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Switzerland Next: Swiss Banks Set To Foward Confidential Bank Client Data To U.S. Officials
Complete the following SAT logic question:
- Cyprus : Russian depositors :: Switzerland : [X]
If you answered X = US depositors (for now... soon many more), you are correct.
It has been no secret that in the aftermath of the crackdown of the Obama administration on Swiss-based "whale" accounts, Swiss banks promptly gave up on the legacy model of bank secrecy which allowed them to fund a massive banking sector that has assets (and therefore liabilities) six times greater than the GDP of Switzerland. That this has led to a literal Swiss fear and loathing of anything American, is no surprise: after all banks have blamed the informal US accords, in which the US DOJ can now expose any and every Swiss bank client for the massive layoffs that have ensued in the past several years, hitting not only megabanks UBS and Credit Suisse, but all the smaller players as well.
Now, in the aftermath of the deposit tax in Cyprus, it appears that "wealth taxation" in Switzerland is about to be taken up a notch.
As the leading Zurich financial media NZZ reported and Reuters summarized, the country has reached a deal in principle with the United States over undeclared funds hidden by wealthy Americans in Swiss offshore bank accounts. Naturally, the state was quick to deny it - after all, the last thing they need is a prompt exodus of all big offshore accounts held locally as fears of a Cyprus "wealth tax" on big accounts spreads.
Alas, this may be precisely what is happening. From Reuters:
The plan outlined by the NZZ am Sonntag would see each Swiss bank with U.S. clients negotiating individual settlements with the United States for its role in hiding untaxed money.
Most of the 13 banks in the crosshairs of U.S. justice officials, which include Credit Suisse and Julius Baer, have said they are already in settlement negotiations.
What is new is that the remainder of Switzerland's more than 300 banks with U.S. clients would have to seek a U.S. settlement individually, according to the NZZ.
This in itself is not news. This next part, however, is:
Those banks would be required to "motivate" remaining U.S. clients to come clean to U.S. tax officials. If they failed to do so, confidential bank data would be forwarded to U.S. officials. The initial shipment of data from those banks would not include client names but, based on the data, U.S. officials would be able to submit a judicial aid requests to get the names of alleged tax evaders, the newspaper said.
So after all US "whale" accounts, aka alleged tax evaders, have their bank data fully exposed to the US government which will operate under the assumption (hardly too incorrect) that all US accounts in Switzerland have evaded taxes and thus are subject to the US government's just as forcible wealth re-appropriation, how long until all other European nations, most of them just as broke as the US, follow suit?
The question then is: how many of the oligarchs, Russian or otherwise, who avoided a complete wipe out and total capital controls in Cyprus, will wait to find out if the same fate will befall them in Switzerland? Or Luxembourg? Or Lichtenstein? Or Singapore?
Or any other formerly considered "tax-haven" nation?
Finally, is it clear yet to the world's uber-wealthy that the 2013 hunting season is now open, and that they, or rather their deposits, are the prey of every socialist government in the entire world?
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Sheeeit...these currency wars beat DWTS any day..
Pretty soon people will be buying barbaric relics just to have some privacy and laundering.
people will be buying barbaric relics....
Yup! Unexpected consequences are a bitch.
So the old burying the coffee can in the back yard trick wasn't so bad after all? I've gotten laughed at a time or two for suggesting to family members to keep some cash at home......I'll get the last laugh some day. Probably sooner rather than later.
So the old burying the coffee can in the back yard trick wasn't so bad after all? I've gotten laughed at a time or two for suggesting to family members to keep some cash at home......I'll get the last laugh some day. Probably sooner rather than
Nope worked in the OLD days, do not recommend any cans(Metal Detectors).
PVC for the good stuff. Cans just for decoys/laughs.
And a safe (full of nickels, of course) to surrender when SHTF.
ha ha ha. Ironic.
This insane obsession by governments to know every detail of a person's life is going to backfire badly. They're going to drive entire economies underground if they keep this shit up, and then they'll know even less about how people earn and spend their money.
Not as long as the sheep keeping routinely using credit cards and even giving up on the use of cash altogether, as the vast majority of them appear perfectly happy to do.
It's so inconvenient.
On the contrary, it is fucking CREDIT CARDS which routinely hold up transactions and are inconvenient.
We were being sarcastic. We long for the old days when people saved up to buy something and having a second mortgage was shameful.
I realized that TD, and no offense to you at all; my answer was more rhetorical in nature.
capital confiscation...Looking like Swiss Cheese.
Bank Run.
Well, then let's foreclose on the TBTF's and central banks and confiscate their assets and redistribute them. This is not communism. This is justice.
absolutely. not having to pay a mortgage would be liberating.
Some even thought lay-away or financing a car was shameful.
Paying for rent or food with a credit card would have been disgraceful.
Not just disgraceful, but also dumb.
Now I understand why the Paki's down the block (the ones who own the convenience store) do 99% of their purchases and sales in cash-o-la only.
I always thought they were smarter then the average Muppet.
Tru dat.
Thats exactly what is going to happen. I don't know what they have on Switzerland (probably threatened to keep them out of the swift system) but Switzerland will soon see a run on their banks by the whales who are hiding their money. All the insolvent countries are going after money outside their countries. If you haven't figured it out it's real simple. Eventually people won't trust banks anymore and will hide their money in tangible assets and lie all the time. Most of europe and the rest of the world have been through not trusting bankers and it seems it will happen again.
Belize will be so grateful.I'm sure their turn will come soon though.
I don't know wha tall you single nationality types are going to do.
I would guess the cost of getting a second or third nationality just doubled.
Answer?
You don't "save" in bank accounts at all. The interest earned is now negligible anyway.
Or in managed or self-directed bank-run equity accounts...Bernanke's "Return-free risk".
Obviously, as we are seeing, financial privacy is worth more than any return a bank can offer.
You rent a safety deposit box somewhere, stuff it full of bullion and wait.
The banksters want their cut off politicians endless spending spree. Every transaction is related to interest and these snakes will get it one way or another.
That's exactly what it is about, because they are about as likely to profit (find money over and above costs) as they are to find a pot of gold at the end of a rainbow...
For example, let's take everyone's favorite American oligarch- Warren Buttfuck
(Most Likely) Warren isn't hiding an account at a major Swiss bank registered c/o Warren Buttfuck, Omaha Nebraska SSN 666-66-6666
(More Likely) Orfice of Omaha Peasant Raping Ventures GmbH of which Warren is neither a shareholder, nor an account signer, however, might have an account in Switzerland.
And the firewall between Warren Buttfuck of Omaha, NE and Orfice of Omaha Peasant Raping Ventures GmbH, would include a trust, a company of bearer shears, with some Dutch sandwiches or Double Irishes thrown in for added flavoring and confusion and, of course, tax minimization. The various layers of the firewall are outfitted with different set of lawyers and accountants, speaking different languages and established under different legal jurisdictions.
So while the IRS may catch some small fish, or some slow lazy big fish, they aren't going to catch any whales that don't want to be caught. Meanwhile, everyone sacrifices their liberty and privacy to the NWO State in its fictitous pursuit ofa false war.
SSN 666-66-6666
078-05-1120 from 1938 works well, too.
Look it up on DuckDuckGo for more details.
Since I live in Switzerland and used to work in banking, there are some legal reasons for not using an actual name or SSN... even in an obviously fictitious example.
micro chip ?
PM stores keep a record of 10 years.
Visa keeps a record of 12 years.
we're not all off the hook just yet.
I thought that US PM coins were the only records not kept, no?
Am told by good friend in NY that they now keep records of sales in PM stores. No such rules for diamonds in Manhattan's diamond district, which is monopolized by a small group. Total subculture of diamonds and cash: SA, Tel Aviv, Amsterdam, NYC.
No laundering or terrorism here. It's all above board and kosher.
Damn, I lost my record of boating accidents. Do we have to keep them ten years?
It may not all be above board, but I have no doubt that it is all kosher.
None if transaction is less than $10K. It'll get interesting when and if the price gets up to there or if the government lowers the limit. They wanted $500 for every transaction a few years back, but there was to much howling.
I thot sales of less than $600, no records. No?
Doubt it.
If it used the web at all its sitting somewhere on a server forever.
So cash at coin shows, or ordering in a very elderly friend's name?
Absolutely.
Unless you have foreign bank accounts and can pay in a third country
for delivery here by a subsid, sans paperwork.I believe some people
do exactly that for their purchases.Cough cough.Not me of course.If
I had any PM's they were lost in a tragic gardening accident.
+ FRN's @LCS's.
Elderly or (nearly) dead.
Russian ladies' names work well also for some reason.
If the Russians Wanted to blow this up they could just drop $30 billion and clean up all the silver.
It's Storage Wars in a whole new level...
From each according to his ability, to each according to his needs
Governments are NEEDY, so we'd better be on our best performance.
Governments are NEEDY, so we'd better be on our best performance.
Go Galt and pull up a chair. The game is starting.
When Obama became president, someone had to tell him Switzerland was not in the Mediterranean!
Naw! That was shrub jr.
First they had to tell the Shrub where the Mediterranean was.
They had to tell Shrub WHAT the Mediterranean is. He thought it was a frickin' cocktail.
It was your messiah. Admit it
Do you get to keep your spiderman Swatch?
"Everybody gets one"
The question is why are the Cayman Islands exempt from this? Perhaps Donald Trump can start an investigation in this regard.
They cracked the Cayman egg a long time ago, along with all the other Caribbean 'tax-havens'. Hint: they're mostly British overseas territories and have had all the fun wrung out by the Caribbean Financial Action Task Force in the name of anti-money laundering.
The Caymans love FRNs/USD. That usually end up buying US Debt. The European banks do not. Any questions?
and the Delaware constructs?
and the Guernsey and Jersey constructs, in the channel islands?
Sure. Maybe after he becomes President right?
The question is why are the Cayman Islands exempt from this? Perhaps Donald Trump can start an investigation in this regard.
This is a very stupid question. Nobody exepmt from "that". FATCA requires full disclosure from every US person and every Financial institution in the known Universe. One can ask a different question. How safe Cayman isands as a jurisdiction to keep funds offshore (the answer:actually, not that safe). While the FATCA is probably the most idiotic creation of US bureaucracy in recent times, it does not mean that vast majority of Americans with offshore accounts will not comply with it.
Thus, the whole premise of your cretin "Tyler" that places like Singapore are going to explode is an absolute bullshit (based on premise that Americans keep their funds offshore to avoid paying taxes which is not the case).
TBTJ has $8-16tn stashed there from the RMBS Ponzi, and US politicians
are the best money can buy.
$2 trillion in Indian money in Swiss banks. How long will those lists be kept secret?
True? Assad suposedly shot...
http://www.thegatewaypundit.com/2013/03/breaking-assad-shot-by-iranian-b...
They shot the wrong tyrant. . .
(One of the comments)
To pay for it they have to Repatriate their Gold out of the hands of the US Banksters. HeHe The Fed, GS and JPM got to it first so Swiss will be selective in whose IDs they turn over until the US finds some way of surrendering Swiss Gold.
Fuck You Jamie Dimon, Loyd Blankfeind and you too Bernanke. You better have your stash already in Israel or the snitches are going to get you.
AG Holder, has already made it clear they're too big to prosecute. And Israel has the combination to America's safe anyway.
Bitcoin user unaffected.
Don't rub it in, hazek, it doesn't help.
(And I didn't give you a red.)
Bitcoin user unaffected, so far.
There, that's better.
They can't affect us. They can't freeze our accounts or tax us. Or even prove we own any Bitcoins.
They can't affect us. They can't freeze our accounts or tax us. Or even prove we own any Bitcoins.
They can PULL your plug, anytime they want.Then how do you access them w/out a shitload of cost and time and effort?.
When there is a spot on your tax filing to fill out if you used BTC, or the equivalent legalese, how would you answer?
Return to sender; preferably with a string of code for their mail merged software included and documentation for the programmer to learn why Australia is not subject to the pathetic legal system of the US (not that ours down here are any better but at least we haven't got Corzined thus far when it comes to upholding the law).
Bitcoin user unaffected
Yep,until your locked up for evasion.Do not think they are not tracking these transactions.Bitcoin was a product of the CIA.
right up there with Stuxnet apparently...
I am not evading tax in any way, shape or form. Of course, I am minimising my tax. Anybody in this country who does not minimise his tax wants his head read. I can tell you as a government that you are not spending it so well that we should be donating extra.
Kerry Packer
We may have bigger issues than ATM lines..
Virus vial missing from Galveston lab
http://www.kltv.com/story/21779393/virus-vial-missing-from-galveston-lab
Somehow Iran will be blamed since they probably found a Passport stating so...
Somehow Iran will be blamed since they probably found a Passport stating so...
Comment of the day so far! Well done!
them mooooslims make the most indestructable passports ever.
And here I thought it was Bush's fault :)
How about the US cleaning up their own back yard first...what is it a million companies registered in Delaware....fckng hypocrites
This whole Worldwide Monetary system is on its last leg.........
Debt-Money is the root of all evil in this world.........
here we go again "blame the money in your wallet." if that's the problem why are Governments just stealing it from your "evil Passbook savings account" then?
+ 1 - You could also preface that with "The love of ..." as in the original.
You are mistaken to say that only the "uber wealthy" need fear this. This is open season on all depsitors, regardless of wealth. I have accounts in several countries as a means of diversification and have always paid taxes on all earnings; nevetheless, I will be caught up in this at some point and, contrary to the law, the burden will be on me to prove my innocence. I can do that but I anticipate being harassed and threatened by my government in the process since, after all, the mere fact that I do not want all my wealth in the US makes me part of a suspect class.
And if you were unlucky enough to have misplaced some paperwork, then your self-reporting would have gotten you labeled anti-USA.
This is what I believe is going to happen to the BTC proponents.
we call it "data" now. now thanks for turning yourself in. the Media appreciates your service as well...
I guess proponents of "moving your wealth overseas" will shut up for a while.
Is there a place w/o fiat currency?
w/o central bank?
where government does not borrow money from bankers?
There is no safe place until central banks are killed.
Red Arrow for four reasons:
1) It's good for the soul to get a red from time to time.
2) The problem is not the Central banking concept. Rather it is the ethics of the people who direct them.
3) I'm sick and tired of blanket abuse for Central Banks.
4) Excellent 1998 California Syrah in my glass.
Good luck and god bless!.
For the very first time here on ZH, I am going to go full caps:
WHY THE FUCK DO THE SWISS, AND EVERYONE ELSE, KEEP BUCKLING UNDER TO THE LONG ARM OF THE US IRS????
What is motivating them, now, to give up on a centuries-old policy of financial privacy?
who owns the Swiss banking system?
who did it benefit to imagine the Swiss banks as a "safe haven" for so long, and who will benefit from that trusted belief being broken?
en-snared.
The sanctity of Swiss banks was attacked and destroyed by the usual suspects, 1995-2000...http://en.wikipedia.org/wiki/World_Jewish_Congress_lawsuit_against_Swiss...
the idea of nationstates as designated farms, places to grow wealth via thievery and lies, in a global context would underscore the notion that a few areas need to be "outside" of the normal farm laws, a sort of "free zone" for those in the know. . .
Olley Olley Oxen Free!
psyche!!!
Cathartes, if you are lucky enough to be able to find a copy, I highly recommend that you read the book "This Perfect Day" by Ira Levin (the author of "Rosemary's Baby), a much underappreciated work that I consider to be in the same league as "1984" and "Brave New World".
akak,
I looked for it in pdf format. Can you confirm this is the book?
http://ny.iadicicco.com/Finished/20,000%20Ebooks/Ira%20Levin/Ira%20Levin...
Yes, Toys, that is it.
I have to say that I don't care for the formatting of the book in this PDF, but it is the same one.
I did a quick search for some reviews. . . while it does sound intriguing, my first re-action to your post was a nose-wrinkle - 70's Jewish male writers were very prominent in that decade - in fact, comedians, authors, Hollywood, etc. seem to be full of them, way out of proportion to their numbers in the culture - something people are beginning to notice now. . . there's a popular story out there that "Rockefeller created feminists" in that decade too; meanwhile Roth creates Portnoy's complaining, Woody Allen chases young shiksas, etc.
so I'm a bit sensitive to the points of views these dudes write from. . . and sure enough, Ira's main character rapes the woman he loves, and she submits to the relationship that follows, according to the reviews. so however brilliant the story might be, however much it might foretell the future (that the media fulfills the prophecy of??), I know I'd have trouble reading it, even if I tried.
because I respect your obvious intelligence, I'd like to offer a book up to you, I believe you'd find it enough of a challenge to maintain your interest: The Dispossessed by Ursula Le Guin. read the first couple of reviews, see if it intrigues. I think I'm overdue a re-read, it stands up to that. . .
best to you akak.
LOL. Birds of a feather, Cathartes .....
I happen to be currently rereading The Dispossessed, for perhaps the fourth time.
As for the rape in This Perfect Day, it is such a miniscule and tangential (not to mention rather ambiguous) part of the entire story that I was astounded to read those same reviews as you had probably just read, slamming that book for that one highly insignificant reason. This would be almost like giving a thumbs-down to Moby Dick because one had eaten a bad fish sandwich the year before, or condemning Les Miserables because one had once had a bad experience visiting Paris.
heheh, thanks for sharing that with me, love that you're reading it, repeated. we're on the same page.
and I do understand your point of view on This Perfect Day. . .here's what I know to be true for myself - if an author needs to use rape as a metaphor for conquering/teaching/proving their perspective (prose), and does not flesh out the character who is raped, doesn't acknowledge the impact of that rape via the character's own knowledge of this act, does not atone for the rape, then it invalidates whatever points are being made. it discounts the humanity of the other character, and makes them superfluous to the reader.
this was a very popular stance in Jewish male fiction from the 1970's - elevating the importance of the male desire vs. the vehicle used for the desire. that Jewish men also heavily profited from the 70's porn industries, and are implicated in sex-trade globally, is no coincidence for me - debase currency, debase desire, debase cultures. . . it's a pattern, sure. (and yes, Jewish women are prominent in feminist circles - I note this, and decline the label, thanks) this is how cultures die, through debasing all that makes up a culture, trust and respect.
so it is with this in (my) mind that I find it difficult to read these authors - I find myself arguing, mentally, throughout (I'm sure you can just imagine this, eh? me arguing with text, *eye roll*)
alright. having said ALL that, I'm going to look out for a used copy of This Perfect Day, and I'll read it, with you in mind, again, out of respect for your perspective.
take care.
The sanctity of Swiss banks was attacked and destroyed by the usual suspects, 1995-
YEP, bcause the theiving bastards HAD the stolen property.And it was returned to it's rightful owners relatives.
They want their gold back, and that won't happen unless they meet certain demands of the US government.
>>WHY THE FUCK DO THE SWISS, AND EVERYONE ELSE, KEEP BUCKLING UNDER TO THE LONG ARM OF THE US IRS????
*
BECAUSE SWISS AND US IRS WORK FOR THE SAME JEW!!!!
I dunno Akak, I'm sure there's been NO coercion employed, whatsover. Certainly no bribery, blackmail or death threats to be found here. This is all due to a new sense of Swiss altuism and spirit of cooperation only :-)
There is a cancer on this here debt-money system...AND IT IS SPREADING!!
Look at the government, esp. Evelyn Widmer Schlumpf, she will answer your question. Do not forget, she sved the asses of UBS masters...
UBS America's CEO, Robert Wolf, helped get Obama elected in 2008. UBS and CS are tentacles on the squid. The SNB is corrupted as is BIS.
And here's your squid: http://en.wikipedia.org/wiki/World_Bank interestingly they have World Bank 2.0 now as well (this is actual news to me...never knew that) http://en.wikipedia.org/wiki/World_Bank_Group. hmmm. "suddenly there appears the Eurogroup." didn't see that coming. of course what is not said in these two articles is "who" the original capital base for the World Bank washttp://en.wikipedia.org/wiki/N_M_Rothschild_%26_Sons since "all the money went to DC after World War II" and not New York as is commonly stated most people just think of the World Bank as it actually is: a "development bank." obviously it has become much more now that it's gotten itself into the "settlement business." (that doesn't sound very third world to me.) hence "you have to read Karl Marx" because after World War II the USA had a "development scheme" and it was MASSIVE. (interstate highway system, NASA, "tax abatements") with Europe and Japan both flat on their back and Great Britain and Russia both struggling under the weight of Empire...who would say no? and the answer of course was "no one."
Simple answer: FATCA
http://assetprotection.escapeartist.com/newsletter/fatca-rules-offshore-...
If Swiss banks don't knuckle under, every USD remittance they receive gets haircut 30 percent.
That's the financial equivalent of a nuclear threat.
For the very first time here on ZH, I am going to go full caps:
WHY THE FUCK DO THE SWISS, AND EVERYONE ELSE, KEEP BUCKLING UNDER TO THE LONG ARM OF THE US IRS????
What is motivating them, now, to give up on a centuries-old policy of financial privacy?
Due to the fact of HUGE penalties incurred on them(they are governed by Intl rules),and if memory serves the Swiss already had to pay millions for their first round of non compliance.
this Zero Hedge place has suddenly become a hot bed of insight. fascinating...
diplomatic pressure and the Anglo-Americanization of their two megabanks, according to dissidents among their bankers
the two get constantly caught in scandals in the UK and US, after all
which leads to retailiations and verdicts, and so more diplomatic pressure
Swiss: Because two of the largest Swiss banks (UBS and Credit Suisse) opened regulated subsidiaries and holding companies in the US; eventually their legit business swamped their old private banking practices. Then one day a UBS employee got the bright idea of selling customer lists to various tax authorities. In effect no one trusts these fuckers to keep a secret any longer; you'll either be ratted out to your taxman or someone in the bank might take to extorting you.
Everyone else: process started long ago in the Caribbean as part of anti-narcotics programs, eventually shoved down their throats via the Caribbean Financial Action Task Force formed by the G7 in the name of anti-money laundering and anti-terrorism financing. It's the whole 'know your customer' experience pushed in stateside under the expanded provisions of the Bank Secrecy Act that rolled in after 9/11. The nail in the coffin is the Foreign Account and Tax Compliance Act which makes dealing with American citizens toxic for foreign firms.
As 'cthonic' says ... plus all the offshore banking centres were threatened with being disconnected from the global banking system and branded as places that aid/abet crime, money laundering and terrorism. The OECD were directly involved in this crap in the early days following pressure from the US, UK, Germany and France.
the buzzing of a drone maybe?
Business decision.
long Sealy and posturpedic. Better Krugs and maples
Nace 'My Mattress Savings': the first mattress with built-in safe"The savings, better under the mattress." How often have we heard this phrase! The difficult economic situation in recent months and various scandals involving financial institutions have led many to dream about fluffy Spanish euros. Sleep feeling the hard-won banknotes. Francisco Santos also dreamed, and woke up to make it happen: you created the first mattress with built-in safe.
The mattress is at hand, but is vulnerable. Easy to pry. Easy to steal.Santos had a dream. He consulted with the pillow the news about the distrust and uneasiness of savers was doing he recovered the old habit of keeping money under the mattress. And thus was born the idea ofcreating a safe mattress with built in such a way that "it is not necessary to keep the money under the mattress" but in his own safe, says Santos.
http://translate.google.com/translate?sl=es&tl=en&js=n&prev=_t&hl=en&ie=...
I was going to shove some cash under my mattress on several different occasions over the past few years, but I keep getting scared off by that ominous tag "DO NOT REMOVE UNDER PENALTY OF LAW".
Apparently, you are not that much into Tantric sex. But Sting is.
Nace 'My Mattress Savings': the first mattress with built-in safe
Useless as tits on a boar hog.
Just steal the whole damn mattress.Or CUT the safe Out of the mattress.
Any safe not TRTL rated is a waste of money.For valuables.
And every safe (best w. S&G Group 1 &2) Combo locks,the digital failure rates are astronomical,compared to S&G locks),MUST be anchored to the concrete floor with wedge anchors,in four corners are at risk.
Cant wait to see ongoing, pending sequel, "From Russia, With Love"
Im sure Putin will have a hand in the production and directorship
For unadulterated cringe-worthy horrible movie work, here is an IRS created Star Trek parody.
http://trekmovie.com/2013/03/23/watch-irs-star-trek-video-earns-rebuke-f...
A Swiss bank account is no longer a Swiss bank account - the 2nd Amendment is now only about hunten' wabbits - and your deposits in any bank are actually gambling funds for bankers.
Brave New World > 1984 Transition signposts.
"-and your deposits in any bank are actually gambling funds for bankers."
You are close. The funds become the PROPERTY of the banks, and they can gamble or loan it out, or do anything else with your money that they want to.
Here is a little more from an article that offers some insights into the bankster criminal organization.
"According to Wikipedia: ”In most legal systems, . . . the funds deposited are no longer the property of the customer. The funds become the property of the bank, and the customer in turn receives an asset called a deposit account (a checking or savings account). That deposit account is a liability of the bank on the bank’s books and on its balance sheet. Because the bank is authorized by law to make loans up to a multiple of its reserves, the bank’s reserves on hand to satisfy payment of deposit liabilities amounts to only a fraction of the total which the bank is obligated to pay in satisfaction of its demand deposits.”
The bank gets the money. The depositor becomes only a creditor with an IOU. The bank is not required to keep the deposits available for withdrawal but can lend them out, keeping only a “fraction” on reserve, following accepted fractional reserve banking principles. When too many creditors come for their money at once, the result can be a run on the banks and bank failure.
The New Zealand OBR said the creditors had all enjoyed a return on their investments and had freely accepted the risk, but most people would be surprised to learn that too. What return do you get from a bank on a deposit account these days? And isn’t your deposit protected against risk by FDIC deposit insurance?
Not anymore, apparently. As Martin Hutchinson observed in Money Morning, “if governments can just seize deposits by means of a ‘tax’ then deposit insurance is worth absolutely zippo.”
http://www.counterpunch.org/2013/03/22/the-battle-of-cyprus/?utm_source=...
Of course, if any criminal government decides to skim peoples' deposit accounts at whatever rate it thinks it can get away with, it would argue that Deposit Protection Insurance (FDIC in the US) is not invalidated because it exists to insure losses on your part only if the bank goes bankrupt or if the banksters run off with your money.
"Honey, we don't have a washing machine - the peasants do our laundry at the cleaners, what do you mean it's broken?"
"U.S. Officials".
Now that shit is seriously funny:)
I just love the smell of citizenship renouncements in the morning.
Not that easy - are you familair with the requirements?
After acquiring a passport or citizenship of another jurisdiction, if an American citizen chooses to renounce American citizenship for financial reasons or any other reasons, I can see no beneficial reason for going thru the complex form-filling process of doing it. Since he has already chosen to live outside US territory, he can just throw away his US passport and disappear off the radar, denying from then on that he officially still has American citizenship.
If you reported your assets abroad to the US Treasury in conformance with our laws per IRS Form 8938 you have nothing to fear.
If you did not we invite you back into the fold and share our tax burden.
Worth noting that the US and the Phillipines are the only nations taxing income earned outside of the country.
Land of the free, indeed.
It is what it is.
I've considered the costs of renouncing citizenship.
It's prohibitive.
So it's only worth it if you win the Powerball? lol
no problem getting dual citizenship. just add a Cayman Islands passport to your list and slap on a "taxes are for dopes" bumper sticker on you G-5 and rock on bro...
Swiss right-wing forces referendum on banning SNB gold sales http://www.reuters.com/article/2013/03/20/us-swiss-gold-idUSBRE92J0Z3201... Shhhhh... Don't tell anyone but the shit is hitting the fan.
Grass isnt greener in others' yards..
.gov workers owe over $3.5 Billion in back taxes...
Grass isnt greener in others' yards..
.gov workers owe over $3.5 Billion in back taxes...
Yep, and Congress is sick of it, they are going to withold, and make the IRS crackdown on them and they will stop recieving paychecks until they comply.
New Bill just came out on this last week.WAY past time
Cyprus : Russian depositors :: Switzerland : [X]
I'll give you one more - Argentina::Uruguay.
http://en.mercopress.com/2012/04/25/uruguay-and-argentina-reach-agreemen...
Uruguay and Argentina agreed to exchange tax data
http://investba.com/2013/02/argentine-deposits-uruguay-bank-accounts/
Argentine Deposits In Uruguay Banks Post Biggest Jump In 3 Years
Good stuff thanks for posting where do you live?
I'll be in BA in a couple of weeks ot check things out. Interesting times!
From the article:
Both countries' legislatures are expected to ratify the deal by mid-year. It will only apply to financial transactions that take place after the accord takes effect, despite Argentina's initial request that it also be used retroactively.
Tax agents will only be able to share information in specific cases where there is evidence of evasion.
This is qualitatively different than the massive, retroactive dragnet the U.S. is imposing on Switzerland.
The DOJ has all the manpower in the world to intimidate and harass foreign banks, yet they can't find a single illegal alien in the whole country.
"they can't find a single illegal alien in the whole country."
Unless he's a terrrrist.
Gosh, I wonder if this information will lead to equal treatment and justice for ALL offenders? Ha! Depending on who you are and what you're part of, it will either be buried, or used to ruin you, while the recouped back taxes are used to fatten up the untouchables even further. Can you guess which group enjoys that status?
Commence selective financial decimation!
tax evaders are terrorists and should be dealt accordingly
All we know for SURE is that a Tax Evader (TE) is a TE, is a TE. All else is speculation or propaganda.
Troll, do you even know the difference between an Evader and Avoider?
Warren Buffett is a masterful tax eva...er, avoider.
the amount of legal advice
When your government gives $400 million to a Muslim Brotherhood dictator in Egypt, $200 million to Jordan, the Department of Homeland "Security" buys 1.6 Billion rounds of ammunition (for?), your President blows $1 million on a weekend golf outing, and the Vice-President blows $1 million Partying in Paris - evading taxes becomes patriotic.
When your government gives $400 million to a Muslim Brotherhood dictator in Egypt, $200 million to Jordan, your President blows $1 million on a weekend golf outing, and the Vice-President blows $1 million Partying in Paris - evading taxes becomes patriotic.
You left off the 500 Million to Palestine( even though we are SUPPOSED to be on Sequestration?.)
Good call.
I also forgot the Billions (Trillions?) the FED gives to European banks, the GSA parties in Vegas, the shrimp on a treadmill study grants, the obese Lesbians research funding, and Billions upon Billions more wasted on who knows what.
+1 http://www.rooshv.com/american-feminist-adria-richards-gets-gang-raped-by-the-internet#comments
It should be deducted from the aid given to Israel since it's the same country according to Israel.