Executive Global Summer 2022

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UK £10 Europe €12 USA $14 EGON VON GREYERZ Comments upon inflation recession and gold BOB COLEMAN Discusses the dilemma facing the markets HARRY DENT On central banks fighting cycles + REGENTTRAVIS On Renownedacquisitionsmergersstrategicandfinancial analyst Reggie Middleton discusses his revolutionary fintech patents and cryptography as the father of decentralised finance LEADERDEFITHE INSIDE FINANCE | LEGAL | FDI | TECHNOLOGY | STRATEGY | EXECUTIVE EDUCATION | HNW LIFESTYLE Productivity | Strategy | Profitability www.executive-global.com | Summer-Autumn 2022

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Precedents for global crises 22

Monetisation Is Inflation 32

Shannon Berkley explores why metal assets have been valued since Biblical times.

The DeFi Leader 24

A Haggai 2:8 economy 30

4 • Productivity, Strategy, Profitability CONTENTS SUMMER-AUTUMN 2022

Paul Lanois, Fieldfisher, delves into some of the details of cybersecurity and privacy law.

EDITOR-IN-CHIEF John Marshall HEAD OF PRODUCTION Peter Green EDITORIAL Thomas

Central banks fighting cycles 18

ART DIRECTION & DESIGN Stormcues Limited BUSINESS DEVELOPMENT Steve Williams, David Warmann, Jack Moore, David Goldwin, Mike Walsh COMMERCIAL DIRECTOR Luke Francis PHOTOGRAPHY James Drake, Sarah Dean, Rick Thompson Executive Global Magazine is published by: Stormcues Limited 405 Kings SW10ChelseaRoadLondon0BB Tel: +44(0)207 993 4782 www.executive-global.com ADVERTISING advertising@executive-global.com EDITORIAL editorial@executive-global.com The information in this publication has been obtained from sources the proprietors believe to be correct, however no legal liability can be accepted for any errors. No part of this magazine may be reproduced without the consent of the publisher. Executive Global is registered trademark ® of Stormcues Limited. Copyright ©

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FRONT COVER FEATURE

EXECUTIVE GLOBAL 24 32

Oliver Taylor explains inflation referencing a well-known quote from The Terminator series.

FINANCE Golden currency insurance 16 Egon Von Greyerz and Matthew Piepenburg, discuss macros, inflation, recession and YCC.

Executive Global’s bespoke series of interviews on Productivity, Strategy, and Profitability. We discuss mergers, acquisitions and valuations with Travis Regent, Co-Founder of Kalos LLP

LEGAL & ADVOCACY Data privacy and financial services 36

Thomas Hughes on the threat of bank bail-ins and preserving wealth outside of the banks.

Private wealth management Belize 40 Oliver Taylor on the Central American nation situated southeast of the Yucatan Peninsula. 30 Hughes, Rachel Smith, Oliver Taylor, Shannon Berkley, Vincenzo Morello, Cheryl Jones 2022 All Rights Reserved.

The markets dilemma 28

Our cover feature and CEO Profile on The DeFi Leader explores a revolution in fintech, disintermediation of legacy banking systems and brand new patents with Reggie Middleton, Founder and CEO of Veritaseum Capital STRATEGY Strategy, mergers and acquisitions 20

Bob Coleman, CEO, Idaho Armored Vaults, delivers his expert macroeconomic analysis.

One of the best places to retire 38 Abel Gomez, has been advising expats who want to retire or invest overseas for 17+ years.

Harry Dent returns to give his expert analysis of super bubbles and s-curve tech cycles.

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Strategy In Colorado luxury 70

AVIATION

Sustainability In Education 60

Luxury on the Outer Banks 72

Saint-Martin forms part of the Leeward Islands of the Caribbean Sea. Rachel Smith reports.

Rachel Smith reports on the progressive country between Russia, Azerbaijan, Armenia and Turkey. IBCs In Dominica 44

Increasing numbers of people are chartering private aircraft. Rachel Smith tells us more.

Angus Laing, Dean, University of Lancaster, on progressing the development of journal guides.

Ashley Cusack, SVP, BHHS EWM Realty discusses the $150 Million Arsht estate on Biscayne Bay. The best little city in Florida 68

Whether or Wither? 58

Miami's trusted luxury strategist 66

Flying By Private Jet 56

LUXURY LIFESTYLE

Business, Tax, Tourism In Georgia 42

Oliver Taylor examines ASI looking at parallels in fiction with crime thriller Person Of Interest

Help To Grow: Management 62

Sarasota offers the benefits of a big city with a small town feel. Premier Sotheby’s tells us more.

Thomas Hughes explores the mountainous island country in the Eastern Caribbean. Sint Maarten and Saint Martin 46

Andrew Main Wilson, CEO, AMBA, on if business schools have what it takes to move forward.

Chartering private Vs commercial 54

The $8,000 Processor 52

Oliver Taylor on the University of Winchester’s executive development programme.

We take a special look at this beautiful natural location off the coast of North Carolina. 42

CONTENTS SUMMER-AUTUMN 2022 FOREIGN DIRECT INVESTMENT

We look at Colorado luxury real estate with Maureen Evans and Eric Dahman.

The Dangers of ASI 50

My Corporate Jet, Inc, show us how executives can travel in style with maximum convenience.

7256 6 • Productivity, Strategy, Profitability EXECUTIVE GLOBAL

TECHNOLOGY Revenue growth and retention 48

John Turnham, CEO, Wallet, Inc, on software based reward and incentives solutions.

Thomas Hughes looks at AMD’s EPYC 7763, currently the world’s most expensive processor.

EXECUTIVE EDUCATION

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There can be no possibility of ‘rags to riches’ stories with the final outcome of an individual’s life being determined by the state! At this very moment, the notion of central bank digital currencies or ‘Social Credit Score’ systems that are complete anathema to the very freedoms and liberty we now enjoy, are eating away at liberty. They are all textbook communism in its most despotic form. These measures are components of the worst kind of coercion and economic entrapment, with the state seizing complete control of all capital, thus permanently and terminally throttling any opportunity, liberty, or free enterprise.

lthough extolling the virtues of capitalism over communism usually pigeonholes one (and alienates a large percentage of the audience), it’s hard to explain why exactly this is so. By every metric that is legitimate, valid, and impacts people’s lives, capitalism keeps trumping any other option Even communist China required capitalism to develop into the financial powerhouse it has become, a ha-ha fact socialists conveniently and ludicrously omit from their reality. While the excesses of capitalism have driven many nations to the discontent that spawned communist makeovers, every time those incidents occurred, it’s been due to poor stewardship and corrupt leadership rather than communism being somehow innately better. History doesn’t care about anyone’s emotions, and it is littered with the corpses of failed communist regimes, even looking only at the last century. The blunt facts make for grisly reading. If communism was a football club, it’d long ago have been relegated into obscurity Even though ‘it ain’t perfect’, free-market capitalism remains the best tool we have developed to lift people permanently out of poverty, thereby creating a middle class. Love it or hate it, capitalism is undeniably the reason human beings currently live better by any measure that counts, better by far than our forebears, and better than at any other time in history. We enjoy a higher quality of life, with a textbook of freedoms in a world of opportunities.

Editor’s Note

With the current favour surrounding socialism and, rather myopically, the communist regimes that have wrought such havoc on humanity over the last 100 years, a definite obsession with the ‘Build Back Better’ narrative is blossoming. It’s an old argument and usually a heated one, sometimes a deadly one, but the virtues of a raw capitalist system of society now beg revisiting.

There is a reason why millions of people flee communist countries for a better life in Western democratic nations. The fundamental respect for liberty and equality of opportunity is enshrined in law, rather than the fundamental negation of individual freedom. Humans don’t like communism, it seems, and it has always eventually been thrown off. Now that we’ve had a century or more to stand back and pick through the pieces, it’s obvious that communism always puts forth an idyllic narrative about everyone being treated fairly, and existential problems vanishing on the back of everyone’s obedience to the system. In reality, however, those in control of the system simply end up being the overseers and rulers of the masses, who all become equally enslaved, while the leaders exempt themselves from the very same limits and restrictions they place on widerWithsociety.history’s wonderful, benevolent examples like Mao, Trotsky, Lenin, Stalin, Pol Pot, and the 100+ million killed under their communist regimes, we really ought to implement a Capitalist Manifesto. It would be a direct repudiation of Marx and Engels’ philosophies- one that safeguards the liberty, prosperity and freedom we currently have and the ultimate strategy to protect individual sovereignty. EG

A Capitalist Manifesto

While Karl Marx’s Communist Manifesto called for a graduated income tax, centralised banking, and the elimination of private property, a genuinely free and prosperous nation conversely adhering to the tenets of a ‘Capitalist Manifesto’ give the lie to that architecture. Some components (central banks) seem to pop up no matter what system you’re in, but it’s high time a Capitalist Manifesto advocating for the diametric opposite of communist ideals laid bare the simple truths of the two alternatives Private property ownership, the eradication of central banks, limited government, and business ownership in the hands of individuals with limited regulation or state intervention are all good points to include in such a manifesto. Ultimately, equality of opportunity (and not equality of outcome) is the key that unlocks any nation’s middle class population.

E X ECUTIVE G LOB A L

John Marshall John Marshall Editor-in-Chief, Executive Global A

10 e x ecutive g lob a l • Productivity, Strategy, Profitability EDITOR NOTE Foreword

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NEGATIVE REAL RATES: THE NONREPORTED REALITY AND PLAN OF BROKE SOVEREIGNS With $23T of outstanding IOUs (i.e., US Treasuries) floating today, more Fed rate hikes only makes their interest expense more painful to pay. 30% of those UST will soon be repricing at 6.75% y/y higher rates, which will cost Uncle Sam an additional $460B+ in just interest expenses alone 1 year from now, a sum amounting to 12% of US tax receipts. This is not a sustainable (i.e., affordable) policy longer term. Given that US debt levels are far too high to endure the kind of meaningfully sustained rate hikes necessary to defeat inflation, what explains all the hawkish talk from the Eccles Building about using rate hikes to fight inflation?

MANAGEMENT AG

16 • Productivity, Strategy, Profitability FINANCE Matterhorn Asset Management AG

Our answer is simple: The Fed has no intention to fight inflation with rate hikes. Instead, it privately wants inflation to outpace rates, but just won’t report that openly or honestly. Despite public optics to the contrary, Powell’s real aim is to inflate away chunks of Uncle Sam’s $30T debt pile via a negative rate policy in which inflation rates (far closer to 18% under the 1980 CPI scale than the mis-reported 9% rate) are well above interest rates. Privately using a negative real rate policy (and then fudging the inflation data to publicly hide it), is one of the oldest tricks in the book for debt-strapped nations like the US to debase their currency as a means to paying down debts.

W ith global debt levels risings well past the $300T level in the backdrop of: 1) superficially hawkish central banks raising interest rates to unaffordable levels, 2) the US entering a recession, 3) EU nations flirting with increasing political fracturing and inflationary stress in the wake of 4) backfiring sanctions and 5) an ongoing war in Ukraine, suffice it to say that we have not seen such a precarious macro setting in decades.

DON’T BLAME INFLATION OR PUTIN OR A VIRUS As for inflation, it is now increasingly clear among many citizens and investors across the US and EU that the sanctions against Russia have largely backfired and only made an already bad inflationary situation that much worse. Energy costs sourced out or through the Ukraine have crippled consumers in the US in general and the profoundly Article by Egon Von Greyerz FOUNDER, MATTERHORN ASSET Article by Matthew Piepenberg COMMERCIAL DIRECTOR, MATTERHORN ASSET

As global markets and economies head into the final stretch of 2022, there’s much ground for concern as current inflationary pains/trends collide with a deflationary recession.

Ugly Macros: Inflation, Recession, YCC and Golden Currency Insurance

As for the headline-grabbing and “tough-oninflation” rate hikes of 2022, the Fed (like the ECB in July) has only been raising rates in 2022 so that they will have something—anything—to cut when the recession approaching them today becomes deeper and stronger tomorrow.

Photo: Steve Heap / Shutterstock.com

For now, the US Fed is claiming to fight 9.1% (and rising) year-over-year inflation with rate hikes allegedly reminiscent of the Volcker era. Toward this headline-making end, Powell recently raised the Fed Funds Rate to 2.50% in July. From where we sit, however, such rate hikes (6.75% y/y), even if they were to hit the Fed’s targeted 3.8% level in 2023, will have little to zero impact on actually combatting the 9%+ CPI inflation rate. In short, Powell is no Volcker 2.0, and knows all too well that with a US debt to GDP level of greater than 125% in 2022, he is no position to make the kind of inflation-killing rate hikes (1000 bps) which Volcker made in 1980 when US debt to GDP levels were at 31%.

THE BOGUS/FAILED WAR ON INFLATION

MANAGEMENT AG

RECESSIONS MAKE POLICY

Despite taking no public responsibility for the inflationary nightmare in which the West now finds itself, central bankers know that the only real tool left to combat the very inflation which grew from their own money printers will come from the dis-inflationary forces of a recession emanating from their own temporary yet current rate-hiking policies.Alas, since 2009, the central banks gave us inflation with a money printer and will now give us a recession with a 2022 rising rate policy. As debt costs rise on the wake of central bank policies, manufacturers are already feeling (and showing the pain) as the July ISM Index hits lows not seen since 2020. That’s why we foresee a near-term continuation of slowly rising rates, which will nudge upward until something breaks in the global market economy that is factually far too debt-soaked to endure such rate hike policies for much longer. And if you listen carefully, Powell has effectively confessed as much. After “hawkishly” raising the Fed Funds Rate by 75 bps in July, Powell took a more “dovish” tone the very same day at the press conference which followed. That is, he announced “concern” about “softening growth” (i.e., back-to-back quarters of declining GDP, aka a “recession”) and used classic “Fed speak” about making any future rate hikes more “data dependent.” To us, such language is another way of signalling an inevitable pivot from rising rates, to “pausing” rates, and then eventually, “cutting rates.” In short, we see an inevitable (though not imminent) “pivot” from current quantitative tightening to future quantitative easing once markets and economies begin to bend under the fuller weight of a recession which is now all but obvious.

Similar moves at YCC will be followed by the ECB. More mouse-click money, however, can only mean more currency debasement for the USD, euro, Yen etc. Gold, of course, shines brightest against falling currencies and rising recessions as an historical insurance policy against currencies already burning to the ground—some quickly like the Yen and others slowly like the USD. Fast or slow, West or East, however, the historically-confirmed end-game is the same for this precious metal. That is, it’s not that gold suddenly rises, it’s that currencies are openly failing. EG

RECESSION TO FIGHT INFLATION?

In other worlds, the Fed and the ECB will be forced to embark upon the same kind of currencycrushing and desperate Yield Curve Controls (YCC) now evident in Japan, whose Yen, debased by decades of extreme and dilutive money printing, has reached 50-year lows in 2022. Of course, the Yen is not the euro, nor is it the world reserve currency. But neither the euro nor the USD can escape the natural laws of money supply expansion (and debasement), which means they can’t escape a fate similar to the embarrassing Yen.

PREDICTABLE Recessions, moreover, can’t be overcome if rates are high or the currency is strong. For this reason, the eventual QT to QE pivot is all the more foreseeable given the increasingly undeniable reality of a painful recession already knocking on the doors of the US and EU. By extension, the only way to weaken the currency and fight a recession is to reduce, rather than hike rates. This is achieved first by 1) cutting the currently rising Fed Funds Rate (i.e., a “Pivot”), and then later, as demand for sovereign IOUs effectively tanks, by 2) breaking out the money printers to buy those unwanted IOUs with more mouse-click money to keep yields and hence interest rates capped/controlled.

energy-dependent EU in particular, who continue to see trending declines in Eurozone PMI’s. German dependance on Russian natural gas has made that country particularly vulnerable to rising energy costs. Despite the undeniable inflationary consequences of expanding the broad money supply by trillions in the last decade, central bankers and politicians in the US and Europe like to pretend that current inflation pains are the exclusive fault of a Russian bully or a global virus. Unfortunately, the real blame for the current inflation sickness belongs primarily to the disastrous monetary and fiscal policies coming out of DC and Brussels since circa 2008.

GOLD’S ROLE AND RISE

Summer-Autumn 2022 • 17 FINANCE Matterhorn Asset Management AG www.executive-global.com

The Fed, however, doesn’t like to see (or pay for) falling UST’s and hence rising UST yields, as rising yields create higher rates which, as argued above, make recessions worse rather than better. Again: The surest way to “cap” and “control” those rising UST yields and falling bond prices is for the Fed to print more magical fiat dollars to buy Uncle Sam’s own debt. Such artificial demand policies are the very definition of Yield Curve Control (YCC), which, to repeat, we see as largely inevitable as we head into 2023.

BOND PAIN OR GAIN AHEAD?

As for the deflationary (or at the very least, disinflationary) forces of a looming recession, this will mean slowing demand, falling Fed Fund Rates, a weakening USD and declining interest in both US stocks and bonds, which could send bond yields higher on the UST and other credit instruments.

For further information, please visit: www.goldswitzerland.com

Unfortunately, YCC costs money which Uncle Sam’s falling tax receipts and quarterly GDP declines simply can’t provide, which means the only option left is the most addictive and most familiar, namely: The Money Printer at the Eccles Building.

BESTSELLING AUTHOR & EDITOR, THE HS DENT FORECAST T he Big Bang in modern economics came when free market capitalism converged with democracy only in the late 1700s. The Industrial Revolution in the 1770s forward, starting with the steam engine which first brought powered machinery to automate the arduous physical labor that had driven most work, free us up to use our brains much more.

How does a simple battery create energy: through opposite positive and negative poles! What is capitalism but a system that allows and rewards people and businesses for new innovations. It allows them to create freely, but equally important, quickly weeds out the innovations that are not successful or that add real value. As George Gilder always says: “Failure” is the real secret to free market capitalism. Everything in life and evolution is this play of opposites: success and failure, light and dark, men and women, booms and busts, democrats and republicans, young and older people, rich and poor, tall and short, light and dark, waking and sleeping. Should we strive to eliminate sleep as it appears to be wasting productive time from our waking state? People who don’t sleep for just 3–4 nights quickly become dysfunctional, crazy people. A lot happens in sleep that isn’t obvious to us.

Central Banks Fighting Cycles: Sure You Want to do That?

Economics has devolved into such a sorry state that all we talk about on CNBC and the financial networks is: What is the Fed going to do next? Is the economy so shallow and impotent that it is all we have to talk about…or have we made it that by giving central banks so much power?

So why do economists see their primary task as to avoid recessions, when the economy actually slows down and does heavy repair and maintenance as we do in sleep every night? And most great innovations unquestionably come in downturns, not upturns!

Article By Harry S. Dent Jr.

BREAKTHROUGHS REQUIRE FAILURES

The first three years of most decades is where we are most likely to see major recessions/depressions: 1930-32, 1940-42, 1960-62, 1970-71, 1980-82, 1990-91 and 2000-02. The 1973-75 and 2008-09 recessions were the exceptions, not the rule. And who are these now all-powerful economists that head the central banks that now deemed to

What is funny to me is that people see these two breakthrough concepts as similar, it’s all about freedom. The truth is that they are the perfect representation of what drives all of life and evolution: The play of opposites. Democracy encourages broad participation and input by giving everyone an equal vote. Capitalism rewards those that contribute the most innovation and growth, and exponentially so. ''FAILURE'' IS THE REAL SECRET

Democracy had its big debut in the U.S. in 1776 forward with the Revolutionary War and its Constitution that followed, and now most modern wealthy countries are capitalist democracies, and massively more affluent than in the late 1700s. Little House on the Prairie? Nice TV show… but I’m not yearning to go back there!

18 • Productivity, Strategy, Profitability FINANCE Economy & Markets

Photo: S-F / Shutterstock.com

FIVE IMPORTANT STAGES

Summer-Autumn 2022 • 19 FINANCE Economy & Markets www.executive-global.com control the economy?

FOLLOW S-CURVE PATTERNS

I subsequently saw in my own economic research that the greatest technological and business innovations come out of recessions and depressions, not during booms when everyone is fat and happy. The last major set were in the 1930s and 40s- the era marked by the Great Depression and World War II: the atom bomb and nuclear energy, the jet engine, TV, the first computer (Eniac), and many more. Before that in the late 1800s “long depression” from 1873 – 1896: the combustion engine, automobiles, electricity, telephones, radio, and so on. What would modern day life be without these innovations and many more? Innovation thrives in times of challenge, not in good times of boom and easy growth! The challenging times create most of the new innovations, and the booming times make them easier to expand into the mainstream. If we had an economy with no recessions, we’d have an economy with little or no innovation. That’s another reason why top-down socialistic and communistic governments almost always under-perform. They get in the way of the “Invisible Hand” that the first great economist, Adam Smith so brilliantly conceived…you guessed it, in the lateHere’s1700s! the big insight: How much could our leading, and mostly “academic” economists understand about the powerful dynamics of free market capitalism if they think their number one job is to avoid recessions? As Jim Cramer would explain: “They know nothing!” And ask yourself this question if you think the secret to life is always succeeding? When did you learn the most? From your failures or your successes? Failure and success, just like booms and busts, and inflation and deflation, are the very powerful dynamic that drives free market capitalism and why it needs to be allowed to flourish with its own natural consequences without being overly managed by academic economists and politicians, who also often have deficits in real business experience.Letme bring the quickest, most summary insight here without turning this article into a book chapter. You can break down a new product or technology’s life cycle into five stages: invention, innovation, growth, maturity and decline. The most important of those are the three when the overwhelming amount of growth occurs on this S-Curve model: the innovation, growth and maturity stages. And 80% of that growth (10-90%) occurs in just the one growth stage from 10% to 90%, in one-third of the S-Curve adoption cycle, and one-fifth of the entire life cycle when you count the invention and decline stages. The 80/20 rule; wherein 80% of the results comes from 20% of the efforts, comes directly from the 5-stage product life cycle wherein the S-Curve adoption quickly proceeds from 10% to 90% in one stage, or 20% of the larger product or technology life cycle. So how important is catching that 10% to 90% explosion in adoption that happens so quickly. It is everything! When I walked into Firestone as that Bain & Company consultant. Radial tires had just captured 10% of the tire market and American executives still saw it as an inconsequential niche market. Michelin (France) and Bridgestone (Japan) were quickly threatening Firestone’s huge and mature bias tire business with fancy new radial tires that cost twice as much. Firestone saw this as a niche business that wouldn’t threaten that much and likely stay confined to about 10% of the market, 20% at most. Instead, they exploded from 10% to 90% in just seven more years as the S-Curve would dictate. Why? The secret was, despite being twice as expensive, they lasted more than twice as long and were “safer” as they didn’t blow out often. Hence, Michelin still has commercials with a picture of a baby sitting in its tire. It only took consumers 7 years to streak up the S-Curve from 10% to 90% buying radials. And, as with all new high-growth new products and technologies, they come down quickly in cost with high growth and expanding scale. Hence, they ultimately become less expensive and take over the old product entirely, or near entirely.

And can we stop letting academic central bankers interfere with the most successful wealth creation process ever innovated?! EG For further information, please www.economyandmarkets.comvisit: CAN BREAK DOWN A NEW PRODUCT OR TECHNOLOGY'S LIFE CYCLE INTO FIVE STAGES: INVENTION, INNOVATION, GROWTH, MATURITY AND DECLINE.

YOU

And S-Curves are always overlapping and replacing each other over time as this chart for Super Bubbles Every 90 Years shows from a very long view. It shows 45-year technology S-Curve cycles overlapping and forming more powerful 90year cycles of bubble economies every two cycles. If we at Bain & Company had not stumbled into Firestone when we did, they would not likely be in business today. By being just a few years late to catch this 7-year radial vs. bias acceleration they already lost share to Michelin and Bridgestone that would cause them to lose their dominant global leadership position along with Goodyear on the globalThescene.simple lesson here: learn to see and map your business and products on simple S-Curve and product life cycle patterns. I have found that you can estimate them effectively enough- even when you can’t find the perfect information to plot them.

Jerome Powell, Janet Yellen, Ben Bernanke, Alan Greenspan, Paul Volcker (the only good one from my view), and Mario Draghi in the Euro Zone. Have any of them have run a company, large or small, or started a new company that brought new growth to the economy? Most don’t even look like they’ve even had sex! I quickly learned in my early business consulting career that the greatest breakthroughs in business and changes in strategy come out of failures. I ended up being a turnaround manager in several new ventures when they got in trouble. I could make more changes in months than most managers could in years, but only after such failures forced them to wake up and change or die!

TR Statistics have been predicting a “wave” of business owners exiting their companies due to the ageing baby boomer population. Studies have predicted as many as 72% of Canadian entrepreneurs will be transitioning in the next 5 years. We believe this exodus has been delayed by the pandemic, with business owners hoping to show a return to ‘normal’ before selling. We expect middle-market activity to continue to be strong for the next 12-24 months.

TR In public markets, consolidation continues to be an important theme as management teams manage inflation, supply chain disruptions and labour shortage considerations. Joining together to acquire talent, vertically integrate and eliminate redundant costs is high on many businesses’ strategic agendas. This in turn helps maintain affordability for consumers. Equity markets have demonstrated volatility and valuations that can be more representative of sentiment than fundamentals. There is a growing trend of investors cycling out of public markets into the alternative investment class. There is a school of thought that privatisation allows for focus on long-term value creation and better control, via patient capital amongst a closely held group of shareholders, and is therefore the better investment. As this continues, the prevalence of private equities and mergers and acquisitions for investors will continue to increase.

EG As Chartered Business Valuators with over 150 valuation and modelling mandates under your belt, what are the most effective ways to value a business?

EG Why is due diligence so important in mergers and acquisitions today?

Strategic Mergers and Acquisitions

Our dedicated interview on Strategy with TRAVIS REGENT, Co-Founder at Kalos LLP, examines strategy, mergers, acquisitions, transaction valuations and corporate tax advisory, as Executive Global chart the rise of one of Canada's pre-eminent middle-market M&A specialists.

EG Tell us about the most challenging task you have ever accomplished pertaining to due diligence and structuring within M&A?

TR Cash is king when it comes to valuation. At the end of the day, as a valuator we need to understand the net present value of all future cash flows of a business or asset. The most effective way to value a business comes down to being able to interpret underlying trends in historical cash flows and accurately convert non-cash items into cash.

TR During COVID-19 we helped a company, that was near bankruptcy, purchase another business to improve its liquidity and balance sheet – ultimately saving our client’s business. We structured the deal such that the client did not have to put in any cash – majority financed through an equity roll, bank debt and vendor take back. In closing the transaction, we recapitalised the company and got them out of special loans.

TR We believe our success as trusted advisors is a reflection of our expertise combined with the level of care our team has when it comes to our clients. The common denominator of our professionals is that we all left senior positions at multi-billion-dollar organisations to challenge the status quo of what a financial professional firm looks like. Our mission is to provide the bench strength of a large international firm, with the service and agility of a boutique. EG

Interview with Travis Regent CO-FOUNDER, KALOS WWW.KALOSTRANSACTIONS.CALLP

EG How may entrepreneurs maximise profits before the sale of their business and what strategies would you deploy to assist with both pre and post-deal advisory?

For further information, please visit: www.kalostransactions.ca

20 • Productivity, Strategy, Profitability

EG What pertinent macroeconomic trends do you see impacting the world of mergers and acquisitions in the Canadian middle-market within the next 12-24 months?

EG With a successful track record of over 30 years of client advisory, what would you say is the secret to taking client deals and their companies to the next level?

EG How important of a role do mergers and acquisitions play within both the domestic and global marketplace?

TR Far too often entrepreneurs approach their exit with a lack of preparedness and leave millions of dollars on the table. In the Canadian market-place, a study has shown that 63% of business owners did not attempt to maximise profits in advance of a sale. First and foremost, entrepreneurs need to put their best foot forward when approaching the capital markets and that starts with a sell-side advisor, your own advocate. When dealing with deal multiples, every dollar or hundred dollars counts. Your diligence advisor can assist with preparing your financials, crafting your Company’s story, quality of earnings (battling the buyer for you to get you every additional dollar of sale price possible). Even for small companies, a $50-$60k financial diligence fee might generate you 6 or 7 figures of additional sales price. In addition, your advisor will prepare a robust dataroom, understand the process, appropriate share purchase agreement safeguards and advise on what a win looks like to you. Having the right advisors at the table and assembling the ‘A’ team will empower businesses to maximise their valuation. Give yourself time, try to start preparing 1-2 years in advance.

TR Companies and investors have recently lived through incredibly uncertain times. Since March 2020, business owners have grown accustomed to operating in volatility, with the last twelve months not bearing any resemblance to what the next twelve months will bring. In the wake of the pandemic, investors are struggling to decipher this noise when evaluating potential opportunities. In the face of continued unpredictability, in combination with investors’ increasing level of scrutiny, investors are more interested in understanding “sky is falling” scenarios. Now more than ever, due diligence is critical to deciphering the noise of 2020-2022 results and providing investors with confidence in deals and a clear path forward.

STRATEGY PRODUCTIVITY STRATEGY PROFITABILITY Kalos LLP

We middle-marketexpectactivitytocontinuetobestrongforthenext12-24months.

And yet, central banks continue to use this particular approach despite its evident inefficiency.

BANK DEPOSITORS ARE UNSECURED CREDITORS

It is no secret that the government takes legislative measures to recapitalise failing financial institutions. This is known as a ‘bank bail-in’, which involves making its shareholders and creditors bear the costs. For instance, the practice was implemented in the United States with the Dodd-Frank Wall Street Reform and Consumer Protection Act. In 2009, the Dodd-Frank bill was presented to Congress as a solution to the 2008 financial crisis. While the Dodd-Frank Act was heralded as the saving regulator of the economy, it has instead put an end to small banks, limited small businesses' borrowing power, and considerably slowed down the economy. In the UK, the Financial Services (Banking Reform) Act 2013 had a similar effect. It made substantial changes to UK financial services law, including granting Her Majesty's Treasury and the Prudential Regulation Authority the power to carry out the Independent Commission on Banking's recommendations regarding the ringfencing rules for the banking industry. Ultimately, the main takeaway here is that the effect of these laws is to officially declare depositors, (i.e. the bank's individual customers) as "unsecured creditors" of the banks in which they have accounts. Considering the aforementioned bank bail-ins, the issue in this situation is that an unsecured creditor is a person or organisation that lends money without receiving specific assets as security in return. If the bank, in this case - the borrower, fails to repay the loan, the creditor will be left with no protections and hence faces a much higher risk.

‘CYBERATTACKS’ AS PRECEDENT FOR COLLAPSE OF WORLD BANKING SYSTEMS

In the event that already-low interest rates prove to be ineffective, they would go down to zero, or even turn negative; and this is already underway in the United States, Europe, and Japan.

22 • Productivity, Strategy, Profitability FINANCE Retail Banking Bank Bail-Ins, Unsecured Creditors and Precedents For Global Crises

Increasing interest rates right now would hasten the economic collapse and cause many countries to declare bankruptcy. On the other hand, a decline in interest rates to negative numbers can and will, completely wreck the financial system; there will not be many people eager to take their wealth to the bank if they have to pay to keep it there, and individuals will recognise that it is preferable to have cash on hand. However, the issue is that banks do not nearly have enough money to cover all of their clients. The sobering fact to remember here, is that the whole financial system does not contain as much wealth as it claims on paper and online. The entire system would crash if there was a large-scale need for currency, therefore banks and governments naturally work to prevent it. However, because the implementation of negative interest rates is all but certain, getting rid of cash may just be their only option to prevent the system's collapse. Their solution is thus to ensure that the people's sole remaining alternative is to retain our money inside the banking system and use it to make payments, at our expense. This makes it quite evident that finding ways to preserve our wealth outside of the banks is now more important than ever.

Meanwhile, the pretext and excuses for the collapse of the world banking system are actively mounting up, preparing the population to accept the downfall of the current economy (and thus our funds held within it), not for its aforementioned unsustainable practices, but for such reasons as

H owever, what it did contribute to, is the creation of mind-boggling bubbles in a variety of markets and the astronomical growth in national debts.

So, the world's top central banks have held interest rates at or around zero in recent years...Unfortunately, this was never intended to help them achieve any real economic growth, nor a balanced inflation rate, thinks Thomas Hughes.

THE IMPORTANCE OF PRESERVING WEALTH OUTSIDE THE BANKING SYSTEM

Photo: Zach Holmes / Alamy Stock Photo

One sure way to keep your wealth safe outside of the banking system is gold. Gold has always been valued and people have acquired it for a myriad of reasons: to keep it, to hide it, to transport it to another nation, to pass it on as an inheritance, and so on. Gold is a safe haven for savings when all other forms of currency, physical or virtual, end up failing. It serves as protection against the risk of going bankrupt when the financial system collapses.

Summer-Autumn 2022 • 23 FINANCE Retail Banking www.executive-global.com

The central banks deliberately caused the last collapse, and are doing the same thing this time.

We have spoken about how institutions like the Federal Reserve and the European Central Bank have worked together to use interest rates as an instrument to burst the biggest financial speculative bubble yet. Meanwhile, the underlying cause of the current global economic crisis, is being concealed by blaming ‘other’ factors such as ‘cyberattacks’ or ‘energy prices'.

Indeed, do expect even more food and energy price inflation this year as a result of worldwide fertiliser shortages and skyrocketing natural gas prices, which are of course being put on the perfect scapegoat that is the conflict in Ukraine. Due to the European Union's deliberate decision to decline Russian oil supplies in the absence of a suitable replacement, and Germany pursuit of a "green" agenda by shutting down additional coal-fired facilities along with its last nuclear reactor, it is to be anticipated that this winter will see a substantial number of energy shortages across the eurozone and an increase in natural gas costs. In the midst of it all, one can easily forget that banks do not merely stash your money in a safeguarded vault. The majority of your money gets reinvested, and not necessarily in the best manner, so keep in mind that large banks only tend to hold onto about 10% of your accounts in actual currency. Technically, you run the risk of losing your wealth if all the fiscal mismanagement that central banks induce backfires, if Evergrande defaults spill over, and if the banks find themselves unable to return depositor money. Therefore, in order for individuals to continue transacting, living, and curbing the power of institutions like the WEF, the Bank of International Settlements, and other similar organisations, it is vital to have a limited amount of cash in the banks and most wealth outside of these institutions.

This year's date has been indefinitely postponed from July 8th, but Cyber Polygon 2022 will once again bring together the WEF, Interpol, and BI.ZONE to discuss digital resilience in the era of cloud computing. The last training simulation, called a "cyber pandemic," consisted of a simulated massive cyberattack on a company's supply chain to test real-time reaction to this threat.

SAFEGUARD YOUR WEALTH IN GOLD

Gold has maintained its value for millennia unlike other assets, including paper money. It is used by people to amass and protect wealth. Since it is non-corrosive, melts quickly, and shines more brilliantly than other precious metals, gold is a wonderful choice to serve as a token of one's belongings. Additionally, as gold also becomes more costly when life gets more expensive, it is a good method to hedge against inflation. There are two causes for this. First: the price of gold in any given currency increases as that currency's buying power declines. Second: when individuals see that their nation's currency is losing value, they sell it and switch to other trustworthy assets or immediately buy gold to save their investments. In times of unpredictability and volatility, gold retains value. A bank may not return a deposit. Money from a brokerage account might be stolen by a broker. But you do not face a counter-party risk if you purchase gold bullion. In other words, you cannot lose money because someone filed for bankruptcy and failed to repay you, as may happen with any other asset when the pending global financial collapse aims to strip people of all their wealth. EG

‘cyberattacks’, for example. In order to justify their avarice, we've seen institutions like the World Economic Forum (WEF) begin spreading warnings of ‘hackers’ that could bring down the whole banking system. Further reinforcing their narrative of blaming the imminent crash on ‘hackers’, the WEF and its allies staged a simulated worldwide cyberattack on July 9th, 2021, known as Cyber Polygon 2021.

A BANK MAY NOT RETURN A DEPOSIT. MONEY FROM A BROKERAGE ACCOUNT MIGHT BE STOLEN BY A BROKER. BUT YOU DO NOT FACE A COUNTER-PARTY RISK IF YOU PURCHASE GOLD...

RM Amazingly, few seem to realise the farce that is the central bank actually having material control of over natural market rates. Rates have already increased! Why? Because mother market says so. The 10 year Gilt rate has increased ~100%.

THELEADERDEFI

CEOPROFILE Reggie Middleton Founder & VeritaseumCEO,Capital

24 • Productivity, Strategy, Profitability

EG Canada’s controversial government overreach with broad sweeping, openended legislation, ostensibly aimed at penalising the Canadian truckers convoy, sets an ominous precedent which could later be utilised to target individual citizens who may not acquiesce to such Draconian measures in the future. With similar issues affecting the banking systems in Cyprus and Greece in the past, how could social credit-like state authoritarianism, steer people in the direction of decentralised (DeFi) and private finance (Pri-Fi) solutions in the future?

Our exclusive interview on The DeFi Leader with REGGIE MIDDLETON, financial analyst, entrepreneur, investor, and CEO of Veritaseum Capital, examines the potential of decentralised finance, the application of precious metals, and wealth creation through a new revolution in fintech. Executive Global called upon the champion of investment forecasting and progenitor of DeFi to discuss macroeconomics, central bank policy, his new patents, and disintermediation of legacy banking, as well as the implications for affluent institutional and private clients.

RM This is likely to be a byproduct of the Canadian, and to a greater extent, Russian, crises, The need to operate outside of the restrictive fiat environments have been made apparent to those who are outside of the core crypto industry. We have already seen this in the movement of crypto prices. Contrary to popular belief, crypto markets aren’t truly decentralised, for if they were you would not be able to see centralised pricing.

EG As a seasoned investor in residential real estate, having successfully called the 2008 housing crash and the collapse of Bear Stearns, what strategy would you deploy to mitigate against the impact of interest rate rises upon the market?

The US 10 year treasury is up about 40%. These are far from inconsequential spikes, and they have occurred despite rampant asset purchasing by both central banks. Farce! As for how to hedge against it, I would pile into tech and real asset growth opportunities, but be extremely wary not to overpay for them, since they will materially become cheaper as rates rise. As they get cheaper, if you choose wisely on a fundamental basis, you are buying future growth cheaply.

CEOPROFILE Reggie Middleton Founder & CEO, Veritaseum Capital

..I would pile into tech and real asset opportunities...growth Summer-Autumn 2022 • 25www.executive-global.com

EG What was the most significant thing you learned about making your first million dollars in 2000? And with this knowledge, how much easier did it become to make your second, third and fourth million dollars?

26 • Productivity, Strategy, Profitability

» PRODUCTIVITY Sleep is very important. Thinking is next on the list. Approach things from the perspective of what you don’t know. In a simple phrase, risk vs. reward. REGGIE MIDDLETON BORN New York, United States ALMA MATER Howard University EXPERIENCE 2021 Japan and US DeFi patents granted 2017 Launched VERI tokens and created VeADIR autonomous financial software

2007 Started the renowned BoomBustBlog.com 2000 Started distressed real estate investment business 1995 Created NuoMedia.com, essentially Google Docs 11 years before Google Docs

EG Many cryptocurrency investors like to focus on projects that offer utility. Explain how your platform may utilise precious metals, cryptocurrency and smart contracts as a true utilitarian vehicle for solving macro problems?

RM My younger self’s experience taught me: 1. Diversity in knowledge and skill is mandatory.

» PROFITABILITY

RM Own the infrastructure of those projects and industries that provide the utility to stablecoins and cryptocurrencies. By owning the infrastructure, you (by default) participate in any upside, and are insulated against downside unless the technology itself fails through implementation or obsolescence. Therefore, I have chosen to focus on the IP underpinning the industry.

RM The crux of our patented invention is the conditional transfer of value through a distributed ledger (i.e., blockchain) without the need for a middleman and little or no counterparty/ credit risk. Put in regular English, or layperson’s terms, this means…sending stuff that is worth something to others with the guarantee that they will get what was agreed upon, and doing so without the need for big brother or rent seeking middlemen or unnecessary go-betweens. Basically, this is the reincarnation of barter for the P2P, digital age. Further, the elimination of counter-party and credit risk is just a mouse click or touchscreen tap away. This is an evolution of money, commerce and human interaction. For particulars on how this is done, see my US patent com/patent/JP6813477B2/enenpatents.google.com/patent/US20170187535A1/https://andJapanesepatenthttps://patents.google.

EG With world central banks announcing they would allow unlimited QE, what would you suggest are some of the ‘surest ways to wealth creation’ using stablecoins, cryptocurrencies and precious metals today?

CEOPROFILE Reggie Middleton Founder & VeritaseumCEO,Capital

EG According to Lynette Zang, Chief Market Analyst at ITM Trading, ‘the financial system died in 2008.’ If the central banks continue to monetise debt (printing money), we encounter hyperinflation, but if they stop- we may have a deflationary depression.

EG As the Fed’s balance sheet growth exceeds $10 trillion in assets and concepts of centralised, programmable, Central Bank Digital Currencies are tolerated- even though they just represent more of the same kind of banking malfeasance that debt monetisation and negative interest rate policies did to cause our global economic crisis, what potential role would precious metals-backed cryptocurrencies play in restoring a new era of trust and stability, similar to the world before the events of the of Nixon shock of 1971?

RM That is much more of a statement than a question, but I will run with it since I don’t disagree. One correction, though…CBDCs won’t be more of the same, it will be more manipulable, leveraged, increase upon the same. I doubt very seriously that the established global leaders (governments) and their associated central banks will ever adopt precious metal-backed cryptos as legal tender. It is considerably too hard to debase, which is the entire purpose of leaving the gold standard to begin with. They may adopt PM-tokens as a step up to their accounting systems. As long as they work out the delivery issues, these PM-backed tokens would be the answer to much of their dilemma. I believe my firm was the first firm to sell programmable, deliverable, blockhain-based PM-backed tokens.

What actions would you advise Fed Chair Jerome Powell to take in order to save the U.S. dollar, what asset classes must be recalibrated, and why?

EG Tell us how your experience as a young finance entrepreneur in your twenties prepared you to succeed as a leader at the forefront of fintech today?

» STRATEGY

RM The most significant thing that I learned about making my first million dollars was that if made correctly, it’s the first million dollars that makes the second million dollars, and not me.

RECOMMENDATIONSEXECUTIVE

RM I look at the dollar differently than most. The dollars hegemony is powered by the militaristic, is an evolution of money, commerce and human interaction. particulars on how this is done, see my US patent.

2. Despite number point 1, no one knows everything, and only a fool operates as if they do. Thus, capable, knowledgeable, creative, outside of the box thinkers are necessary in order to succeed against a status quo designed to keep you subjugated to them.

The ascension to the capitalist class (those who subsist primarily from their capital) from the working class (those who subsist primarily from their labor, whether physical or intellectual) usually happens upon the realisation that stacking of capital should always come first and foremost.

2014 Filled DeFi patents 2013 Started Veritaseum, entered the crypto and blockchain space

CV

This

For

CEOPROFILE Reggie Middleton Founder & CEO, Veritaseum Capital

EG It would be fair to refer to you as The De-Fi Leader and the pre-eminent specialist in peer-to-peer capital markets. What excites you about the future of decentralised finance?

RM Quite frankly, what excites me is what is missed by practically every pundit and practitioner in the space. That is, the virtual elimination of money (or more aptly put, currency), itself (reference the macro value of our products and inventions above).

As most successful macro practitioners over time can attest, MISADA, or…Money is a Depreciating Asset! There will always be use cases for currency, but a very, very wide swath of value transactions (ironically enough, even currency transactions) can now be done without currencies as a middle layer, proxy or go between. EG For further information, please visit: www.veritaseum.com Summer-Autumn 2022 • 27www.executive-global.com

THE FATHER OF DEFI

» Predicted, the collapse of Bear Stearns, Lehman Bros, real estate crash, among many others.

economic, technological and geopolitical might of the US, and NOT by how little it has debased the dollar. Honestly, the reason WHY the US can abuse the dollar to the extent that it does is because of this might. There is nothing that can currently replace the dollar, hence expect abuse to run rampant.

REGGIEABOUT

Reggie Middleton is an American entrepreneur who is the acting CEO of Veritaseum and the finance and technology blog, Boom Bust Blog. For further information, please visit interact with Reggie Middleton directly via Twitter - @reggiemiddleton

MIDDLETON

» Granted foundational tech DeFi patents JP6813477B2 and US11196566.

» Created world’s first NFT-based tax credit tokens.

ACCOMPLISHMENTS

Reggie has advised tens of thousands of investors, traders, hedge funds, family offices and global banks. Mr. Middleton publicly predicted the fall of Bear Stearns, Lehman Brothers, GGP (2nd largest US retail REIT), and the European sovereign debt crisis amid nearly 100 successful macro and investment calls. Veritaseum has been the first to settle a peer-to-peer blockchain swap, the first to apply for patent protection for the capital markets application of the technology in every major financial jurisdiction, and has heralded the merits of blockchain-based assets since 2013.

RM We worked with the Jamaican Stock exchange, one of the largest stock exchanges in the Caribbean and had verbal and email agreements to work with one of the world’s top ten exchanges. I will list the prospective advantages, but in arbitrary order.

» Created world’s first, blockchain-based, redeemable gold-based token.

EG Tell us about the newly granted DeFi patents you were awarded by the Japanese and the U.S. Patent Offices for a trustless value transfer system, as well as opportunities for platforms that may not be utilising the full potential of this technology?

» Officially Patented DeFi.

» Invented decentralized finance (DeFi), created the world’s first, ZeroTrust P2P swap over the Bitcoin blockchain.

RM The patents represent foundational technology, basically the technology upon which entire industries are based upon. They cover the “conditional” transfer of value through a distributed ledger (not just a blockchain) using a decentralised currency. We pioneered this sophisticated value transfer at least 6 years before it was popularised by projects such as Uniswap, Compound and Aave, and envisioned (and patented) a much more robust and sophisticated toolset. While we are not involved in active development anymore, we are more than happy to provide these ideas, concepts and inventions to market participants who voluntarily license our patented technology. For example, we can include stable coin capabilities in the Bitcoin lighting network, without having to use stablecoins. This essentially raises the Lighting Network’s utility to a lever above that of Mastercard, Visa and American Express, near instantaneously.

EG You have been working with the Jamaica Stock Exchange more recently. What does your revolutionary intellectual property at Veritaseum enable for legacy banking systems, capital markets, financial institutions, brokers and traders?

» Created the VeADIR, world’s first autonomous smart contract driven investment vehicle.

The counter argument or perspective is that the Federal Reserve is willing to be tighter and more restrictive than many investors in the market believe. This is exemplified in numerous surveys and sentiment measures. The CFO Survey shows a collapsing degree of confidence about the US economy as well as their own company outlook.

Dilemma

The Federal Reserve has reduced their balance by $90 billion however the financial markets have seen as much as $9 Trillion in losses. To say the US markets have become a leveraged casino due to years of money printing is an understatement. The picture gets much tougher for the markets going into the fall. In addition to the newly passed Inflation Reduction Act that will add $700 billion in more spending, from mid-August through September, the US Treasury Borrowing Advisory Committee (TBAC) is forecasting the US Treasury will issue new Treasury debt of $108 Billion in August and $152 Billion in September. That will coincide with the Federal Reserve increasing Quantitative Tightening (QT) from $47.5 billion in balance sheet reduction or evaporation of money to $95 billion in September. Important to note that QT requires the US Treasury, to raise the cash to repay the Fed by selling new debt in the market. That will add to government bond supply, while subtracting cash from the market. This impact is known as “crowding out”. The government simply demands more money, starving financial markets of liquidity. This occurred in 2008 after the government bailout of $800 billion. This is where impact on asset prices which effects tax receipts begins to create a doom loop of more government borrowing. Eventually, the playbook is for central banks to begin easing again. In addition, government fiscal policy is used to stimulate the economy. This printing of money which allows for more debt creation simply leverages up a society to a greater degree.

U.S. MACROECONOMIC OUTLOOK

The markets are caught in an interesting dilemma. On one hand Central Banks have been forced to fight inflation and asset speculation by dialling down the wealth effect to tamper consumer demand.

28 • Productivity, Strategy, Profitability FINANCE Idaho Armored Vaults The Markets

Photo: 010110010101101 / Shutterstock.com

The worry over the US Economy has already surpassed the March 2020 lows and is headed toward the 2008 Crisis. The University of Michigan survey of consumer sentiment recently took out its lows from the original Volcker era in 1980. This is when consumers experienced gasoline rations and unemployment was on its way to double digit levels. To put some perspective as to how leveraged and sensitive the US economy is to these adjustments to Federal Reserve Policy let’s compare 1974 to today. In 1974 US Deficit was .39% of GDP and today it is 6-7%. In 1974, US debt to GDP was 31% and today it is 125%. Finally in 1974, Government Entitlement outlays were negligible, however today they are running at 70% of US tax receipts and growing 5-10% while tax receipts from inflated asset prices are beginning to fall. These government outlays are one reason for the structural US Government deficits we are seeing every year. As we have seen, the hikes in interest rates that have started since the beginning of 2022 have put enormous pressure on the US

O n the other hand, governments are relying on higher asset prices to provide higher tax receipts. In addition, 23% of the companies in the Russell 3000 are considered Zombie companies. These companies earn just enough money to continue operating and service their debt. Zombie companies have no excess capital to spur growth and are considered close to insolvency.

For one, both equities, fixed income, and real estate have seen downward price action. However, a more important difference between today and prior bear markets continues to be Federal Reserve monetary policy. During the previous 8 bear markets in the financial markets, the Federal Reserve responded with easy money every time (rate cuts, Quantitative Easing, etc.). This year they’re doing the opposite, hiking rates and starting to shrink their balance sheet. The last time we saw a hawkish Federal Reserve during a bear market was in the early 1980s under Paul Volcker.

Today, we are at an interesting crossroads. Continued downward pressure this year in many markets have made this bear market unlike others.

Article by Bob Coleman PRESIDENT, IDAHO ARMED VAULTS

“What is more important, a return on my money or a return of my money? As volatility and uncertainty continue, historically hard assets become a store of value. The last 2 years have seen high net worth individuals and families begin to accept physical precious metal coins and bars as an alternative to traditional paper investments. Concerns over various risks such as counterparty, systemic, currency, capital controls, and regulatory policy is addressing reasons why physical metals could be part of a diversified portfolio. Especially when one considers that Silver is cheaper today relative to the S&P 500 than it was in the early 1970’s. EG

For further information, please visit: www.goldsilvervault.com

PUT YOURSELF ON A GOLD STANDARD

FINANCE

This lends us to a conclusion that investor and consumer confidence which has been on a roller coaster the last 2 years will continue to be tested. We are facing challenges many have never seen or modelled for. However, one asset class has stood through declines in empires, world wars, depressions, poorly managed governments, market volatility, etc. This is the precious metals. The rich tradition and benefits of the periodic table provide few resources that do not rely on other’s promises to pay. As the price of the metals have declined recently, the market for physical silver has seen considerable pick up in demand. Investors are weighing the concerns mentioned above and have begun to ask themselves a very simple question.

THIS IS THE PRECIOUS METALS. THE RICH TRADITION AND BENEFITS OF THE PERIODIC TABLE PROVIDE FEW RESOURCES THAT DO NOT RELY ON OTHER'S PROMISES TO PAY.

UNCHARTERED TERRITORY If the US Dollar maintains global currency status, the need for dollars to meet trade and promote growth in global commerce is paramount. Unfortunately, for many countries who realise the power that this reserve currency wields, an old proverb comes to mind, fool me once, shame on you; fool me twice, shame on me. With that said countries around the world are beginning to transact between each other in their local currencies. Although, these transactions are not material yet, the trend is worth watching because the longer-term implications toward funding of US Government debts and US financial markets have much greater longer-term impacts.

Summer-Autumn 2022 • 29 Idaho Armored Vaults www.executive-global.com

Inflation in consumer goods, energy, and food added to concerns of consumer household distress for the bottom half of households. Delinquencies and defaults are rising at alarming rates on instalment payments from Amazon purchases to auto loans and direct lending to small businesses. Credit card spending on necessities has also exploded.Formany this is a confusing period to understand. The markets are wanting a deteriorating economy because it will signal to the Federal Reserve that a pause or pivot from monetary tightening will be more supportive of asset prices. This is the issue with central government influence on financial markets for 40 years. We have been conditioned like Pavlov’s dog to expect the Federal Reserve to bailout speculation, malfeasance, leverage, and indebtedness at the first sign of economic pain. If this sounds illogical welcome to the last 20 years of Unfortunately,finance. this conditioning is imbedded in fiat currency systems. Therefore, I continuously tell clients to put yourself on a gold standard. Global governments will resist this methodology because it limits their ability to spend endlessly. Ultimately, the markets will pull the printing press when confidence in the ability to repay those debts without devaluing the currency is lost. Currently the best performing asset is US Dollar. There have been many bright analysts

financial system. Tightening liquidity has seized up the High Yield market. Mortgage rates have more than doubled in less than a year, and home buying activity is collapsing with cancellations of sales contracts for new homes rising and price reductions increasing at an alarming rate. Although shortages of key components have hampered the automobile market, inventories of both new and used cars are beginning to increase and layoffs have begun. Auto repos have been accelerating which will continue to add pressure on car prices.

discussing the idea that earlier this year Treasury Secretary Yellen wanted a strong dollar for 2 reasons. The first was to promote inflows of capital to US Financial markets as the Federal Reserve began tightening monetary policy. This would allow a buffer of liquidity to support the US Capital Markets. However, this support would come at the expense of many other foreign markets and their respective currencies. This brought us to the second reason. Export inflation and chaos so our strong dollar counters the inflation we are seeing in the USA. Basically, the US Dollar was weaponised. Spiralling inflation in other countries creates instability for their economies whether friendly or adversarial to US interests. The Ukraine invasion along with other geopolitical events created a scenario where monetary policy alone could not fix rising supply issue constraints.

People tend to have favourite items in any newscast, which is why it’s possible for most to miss the unheard of calamities happening around the globe in eerily predictable fashion. Money is shrinking in value for almost everyone, and your digital gulag awaits in CBDCs, anyone interested in financial affairs might know. There is, however, a lot more to consider when we contemplate the potential for an engineered or inevitable collapse of fiat.Most people, probably because it’s easier to laugh at terror rather than react more genuinely to it, don’t yet understand what is happening to the legacy political models of countries (including the US), nor the very real need for people everywhere to build societies based on alternative, non-fiat, off-grid, commodity-based systems. Such societies would prioritise and trade items such as stored food, open-pollinated (heirloom) food plant seeds, clean water, livestock, and absolutely, gold andReturningsilver. again to Biblical times, the Book of Genesis (47:15) says quite emphatically that “when money failed in the land of Egypt, and in the land of Canaan, all the Egyptians came unto Joseph, and said, ‘Give us bread’ for the money faileth. And Joseph said, ‘Give your cattle; and I will give you for your cattle, if money fail.’” Joseph was prepared. He had stored up grain and boy didn’t it outshine cash when real issues came to a head! The wisdom of Joseph stockpiling grain allowed him to proactively offset the repercussions of a collapse of fiat money . He established a parallel barter economy, and saved thousands of souls because of it. Hyper inflationary collapses are nothing new. The biblical record shows that paper money has failed since the days of ancient Egypt. THAT THESE COUNTRIES ARE ALSO ADVISING THEIR CITIZENS TO ACTIVELY BUY GOLD TOO, IS THE SIREN WARNING OF AN ALARMING AND HUGE WEALTH TRANSFER.

It seems that ever since he’s been in charge, God Himself has considered gold and silver to be the ultimate form of monetary value, says Shannon Berkley.

LIVING IN INTERESTING TIMES Economics are terrifyingly interesting all over the globe right now, and there seems a deliberate effort to either slander or devalue fiat currencies, likely a grooming for wholesale adoption of central bank digital currencies (CBDCs). While the money masters are moving at a pace too slow for the average mainstream newsnik to spot, CBDCs have gone from an idea, to lots of newsy mentions, to reality. The Central Bank of the Bahamas has issued the Sand Dollar, and soon they’ll slip the rat traps into every country everywhere. For CBDCs to give their owners the level of complete control and power they can enable, fiat has to disappear. Suggesting that money will fail seems silly to a lot of people. “It’s ours, not so? So many people use it, we all use it! There’s no way fiat currency is going anywhere.” That is the understandable sentiment of those who have never researched money’s origins, nature, and modern manifestation. That so many never care to understand its origins and repercussions is extremely good news for central banks.The stoic Roman emperor Marcus Aurelius said something now famously immortalised for a whole new generation by Hannibal Lecter (Anthony Hopkins) in the movie Silence of The Lambs (1991): “Of each particular thing, ask:‘What is it in itself, in its own construction?’” It takes no more than a reading of the architecture of fractional reserve banking to understand the thing it is, and it’s now maturing into a monster fed by our own acquiescence. Diving into central banking architecture as a whole, also allows us to deeply regret that our forebears ever allowed such a skewed system to be sold as a credible solution. Our tolerance for the adoption of an unbacked fiat standard system in 1971 was a fall from grace. It was always a deeply disempowering move for the common man, and here we are today, living unaffordable lives with money we have no say in or control over. Already, here we are.

FINANCE Monetary Policy A Haggai 2:8 Economy

”The Silver is Mine, and the Gold is Mine, Saith the Lord of Hosts.’’

30 • Productivity, Strategy, Profitability

YOUR MONEY, YOUR FRIDGE, YOUR FUTURE - REBUILDING SOCIETY

T he above words of the Lord are taken from the Book of Haggai in the Tanakh (Hebrew Bible). Written around 520 BCE (before the Hebrews had rebuilt the temple), it’s an unambiguous claim by God to precious metal’s value. Owning silver and gold has ever been the luxury of kings. Its value, and our desire for gold in particular, is almost a part of human DNA. While it takes more than wealth to make a king, it’s certainly true that without silver and gold (and a whole lot more besides), we’re going to end up as serfs and nothing more. Possibly a lot less. Those who would be gods among us are indeed seeking all of the gold and silver, albeit more often a digitised version of it nowadays. Central banks and their billionaire lackeys crave the power that money gives. It’s the might and authority over others that God maintained in claiming precious metals as his own in the Book of Haggai, and it’s precisely that might and power that far lesser and more evil men today aspire to.

Diversification into precious metals is crucial today. Counter-intuitively, many analysts point out that gold plummets whenever investors treat it as a safe haven. That’s a somewhat limited view though, as beyond the trading arena, owning and storing gold should be done for eminently more practical and urgent reasons.

TECH WILL NOT SAVE US FROM ANYTHING. IT IS PART OF THE PROBLEM

The unhealthy attitude Western nations have displayed towards gold reserves, emptying their vaults, when Russia, China, and India continue to buy gold hand over fist, is a huge chicken waiting to come home to roost. That these countries are also advising their citizens to actively buy gold too, is the siren warning of an alarming and huge wealth transfer. Would you rather have zero control over your (CBDC) finances in a system that can inflict Stalinesque damage to your life, or be sitting on a box of gold mini bars under your bed? CBDCs are the wet dream of the sons of Mammon, backed by even less than fiat currency, which itself is backed by nothing. Precious metal ownership is a persistent wisdom. The wealthiest individuals and families have always retained gold throughout the ages. There is indeed such a long history of resurgences by the yellow metal, it doesn’t really bear debate. Gold has been increasing in value for thousands of years. No blue chip or any other commodity can boast such a legacy.What we need right now is a “Haggai 2:8” economy. An economy centred on gold and silver, where these metals are dramatically revalued upwards to back new units of currency, thus compensating for the sheer debasement of specie in circulation and the unsterilised debt monetisation since 2008. This is a far better solution for humanity, and it would lead to a genuine potential of prosperity for all.

Summer-Autumn 2022 • 31 FINANCE Monetary Policy www.executive-global.com

MONEY NEEDS TO RETURN TO BEING A MEANS OF BARTER BETWEEN PEOPLE

Gold has made frequent Hail Mary appearances throughout history, always the default, always the one currency everyone everywhere accepted. In contrast, CBDCs would be wholly digital, centralised, programmable, and backed by nothing.

The widespread implementation of CBDCs will give us a monetary reality far worse than the current fiat system we have now, obnoxious though it remains.Many are blinded by an uninformed haste towards the new cool tech, whatever it might be, but there is absolutely no rational or technical justification for allowing, much less adopting, the kind of dishonest, authoritarian, and (dangerously) programmable traits CBDCs will manifest. In fact, the head of the Bank of International Settlements (BIS), Augustus Carstens, has openly stated that CBDCs are designed to ‘give complete control to governments over the people’. He didn’t say anything about your wealth.

NOBODY SAYS ‘‘I DON’T TAKE GOLD’’

In the modern era, where entrepreneurial capitalism is frequently attacked, and individuals are threatened by nefarious suits that they will soon “own nothing and be happy,” we very much need to return to local barter. The food, water and precious metals of humanity are commodities that will always prove superior to any financial chicanery planned by central banks, those who wish to permanently digitise and centralise all banking, exploiting the hard-earned labour of the masses. Moreover, a connected community is almost impossible to successfully brutalise, and while we might poke fun at an imagined village economy scenario, it’s the only garlic able to quell the vampires among us.

The majority of people are fearful, but they’re not sure why. They cannot see the net approaching, yet the malevolent and worldwide agenda of globalists who would sit atop the pile is discernible in announcements from the WEF, IMF, BIS and the UN, as well as prolifically available via any committed internet search. That most don’t know how dark a future is being planned for the human cattle we are to become, doesn’t change the fact that hyperinflation is now looming, and not even a march across a desert will help us find alternative food, water and wealth sources this time around.

EG Photo: Mariusz Szczygiel / Shutterstock.com

Remember the Terminator movies…Where Skynet, the fictional neural network-based conscious hive-mind and artificial superintelligence system was deployed by military personnel to stabilise systems and eliminate problems, much like Central Banks claimed to supposedly maintain stability in the economy by resorting to zero interest rates, debt monetisation and other “unconventional fiscal policies”. Meanwhile, let’s not forget that after Skynet became self-aware, it turned out to be the very virus itself that ended up causing destruction for humanity, much in the same way Central Banks are currently causing economic chaos through hyperinflating currencies in an economy that cannibalises itself.

As a result, we are now seeing a massive surge in prices that could in turn destabilise (read: collapse) the global economy, even though a few years ago the banks were afraid of deflation. Following the 2007–2008 crisis, deflation, which was defined by a simultaneous decline in prices, wages, investment, and activity, threatened to send the European Union and the United States into a downward spiral. In an effort to control the fallout of their own mismanagement, the U.S. Federal Reserve and the European Central Bank didn’t hold back in trying every trick up their sleeves, particularly pouring massive amounts of liquidity into the global economy in the hopes of driving the prices up. If they succeeded, it was at one thing - collapsing the value of money, while in most countries, price indices are indeed experiencing historic increases.

Let’s start by defining a few key concepts that we mention here: inflation and debt monetisation.

Inflation is defined as the loss of money’s purchasing power, which results in a general and continuous rise in prices accompanied by a fall in interest rates. It is an ongoing phenomenon that, among other things, raises all prices and is accompanied by sectoral price variances. Since money is the primary unit of measurement, changes in its own worth cannot be observed directly; instead, they are evaluated in relation to changes in the prices consumers pay for comparable goods and services. Since inflation does not account for the variation in quantities bought in response to price changes, it must be separated from the rise in the cost of living.

Now, what about debt monetisation? The phrase is frequently used to describe many processes. The simplest definition of debt monetisation is that it happens when a government directly prints money for its own financial requirements as opposed to borrowing money or issuing debt on the market as it would usually do. By extension, the phrase is frequently used to refer to a Central Bank’s purchase of government debt for financing purposes. IT IS INTERESTING TO NOTE THAT DESPITE THE HYPERINFLATION CAUSED BY THE MUGABE DICTATORSHIP, ZIMBABWE IS STILL FORCED TO RETURN TO GOLD BULLION IN 2022...

Photo: AJ Pics / Alamy Stock Photo

Political leaders and bankers appear to be trying to patch a leaky pipe without the right tools, in the way they are currently dealing with the instability of the global economy, says Oliver Taylor. I t’s like in that famous ad, where Phil Swift slaps a piece of Flex Tape to seal a leaking hole in a water tank... except monetisation of debt in times of economic collapse isn’t quite as effective as Flex Tape. Neoliberal monetary policies, speculative asset bubbles, inflation, currency devaluation, the elimination of cash, and the transfer of all wealth into a digital system wholly governed by banks will not solve anything; they will only lead to new problems.

FINANCE Monetary Policy

From deflation to extreme inflation: how do you explain such a sudden contrast? Did they manage to dodge the dreaded deflation only to succumb to an even more ruinous inflation?

INFLATION AND DEBT MONETISATION

Monetisation Is Inflation: Skynet Is the Virus!

https://bmg-group.com/human-freedom-rests-on-gold-redeemable-money/32 • Productivity, Strategy, Profitability

The population needs tangible money to keep its autonomy, to make sure that central banks are unable to simply monetise our currencies into nothingness. If we give up all of our wealth to become little more than numbers on the screen of our banking app, on top of the fact that cash under the fiat system is already largely devoid of any actual value, we are actively giving up our individual freedoms to a system that has repeatedly shown itself to be unreliable. In essence, this would turn the world into a digital gulag. What better illustration of the relationship between money redeemable in gold and the precious commodity known as human liberty than the fact that one of the first actions taken by dictators like Lenin, Mussolini, and Hitler was to prohibit individual ownership of gold?

SKYNET IS THE VIRUS!

It is interesting to note that despite the hyperinflation caused by the Mugabe dictatorship, Zimbabwe is still forced to return to gold bullion in 2022; in an effort to restore some semblance of value to the Zimbabwean currency, the Central Bank of Zimbabwe has introduced gold coins.

This strategy has shown to be particularly alluring for a government in a fiat money system because it immediately improves its funding conditions without the need for structural modifications. However, this so-called “solution” can cause very serious inflationary problems if it is used in an unreasonable way. History has demonstrated time and time again that it doesn’t function: for example, Weimar Germany in the 1920s, or the recent Zimbabwean experience, just to name a few.

Following the Covid crisis, which resulted in an abrupt but inevitable collapse of our economy, the essential recuperation supported by the “morphine” of monetisation was meant to provide us with years of remarkable growth. Yet, now more than ever, we can see that this artificial structure is beginning to show signs of failure. Akin to natural phenomena, the unwavering law of economic cycles has not vanished - it is just that governments and central banks have tried to suppress it out of a desire to cover up their own shortcomings. It is the morphine itself (monetary and then fiscal policy) that has secreted a suffering much worse than the first one that it was supposed to solve: an out-of-control inflation that anaesthetizes the real impact of the post-Covid growth and progressively promises to make us fall back into a generalised slowdown. It is truly akin to The Terminator, with humanity deploying Skynet in an attempt to regulate its problems, just for it to backfire as Skynet becomes the biggest problem yet. We can trace our misfortune back to the crisis of 2007-2008. A deflationary spiral that slowed down activity was rekindled by the crash, in addition to the risk of a global financial collapse. After 2008, the ECB and the Fed have been using unconventional fiscal policies, such as the direct purchase of financial securities and debt monetisation. Although they were able to keep a semblance of the banking system staying afloat, they were incapable of truly rescuing the western economies from a much worse situation. And then, in the course of 2021, everything changed: inflation resumed its upward trend; however, the long-awaited phenomenon eventually proved to be a little too pronounced. The upward trend in inflation has thus been ongoing since March 2021. The dominating ideology that attempted to impose standards of “good management” on public action, or, in other words, economic steering of policy, has been shattered by the succession of major crises between 2007 and 2021. The fear of a global economic meltdown has since brought back the opposing principle: the political control of the economy. And if there is one thing that we have learned from the past, it is how quickly this situation may become really dangerous for the freedoms of people. There is now an urgent need to provide artificial life support for the rapidly dying global economy and, in the Eurozone, there is an even more pronounced dependency on ensuring the cohesion of a monetary bloc whose deep-seated dysfunctions have not gone away, even though they are currently being drowned out by the outpouring of money that is being pumped out by the European Central Bank. Alas, all of these methods merely serve to exacerbate the problem much further, for they focus on the symptom rather than the underlying cause. EG

Summer-Autumn 2022 • 33 FINANCE Monetary Policy www.executive-global.com

And a similar phenomenon is occurring in the western world today, except bolstered on an even grander scale because of new technologies. With banks pushing for the economy to “go digital”, they in fact provide no true solution to the deep systemic problems that plague the current economic system at its core.

DIGITAL GULAG OR GOLDEN FREEDOM

Warren Buffet’s father, U.S. Congressman Howard Buffett understood this concept back in 1948 when he wrote “Human Freedom Rests on Gold Redeemable Money’’, in which he emphasised the innate connection between sound money and freedom. He argued that without a currency backed by gold, people’s rights to liberty and property are entirely at the mercy of elected officials. According to Buffett, paper money systems tend to fail, leading to economic turmoil. He also claims that a gold standard would limit government expenditures and give individuals more control over the public budget.

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36 • Productivity, Strategy, Profitability LEGAL & ADVOCACY Fieldfisher LLP

PL Thank you for the kind words! I have had the privilege to have worked in a wide variety of locations throughout my career – in France, the United Kingdom, Luxembourg, Switzerland, Hong Kong and the United States. My international background enables me to better understand the various legal frameworks and complex legal requirements that businesses around the world face, including how to address such challenges from a global perspective. In addition, I believe that privacy law and cybersecurity work hand in hand – there is no real privacy without cybersecurity – so my background in these areas comes in handy.

EG What are the typical challenges that small and large companies alike, tend to face with cybersecurity and data privacy law?

PL We have seen an uptick in privacy enforcement action over the past year. Importantly, regulators are expanding the lens from an early focus on data breaches alone to challenging companies’ data practices (including their legal bases for processing data and disclosures surrounding their disclosures of data) and, notably, cross-border data transfers. As new technologies develop – such as AI – law makers are looking to introduce new legislation to cover these new areas, such as the EU Artificial Intelligence Act. We are also seeing regulators focusing on issues such as protecting children’s data, such as the California Age-Appropriate Design Code Act (which is inspired by the UK’s Age Appropriate Design Code).

PL Internal resources and budget are the typical challenges, particularly because an investment in this area is often seen as a cost which does not immediately translate into a profit, or even a reduction in the number of incidents. It’s not just about increasing the budget to buy technology to patch cybersecurity holes. Instead, it is crucial for companies to take a more strategic approach in how they spend their budgets to start to see a real uptick in their security posture. While cybersecurity is a cost center for most companies, not investing enough in this area can prove very costly if an incident does occur.

EG What pertinent trends do you see impacting the world of cybersecurity within the next 12-24 months?

PL Unfortunately, I think we will continue to see an increase in the number of cybersecurity attacks. For example, ransomware attacks – a type of malware designed to hold a victim’s information at ransom in order to extort something of monetary value from them – are becoming more and more common. The accelerated digitization of many organizations created new targets for ransomware attacks. Similarly, social engineering attacks like phishing are not new threats but have become more troubling amid a widespread remote workforce. The trend towards remote working is also accelerating the growth of mobile. At the end of the day, cybercriminals are constantly looking for new ways to target and cause harm to individuals and organizations, which means that cybersecurity must perpetually continue to evolve.

With more legislation following in the wake of the GDPR, such as the California Privacy Rights Act, the Utah Consumer Privacy Act, the Colorado Privacy Act and the Virginia Consumer Data Protection Act, more organisations are at risk of potentially huge penalties if they make information security slip-ups.

PL I think it all starts and ends with listening to our clients, because each client is unique and has unique needs. Understanding risks – and helping clients weather them – forms the core of my practice.

Cybersecurity, Data Privacy and Financial Services

EG As an internationally renowned speaker and authority in privacy matters at conferences worldwide, what can prospective clients look forward to when working with you?

Our special interview with PAUL LANOIS, profiles the European technology, privacy and cybersecurity professional admitted to the bar in California, New York, Washington D.C., and the Supreme Court of the United States (SCOTUS). Executive Global sit down with the high-flying lawyer and director in the Technology, Outsourcing and Privacy group at FieldFisher to gain a fundamental insight into all matters privacy related.

EG How did your experience as senior legal counsel of cross-border at Credit Suisse, deepen your insight into the world of digitalisation, privacy and technology law?

EG For further information, please visit: www.fieldfisher.com

This is why privacy professionals are critical to help businesses navigate these requirements. In addition, business partners expect privacy requirements to be addressed in contracts they enter into.

EG In our globalised world with companies needing to do business as a borderless enterprise, why is it critical to deploy an expert in cross-border privacy compliance?

PL In today's globalised world, companies are increasingly using data to drive their business.

EG You impressively steered Credit Suisse through complex legal issues, thoroughly improving upon their global compliance standards. How may your technical expertise in cybersecurity, data management and privacy law, prove to be extremely invaluable to new businesses in this modern digital age?

PL My experience on a broad range of new business initiatives and projects, including digital onboarding of clients and the launch of new mobile apps, has been particularly valuable to gain insight in technical and legal requirements in various locations.

Cross-border data flows are essential to ensure economic growth in the digital age, as businesses increasingly participate in global markets. At the same time, we are seeing an increase in the number of laws regulating privacy and data protection, particularly in the context of cross-border data transfers. For example, laws such as the European General Data Protection Regulation (GDPR) impose certain requirements where data is transferred outside the European Union, and penalties for non-compliance can be quite hefty.

EG As a recognised Fellow of Information Privacy (FIP) and Certified Information Privacy Manager (CIPM) what developments within the world of European, Canadian and US privacy legislation intrigue you the most?

Understanding risks - and helping my clients weather them - forms the core of my practice.

3. Sunshine climate, beaches, and two Oceans: Sun and pleasant temperatures all year round, two Oceans (Pacific and Atlantic) miles of beaches, and…the best - often all to yourself. Panama is one of the most unique places in the world, where you can wake up in the Pacific Ocean, have lunch in the mountains and get dinner on the Atlantic coast, all in one day. The climate in Panama is sunny, warm, and tropical, all year round. Even in the rainy season. Average temperatures lie between 29 and 32 degrees Celsius. In the higher regions, such as the highlands of Chiriqui province (Volcan, Cerro Punta, and Boquete), the climate is more humid, but the temperatures are much lower. In general, the Pacific coast is somewhat cooler than the Caribbean coast (Atlantic Ocean). The year is divided into the rainy and dry seasons. The rainy season usually lasts from April to December, but in recent years the dry season has been relatively strong and often lasted until May or June. Expect the heaviest rainfalls from September to October. However, the rainy season does not mean that it rains all day. Usually, there is a short, heavy rain shower in the afternoon, which brings a welcome, refreshing cooling.

Panama: One of The Best Places to Retire Overseas

1. Moving to Panama is easy: Panama makes it easy for ex-pats to obtain a residence permit. Whether for retirees or investors, there is a suitable immigration category for everyone.

4. US Dollar is the local currency: The official currency in Panama is the Balboa. The Balboa is linked to the U.S. dollar at a rate of 1:1. This means that in practice the Balboa is only in circulation in the form of coins. Everybody pays with US dollars. Panama is an international banking center, that offers attractive interest rates on savings accounts or time deposit accounts, and the ability to invest in US dollars as an alternative and diversification to the Euro.

Photo: Cavan-Images / Shutterstock.com

For over 17 years I have been advising and assisting ex-pats who want to retire, move or invest overseas, and I have also lived and worked in many countries myself. I know from personal experience how it feels to start from scratch, to live as a newcomer in a foreign country, and to know neither the culture, nor the language of the new host country.

5. Affordable investment opportunities: Foreign investors can easily purchase a plot of land or house as an investment property even as a tourist without a residence permit. There are many opportunities to invest in real estate, be it in Panama City as a dynamic and modern metropolis, or in the quiet and remote interior of Panama such as El Valle, Coronado, Pedasi, and Boquete (where by the way one of the most exclusive coffees in the world is produced - the Geisha coffee). Furthermore, Panama is a favourable place for investments in (organic) agriculture, as the soil is particularly fertile and the climate is growth-enhancing. In addition, there are various tax exemptions for (foreign) investors.

38 • Productivity, Strategy, Profitability LEGAL & ADVOCACY Gomez Tomiczek International Group

Article by Abel Gomez FOUNDING PARTNER, GOMEZ TOMICZEK INTERNATIONAL GROUP I f you are looking for a country to move to, then in my opinion it is not about finding the "perfect" paradise, but to choose a country that meets your wishes and needs. How these are shaped and what is important to you (or not) is a very individual decision, which, in addition to facts, is always a certain decision of the heart. Whether you are looking for a destination to move to, want to have a "Plan B" on hand, are interested in investing abroad, or want to spend your retirement in the sunny south. Many reasons speak for Panama and make it a unique destination:

PANAMA IS ABOVE ALL ONE THING: AUTHENTIC, OPEN AND WARM Let yourself be carried away by the joy of life, openness, and friendliness of the locals. It is easy to see why Panama is considered one of the happiest nations in the world. Panamanians like to strike up

2. Modern Infrastructure: Panama offers a variety of unique places to live in combination with the best infrastructure in the region, fast internet, and a good road network.

THE JUBILADO PENSIONADO VISA PROGRAM: SPECIAL RESIDENCY OPTION FOR RETIREES

Summer-Autumn 2022 • 39 LEGAL & ADVOCACY Gomez Tomiczek International Group www.executive-global.com a conversation with others, be it in the supermarket, at passport control at the airport, or in a café. Just try it out, even if you speak little or no Spanish your counterpart will always be eager to help you and make small talk.

This is also true when moving around in Panama, whether as a single traveler, with or without children; you can be sure that people are always friendly and helpful. When our daughter was born in Panama, we were often approached by strangers on the street or in stores who congratulated us and wished us luck. One time my wife was stopped by the police asking for her driver’s license. In the end, the official called over his other colleague just to have a look at the lovely baby in the back seat. And this happened more than once. I will never forget when at the passport control at the airport in Tocumen, an immigration officer held up our family (and the whole line waiting). We were just coming back from a trip to Europe, and of course, we were tired. While in line for passport control, suddenly the official in charge yelled “STOP! STOP! Stop, here!”. My wife and I looked at each other confused. What was wrong? Then the immigration official pointed to our daughter in her stroller. “Now look at this little princess! Everybody, look a the sweet little girl…”

In recent years, Panama has become a powerful regional hub. The country is much more developed than most visitors expect. As an international banking metropolis (US dollars) and logistics center, Panama also has several ports, the Tocumen International Airport as an important connectivity point of the region, as well as the Colon Free Trade Zone (among other special economic zones). All the services one could wish for are available.

Pensioners and retirees who receive a monthly pension or annuity from a state or private institution or company can apply for a permanent residence permit in Panama under the "Jubilado Pensionado” visa program.

The main requirement to qualify for this visa program is proof of a lifelong pension of at least $1,000 (or 1,250 for a married couple) a month.

HOW MUCH MONEY DOES IT TAKE TO LIVE IN PANAMA? Before answering this question there are several important factors to consider: It depends on the location, your standard of living in Panama, and if you need to pay rent. Or as an American client once told me: "Location is everything". The rural areas with their small towns will be much cheaper than the exclusive areas in Panama City or popular ex-pat towns. For example, the rental of a twobedroom apartment/house in Boquete can cost between $800-$1,500 (“American standard”), whereas renting a property in Dolega, Bugaba or David may cost $180-$800 per month. Aside from the cost of housing (whether renting or buying), one must take into account one's tastes and preferences. If you prefer local food, enjoy participating in free activities like the locals, and do not require private health care or insuranceyour living costs will be much lower. To obtain permanent residency in Panama under the "Jubilado Pensionado" Visa in Panama, the legislator asks for a minimum monthly pension of $1,000 (single person) and $1,250 for a married couple. Generally speaking, the average cost of living in Panama (for a couple) lies between $1,250-$3,000 a month.

In the case of a married couple where both partners receive a monthly pension, the joint monthly income can be used. In this case, the necessary proof and documents must be provided for both Therepensioners.isNOlegal minimum or maximum age to qualify for this migration program.

If the applicant buys real estate in his name in Panama with a cadastral value exceeding $100,000, the required monthly pension is reduced to $750 (or $1,000 for a married couple) a month.

The pension does not necessarily have to be paid out by a state institution. To qualify for the "Jubilado Pensionado" program, the applicant may also submit a private pension plan, paid out by a bank, an insurance company, or a similar institution. However, the private company must be specialized in the payment and administration of pension funds, a private company pension will not be accepted by the National Migration Service of Panama.

Last but not least, one of the best advantages for retirees in Panama is the Jubilado discount program which is one of the best discount programs for retirees worldwide: It includes discounts on restaurants, hotels, theatres, cinemas, airline tickets, medical services, and much more. EG For further information, please visit: www.gomitom.com

THE MAIN REQUIREMENT TO QUALIFY FOR THIS VISA PROGRAM IS PROOF OF A LIFELONG PENSION OF AT LEAST $1,000 (OR $1,250 FOR A MARRIED COUPLE) A MONTH.

F ormerly a British colony, English common law serves as the foundation for Belizean laws, which reinforces the region’s status as a reputable offshore jurisdiction. The mainstays of Belize’s economy have traditionally been tourism, fishing, shrimp farming, and logging. However, in recent decades, the rise of the offshore sector has led to a number of developments in its economy, including the registration of offshore corporations, banks, trusts and other financial services. Belize’s professional infrastructure is especially advanced, and it is highly regarded for its effectiveness, affordability, and clarity of law.

Photo: Aleksandar Todorovic / Shutterstock.com

That is to say, trusts in Belize do not pay any taxes. The trust and all of its assets are completely free from corporation and income tax, gift and estate tax, excise tax, and capital gains tax. Do take note though: the trust must be registered in Belize, otherwise, the trust will not be recognised nor protected from international investigation by Belizean law. Fortunately, the registration details in this instance are kept private and the signup process is quite easy. EG

CLARITYAFFORDABILITY,FORANDESPECIALLYINFRASTRUCTUREPROFESSIONALISADVANCED,ITISHIGHLYREGARDEDITSEFFECTIVENESS,ANDOFLAW.

BELIZE'S

PROTECT YOUR ASSETS WITH A TRUST IN BELIZE When it comes to asset protection, a trust is one of the most widely used tools in investment. In Belize, High Net Worth Individuals have the exclusive option to protect their wealth for future generations, thanks to the Belizean legal system, which makes sure that a trust opened in Belize can become a most dependable guardian for family offices and private fortunes. It happens to be one of the best places for this because of the high level of asset protection, opportunities for tax optimisation, reliability, and prices. Belize is also one of the few countries in the world where the laws are designed to support the investors’ interests before the government’s. Here’s why an international trust in Belize is a sound way of protecting your assets. For starters, no international government has the authority to pursue your assets in a Belizean trust. This means that if you file for bankruptcy or have your local assets frozen, the assets held in the trust will not be taken away from you, since you do not own them on paper in your local jurisdiction. Assigned to the name of a trustee, they cannot be seized.

Of course, you get to define precisely who will inherit your assets and you can also distribute them, in absolute privacy and only under specific circumstances or to certain individuals, according to your needs. Additionally, you will enjoy significant tax advantages as part of the jurisdiction, which will naturally result in important savings.

Trust Legislation, Asset Protection & Private Wealth Management Belize

Belize is a Central American nation situated southeast of the Yucatan Peninsula. It shares borders with Mexico to the north, Guatemala to the south and west, Honduras’ Gulf to the southeast, and the Caribbean Sea to the east, reports Oliver Taylor.

40 • Productivity, Strategy, Profitability LEGAL & ADVOCACY Belize Legislation

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Georgia has long been a transportation node, conveniently linking trade routes between East and West. Legislation governing business has largely been enacted to preserve this status. Sometimes pro-business destinations offer a great deal, but company owners are still caught in double taxation arrangements back home.

Georgia, however, has signed over 56 double taxation avoidance treaties with many different countries, and the country has done a deep dive on possible taxation issues in order to present a genuinely enabling environment to companies establishing themselves there for the long term.

Much positive opinion can be found online about Georgia’s commercial savvy. Companies take only a few hours to register, and the process involves comparatively little paperwork with only a brief visit to the registration offices in Tbilisi. Indeed, even Power of Attorney company registration glides through as swiftly, and Georgia is rated second only to New Zealand for ease of company registration.Thereisno starting capital requirement for companies, and also no restrictions on foreigners owning companies. There are no restrictions on the nature of directors either. There can be a single director, foreign or resident; there can be multiple directors made up of any mix of the two, and a foreign legal entity is perfectly entitled to own a company in Georgia without any obligatory local inclusion.

N estling against the Black Sea, Georgia is well known for its seaside holiday resorts, but the country deserves greater recognition by business and high net worth individuals for other reasons besides surf and sand. It’s in fact surprising how many remain unaware that Georgia and the capital Tbilisi in particular, is a very favourable destination for business, particularly those businesses serving the EU. Long established as “Europe’s most bohemian city” (according to National Geographic and others), Georgia’s cool attitude towards life stems from its long and highly detailed history over the centuries.

The country also has a seasoned facilitation fraternity — private consultants who will perform company registration, bank account opening, and any other administrative task quickly and smoothly. Although not essential, they can prove very useful when trying to grasp the details in the numerous double taxation treaties Georgia has signed with so many other countries. Personal income tax is capped at 20%, although income from any foreign source of any form lands tax-free in Georgia. Georgia runs on the so-called Estonian CIT model of taxation, which means that 15% tax is paid by companies only when profit is distributed, with companies otherwise running largely tax-free. If a transaction presents as an actual distribution of profit (although masked Photo: lovelypeace / Shutterstock.com

THE LOWDOWN ON GEORGIA BUSINESS

Business, Taxation and Tourism in Georgia

More than just cosmopolitan, Georgia has made a concerted effort to be an inviting and user-friendly business portal. Particularly IT companies and small business startups will find a highly enabling environment in Georgia.

Although it might seem trivial to some, the fact that a foreigner who is also a shareholder in a Georgian company can serve as director of the company is a win for many companies looking to relocate with their architecture intact. When married with a maximum 20% corporate tax (although it’s typically much lower), it really is surprising that more European businesses remain unaware of what Georgia offers. Foreign companies looking for a centralised European locale to establish trade within the EU and beyond, will find Georgia to be a truly welcoming state.

Georgia, the small but progressive country sandwiched between Russia, Azerbaijan, Armenia and Turkey, is often called “Tbilisi Georgia” too. Tbilisi is in fact the capital city (the name means “warm place”), although it remains a modern quirk that many still say “Tbilisi Georgia” when referring to the country, says Rachel Smith.

42 • Productivity, Strategy, Profitability FDI & INWARD INVESTMENT Georgia FDI

Power of Attorney companies — where the owner commissions someone within Georgia to establish the company — fly through registration without any hitch, enabling remote company registration from anywhere in the world. Georgia has made a meal of building detailed legislative architecture to enable not only Free Industrial Zones, but also identifying Virtual Zone persons, and affording international finance companies and tourism ventures special dispensations to enable local business.

TAXATION IN GEORGIA

Zero percent tax is hard to beat, and that’s what many companies enjoy when operating in Georgia’s Free Zones. The zones enjoy special tax structures and other legislation, and many activities within Free Zones attract 0% taxation. IT companies will pay just 5% tax, small businesses pay a negligible 1% tax, and many companies employing sea freight pay only 5% as well. As a general principle anywhere in Georgia, even regular LLC companies don’t pay tax unless they are periodically distributing dividends.

ESTABLISHING A TRUST IN GEORGIA Trusts in Georgia typically take the form of living trusts, where a grantor nominates a local person or company to act as trustee for the purposes of the beneficiary, the person or persons who will inherit the assets contained in the trust. Nonmaterial property, or parts of or whole properties can be secured in this way, and although an irrevocable trust can also be established, living trusts seem to be the national flavour. Another key benefit to the grantor of a living trust is the ability to protect themselves against acrimonious separations by altering its conditions years down the line. There is no inheritance tax in Georgia, and a living trust in Georgia is frequently listed as an “offshore trust” vehicle by investment firms. It’s a vehicle that will allow a person to transfer assets into the trust while still being able to use them, until they pass on to their beneficiaries afterIRAsdeath.and 401(k)s cannot form part of a Georgian trust, but movable or immovable property can, as well as any less tangible assets of value. For purposes of estate planning, a Georgian trust is simple and unambiguous. Because perhaps a prime motivator of any trust creation is the desire to shield assets from undue taxation or other liabilities, thus optimising the inheritance passed on, reassurance or sentiment plays a huge role when deciding exactly how to go about it.

TOURISM AND FUTURE PROSPECTS IN GEORGIA

Of note is that there is no specific Capital Gains Tax in Georgia — capital gains are only taxed as per the CIT framework at a rate of 15% when profit is distributed.

There are some tax subtleties in Georgia, such as the fact that a non-resident natural person renting a property that is used for non-living purposes has a 20% withholding tax liability. By and large, however, Georgia is quite remarkable in its tax structure considering it’s within the eurozone. Although not a member of the EU, the country has been elevated to eligible status in 2022 by the European Commission, pending certain conditions beingBeingmet.something of a gateway between East and West, the country will have to dance between the EU and the Eurasian Economic Union, a collective of former Soviet states. Georgia holds all the cards, however, and rather than coming to the commission’s door cap in hand, Georgia can expect to be seen as a key asset in any such union of states.Theother relevant taxation details pertinent to life in Georgia involve a 5% tax payable on dividends received. Royalties and interest payments are also taxed at the same low rate of 5%. There is VAT levied in Georgia too, at a rate of 18%, and it applies to all goods and services within the territory of Georgia. If you trade goods or services in the country, regardless of origin or nationality, VAT is applicable.

Georgia enjoys a very stable political environment, its economy is blossoming, and the country’s capital-friendly policies seem just the sauce for the dish they’re making. As a statistic, a great many entrepreneurs and other foreign nationals have become resident in Georgia over the last decade or two. The World Bank ranks Georgia as the 24th best place to do business, which outranks Switzerland and other countries that might appear to be more attractive at first glance. It gets better, as Georgia is also ranked 6th among the best places in the world to start a business.Thelast two decades have seen the Georgian state carefully craft a legislative framework that is very pro-business, very laissez-faire on tax, and thus highly enabling. It’s a beautiful country with Tbilisi itself a relative haven for all manner of tourists each Georgia’syear.location and its lean towards the Asian subcontinent belies the fact that it has a largely European culture, due in large part to the rather liberal business environment maintained at state level. For purposes of establishing a business or running one profitably, Georgia is a European locale hard to beat. EG

In Georgia’s favour is a very relaxed legislative framework that clearly keeps taxation low and government interference in private money matters to a minimum.

Summer-Autumn 2022 • 43 FDI & INWARD INVESTMENT Georgia FDI

www.executive-global.com as a conventional business transaction), it can be deemed a taxable distribution or dividend. With that said, were a company to reinvest the profit dividend again, zero CIT tax is applicable.

MORE GEORGIAN TAXATION DETAILS

OF NOTE IS THAT THERE IS NO SPECIFIC CAPITAL GAINS TAX IN GEORGIA - CAPITAL GAINS ARE ONLY TAXED AS PER THE CIT FRAMEWORK AT A RATE OF 15% WHEN PROFIT IS DISTRIBUTED.

44 •

BENEFITS OF A DOMINICAN IBC A Dominican IBC comes with the following benefits:▶AnIBC can be 100% foreign owned.

International CorporationsBusiness in Dominica

▶ No tax: Dominica offers a 20-year tax break after incorporation. US residents and other foreigners who are citizens of a country that taxes its citizens’ global income will need to resolve their homeland obligations.

▶ Furthermore, local laws make it illegal to divulge IBC details without a recognised court order or authority to do so.

▶ A single director is acceptable, and the minimum amount required as share capital is only $100.

WHAT IS A DOMINICAN IBC? The rules and regulations governing a Dominican offshore company are very laissezfaire, although perfectly inoffensive to other jurisdictions. Indeed, just as countries like Belize change their corporate laws so as not to fall foul of global transparency initiatives like the Common Reporting Standard (CRS) and the US version — FATCA, Dominica has essentially pulled a rabbit out of the hat. The legislation governing the establishment and operation of a company in Dominica is very favourable and also includes solid privacy laws. There is a quick, streamlined process for setting up an International Business Company (IBC) in Dominica. Unlike almost all other offshore destinations, Dominica will even grant an offshore banking licence, as the government has made it plain that it’s keen to develop the island’s financial sector.An IBC in any offshore jurisdiction is typically a legal entity, duly incorporated under specific legislation, which is largely free of local taxation. Dominica, while poring over the international treaties and double taxation arrangements that now form part of government business everywhere, has gone one better.

FDI & INWARD INVESTMENT International Business Corporations

▶ There is no auditing requirement for a Dominican IBC. ▶ IBCs can be set up in a single day, and there are no meeting or reporting obligations upon shareholders.

E co-tourism has been a prime focus of the Dominican government over the last few years, as the climate is tropical, the scenery beautiful, and the country is situated amid a string of cosmopolitan Caribbean islands. What few people know, however, is that alongside promoting the obvious beauty of the island as a getaway, the Dominican authorities have designed a very current and legitimately welcoming offshore framework to attract capital. While the Dominican economy was once heavily dependent on agricultural income, it has now diversified to include a host of industrial concerns, geothermal energy production, and the very appealing offshore investment sector. Although Dominica’s star is currently rising, it’s more the culmination of two decades of the government building legislative architecture that establishes unambiguous incentives for investors.

Situated in the Eastern Caribbean, the mountainous island country of Dominica is emerging as a tax haven with a lot to offer. A great many high net worth individuals and companies are looking at company formation in Dominica, and for good reason, thinks Thomas Hughes.

ONE MORE FEATHER IN THE DOMINICAN CAP Lastly, but certainly a prime motivator for many looking to establish offshore, is the fact that Dominica has the least expensive citizenship by investment programme in the world, making Dominican citizenship a pleasant surprise. E G AN IBC IN ANY OFFSHORE JURISDICTION IS TYPICALLY A LEGAL ENTITY, DULY INCORPORATED UNDER SPECIFIC LEGISLATION, WHICH IS LARGELY FREE OF LOCAL TAXATION.

Photo: Meagan Marchant / Shutterstock.com Productivity, Strategy, Profitability

▶ There is no obligation to list the names of owners and shareholders in a public record.

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There is a standard VAT of 5% that local businesses will be obligated to levy and pay on goods and services, while personal income tax varies from 12.5% to 47.5%, although the last is for individuals earning local wages over $77,000 per annum.

SINT MAARTEN TRUSTS AND ESTATE PLANNING

BUSINESS AND TAX ON SINT MAARTEN

Photo: Uladzik Kryhin / Shutterstock.com

Perhaps aware of its dynamic offshore neighbours, Sint Maarten fairly recently formulated revised trust legislation, and the nutshell version is:

W ith a population of around 40,000 people on the island, the approximately 60% northern side and 40% southern side combined, form a landmass of just over 53 square kilometres. It’s the only place in the world where France borders the Netherlands, as the divide is amicable but distinct — one is a French “collectivité” (the north), and the other a “constituent country of the Kingdom of The Netherlands” (although not bound by EU rules).Especially over the last two decades, both companies and high net worth individuals looking to invest or establish companies have swollen the ranks on the island. Although the weather and lifestyle are clear benefits (cruise ship tourism is big on the island), there are other more hard-nosed benefits to doing business there, too.

In other words, a “branch” or even standalone company that conducts most of its business outside of the jurisdiction while housed on the island won’t be taxed on foreign income. Anyone is allowed to own property on Sint Maarten, and there are no annual property taxes; there is no individual capital gains tax, and Sint Maarten is also a duty-free port. Buying property on the French side also involves a notary, but here there will be annual real estate taxes, living taxes, and rather significant capital gains taxes. Capital gains tax on shareholdings held for at least two years comes down to 5%, something rather attractive about Sint Maarten, which has a number of timed reductions built into its tax legislation. This encourages the permanent residence of people and businesses.

Saint-Martin forms part of the Leeward Islands of the Caribbean Sea. It comprises two separate countries divided between the northern French side, called Saint-Martin, and the Dutch southern side, called Sint Maarten, writes Rachel Smith.

Those who wish to establish a business on the island will need a local notary to perform the paperwork, although it’s not onerous. Companies will pay tax only on business conducted within the island ecosystem, at an effective rate of 34.5%.

46 • Productivity, Strategy, Profitability FDI & INWARD INVESTMENT Saint-Martin FDI The Leeward Islands of the Caribbean Sea: Sint Maarten and Saint Martin

Such architecture makes a Sint Maarten trust a great vehicle for estate planning. As a general rule, the government’s approach to personal or corporate income is genteel and non-interfering. EG THOSE WHO WISH TO ESTABLISH A BUSINESS ON THE ISLAND WILL NEED A LOCAL NOTARY TO PERFORM THE PAPERWORK, ALTHOUGH IT'S NOT ONEROUS.

▶ Passive investment income from outside of Sint Maarten is not taxed. ▶ Foreigners can create trusts for completely foreign assets and beneficiaries — and trusts can take just a day to establish. ▶ Trusts are not obligated to register with the government (no public records).

▶ Trust assets are also officially owned by the trustee, thus protecting both the grantor (the person who establishes a trust) and the trust’s beneficiaries from liability.

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48 • Productivity, Strategy, Profitability TECHNOLOGY Wallet, Inc

Our platform allows consumers to access all their favourite companies from a single interface. They can toggle between them, exchange realtime messages with their support staff, and obtain immediate value and incentives from marketing teams. Providing customers with this level of functionality is unparalleled and is it’s why we believe our platform is an essential resource for improving the quality of commerce today.

EG With the advent of hardware wallets like the Ledger Nano X and Trezor Model T, we are seeing disruptions to legacy banking and innovation in custody of financial assets. Why is now the perfect time for companies to integrate personalised wallets for their clients?

“Customers” have performed a transaction, so the details from their purchase can be used to create more personalised and motivating offers, until they love the brand and make the leap into “Members”.

JT To help subscribers become customers, we provide an offer that decrements in value every second, minute, or hour in the consumer’s

“Visitors” are finding the company’s social media account for the first time, walking past the store front, or visiting a company website, but haven’t completed a transaction yet. They need a hook, so they “follow”, “enter”, or “subscribe” for more info. Our platform creates these hooks, so visitors become “Subscribers”subscribers.canbeenticed to become “Customers” with the right special offer. The typical obstacle here, is that a business has minimal information about these individuals. So, our platform uses scarcity and urgency to help subscribers convert into customers.

Revenue Growth and Customer Retention

EG How would you describe the four segments of customers and why is it critical for businesses to understand how to harness the behaviours and actions of each of these groups?

EG Having already facilitated $1 billion USD in value exchanged between businesses and customers, why could Wallet, Inc be an essential resource in the implementation of customer rewards, incentives and loyalty programs?

JT These products are great. But so far, most digital wallets have only focused on this single aspect of commerce - the storage and/or movement of money. As a result, they haven’t yet matched the versatility of traditional physical wallets which contain membership cards, business cards, forms of ID, vouchers, promotions, coupons, tickets, receipts, gift cards, and a whole lot more. These additional elements are tremendously important in commerce because they provide context about the buyer’s journey and enrich the customer lifecycle. This is what the Wallet Platform is bringing to the market, and it’s why we believe it’s the perfect time for companies to elevate their customer relationships through personalised consumer wallets.

JT Since we began in the casino industry, and since casinos have many different profit centers under one roof (i.e., retail, restaurants, hotels, spas, etc), we’ve adopted many strategies from each of these industries. Simultaneously, we’ve observed the fragmented market of customer loyalty systems that serve these industries, and how difficult it is for consumers to navigate from one loyalty system to another. Most consumers are still relying on their email inbox to sort through the promotions from their favourite companies.

Once a customer has become a member, they can deliver the company’s message to others.

EG Tell us about some of the innovative strategies you are able to deploy which may assist businesses who want to incentivise customer loyalty?

JT We’ve found that organising customers into “Visitors”, “Subscribers”, “Customers”, and “Members” is an essential step in reaching a target audience with the appropriate message. It’s important to understand where these buyers are in their journey with the company, so they can be equipped with the right information and motivation to make their next buying decision.

Our special interview with JOHN TURNHAM, showcases the pioneering software developer, former banker, founder and CTO of Wallet, Inc, a proprietary web-based software-as-a-service (SaaS) platform combining rewards organisation, digital payment technology, customer relationship management, and direct-to-consumer marketing. Executive Global profiles Santa Barbara’s expert in software based rewards and incentives solutions for business.

Photo: S.Borisov / Shutterstock.com

EG What may the core differences be with the implementation of your software within both large and small organisations?

Summer-Autumn 2022 • 49 TECHNOLOGY Wallet, Inc

www.executive-global.com wallet. This provides the consumer with maximum value up front and shows them how much value they’re missing with every moment that passes. We call this powerful tool the Dynamic Voucher and it can bring customers through the doors within minutes. To help visitors become subscribers, we have QR codes that provide unique rewards for a simple scan. This tool develops the company’s subscriber database with almost zero effort. Between these two examples, we have dozens of other tools that similarly improve the customer’s journey, and the quality of a company’s customer base.

EG What do you see for the future of digital payments technology in the next decade?

JT Large organisations have dedicated teams, well versed in sophisticated systems and methodologies. These businesses are using terms like LTV, churn, cohorts, and so on. Meanwhile, most small businesses are using terms like “Bill”, “Joe” and “Susan”. These are two very different environments for commerce.

The Wallet Platform is levelling this playing field by equipping small businesses with data to make informed decisions, while also improving the personal attention often lacking from big businesses. We accomplish this through incremental steps which allow the business to activate one feature at a time, so they never feel overwhelmed. Big businesses can turn on all the bells and whistles immediately, while the small business can deploy the tools at their own pace.

JT We believe that the customer experience will become a focal point for the payments industry. For decades, businesses have benefited from sophisticated CRM systems that manage their customer data, but consumers have never been able to manage their favourite merchants through a single interface before. This is where we’re headed, and it’s where we see the future of payments meeting us. EG For further information, please visit: www.wallet.inc

Person of Interest (2011) is an American network CBS crime thriller, penned by Jonathan Nolan. The story surrounds a reclusive billionaire called Harold Finch (portrayed by Michael Emerson) who recruits a former US Special Forces operative and CIA agent by the name of John Reese (portrayed by Jim Caviezel) to investigate the social security numbers of people who are about to either perpetrate or suffer violent crimes, reports Oliver Taylor.

DOES AI NEED A SET OF MORALS?

A better question would be, can AI exhibit morality without notions of human nobility and altruism? It might not matter to those who think of AI as a chess robot stuck in a box, but it’s unfortunately becoming a lot more pervasive and mobile than that, thanks largely to its human handlers. Those who would simplify life and reduce all others to data inputs, seek the deep control such a reality can bestow upon them. There are no doubt AI developers who are lost in their computational universe, who perhaps do hope for smart AI to make a positive difference to human lives. The reality, however, is that just as in the series, AI is largely employed by governments and their big tech lackeys and masters — people who would love to be able to incarcerate anyone on the back of data. Indeed, if we’ve learned anything from previously super-cool companies like Google and Facebook turning into intelligence agencies embedded with the very darkest forces within the deep state, it’s that big tech becomes big trouble, and that the tools of the modern age are being applied by the corrupt and the murderous for their own gain.

While it might have seemed quirky to warn of AI’s abilities as an emerging super intelligent and possibly hostile presence on Earth 20 years ago, today the nature of monitoring and prediction is already making alarm bells sound, in America and almost everywhere else. The US now has as many surveillance cameras trained on its population as does China. That’s an interesting statistic for all the wrong reasons, but it’s really the effrontery to the notion of innocence until guilt is proven that makes AI’s predictive abilities obnoxious for human purposes.

50 • Productivity, Strategy, Profitability

ASI fundamentally tarnishes that by identifying the likelihood of criminal intent, whether real or false. That’s extremely bad news for the average citizen.

The real danger inherent to Artificial Super Intelligence (ASI) — also known as Artificial General Intelligence (AGI) — is that it will dramatically reduce human freedom when applied as in the series. Since it is already being thusly applied in the real world, it seems likely that very soon, the notion of due process will disappear down this road. Right now, people have a right to know what they’re being charged with and that they are entitled to legal representation.

F inch developed a smart computer program for the US government called ”The Machine”, capable of collating huge amounts of diverse data to foretell terrorist or other major violent acts, as well as identify the people planning them.

In a classic case of prophetic Hollywood (since legislation around pre-crime is just now coming before the US Congress for voting), the very real dangers of AI are starting to leave the screen and emerge in daily life. The series raises a multitude of moral issues, from questions of privacy and ”the greater good” to the concept of justifiable homicide, and, inevitably, the ethical problems that stem from working with limited information programs.

TECHNOLOGY Artificial Intelligence The Dangers of Artificial IntelligenceSuper

Certain inalienable human rights will evaporate if governments around the world begin to adopt precrime thinking and the accompanying intelligence tools. Such a scenario would allow even supposedly democratic governments to demonise and jail their opponents, alongside any citizens who object. To anything. With apologies to George Orwell, you can’t make this kind of stuff up. Orwell did of course, and it seems ASI is going to become a supercharged version of the very worst excesses so memorably depicted in his novel Nineteen Eighty-Four.

ASI will be the lubricant that allows such a dramatic shift to seem negligible in the pace and narcissism of our digital era. Between the Hollywood notions of a caring, motherly and massive artificial CEDING CONTROL IN ANY WAY TO AI WILL NOT BE ANY ANSWER TO HUMANITY'S PROGRESS FROM HERE ONAT LEAST NOT IF WE WISH TO RECOGNISE OURSELVES AS HUMAN.

Summer-Autumn 2022 • 51 TECHNOLOGY Artificial Intelligence www.executive-global.com intelligence, and The Terminator, which one is most likely to become manifest? If AI is intelligent, what is its morality? Where’s the compass and who decides — AI itself?

The movies might depict triumphant good guys employing AI to seek out the bad guys before they succeed in their nefarious plans, but that’s because they’re fiction. ASI is unfolding rather as a means for malevolent figures including politicians, globalists, eugenicists, and huge capital interests to seek out and incarcerate or destroy the good guys, before they can expose the bad guys. That’s the real script.

Could we ‘interface’ with AI in some way that enables us as human beings to maintain a level playing field, just as AI is being used so copiously against us?

WOULD WE RECOGNISE A NOVEL EVIL AS IT APPROACHES? Extensive research done by Dr. Cyrus A. Parsa on the dangers of AI, culminated in his recent book called Artificial Intelligence: Dangers to HumanityAI, U.S., China, Big Tech, Facial Recognition, Drones, Smart Phones, IoT, 5G, Robotics, Cybernetics, & BioDigital Social Programming. That’s a mouthful, but also pretty much sums up the most anti-social aspects of emerging AI’s application. Just as in the series, AI is finding its most fertile ground not in factory processing or language development, but rather among the dark elites, with their localised political minions eager to reap the rewards of a subdued and monitored population.

Photo: Album / Alamy Stock Photo

While slavery is always sold as being in the public interest, pre-crime, for one, that hinges squarely on ASI, is toxic to inalienable human freedoms.

In addition, the very notion of sovereign nations relinquishing control to an all-powerful Artificial Super Intelligence, similar to ”The Machine” or ”Samaritan” in Person of Interest, should sound alarm bells in any

CAN HUMANITY ‘MERGE’ WITH AI TO DISEMPOWER THE EVILDOERS?

free-thinking, intelligent person. The threat posed by malicious actors like big tech corporations, rogue elements of intelligence agencies, or governments with their hands on AI, is imminent and very real. Whether AI itself lacks morality is for the future to reveal (or for humans in the here and now to instil), but when China, for example, is so satisfied with technocratic AI-surveillance and the Chinese Communist Party (CCP) is known for its appalling abuse of human rights, where do we imagine AI to go from here? It is Animal Farm on steroids, a nightmare not even Orwell imagined, try though he might to imagine the worst.

Whether or not ASI becomes a common tool of humanity tweaked to evil excesses by our would-be masters also remains to be seen. Could we somehow harness AI’s intelligence as our own? Can our biological grey matter tap into AI to keep apace with its possibilities? Brain chips are being built by the same man (Elon Musk) who appeared sincerely disturbed by the prospects for AI’s future. What does that mean?

Characters like Root and Martine in Person of Interest, ‘interface’ with The Machine’s Artificial Super Intelligence in real time, enabling them to predict and anticipate events with superhuman speed, harnessing the probability, statistics, geometry, mathematics, resources and data of the ASI. This may look “cool” in such a sci-fi series, but transhumanism comes with its own issues, notably the ultimate extinction of the human spirit, if not the human race. There are already demonstrable and extreme dangers in human beings ‘plugged in’ and interfacing or ‘merging’ with AI. It seems inevitable that human consciousness (or the human soul) becomes completely eliminated by the ASI. Indeed, it is a stated aim of advocates for transhumanism that we “upgrade” to an intelligence devoid of soul, but such a scenario would in effect make of people dumb sheep, as their merged consciousness is moulded to the designs of whoever has their hands on the button. There are extant and serious ethical dilemmas with current nanotechnology and biotechnology research, and it seems that ceding control in any way to AI will not be any answer to humanity’s progress from here on — at least not if we wish to recognise ourselves as human. Rather, as hesitant and old school as it might seem, we need to maintain our autonomy from AI and its applications, not out of some anti-tech ideology, but simply on the back of the incredibly dark tech being unveiled and its only logicalYes,application.AIneedsmorality, but its masters need it far more, and that’s likely a lost cause. Our best defence against the latent tyranny of an artificial intelligence in the hands of less intelligent human beings is to eradicate it from our lives as much as possible, limiting its applications to those which by public consensus constitute a healthy, worthwhile pursuit. EG

52 • Productivity, Strategy, Profitability TECHNOLOGY Computing The $8,000 Processor -

There are three times more L3 cache in Milan-X processors than in prior EPYC chips, resulting in up to 66% higher performance in specific applications. Higher L3 stacks are also supported by AMD CPUs, according to the company.

The World’s Fastest CPU in 2022

THE AMD EPYC MILAN-X Moving forward, AMD announced an even more powerful version of their Milan processors in March 2022: EPYC Milan-X chips, which come equipped with a 3D V-Cache - a 3D-stacked L3 cache. AMD EPYC Milan-X processors are being hailed as the first to use 3D die stacking in a data center CPU. In this design, cache and logic units are layered on top of each other, optimising the usage of vertical space rather than increasing the System-on-a-Chip overall surface area. New cache-stacking technology, which has been added to the current Zen 3-powered EPYC Milan models to produce the new Milan-X processors, delivers up to 768MB of total L3 cache per chip, according to AMD. As a result, an impressive 1.5 GB

The Milan-X processors will be available in 64-core configurations with eight CCDs, but also have options in all four versions, ranging in core count from 16 to 64. In terms of pricing, the EPYC 7773X - its most costly SKU - costs $8,800 per unit, which is over $3,000 more expensive than the next most powerful model. As expensive as it may seem, the Milan-X is well worth the investment if your business depends on its servers’ performance. EG THE AMD EPYC 7763, ALSO KNOWN AS PART OF THE MILAN FAMILY, IS A FANTASTIC PIECE OF HARDWARE AND IS AMD'S HIGH-END 64-CORE PROCESSOR...

AMD EPYC is used by data centers that seek the highest performance, secured and scalable CPU solution available on the market. The AMD EPYC 7763, also known as part of the Milan family, is a fantastic piece of hardware and is AMD’s high-end 64-core processor, writes Thomas Hughes. A s such, it is built to provide the best possible performance and features. The Milan family of processors uses up to 64 7nm cores per processor and integrates PCIe Gen 4 connection. However, the most recent versions include performance per socket, as well as per core, thanks to the new Zen 3 cores.

of L3 cache will be available on dual-socket servers.

Servers equipped with dedicated accelerators commonly use this processor since it is optimised for top performance. AMD sees this as their apex product for this generation, and it is easy to see why: all the platform features are activated in the EPYC Milan 7763. Quad-core CPUs are largely becoming obsolete in their role as mainstream 2P sockets.TheAMD EPYC 7763’s most defining characteristics are listed as follows. It has 64 cores and 128 threads, with a base frequency of 2.45GHz and a turbo boost of 3.5GHz. The inbuilt L3 cache is 256MB. The thermal design power of the CPU is 280W.

Photo: Yevgeniy Melnik / Alamy Stock Photo

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ndeed, the WOW factor as you enter the Beautiful 5 Bedroom Showplace! You are compelled to walk straight out to the Large Deck framed in a lush forest setting and sit quietly, as this is no longer the Big City...this is Paradise! The Master Suite and Master Bath are on the main level, with 4 additional Bedrooms and 2.5 additional Baths. There is also an entirely Separate Studio that is ideal for Office or Gym... complete with an impressive custom, step-up, glass wine enclosure!! The Great Room with Fireplace combines with the upscale Kitchen for casual entertaining. High Ceilings. Light and Bright! The level entry Garage adjoins the Home for easy access and it is GIGANTIC!!! Car Buffs, you will love this place! Situated within an enclave of just 2 other homes, the street is quiet, paved and level. Upgraded to perfection. 2,722 sq. ft. per Seller. A must see! $1,375,000

I DRE# 01509039 Lynne Wilson Cell Phone: (951) 741-7117 • Lake Arrowhead: (909) 337-2080 Website: Cottages to Castles.net • Email: Lynne@Lynneonthego.com • YouTube Video: http://lynnebwilson.com/watch/

WHEN DO YOU OPT FOR PRIVATE, AND WHEN FOR COMMERCIAL?

Alas, even on first and business class flights, you’re ultimately flying with strangers and can’t really choose who you surround yourself with for the duration of your trip. On a charter plane, passengers can spend the entire journey as they choose, with little interruptions, and genuinely enjoy their own space. For this reason, a lot of businesspeople, public officials, and celebrities opt for private jet travel. For High Net Worth Individuals, paying for high-priced charter flights is not a problem - it’s an investment. Startups, small firms, and individuals might not always be able to afford the price, though.

54 • Productivity, Strategy, Profitability

Chartering Private vs Flying Commercial

D espite the usually high price tag, some people find creative ways to enjoy this experience in a cost efficient fashion. Typically, this involves booking a seat on an empty flight that’s going to pick up passengers, or joining a flight with other travellers in order to split the expense of the trip. There are also services that are similar to an ”Airbnb of private jets”, such as JetASAP or Flight Club. Let us begin by outlining the pros and cons of renting a private aircraft vs taking a commercial flight.

The time savings offered by private jet charters is their first significant benefit, which is what drives most people to use them. And for good reason— while you must get to the airport at least an hour before a commercial flight, you only need to be there 10 minutes before if you travel by private jet, and you will not have to wait long for takeoff because there are not a hundred other passengers to board. You’ll also avoid the lengthy lines at the airport; simply hop on the plane with your friends and take off in a few minutes. Now, surely there are some of us who truly relish the entire experience and have a blast simply soaking up the airport vibe. This is particularly true for trips in first and business class, which frequently have access to opulent airline lounges at major airports across the world. If this is the case for you and you have time to take advantage of the lounge’s amenities before your journey, you could feel that a private jet falls short in that experience. But, the private jet itself will more than make up for it! Whether you choose to travel private or commercial, do remember that you must still pass through security and submit your destination information. On the bright side, the pandemic saw a surge in private jet travel precisely because it allowed passengers to bypass many travel regulations.Regarding cabins...The demand for comfort is another factor driving an increase in private jet usage. The convenience of having your own jet is a major upgrade in quality of life. A private plane is among the most luxurious things in the world and charter firms are dedicated to offering excellent service, so they tend to be highly receptive to client requirements. The crew can arrange for you to hold a meeting, get some much-needed rest, or even throw a party while on board. The food, beverages, and ambiance can all be planned when you charter a jet. But when you fly commercially, your options are constrained by the airline’s choices for that day, for example, as far as the menu goes. The silver lining here is, especially on first class flights, that the cuisine is often prepared by a renowned chef, so you might find some pleasantly surprising dishes!

Private aircraft charters have seen renewed growth during the past decade. Increasing numbers of people are turning to this option for their occasional and routine trips alike. In fact, the cost of renting a private jet has decreased significantly; private jet travel is no longer reserved for A-list celebrities and Fortune 500 businesspeople, reports Rachel Smith.

AVIATION Business Travel

ADVANTAGES AND DISADVANTAGES OF FLYING PRIVATE VS FLYING COMMERCIAL

Typically, private flights are substantially more expensive, regardless of whether you want to rent a jet on your own or through a service. The average private jet flight will cost at least $2,000 per hour for a smaller aircraft, and up to as much as $20,000 per hour for large planes and long journeys.

Of course, traditional - that is commercial - flights are significantly less expensive than a THE AVERAGE PRIVATE JET FLIGHT WILL COST AT LEAST $2,000 PER HOUR FOR A SMALLER AIRCRAFT, AND UP TO AS MUCH AS $20,000 PER HOUR FOR LARGE PLANES AND LONG JOURNEYS.

PRIVATE FLIGHTS ▶ NetJets ▶ Flexjet ▶ Wheels Up ▶ Vista Global ▶ FlyExclusive COMMERCIAL FLIGHTS ▶ American

One way or another, while there are pros and cons for both commercial and private flights, the experience of traveling in a private jet is one of unequaled luxury, flexibility, privacy and comfort. Consider your budget, needs and circumstance: sometimes, longer flights might be more advantageous in first class, while multiple shorter trips will prove to be more cost efficient in a chartered jet. Overall though, nothing can compare to the luxury of your very own aircraft for a few hours. EG www.executive-global.com

Photo: LightField Studios / Shutterstock.com

When choosing your flight, whether private or commercial, the airline company also plays a major role in the quality of your experience. This is why we recommend making sure to opt for a reputable provider. Of course, you should do your own research based on your location and needs, but here are the biggest companies operating North America, for example: Airlines Air Lines

At the same time, Drake came under fire lately when it was revealed that his private plane was routinely flown for short distances, including a 14-minute trip. The rapper insisted that he was not on the aircraft at the time and that it was simply being transferred to the airport where it is parked. However, the use of private jets by celebrities lately remains under close scrutiny; among the top polluters are Floyd Mayweather, Steven Spielberg, Kim Kardashian, and Mark Wahlberg. While these celebrities could allegedly be too excessive with their frequent flights, there is no guilt in enjoying your travel in the comfort of a chartered aircraft.

ENVIRONMENTAL CONSIDERATIONS

▶ Delta

▶ Southwest Airlines ▶ United Airlines ▶ Air Canada

Summer-Autumn 2022 • 55 AVIATION Business Travel privately hired aircraft. If you choose a commercial airline, you may fly practically anywhere in the globe for the same price as a one-hour private jet journey. Commercial flights are your best bet if cost is more important to you than comfort. Now, here’s another distinction. Chartered plane passengers must coordinate every aspect with their provider, from the choice of plane to the time of departure, the route, the destination and the amenities, whereas commercial airline passengers can book flights and its specifics in minutes, whether online, by phone or in person, often even as early as the day before departure. In this regard, planning your private jet flight might prove more work than simply booking a first class ticket.Private aircraft also tend to be far more weatherdependent than commercial aircraft because they are typically much smaller. When flying in bad weather, they also encounter higher turbulence. Small aircraft cannot take the risk of flying during storms, unlike large aircraft. If this occurs, there is a chance that your flight will be rescheduled or cancelled. If you need to get somewhere quickly and the weather has not been great for a few days, you might want to think about flying first or business class.However, in most cases, the aforementioned disadvantages of flying private are heavily outweighed by the advantages, as the charter jet industry has considerably developed in the last couple of decades, and it is now faster, better equipped, and more affordable than ever!

Now, one must keep in mind that everything is not always about them, their convenience, and their time. Reducing emissions of greenhouse gasses, which are contributing to global warming, is an important aspect of the current energy transition. A significant portion of these global emissions is caused by air travel, which has been steadily growing in the last 3 decades. The carbon footprint of each transatlantic trip is equal to 60% of the annual emissions produced by each passenger’s use of a car, and private jets ”are 5 to 14 times more polluting than commercial planes,” according to Transport & Environment. In order to combat the growing pollution and make good on their promise of reaching zero net emissions of CO2 by 2050, the airlines are relying heavily on inventions being developed in the near future, such as more fuel-efficient aircraft that will be powered by green hydrogen or electricity.Inthemeantime, it is good to remain mindful of the carbon footprint that private jet use inflicts upon the world. The main perpetrators of it happen to be a number of celebrities that contribute greatly to the carbon footprint with excessively frequent flights. According to a report on CO2 emissions from celebrity private aircraft published in July 2022 by analysts at marketing agency Yard, Taylor Swift’s jet completed 170 flights between January 1 and July 19 alone. Taylor Swift’s team responded to the allegations by claiming that since she occasionally lends her jet, she was not the one to make all the 170 trips.

MCJ I’m sure there are lots of expenses one can write off but I don’t have that information so I’ll leave that up to a CPA. However I can say that we can handle everything from housing to maintenance, if someone chooses to have us manage their aircraft. Everything is done in-house, which minimizes paperwork and makes it all more efficient.

EG Why is it that flying private can be a much better option for busy executives than flying first, or business class?

MCJ We try to be flexible and assist in any way we can. We have a lot of clients moving to Panama lately and they want to travel with their pets. Larger commercial airlines are making this more and more difficult these days.

Considerations when Flying by Private Jet

EG What are the tax benefits associated with private aircraft ownership and how do you assist in effective aircraft management?

MCJ Chartering a jet can be very convenient for any traveler. You can drive right up to the plane, load your luggage and go. There are no long TSA lines or inconvenient security policies like taking off shoes and removing laptops from bags, etc.

MCJ If you travel frequently the best thing to do is to purchase bulk hours, provide all information in advance and plan ahead.

EG How are you able to attend to the needs of frequent travellers with more demanding medical issues? MCJ Our aircraft are capable of carrying a stretcher in case a passenger requires it. We also have relationships with medevac companies that can provide medical staff at an additional charge if needed.

Our dedicated interview with My Corporate Jet, Inc, profiles the FAA-certified air charter, cargo and emergency transportation firm providing competitive rates throughout North, South and Central America, as well as the Caribbean Islands. We look at the ways executives can travel in style with maximum convenience.

EG What are the best ways that corporate executives can prepare themselves strategically, in order to get the most out of flying private?

EG Tell us more about your Sabreliner 65 Air Charter Service?

EG You have wonderful testimonials. How are you able to assist corporate executives planning to relocate from North America to South America, or the Caribbean?

56 • Productivity, Strategy, Profitability AVIATION My Corporate Jet, Inc

MCJ We have 3 Sabreliner65 aircraft. Two of our aircraft are configured for up to eight passengers, although six is the most comfortable, and the other can hold up to nine, although I do not recommend more than seven. All of our maintenance is done in-house so the aircraft are taken care of daily. We are a small operator so our customer service is very personal, efficient and friendly.

EG With over 30 years of experience, what can seasoned travellers look forward to when flying with My Corporate Jet, Inc?

MCJ Because our company is smaller you get more personal attention, which means you can look forward to comfort and convenience specifically catered to you. Our pilots have a lot of experience flying both domestically and internationally so you can rest assured that they are knowledgeable on the airport procedures and local customs. EG For further information, please visit: www.mycorporatejetinc.com

Chartering a jet can be very convenient for any traveler.

Like league tables, academic journal guides have become a ubiquitous feature of the business school landscape. The Chartered ABS Academic Journal Guide, the FT50, the ABDC, the UT Dallas together with national and institutional guides litter that landscape.

Article originally published in Global https://www.globalfocusmagazine.com/whether-or-wither-academic-journal-guides/Focus

CRITICALLY

Academic Journal Guides?

58 • Productivity, Strategy, Profitability

Article by Angus Laing DEAN, LANCASTER UNIVERSITY

EMERGING THEMES AROUND GUIDES

EXECUTIVE EDUCATION EFMD

A s with league-tables opinion on journal guides is divided, ranging from, “they are inevitable given the breadth of the field” through, “they assist early career academics and others unfamiliar with the field” to, “they distort behaviour and damage research”. All are to varying degrees correct but equally, all are to varying degrees wrong. Nuance is required in considering the place and future development of suchThisguides.lackof nuance and the retreat to fortified soundbite positions all too often limits the real debates we should be having over the nature and role of guides, specifically around the robustness and transparency of the methodology as well as how they contribute to enhancing research in a changing research environment. The growing emphasis on practical impact, the increasing prominence of DORA (the San Francisco Declaration on Research Access), the move to open access publishing, among multiple other developments, necessitate that nuanced debate about journal guides. Critically they demand that we ask searching questions about the future shape of guides and how we improve them in order to serve the community better. In promoting that nuanced debate at the EFMD Deans Conference a panel comprising Arnoud De Meyer (former President of SMU), Ansgar Richter (Dean of RSM), Katy Mason (Chair of the British Academy of Management), Angus Laing (former Dean of LUMS) and chaired by Barbara Sporn (Vienna University of Economics and Business) was convened to explore some of these issues. Given the diversity of backgrounds and roles of the panel, while the panellists had distinctive positions on guides, there were a number of common themes that emerged from the discussion and which provide a basis for moving the debate on guides forward.

While the multiplicity of guides, with differing methodologies and degrees of transparency, was recognised with many schools using multiple lists, there was an acknowledgement that fundamentally all the guides only recognise and hence promote one type of output, namely academic journal publications. In the context of policymakers and research funders globally demanding evidence of the impact of academic research on society, the need to broaden the portfolio of research outputs beyond journal publications was a recurring theme, with the British Academy of Management, for example, vigorously promoting diversity in what is understood to be constitutive high-quality THEY DEMAND THAT WE ASK SEARCHING QUESTIONS ABOUT THE FUTURE SHAPE OF GUIDES AND HOW WE IMPROVE THEM IN ORDER TO SERVE THE COMMUNITY BETTER.

Whether (Or Wither)

• Firstly, the use in appraisal and promotion processes. Not as a blunt metric but rather as a point of orientation in guiding early career academics and in assessing their progress. By using such a point of orientation, guides can assist developing business schools in raising the performance bar across the academic community. Equally, in more developed schools they can provide a counterbalance to selfserving narratives of senior academics promoting journals with which they are associated.

www.executive-global.com

Photo: GaudiLab / Shutterstock.com

GUIDES Business schools inhabit an environment where responsibility is increasingly being seen as central to what business schools are about, central to our research. We need to extend that responsibility to the domain of journal guides. It is about the responsible design and development of guides as well as the responsible usage of guides. In this, ownership matters, governance matters. Among the dominant guides, we have those which are community-owned (the Chartered ABS Academic Journal Guide and the ABDC list), owned by a single university (the UT Dallas) and by a private company (the FT50).

• Secondly, the use in building the profile of business schools. Journal guides provide an easily communicable way of promoting the research performance and visibility of schools to student and corporate markets. Linked to this within many national contexts they provide a means of benchmarking performance and influencing the standard-setting by policymakers around research performance.Ultimately, guides are a means to achieving ends. If they are to serve those evolving ends, they themselves need to evolve both to demonstrate their validity and to reflect the changing environment within which business schools operate. In this, they are again like league tables, an integral part of the business school landscape.

Given their ubiquity and impact, there is an overwhelming case that guides should be viewed as part of the social commons of the business school community, and be community-owned. As with land reform, community ownership offers the opportunity for the voice of the community to be heard, unfettered by private or sectional interests.Initself, however, community ownership is insufficient in ensuring that voice, however incoherently expressed, is heard. To be effective the governance arrangements should be transparent and representative of the community. While guides such as the ABDC and in particular the Chartered ABS Academic Journal Guide have made significant strides on this front, there remains much to be done in ensuring the full diversity of the community is reflected in the composition of editorial teams, scientific committees and management boards. EG For further information, please www.globalfocusmagazine.comvisit:

PROGRESSING DEVELOPMENTTHEOF

research output in the business and management domain. It was also stressed that the business and management field is distinctive in emphasising, to the point of fetishising, journal publications over other outputs. Other fast-moving and applied fields such as engineering and computing have a far broader approach to defining quality research outputs.Across the majority of guides, this narrow focus on academic journals was compounded by a focus on English language journals published in the US or Britain. There has been a recurring concern over recent years about the de facto preferencing of American journals over European journals, including British, in the majority of such guides. In part, this has been seen as reflecting the different research traditions in Europe and the US with a perceived inbuilt bias in the methodology of guides, which rates journals anchored in the positivistic American tradition more highly than those emanating from the more interpretivist European management research tradition. Such regional tensions were viewed as likely to be magnified by the rapid emergence of journals, including many in English, being published in Asia in response to the dramatic growth of business schools across China and other Asian countries. This development begs the question as to whether existing guides will be able to evolve to encompass, and treat fairly, such new journals or whether this will trigger the development of new guides serving this market as part of the emergence of a new tradition of Asian management research. The future of journal guides rests not only on their relevance but on their continuing use by business school academics and leaders. There was a widespread appreciation that guides, and one should stress the emphasis on the use of multiple guides, played an important role in supporting the development of business schools.

Two vectors of usage predominated:

Summer-Autumn 2022 • 59 EXECUTIVE EDUCATION EFMD

Sustainability in Education

Paul Polman, author of Net Positive, and former CEO of Unilever, delivered our opening keynote address, and his words were, perhaps, some of the most profound. He said: ‘Management education needs a drastic change, and not a day too soon if we want to achieve the UN’s Sustainable Development Goals. Two thirds of students want to learn more about sustainability and want it integrated in their programmes; 80% of students want to work for companies that use environmental practices. ‘Frankly, universities are not responding at the level we need...

RISING TO THE CHALLENGE But these challenges were met with inspiring solutions in technology, student engagement and wellbeing, strategy, and delivery in several other sessions. As AMBA & BGA unveiled its new research into ‘transformation’ in association with Salesforce, the findings showed that Business Schools do have the energy, the drive and the passion to embrace this change today, and to move forward into the next era of uncertainty. EG

PAUL POLMAN, AUTHOR OF NET POSITIVE, AND FORMER CEO OF UNILEVER, DELIVERED OUR OPENING KEYNOTE ADDRESS, AND HIS WORDS WERE, PERHAPS SOME OF THE MOST PROFOUND.

‘Today there is more uncertainty, and students know we can teach in more flexible ways than we used to, and reach people and places that we didn’t used to. That cat isn’t going back into the bag – we need to innovate. The change was hard and for the innovation to follow, we need to summon the energy again.’

Article by Andrew Main Wilson CEO, AMBA & BGA O n 15 May this year, more than 300 Business School leaders, corporate heavyweights, and industry partners and sponsors met with us in the Portuguese capital of Lisbon to network in person once again – but also to collaborate as a group, to take stock of the past two years, and to begin to plan for the next phase.

Back in 2021, as we took our first tentative steps out of lockdown, and began to hope that the worst of the Covid-19 pandemic was behind us, the team at AMBA & BGA began planning our first physical Global Conference since the beginning of the virus restrictions.

60 • Productivity, Strategy, Profitability EXECUTIVE EDUCATION Association of MBAs

RESILIENCE IN THE FACE OF CHANGE Research shows that the bulk of people at your institutions recognise the importance of climate change, but only one third of them have them integrated in their curriculum – and not embedded in the whole learning experiences.’ Polman concluded his session by musing: ‘I have to say, there is still more work to be done at the academic level.’ This thinking resonated with delegates throughout the four-day event. We’ve become all too familiar with change, but the message from Polman is that more dramatic and long-term innovation is required. With this in mind, I noted a comment from Matthew Thomas, Director of the MBA programmes at Birmingham University, who, in his panel session on innovation, stated: ‘There is a difference between change and innovation. We’ve been through a change, but I’m not sure it was that innovative. During the pandemic, the solution was obvious, and we had to go online. We’ve all ended up in the same place, and this isn’t a good definition of innovation – we changed.

For further information, please visit: www.mbaworld.com

Photo: Matej Kastelic / Shutterstock.com

EXECUTIVE EDUCATION University of Winchester

WINCHESTER LEADS THE WAY Winchester University is one of the first business schools in the UK to deliver the government’s Help to Grow: Management programme. This initiative is supported by Island Design, and digital studio Brightbulb Design. It will be one of the first courses to be presented face-to-face at the soonto-be-launched innovation centre being opened in Cowes in September.

62 • Productivity, Strategy, Profitability

The scheme, which is part of the UK government’s Plan for Jobs, aims to support and upskill senior managers of SMEs, allowing them to scale up. The course specifically aims at honing existing skills, while developing new skills in attendees, allowing them to thrive.

Help to Grow: ManagementAssisting Executive Development

Corporate companies have always been known for constant training, formal succession programmes and seemingly endless career advancement. Indeed they still are, but today entrepreneurs are other non-corporate contributors to an economy that are finding themselves included in the loop, writes Oliver Taylor.

THE WINCHESTER PROGRAMME’S CORE FOCUS Through the programme, business leaders develop their leadership and management skills together with the confidence and tools to implement change within their business by adopting new and improved business practices. The goal is for the business to experience growth in productivity, thus becoming more resilient and sustainable over the long term.

Practical application and embedding of the learning is crucial to the programme, and it seems Winchester has managed to successfully extrapolate the best of business management from the corporate sphere into a genuinely valuable course for entrepreneurs.

As one of the very first institutions to make the initiative concrete, Winchester is presenting a definite opportunity to entrepreneurs looking to future-proof their businesses. EG IT WILL BE ONE OF THE FIRST COURSES TO BE PRESENTED FACE-TO-FACE AT

SEPTEMBER.OPENEDINNOVATIONSOON-TO-BE-LAUNCHEDTHECENTREBEINGINCOWESIN

Photo:

Partly by teaching SME leaders productivity tricks and tools, and partly by compelling them to view their commercial interests over the long term, the Winchester course deals with the nuts and bolts of daily business, set against the backdrop of long term viability and profit.

E mblematic of this kind of acumen being made available to SMEs are the new developments at The University of Winchester, which is launching an executive development programme called Help to Grow: Management. Focused on supporting SMEs to boost their business performance and growth potential, the university has recognised the tremendous gap that exists between corporate management development opportunities and those available to the SMESmallfraternity.and medium-sized business leaders will develop their strategic skills to increase their business’ long-term productivity, resilience and capacity to innovate. Particularly when dealing with innovation, many entrepreneurs feel stumped. Innovation feels like a mandatory obligation that comes as a blank sheet without clues.

fizkes / Shutterstock.com

Help to Grow: Management is a UK government initiative developed by the Chartered Association of Business Schools, in partnership with other top business schools that hold Small Business Charter accreditation — these are institutions that have come together to develop a practical development programme on the Isle of Wight, to support senior managers of SMEs.

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66 • Productivity, Strategy, Profitability LUXURY LIFESTYLE Berkshire Hathaway HomeServices EWM Realty

CORAL GABLES - Incorporated in 1925, Coral Gables is one of Miami’s oldest planned communities. Famous for its Mediterranean-styled architecture and pristinely manicured properties, it is also known for its high-end shopping, restaurants, and cultural events. Within the City of Coral Gables are some of Miami’s most exclusive and sought-after waterfront communities.

SOUTH MIAMI - This residential neighborhood offers a small-town atmosphere, complete with its own nightlife, entertainment

We interview ASHLEY CUSACK, Senior Vice President at Berkshire HomeServicesHathawayEWMRealty, to discuss the most exciting opportunities in Miami luxury real estate, including the record-breaking $150 Million Arsht Estate on Biscayne Bay. EG How would you briefly compare and contrast the neighbourhoods of Coral Gables, Coconut Grove, Pinecrest, South Florida and Palmetto Bay? AC Miami is made up of diverse and exciting neighborhoods, each a unique destination unto itself, thanks to the diverse cultures, landscapes and people that call these places home:

COCONUT GROVE - Coconut Grove is a bayfront enclave with a mix of a bohemian vibe and a vibrant spirit where people stroll and bike along quaint tree-lined streets and savor a waterfront ambience. It is home to Miami’s premier yacht and sailing clubs. From original Bahamian-influenced cottages to large, modern new homes, and elegant condos, the Grove has it all.

Consistent, high-touch, concierge-level service with positive outcomes is the hallmark of my team. It is this network that has created our consistent referrals and helped us to build new relationships, even beyond the Miami market.

EG You are a top producing broker performing consistently in the highest tier of realtors, selling more than $1.3 Billion over your 30 year career. What is the main secret to your success in the higher echelons of luxury real estate?

EG Your motto is ''Let me do all the work.'' As one of the pre-eminent forces in Miami luxury, what can high net worth clients truly look forward to when being represented by you?

PINECREST - The Village of Pinecrest is known for its large lots and first-class public school system. Conveniently located just 20 minutes south of Downtown Miami and the Miami International Airport, Pinecrest boasts several recreational areas, including Pinecrest Gardens, and many pedestrian and biker-friendly trails.

venues and array of shopping options. The city also features some of Miami’s finest public and private schools and is located across the street from the University of Miami.

I also serve the Beaux Arts of the Lowe Art Museum, the Vestry of St. Thomas Episcopal Church, and the Junior League Miami Foundation Board. I was recently chosen to join the Orange Bowl Committee – whose mission is generating tourism and supporting the local economy by hosting premier athletic competitions and supporting thousands of students and young athletes through academic programs and community events.

EG As an active member of the local community, you coach lacrosse at Ransom Everglades School and also sit on the board of trustees at St. Thomas Episcopal Parish School. How important is giving back to the community?

AC I pride myself on making a transaction as easy for my buyers and sellers as possible. I know that buying and selling real estate can be stressful, so I want to take that burden off my clients, meaning that my team and I will do anything and everything we can for them. This level of concierge-type service is what we pride ourselves on, and something our entire team is dedicated to every day. EG For further information, please visit: www.AshleyCusack.com

AC One of the core values of my business has always been relationships. My team and I have worked for years to build and nurture an intimate network of friends, clients, and professional colleagues, who have come to know the level of service they can expect from this team.

Summer-Autumn 2022 • 67 LUXURY LIFESTYLE Berkshire Hathaway HomeServices EWM Realty www.executive-global.com

EG Having sold over $126 Million in luxury properties in Miami in 2021, despite record low inventory, your team are a force to be reckoned with. How much of an impact do easy referrals as a result of a stellar reputation, have in these results?

AC It has been my greatest honor to represent the Arsht Estate, and the greatest gift of all is having Ms. Adrienne Arsht as our client. It is Ms. Arsht’s love and passion for her historic and one-of-a-kind property which has become a focus of the Estate’s marketing strategy. The secret to marketing this listing has been, in part, to let Ms. Arsht herself tell her story – and the next buyerjust how much she loves this property.

AC I have lived in the Gables and the Grove all my life and have sold real estate here for over 30 years. With my intimate knowledge of this area, I can match buyers to neighborhoods that will work best for their lifestyle and can list my sellers’ homes at top dollar. I enjoy a vast network of repeat clientele that often gives my team an advantage for off-market opportunities.

AC Being involved in the Miami community comes from a place of pride and love for Miami. I have been involved in my children’s schools as a volunteer – from fundraising to establishing a new lacrosse program at their high school, as well as continuing as a Trustee at their elementary school.

AC As one of the most vibrant cities in the country, Miami has always been a dynamic real estate market, fueled by domestic and international homebuyers. I began my real estate career at one of Miami’s leading luxury brokerages. I learned the nuances of luxury real estate early on, including how it performs across various economic cycles and the impact of foreign and domestic political changes. Quite simply, I learned how to meet the needs of luxury buyers and sellers.

EG Being a 30 year Miami native who lives where she sells, how important is it to know all the intricate details about the local neighbourhood to ensure an excellent customer service experience?

EG You are the exclusive listing agents for the Arsht Estate - the most expensive singlefamily residence ever listed in Miami at $150,000,000. What key strategies underpin the successful marketing of these magnificent homes?

With over 32 years and $1.2+ billion in Sarasota Luxury real estate, Peter and his group are ranked in the top 1.5% out of 1.4 million real estate agents in the U.S. Clients benefit from white glove personal service, concierge customer care, negotiating skills and a proven plan for success. In addition, the group offers a secure system for eSigning documents that is quick, confidential and secure. Clients can remotely review and approve documents – from initial offer to final closing.

To summarize his group’s raison d’être, Peter states, “Our vision, ‘Fulfilling Lifestyle Dreams,’ inspires our mission, ‘Creating outstanding results and value by delivering the highest quality of service that exceeds the expectations of our clients — every transaction, every day.’” EG

The Best Little City in Florida

For further information, please visit: www.PeterGLaughlin.com WITH OVER 32 YEARS AND $1.2+ BILLION IN SARASOTA LUXURY REAL ESTATE, PETER AND HIS GROUP ARE RANKED IN THE TOP 1.5% OUT OF 1.4 MILLION REAL ESTATE AGENTS IN THE U.S. 68 • Productivity, Strategy, Profitability

Endowed with a long legacy of natural beauty and cultural flair, Sarasota offers the benefits of a big city with a small town feel. Long renowned as a coastal resort and retirement destination, Sarasota has become a sought-after first-home destination as well.

FULFILLING LIFESTYLE DREAMS

A recent client review evidences the group’s skill at remote representation: “I want to thank you for making the purchase of our new home on Anna Maria Island the most pleasurable experience we have ever had in buying a home. Like many people today, we have an exceptionally busy schedule. Since we were traveling back and forth to New York and Brazil, we did not have time to address all of the details required to purchase our new home. Between you and your wonderful staff who took everything off our plate but writing the check — we say, ‘Thank you!’ We will happily recommend you to our family and friends in need of your service.”

F lorida’s low taxes, business-friendly climate and quality of life have been raising the state’s profile with sophisticated movers, and many are zeroing in on the Sarasota region. New residents fall in love with the high-end lifestyle, luxury home repertoire, excellent schools, significant health care, exceptional sports, yearround outdoor activities, vibrant arts and culture, and five-star shopping and dining. Media influencers are taking note. Sarasota is one of only two Florida cities in Time Magazines’s list of the World’s Greatest Places. Sarasota ranks as the #1 Best Place to Retire and #9 Best Place to live in the U.S. according to U.S. News & World Report. Longboat Key ranks as the #5 island in the U.S. by Travel and Leisure magazine. Lido Beach earned national recognition as the best restored beach in the U.S. And, of course, Siesta Beach, famed for its quartz-crystal powdery sand, is ranked #4 in the world by Big 7 Travel and #2 in the U.S. by TripAdvisor. A GLOBAL MAGNET Cosmopolitan globetrotters are taking note, too. Over the last two years, people from 15 different countries purchased homes in Sarasota. “People visit, love it, and want to stay,” says Peter G. Laughlin, Sarasota Luxury Real Estate Advisor with Premier Sotheby’s International Realty. “If they can’t stay, they buy a second home to fulfill their lifestyle dreams of living here, if only for part of the“That’syear.”why I think Sarasota will endure the current, post-frenzy market shift,” explains Peter. “Demand is still phenomenal. Sarasota is a highlydesirable location where people want to live, and Sarasota luxury real estate stays the course as a favourable investment in lifestyle and wealth.” But what if the itch to buy happens from thousands of miles away? That’s when the expertise of Peter’s tech-enabled real estate team fits the bill. Working with remote clients requires traits and skills that spark and sustain long-distance relationships. The professionals at the Peter G. Laughlin Group are the masters. They successfully help clients buy and sell their homes in Sarasota from thousands of miles away.

LUXURY LIFESTYLE Premier Sotheby’s International Realty

REMOTE REPRESENATION

Sotheby’s International Realty® and the Sotheby’s International Realty logo are registered service marks used with permission. Each office is independently owned and operated. Equal Housing Opportunity. Sarasota FLORIDA SARASOTA LUXURY HOMES Find the home to match your heart’s desire with a direct connect to our full-service team. Our specialty is Sarasota’s high-end real estate. We provide valuable guidance and advice to support impactful decisions and peace of mind. PETER G. LAUGHLIN Broker-Associate 941.356.8428 Peter.Laughlin@PremierSIR.com | PeterGLaughlin.com

70 • Productivity, Strategy, Profitability LUXURY LIFESTYLE Keller Williams Top of the Rockies & Breckenridge Associates Real Estate

Strategy in Colorado Luxury

EG What in your opinion are some of the main characteristics that make Frisco a wonderful location for real estate?

EG What can wealthy clients look forward to when being represented by you?

We catch up with MAUREEN EVANS, Broker Associate at Keller Williams Top of the Rockies, and ERIC DAHMAN, Partner at Breckenridge Associates Real Estate to discuss current opportunities in Colorado luxury real estate, with a particular focus on Summit County.

ME Mountain Modern is what we specialise in, using the best products for the environment at high elevations. Such as oxygen systems, photovoltaic and solar thermal panel systems for radiant heating while using high end insulation packages.

EG And what are the distinctive qualities that are unique to mountain real estate that may not be found in other forms of luxury property?

ME We only build the best quality homes in the most sought after prime locations so these homes appeal to the most distinguished buyers.

EG Are there any particular tax benefits associated with owning a second home in Summit County? ME Summit County offers some of the Lowest Property Tax Rates in the region, with Annual Taxes averaging around .4% of the Market Value.

ME They are both amazing mountain towns with endless options for outdoor activities year round. Breckenridge is a much larger community with the ski area at its forefront allowing year round activities using the Free Gondola that takes you from town to the Base of Peak 8 Ski Area and in the Summer to the Family Fun Adventure Park. Breckenridge also has 2 amazing nordic centers, a Jack Nicolas 27-Hole Golf Course, plus the magnificent fly fishing Blue River runs through the valley to feed the fabulous Lake Dillon. There is also a unique Art District in the Downtown Historic District, professional Ice Rink, Rec Center and Music Pavilion with top performances throughout the year. Frisco is right off I-70 with easy access to any of the surrounding areas which makes it very convenient. Main Street is quaint, full of fine restaurants and boutique shops. The Frisco Marina offers all types of boating and lake activities including pontoons, sailboats, kayaks and paddle board rentals.

ME Frisco has easy access from Denver International Airport and only 90 miles from the city of Denver. Being surrounded by National Forest, there are endless year-round possibilities for biking, hiking and x-country skiing, many golf courses nearby, as well as crystal clear rivers for fly fishing, also the highest marina in the country for boating and lake activities along with the most convenient access to over 5 major ski resorts within 40 miles.

ME My husband's company, New West Partners, are the homes I represent. We have both lived in Summit County since 1989 building and selling the finest properties Breckenridge has to offer to date. We have now extended our residential building and development arm of New West Partners into Vail, Beaver Creek, Aspen and Telluride.

EG For interested buyers, can you compare and contrast the communities of Frisco and Breckenridge?

EG The largest town in Summit County is Breckenridge. Tell us about some of the most exciting opportunities for luxury real estate in this market that investors should be aware of? ME Breckenridge has very limited developable land left available. New West Partners are now in the market to find suitable tear downs of older homes which are located on pristine lots. For further information, please www.breckenridgeassociates.comvisit:

EG How do you implement strategies to ensure the successful sale of homes in this market at the maximum asking price?

developablehasBreckenridgeverylimitedlandleftavailable.

The different renewable-energy tax credits in North Carolina have been consolidated into one uniform law that applies to the vast majority of such generators. As part of it, the expenses incurred by a taxpayer for the purchase of equipment, as well as any fees involved with its design, building, and installation, may qualify for tax credits. Businesses are also eligible for a tax credit equal to a portion of their qualified technology development research expenses in North Carolina, making it an attractive destination not only for tourism but business in a variety of sectors as well. EG

A THRIVING PROPERTY MARKET

Luxury Tourism Luxury On the Outer Banks

Beginning near the southeastern tip of Virginia Beach on the east coast of the United States, the Outer Banks are a 320-kilometer strip of thin, sandy barrier islands of the North Carolina shoreline. They divide the Carritac, Albemarle, and Pamlico lagoons from the Atlantic Ocean and make up nearly half of North Carolina's coast, writes Oliver Taylor.

FURTHERMORE, FOR ANYONE WISHING TO START A BUSINESS IN THE AREA, OUTER BANKS ALSO PROVIDE INCENTIVESINTERESTINGINTHEFORM OF TAX CREDITS.

72 • Productivity, Strategy, Profitability

The Outer Banks' beaches have now become a popular tourist destination, with the longest section of unspoiled beaches in the Eastern Shoals being the 112km Cape Hatteras Coast. Each of the little towns tucked between these sand dunes is a wonder on its own, waiting for visitors to experience its charms.

I n the 1830s, families of affluent North Carolina planters sought respite from the summer heat in the Outer Banks, which subsequently became a popular destination for tourists. Soon after, sport fishermen and hunters, drawn to the Native Americans' centuries-old fishing and hunting traditions, began to populate the area as well.

LUXURY LIFESTYLE

The luxury real estate market in the Outer Banks has grown considerably in recent years thanks to low interest rates, relatively affordable home prices, and a popular Netflix series. The last two years have been the region's best performing ones in terms of sales and rentals. The most expensive residences listed on the market had prices going up to $6 and $11 Furthermore,million. for anyone wishing to start a business in the area, Outer Banks also provide interesting incentives in the form of tax credits. For instance, up to half of a taxpayer's state income can be offset by tax credits given to eligible businesses for activities like creating new jobs, investing in new commercial property, and, in some situations, even in real estate. Tax credits are also available to residents who create Interactive Digital Media on the territory, covering expenses greater than $50,000.

TAX INCENTIVES

The northernmost towns, Corolla and Duck, are thought to be the most attractive by many visitors. The business hub of the Outer Banks is made up of Kill-Devil Hills and Kitty Hawk, both of which are worthwhile tourist destinations. The Wright Brothers National Memorial is located in Kitty Hawk, where the Wright brothers accomplished their famous flight.

Photo: Sascha Endlicher / Shutterstock.com

4 Bed / 3 Beth / 3,200 Sq Ft / Offered at $4,200,000 If you dream it, it will come. Idyllic ranch and winery at the gateway of Anderson Valley. Maple Creek Winery Yorkville Highlands is an established boutique winery boasting a robust wine club and 21 years of history producing award winning artisanal wines. There is mixed forest, range land and 9 acres of established vineyards. The main ranch home has vaulted cedar ceilings and mahogany floors throughout, plus a floor-to-ceiling river rock fireplace. Primary bedroom features a huge walk-in closet. Newly remodeled cabin, guest cottage, barn, horse stalls, tack room and huge art studio/workshop. There is abundant wildlife, including deer, wild boar and turkeys, Maple Creek runs along the eastern border of the ranch, there are 2 wells and 7 springs, a fully fenced vegetable and flower garden with many fruit trees. MAPLE CREEK WINERY 20799 128 Hwy, Yorkville, CA

North Country Real Estate has been in business for over 40 years. We’re your source for Anderson Valley properties of all kinds. Covering the towns of Boonville, Philo, Yorkville, and Navarro, our agents are all local residents who have a deep knowledge and love for our community.

707.512.0705mendocountry.comanne@annefashauer.com

Anne Fashauer Owner-Broker DRE #01841891

About Anderson Valley Located roughly 100 miles north of San Francisco, Anderson Valley is a rural stretch of Mendocino County comprised of vineyards, forests, meadows, and a collection of small towns. Stretching from inland Highway 101 near Cloverdale to Highway 1 on the Mendocino Coast, the valley is known for world class wines, beautiful landscapes, and a warm, down to earth community. Whether you are here for a visit or want to make your stay more permanent, Anderson Valley is a locale that embodies a country pace and California lifestyle that will refresh your perspective.

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