact this change because young people grab on to technology changes. They do not look to the negative aspects like being frozen from the ATM, banks or other financial exchanges. They fail to realize that by going to a bank you get a receipt from the teller which gives someone employment and you have written prove of an exchange. Banks love the idea of ending branch banks, cutting labor and ultimately, charging for Internets service. Don't be a step in this plan. Demand bank service, use currency in retail exchanges and vote to End the Fed! Keep in mind that if another financial crisis appears as a cloud in your morning coffee, at least you will have cash(gold&silver is better)in the house to weather the storm until the banks reopen.
Liars and Crooks: this week goes to the lies of the banking industry that wants you to do your banking over the Internet. This week in the news the story of cyber criminals stealing over $45million were finally caught. Dear reader, hacking into banks is big money and only the control of the media in exposing more of these stories is why there is little discussion and because they want your money. Stealing by hacking is already higher in value than all the armed robberies ever committed. End the Fed!

A New Way To Massage The Results...L&C

Got to give it up for those bureaucrats at the Bureau of Economic Analysis(BEA), they found a new way to make the economy look better than it is. The massaging of facts is a specialty of governments everywhere. In fact, I can't wait to read what the Spanish government or the ECM will say is a new positive for that nation which has youth unemployment at over 56%. Anyway, back in the good ol' USA, the BEA says that "intangible assets" have been overlooked for too long. What, you ask is an intangible assets? It is money that is used under R&D to produce a new product. The BEA is looking at the movie/TV industry. They say when a company invests to develop a new show like Seinfeld and it becomes a big hit, well that R&D money is a intangible assets. Here is the lie in this report. The government is counting all the investment, however many more shows fail than succeed and thus, there are more real losses than gains. The loses will never be added to this figure only the gains. It gets worse. Let's say you are a people driver to a location from the studio. Now, the studio changes your job description to move props instead of people with the same pay. The government now says this salary is part of R&D and therefore it gets counted twice. Once under general wages for GDP and a second time because this driver is helping under R&D. I bet the Labor Department will like this aspect. Maybe they can say we grew at twice the expected labor rate.
Big Mac Index
ever hear of it? The Economic Magazine started this back in 1986. They follow the price of a Big Mac through the years because they too felt that the CPI figures were being massaged. From 1986 to present the index has risen 173%, while the government says inflation has risen only 110% since that time. My calculations work out to 6.4% average over that span by the magazine and using the CPI results, inflation averages a fraction over 4%. I went to the government site to double check the results and of course, the governments lower figures.
Don't Add Up
In the 27 years the government only shows that inflation was over 4% three times=1989,1990,and 1991. So, how could they get a 4% average when their yearly figures do not match their final conclusions? Bureaucratic Lies!...just like the new BEA addition to the GDP just like the new, but still not adopted chained social security index.
Liars and Crooks: must be a dynasty because central banks win again! It has been confirmed that central banks are buying equities from a survey by Central Banking Publication and Royal Bank of Scotland Group PLC to which 60 central banks responded. It found that 23% bought equities or plan to purchase them. From the Bank of Switzerland to Japan to Israel to Czech National bank, they all have at least 10% holdings of reserves. Do you know the difference between them printing paper to buy a piece of someones company and you? JAIL! You are a counterfeiter, and they by law, are legal.
Ben Bernanke once said gold was not money and although miners accumulate costs of up to $1100 per ounce of gold to find a mine, buy the equipment, gets permits, hire workers, mill the rock to actually get an ounce of gold. Compare that to Ben, who can legally buy by printing paper, but then again, he won't buy gold, it is not money. End the Fed! 

Bush Gets a Library?!****...L&C

In 331 Alexander the Great placed Ptolemy in charge of building a new city in Egypt after he conquered that nation with the main intention of developing a new library. Alexander recognized the achievements of the Middle East states and a East/West blending for knowledge would be ideal. The Library of Alexandria would be the best in the world until some small minds destroyed it. In the US, the Library of Congress in Washington is the world's largest library and it is a great source of information for our citizens. Last week in Dallas a new library was opened complete with a museum named and dedicated to George W. Bush. This reflects the current sad state of affairs in our country in my opinion. I will give you my reasons. If you still want to see it, well, this is still a free(somewhat)country.
*It took a Supreme Court ruling for Bush to(steal)win the presidential election in 2000.
*He was visiting an elementary grade school when agents informed him that the first plane hit the World Trade Center with two other unaccountable planes in the air. He froze like a deer in headlights. He could have said something to the children like being the president means a 24/52 job. Excused himself with a promise to return when things are better. Did he? Nope!
*He passed laws that weakened capital requirements for banks and we all know what 2008 bought.
*Katrina!
*He changed the Visa Immigration rules which allowed foreigners jobs over Americans.
*He gutted environmental rules, veterans' affairs and safety regulations.
*He passed the unfunded $550b prescription benefit plan to capture the senior vote for 2004 and still, there was a voting problem in Ohio which(can you believe lighting strikes twice)gave him the win.
*tax cuts for the rich which greatly expanded the national deficit
*lied about weapons of mass destruction to start a war with Iraq because as a president you have a legacy and to win a war means a good legacy. However, this mission had no real plan and it is still not accomplished irregardless of Obama claiming the war is over.
*stated that he would balance the budget by his second term. Didn't. He hid the cost of the two wars off the books. His deficits were off the charts until the democrats recaptured the office and reclaimed the throne of spend kings.
*Patriot Act, approved torture and so much more, but of course the next is top of the list.
*deficits don't matter! The mantra of his administration. Someday, we may lose our currency as the world's reserve because of his and Obama's recklessness. If that day comes, there will be many more homeless and more than the present 47 million who use food stamps. Maybe they will let you into his library?
This library was paid for by donations(kickbacks?). Can you believe this? This library expands government spending as it is placed under the Department of National Parks. I thought Republicans want to shrink government?
When President Bush left office, his favorable rating was 23%. Today, it is 46%. They didn't ask me. I gave him 3%. One for his help to African nations with the aids problem. The other two were immediately after the 9/11 disaster when he appeared in public at Ground Zero and at Yankee Stadium.
Presidents have to make tough decisions and Bush says his library will show that along with the bullhorn that he spoke through at Ground Zero. I feel that these presidential libraries should be used to remember when presidents made the right decisions. Can you hear me or do I need a bullhorn?
Liars and Crooks:This week I will make a prediction. I see the stock market having a strong correction. People will ask the president for action, but Congress is in gridlock. The president will do the dog and pony act of foreign affairs. He will look to enact TPP(Trans-Pacific Strategic Economic Partnership). This is a SECRET plan that all the affected nations will clamor to enact because like Cafta and Nafta, we will end up with the Shaft-Ya. The next schedule talks are in Lima,Peru from May 15 to the 24th, however that is too soon for the correction to have any effect. The president will bring this up at the end of summer, give or take time reference.

BOSTON: The Race to a POLICE STATE...L&C

My first reaction to the bombings in Boston was what is wrong with these people? Killing innocent people? What is wrong with the people in the Muslim religion that preach jihad, killing to make in their view, the world a better place? The only seed of change that you are breeding is hate, distrust and the powers-to-be in the US to increase budgets to fight any views which they feel threaten America.
I kept singing in my head the old 45 "...Boston, your my home." I love the guy in the Yankee organization who placed a Boston logo next to the Yankee logo on top of the stadium with the words: united we stand. That was then, this is now.
F.B.I. knew suspect
That's right! All the B.S. about social media and asking for the public help to capture the two suspects was a smoke screen. Why you ask? Because the Russian government tried to help ours by informing   our nation two years ago that the older brother, Tamerlan, could have terrorist leanings. The FBI checked him out. They said he was good to go. He would not be a problem. Ha! Because the first statement from law officials, including the FBI was that they did not know the suspects. Only now, when the truth surfaces, do they change their story to say, it was a forgotten report. No harm no foul. Are you kidding me! These people bring to mind three words: incompetent, incongruous and incredulous. In addition, a relative of the two says the FBI kept checking and watching the family ever since the first interview.
Two Stories
from the past to show that all these government agencies need to fire all the top people and replace them with the type of citizens who use common sense. People who do the right thing like first responders. They may not have the right kind of degree from the Ivy League, but their actions speak louder than words.
This first story takes place during the Cold War. The situation is this: the president is coming to town in his open convertible. He will parade through the streets heading to a meeting. Everyone is invited to see him. Now, your job is to protect the president from ding-dong's that are in our society. So, you check out the danger signals that could appear in this town: anyone with radical views, violent record and of course, all travel into and out of this area. There is one fellow. He renounced his citizenship to become a Russian Communist. He was in the military. He had been seen handing out aggressive propaganda, ordered a rifle through the mail and he works in a large building along the parade route. Did the FBI look into the danger of Lee Harvey Oswald? Did anyone from law enforcement in the city? Anyone from the federal government? NO!!!!! They should have fired all the bastards then and there!
The next story is recent. Our spy agency, NSA overheard some terrorist in Yemen on a cell phone saying that the day is close to make the US suffer. Not only did this call get heard, but others too. The culprits plan to go to America. They are followed by NSA all the way to San Diego where their jurisdiction ends on our soil. So, if you are the NSA worker who knows this, what do you do? Apparently, NOTHING!!!! They don't tell the FBI about these terrorist who eventually travel across the country and crash two planes into the World Trade Center. Fire the stupid bastards! We would not have had the two senseless wars not to mention the loss of life and national treasure.
Police State
Now, back to last week. Did you notice on the endless news reporting of the bombing how many police officers there were? Thousands. Not only that, they had assault weapons drawn, armored personnel carriers, helicopters(drones in future)even tanks to catch two men. On every street they instituted Marshall law without the authority to invoke such action. No one was allowed out of their homes for work, food, medicine, whatever. If you ventured out, you ended up in jail. This is the very definition of police state. And did the police find the two? No! The two felt the pressure. They were spotted by the MIT police officer. They panicked. They feared capture. Shot the poor man in a shoot-out. They hijacked a car in Watertown,Ma. However, the owner of the car left his cell phone in it and the police could trace the car to the exact spot. Probably where there was another shoot-out. The older brother dead and the younger on the run. Later, a home owner saw blood on his boat in the back yard. Called the police. It was over. Two squad cars could have solved this case, but in the crisis the government used the situation to see if they could effectively enact a police state. Now, they know they can. Be prepared for that and this.
Prediction: GRA
Obama just signs laws that people in his group says we need. They are not passed by Congress, but are executive acts like 13603 which says the government can enact regulations to prioritize and allocate resources. This means they can take all commodities and products being digested=your food.
GRA means Guaranteed Retirement Act. When we have the next financial crisis, the government has a plan to get out of it. They will go after private pensions. They already back pensions of companies that went out of business like Eastern Airlines. Now, they will set this program for all pensions just like social security. They will steal the estimated $19.5trillion to cover our national debt when this crisis arises. They will print new money to cover the money that they took to keep the status quo in order. However, this money will be less than was owed and it will be worth less in value.
Liars and Crooks:Goes to the federal government agency that inspects safety regulations in industry. This infamous award is shared by the state of Texas for the explosion in the fertilizer plant in West, Tx. This plant was last inspected in 1985. Can you believe how incompetent, incongruous, and incredulous this is? Off the chart. No excuse. Fire all the bastards!!!...oh, yeah, and End the Fed!   

Future Shock: We're In Budget Do-Do...L&C

This past week President Obama introduced his budget plan for 2014. The response was good and bad. The good news was he united both political parties. The bad was both parties are against it. I'd like to remind you, dear readers that the president has not gotten one budget passed into law for four years in a row which violates the constitution. He has no vision or plan and he has no idea what he is doing other than smile on TV. PS, in his budget he looks to repeal the sequester. He hopes this will garner support, however in another 60 days, the Republicans will realize that the economy is tanking and it will fall on the president and Democrats which will make the GOP happy even though we all will suffer economically, to which, I have a dream for a new third party of, from and for the people.
By the way I predicted last week that the president would render a plan to tap into Republican support for his budget by cutting payments in social security using the index idea for COLAs and he did. This is the same man who campaigned against Bush's Tax Plan and then, signed an extension of it into law. I say no more.
Future Shock
I spent the week looking over past federal budgets and one of the interesting things about the site is they give you both the estimates and actual results so you can compare results. Folks, it ain't pretty.
For example, President Obama estimated that revenues for 2010 would be $1469.8billion(that is one trillion four hundred sixty-nine billion dollars). The government actually took in $1374.5billion or roughly, they missed by $95billion. That is a BIG MISS! It gets worse.
Another line under the various debits was the debt on the national deficit. Again in 2010(I will use this year because the government site is two years behind). It was $348.8billion, however three years later, the first actual posted expense under this category is $224.8billion. There are first posts for later budgets, but these figures get changed due to errors and 2010 is set in stone.
Now, how can the budget of 2010 be $124billion less than 2013 when our nation added over $3trillion in new debts to the deficit? The Federal Reserve. They lowered interest rates which is the real reason why rates are so low. It is to help the federal government keep the losses to a minimum.
Howdy Do-Do Time
Dear reader, this is where the do-do begins its odor. Federal costs for government pensions is estimated to be $819.9billion for 2013. This is an expense that can only grow with time. If you consider the other new danger to the budget which rarely gets press, but even when it does, is not fully understood. It is disability payments which come from social security. Did you know that this cost is $135billion a year? Did you further know that the average age of the ex-worker receiving this income is only 53? When you hear the thought about raising the age of social security because people are living longer, well, we just added twelve more years to the new extended life cycle. Did you further realize that food stamps add another $74.6billion to the budget? Finally, the military gets 20% of the budget. If, by some miracle we were to return to a peaceful nation and say cut this in half, it would still be over $300billion. Then, of course, interest rates could rise and at some point, they will. This will cause the debt to rise due to the higher cost, however in this exercise, I won't. Also, I will use Obama's direct revenue estimate which is $2.100b for 2014. Folks, our nation never collected that much, but he has the something to say, this is how I see it. To make things straight forward, I only use the payment of 2010 so you can easily see that I am being too conservative in what I'm going to show you.
Add It Up
Keep in mind that I cut the military budget in half. I am not including social security, medicare or anything else that is included into the federal budget. This is it line-by-line.
348.8b for deficit.
819.9b for pensions
135b for disability
300b for military
   74.6b for food stamps.
Total=$1678.5b in this example. If, our government only receives what it thinks it will under direct taxes the figure is $2100b. This gives our government roughly $421b to play around with. Like I said we are in serious do-do.
Liars and Crooks:This week goes to Jerome Cahuzar, the ex-budget minister of France. It seems that Jerome's job was to check into tax evasion in France after they raised their taxes. In one sense he was the right man for the job. He was found to have stashed thousands of euros in Switzerland to avoid paying taxes.