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The "Wealth Tax" Contagion Is Rapidly Spreading: Switzerland, Cyprus And Now ....

Tyler Durden's picture





 

It was only yesterday that we wrote about comparable problems to those which Russian depositors may (or may not be?) suffering in Cyprus right, this time impacting wealthy Americans and their Swiss bank accounts, where as a result of unprecedented DOJ pressure the local banks will soon breach all client confidentiality and expose all US citizens who still have cash in the former tax haven under the assumption that they are all tax evaders and violators. And in the continuum of creeping wealth taxes which first started in Switzerland, then Cyprus, and soon who knows where else, there was just one question: "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?" Today we got the answer, and yes it was one of the abovementioned usual suspects. The winner is.... Lichtenstein.

Yes: the little principality that is an even greater tax (evasion) haven for the world's ultra wealthy, even more so than Zurich, Geneva or Zug, is now under Big Brother's microscope.

But fear not. All the other tax havens listed above are quite certainly about to meet the iron, resolute fist of the US Department of Injustice. After all, unlike TBTF banks, depositors are hardly "systemic", and thus Eric Holder and his henchmen will have zero reservations when pursuing the full extent of the (selectively crony) US laws against them.

From Bloomberg:

The U.S. has asked Liechtenstein to hand over data on foundations that may have been used to hide untaxed American money from the Internal Revenue Service, a step that may threaten Swiss banks. 

 

The U.S. wants to know the number of foundations set up by fiduciaries -- lawyers, accountants, financial advisers and asset managers -- for American taxpayers, according to a letter sent by the Department of Justice to authorities in the Alpine principality. A “formal request” to fiduciaries will follow, the DOJ said. 

 

“Seeking documents from the Liechtenstein fiduciaries is an important investigative step,” which will shed light on “the roles of banks, of bankers outside of Liechtenstein,” the Justice Department wrote in the letter, adding that it looked forward to receiving the data by March 29.

 

The DOJ is investigating at least 11 financial firms, including Credit Suisse Group AG (CSGN) and Julius Baer Group Ltd. (BAER), for allegedly helping Americans hide money from the IRS. The Liechtenstein request will add to the information the IRS garnered as 38,000 Americans avoided prosecution through an amnesty program, which involved paying back taxes and penalties and disclosing their offshore accounts and bankers. 

 

“It’s a further evolution of the Department of Justice using third-party fiduciaries to gather more information on these structures and the banks involved,” said Milan Patel, a former IRS trial attorney who is now a partner at Zurich-based law firm Anaford AG. “This could be bad news for Switzerland, as the information could be used against more Swiss banks.”

In case anyone is still confused about what is going on, here is the summary: any geographic venue that for whatever reason was once considered a global tax haven in the "Old Normal", be it Switzerland, Greece, Luxembourg, Singapore, or as the case may be Lichtenstein, is now fair game for confiscation and otherwise expropriation of local capital. 

Alas, as this money will not be enough to plug what is not a liquidity but global insolvency black hole, which is made worse daily by the endless interventions of central planners, once the deposits of the wealthy at these small, powerless to defend themselves countries is concluded, next come the entities with the really big deposits: the US, the Eurozone, and the grand daddy of them all: China.

In other words, the forced ~30% wealth tax on all financial assets is coming. Just as foretold here first in September of 2011 and as was recapped last weekend.

 


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Mon, 03/25/2013 - 19:31 | Link to Comment chubbyjjfong
chubbyjjfong's picture

Just like Herpes.. once it starts.. you'll never get rid of that shit. 

Mon, 03/25/2013 - 19:33 | Link to Comment RacerX
RacerX's picture

Euro-pes

Mon, 03/25/2013 - 19:36 | Link to Comment kaiserhoff
kaiserhoff's picture

If these retards last long enough,

they will figure out that friends come and go,

but enemies accumulate.

Mon, 03/25/2013 - 19:42 | Link to Comment new game
new game's picture

suprise, suprise, suprise; gee wiz, who woda thunk a statist would go to where da money is and create a tax to get at it.

smart as a bank robber.  only thing there missing is the mask...

Mon, 03/25/2013 - 19:54 | Link to Comment Mark Carney
Mark Carney's picture

In other news:

 

Man in Alberta selling his house for bitcoins....lol

http://blogs.shawconnect.ca/money/alberta-man-selling-his-house-for-5400...

 

 

 

Mon, 03/25/2013 - 19:57 | Link to Comment CClarity
CClarity's picture

Why no mention of the Caymans or Jersey or other off-shore parking zones so beloved by the US elites and politicians?

Mon, 03/25/2013 - 20:04 | Link to Comment kaiserhoff
kaiserhoff's picture

Hush yo mouff.  Moochelle got plans for Bamy's third term, and then her three.

Unlike that old white lady, they got Opra on day side.

Mon, 03/25/2013 - 20:25 | Link to Comment HoofHearted
HoofHearted's picture

Seriously, people, you can be your own Central Bank. All you need is a lake and some shiny stuff.

Mon, 03/25/2013 - 21:41 | Link to Comment Muddy1
Muddy1's picture

I will be avoiding the tax/haircu(N)t.  I exercised my own capital controls by emptying my account, and safe deposit box.  I am my own central bank.

U LOSE BITCHEZ

Mon, 03/25/2013 - 21:47 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

"Why no mention of the Caymans or Jersey or other off-shore parking zones so beloved by the US elites and politicians?"

<crickets>

Mon, 03/25/2013 - 21:53 | Link to Comment smlbizman
smlbizman's picture

im sorry , i was shoviling my drive here in delaware......whats the question?

Mon, 03/25/2013 - 23:45 | Link to Comment thisandthat
thisandthat's picture

The question was... rhetoric

Mon, 03/25/2013 - 22:08 | Link to Comment Buck Johnson
Buck Johnson's picture

Because that is our elite money laundering areas along with Britian and it's in our sphere of influence aka hemisphere.  They won't go after them until the rest are gone and then do the 30% tax. 

Tue, 03/26/2013 - 00:06 | Link to Comment Dugald
Dugald's picture

 

suh! you is talkin of America's finest....

and also most untouchables.....

Thar ya go!!

Mon, 03/25/2013 - 20:22 | Link to Comment akak
akak's picture

 

Man in Alberta selling his house for bitcoins....

No, that was just an editor's mistake.

The man in Alberta is actually selling his house for 5400 pounds of Bit O'Honey candy.

Not only is Bit O'Honey tangible, physical, recognizable, storable and divisible, but best of all, you can eat it.

Mon, 03/25/2013 - 20:54 | Link to Comment zanez
zanez's picture

Bit O'Honey, BITCHEZ!

Mon, 03/25/2013 - 22:50 | Link to Comment scrappy
scrappy's picture

You ZH guys are a trip. And smart.

Tue, 03/26/2013 - 00:23 | Link to Comment thisandthat
thisandthat's picture

 

They also cut out the transaction fees

What's he talking about? Cost me 5€ to transfer 10k within Eu - compare that to the buy/sell spread in BCs....

and limits that come with moving money via a traditional bank

Oh?!...Those 10k were cash withdrawn in a single operation, no questions asked - again, try doing that with BCs...

Mon, 03/25/2013 - 20:57 | Link to Comment kill switch
kill switch's picture

If these retards last long enough,

 

Whores, Ugly Buildings, and Politicians all become respectable if they last long enough..

Tue, 03/26/2013 - 07:57 | Link to Comment Proofreder
Proofreder's picture

+1 for the Chinatown ref ... a pity great films like this are no longer made, in deference to zombie flix.

Polanski and Nicholson - whatta pair.

"You may think you know what you're dealing with, but believe me, you don't," is perhaps more aprospo to the times.

BTFD

Tue, 03/26/2013 - 18:26 | Link to Comment kill switch
kill switch's picture

+100

Mon, 03/25/2013 - 19:45 | Link to Comment formadesika3
formadesika3's picture

Forgot to mention Grand Fenwick.

Tue, 03/26/2013 - 07:00 | Link to Comment Slartibartfast
Slartibartfast's picture

Not a lot will get the reference (and even fewer have seen the film), but Sir I salute you! That scheme seems almost reasonable compared to what's going on. Forget mice roaring...anyone ever see what happens when a a few mice are caught in one of those 'live' traps? They start eating each other...elites are no different. Music over, all the chairs gone...now the real games begin.

Tue, 03/26/2013 - 09:19 | Link to Comment Tango in the Blight
Tango in the Blight's picture

CaliforniTURDS should stop counterfeiting Pinot Grand Fenwick or THIS MEANS WAR!

Tue, 03/26/2013 - 13:01 | Link to Comment formadesika3
formadesika3's picture

That film was a travesty! Also the book I might add. No self-respecting Grand Fennyuckian deigns to take notice of such twaddle. 

 

It being the land of my bird, I admit I was a little peeved it wasn't mentioned. Mention Lickenstein but Not Grand Fenwick! Unpossible!

But not as a tax haven! 

It is a Grand LIE that the Ducky is a haven for tax cheats!

That's all I have to say on the subject.

Now I will sing the National Anthem (as parsevalleyed in the local idiom):

 

Gran' Fen-nyuck-yuck, Gran' Fen-nyuck-yuck!

I tip my crowns to theeee

Like stargazers from a new bride's bosom,

Thy gold crowns amassed is unsurpassed,

No taxation nor inflation,

 

Wonder pair! Wonder pair!

The twin peaks of mine vision

 

Da da dah-dah-dah da dadada da

Da da dah-dah-dah da dadada da

 

Gran Fen-nyuck-yuck Gran Fen-nyuck-yuck!

The land of my bird,

No invasion force can stay her course

Th' dream we seek in steering clear

Of troublepuss bitchez and far hen herds!

 

Wonder pair! Wonder pair!

The twin peaks of my vision

 

When you get down, just take a nod to ol' Fenyucky,

Piddlin' lil place gets my heart all a-plucky!

 

Gran' Fen-nyuck-yuck Gran Fen-nyuck-yuck!

Landlocked yes but locked in love,

Like stargazers from a new bride's breast,

All true Fenyucksters welcome at the community chest!

Steeped in her blessings are we!

 

Wonder pair! Wonder pair!

The twin peaks of mine vision

Mon, 03/25/2013 - 19:38 | Link to Comment wee-weed up
wee-weed up's picture

Easy way to "get rid of that shit"...

Take your money outta the fukin' banks and buy gold & sliver!

Mon, 03/25/2013 - 19:55 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

"Easy way to "get rid of that shit"... Take your money outta the fukin' banks and buy gold & sliver!"

exactly!  you can lead a american to freedom but it would appear you got to hit him in the fucking head with a brick before he grasps it.... 

Mon, 03/25/2013 - 20:37 | Link to Comment wee-weed up
wee-weed up's picture

Unfortunately, the American populace has been "successfully" dumbed down. The Socialists have had control over public education for the last 30 years. And now they control the MSM too. If you doubt this, just ask yourself how in the hell someone like Obama, with his miserable record, ever got re-elected.

Mon, 03/25/2013 - 22:11 | Link to Comment MrPalladium
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They have had control of the MSM for the last 80 years.

Tue, 03/26/2013 - 04:05 | Link to Comment bigkahuna
bigkahuna's picture

IMO, the same way the last few presidents were elected, diebold.

 

Yeah, low information voters are not helping anything.

Tue, 03/26/2013 - 08:00 | Link to Comment Proofreder
Proofreder's picture

As in:

You can lead a horticulture, but you cannot make her think ?

;-)

 

Mon, 03/25/2013 - 19:47 | Link to Comment max2205
max2205's picture

Hello, so long, we hate to see you go.....

Mon, 03/25/2013 - 20:41 | Link to Comment onelight
onelight's picture

So long and thanks for all the fish.

Mon, 03/25/2013 - 20:20 | Link to Comment MartyBee
MartyBee's picture

This is old news!
Has anyone heard of FATCA?
27+ countries have already signed up to provide info on US expats to the Treasury and IRS.

http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act

http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Complianc...(FATCA)

http://www.irs.gov/PUP/businesses/corporations/TD9610.pdf

Tue, 03/26/2013 - 05:33 | Link to Comment Urban Redneck
Urban Redneck's picture

Apparently you aren't familiar with what FATCA does and does NOT say.

Mon, 03/25/2013 - 20:21 | Link to Comment Larry Dallas
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What you won't see are the names of prominent law makers. They pulled out a long time ago...

Mon, 03/25/2013 - 21:48 | Link to Comment Money Squid
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Chubby, sorry to hear about your condition. Hang in there buddy.

Mon, 03/25/2013 - 19:31 | Link to Comment Tsar Pointless
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May I be the first to say, "Whocouldanode?".

Mon, 03/25/2013 - 19:37 | Link to Comment Abraxas
Abraxas's picture

Nobody fucks with Lichtenstein!

Mon, 03/25/2013 - 19:38 | Link to Comment wee-weed up
wee-weed up's picture

Bernanke pronounces it...

Lichtmybehein!

Mon, 03/25/2013 - 19:38 | Link to Comment kaiserhoff
kaiserhoff's picture

Do they have their own language, or just a bad throat condition?

OK, that's always thrown at the Dutch, but it's still funny.

Mon, 03/25/2013 - 21:05 | Link to Comment hooligan2009
hooligan2009's picture

liechtenstein is a landlocked country owned by a royal family. it has one street a few roundabouts and a michelin star hotel. it is about 2 miles long half a mile wide and completely surround by (very high) mountains.

and no, i didn't go there for tax reasons!!!!

Mon, 03/25/2013 - 21:26 | Link to Comment DirkDiggler11
DirkDiggler11's picture

And of all people Gen George S Patton is buried in a small millitary cemetery in Lichtenstein.

Mon, 03/25/2013 - 21:52 | Link to Comment wee-weed up
wee-weed up's picture

Patton is buried in Luxembourg, not Lichtenstein. They're both tiny countries, but Luxembourg is about 20 times bigger than Lichtenstein. One can drive across miniscule Lichtenstein in about 10 minutes. I've visited both - and I saw Patton's grave whilst in Luxembourg.

Mon, 03/25/2013 - 22:45 | Link to Comment Likstane
Likstane's picture

Being from Likenstane myself, I can vouch for Patton being in the Shitstreke cemetary of Likenstane; he was a national hero and was rehypothecated there.  I'm pretty sure Barry Manilow is also from Likenstane. 

Mon, 03/25/2013 - 22:55 | Link to Comment scrappy
scrappy's picture

Thanks for the historical correction.

 

Correcting history is worthy of ZH, which it does everyday!

 

Something to ponder huh?

Mon, 03/25/2013 - 22:00 | Link to Comment smlbizman
smlbizman's picture

i love google map....liechtenstein seems very inviting...

Tue, 03/26/2013 - 02:45 | Link to Comment Ratscam
Ratscam's picture

trust me it is incredibly boring, even the royal family live mostly in Vienna or other capitals of Europe

Mon, 03/25/2013 - 19:33 | Link to Comment nmewn
nmewn's picture

Grand theft sovereigns...its not just for sheeple anymore ;-)

Mon, 03/25/2013 - 19:33 | Link to Comment Phroneo
Phroneo's picture

I don't know, in terms of tax evasion, I have no problems with this. If people have legitimate money in these places then I'm sure they will be fine. Ideally, tehre would be no tax havens and we wouldn't need this privacy breach. But since they exist and lead to a lot of tax cheating (which normal citizens cannot partake in), it's a neccesary evil. 

 

Besides, it does kind of fulfill the "transparency" condition of a free market :P

Mon, 03/25/2013 - 19:35 | Link to Comment nmewn
nmewn's picture

Neccesary evil.

So you're saying a government (any government) is less evil?

Mon, 03/25/2013 - 19:38 | Link to Comment toys for tits
toys for tits's picture

Necessary evils are still evil.

Mon, 03/25/2013 - 19:48 | Link to Comment kaiserhoff
kaiserhoff's picture

I'm sure there is a jay walker or a mall skate boarder, somewhere in Lichtenstein.

By Bruce Krasting's standards, they are all guilty.

Hang 'em high.

Mon, 03/25/2013 - 21:03 | Link to Comment akak
akak's picture

LOTS of "dirty money" in Lichtenstein.

Did you hear me, "Dirty Money". That's "D-I-R-T-Y".

I said "DIRTY!!!"

You may all now proceed to your trial to receive your sentences, which of course will be "guilty".

Mon, 03/25/2013 - 19:41 | Link to Comment Urban Redneck
Urban Redneck's picture

There not asking for financial account information, which is what they were "authorized" to ask for by FATCA...  

Mon, 03/25/2013 - 19:55 | Link to Comment Z'
Z&#039;'s picture

It's like the FATCA Marshmallow Man was put in the microwave... it just keeps expanding.

Mon, 03/25/2013 - 20:18 | Link to Comment pods
pods's picture

The US government is the best "Just the Tip" player ever.

pods

Mon, 03/25/2013 - 19:41 | Link to Comment FieldingMellish
FieldingMellish's picture

The Beast that is insolvency will not be satisfied with mere Cyprus's and Lichtenstein's. The Beast will need forever bigger hosts on which to feed. Italy, Spain, UK,...

Mon, 03/25/2013 - 19:50 | Link to Comment new game
new game's picture

one of these hosts aint gonna take to kindly to being ripped off. just sayin...

 

dirty deeds done dirt cheap...

Mon, 03/25/2013 - 20:28 | Link to Comment HoofHearted
HoofHearted's picture

"You got a Central Banker and you need him dead, but you haven't got the guts?"

AC/DC is one of the greatest bands ever!

Mon, 03/25/2013 - 21:44 | Link to Comment FreeNewEnergy
FreeNewEnergy's picture

Being of both Sicilian and Italian descent, I can tell you firsthand that my brothers and sisters do not appreciate being robbed one bit.

Why do you think "vendetta" is such a well-known term?

Italians - and Sicilians - are generally happy, peaceful people. Don't cross them, though, because many adhere to the extended golden rule, which is, if you do unto me badly, I will do unto you worse.

In other words, if the stiffs from the troika think they're going to get their hands on Dago money, they're dumber than they already appear to be.

I'm trying really hard to be nice about this.

Mon, 03/25/2013 - 19:51 | Link to Comment kaiserhoff
kaiserhoff's picture

Finally, a prediction I can believe in. 

Mon, 03/25/2013 - 19:47 | Link to Comment DeadFred
DeadFred's picture

THe IRS and DOJ are involved therefore they are wrong even if they are right. It's simple deductive logic.

Mon, 03/25/2013 - 20:00 | Link to Comment nmewn
nmewn's picture

Another good point by Fred!

Maybe the IRS needs to change its name to External Revenue Service. I'm American but if I were another country I'd tell them to go pound sand. Was the principle taxed at earnings in the US of A? Must have been or they're a criminal or a politician.

It was taxed once here and then moved offshore where capital is appreciated...one & done.

Mon, 03/25/2013 - 20:00 | Link to Comment hooligan2009
hooligan2009's picture

many of these countries exist because of secrecy and low tax rates.

taxes that would otherwise be paid in their relevant domiciles is not paid, because banks (US, European and UK banks) direct money and structure tax deals in and out of these jurisdictions.

what confuses me is why hedge funds are not being brought to book in states like Delaware. The number of shelf companies is approaching that of the Carribean.

anddddddddddd

why doesn't anyone care about the corruption of the last french government (up to and including president sarkozy and current head of the IMF Lagarde). i guess the Cyprus story and FATCA compliance are more important...oh well

Mon, 03/25/2013 - 20:02 | Link to Comment Pareto
Pareto's picture

None of what you just said, makes a bit of fucking sense.  Especially the last line

Mon, 03/25/2013 - 22:00 | Link to Comment Professorlocknload
Professorlocknload's picture

.

Mon, 03/25/2013 - 22:07 | Link to Comment Professorlocknload
Professorlocknload's picture

So, is the clap a necessary evil as well? 

How is involuntary confiscation of the fruits of ones labor "necessary?"

 

Mon, 03/25/2013 - 19:33 | Link to Comment youngman
youngman's picture

They better hope they do not have any gold or silver stored in New York somewhere......

Mon, 03/25/2013 - 19:34 | Link to Comment Ban KKiller
Ban KKiller's picture

Holder is powerless AGAINST banks. Holder is a stooge. 

Holder is powerful against depositors on behalf OF banks. 

Mon, 03/25/2013 - 19:42 | Link to Comment Sabibaby
Sabibaby's picture

Holder needs a noose around his neck. Nothing will happen, but I am curious about the status of off shore accounts in the Gulf of Mexico.

Mon, 03/25/2013 - 19:35 | Link to Comment overhere2000
overhere2000's picture

I could care less about tax havens.

Mon, 03/25/2013 - 19:38 | Link to Comment notquantumdum
notquantumdum's picture

'Even if it brings into question the meaning of "personal property rights" in your jurisdiction?

Mon, 03/25/2013 - 19:40 | Link to Comment notquantumdum
notquantumdum's picture

Be careful what you wish for.

Mon, 03/25/2013 - 19:48 | Link to Comment Frank N. Beans
Frank N. Beans's picture

first they came for the rich who saved taxes by putting their wealth in swiss and liechtensteinian banks, and i did nothing...

 

Mon, 03/25/2013 - 20:00 | Link to Comment Urban Redneck
Urban Redneck's picture

The only people with money in Lichtenstein BANKS are the Swiss and Austrians, whose governments don't really care, Lichtenstein isn't about banks and the jurisdiction isn't used for banking in terms of the great fiat circle jerk with Uncle Sam in the middle...


Mon, 03/25/2013 - 19:59 | Link to Comment Jendrzejczyk
Jendrzejczyk's picture

Important point.

It's tempting to look the other way as banks and governments steal wealth from those wealthier than us, and justifing it by believing they must have stolen that money, or not paid a fair share of taxes on it.

A wide net is being cast, and who knows how many innocent fish are being killed in the process.

Don't look the other way as other's property rights are being trampled, you will be next.

 

 

Tue, 03/26/2013 - 02:04 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Yes.

Mon, 03/25/2013 - 19:48 | Link to Comment max2205
max2205's picture

Tax haven= Mattress

Mon, 03/25/2013 - 20:07 | Link to Comment agent default
agent default's picture

Hey window licker, if they get rid of "tax havens", then they will be free to tax, no even better cap your assets to $10000 or whatever they feel like.  Once there is no way out you are at their mercy .Do you understand this birth control poster boy? Understand now retard?

Mon, 03/25/2013 - 19:36 | Link to Comment chubbar
chubbar's picture

It's hard for me to understand why these countries are cooperating with the U.S. when they didn't for the last century or more?

In addition, who gives a fuck? No one worth a tinkers damn couldn't find a way around this nonsense. The fucking elite are trying to close the barn doors and the horse is long gone over the horizon. They ought to be more concerned about their own theft and noncompliance, but that surely would be news!

Mon, 03/25/2013 - 19:44 | Link to Comment orez65
orez65's picture

The best thing we have going for us is that they are incompetent.

Mon, 03/25/2013 - 19:51 | Link to Comment hooligan2009
hooligan2009's picture

international banking domiciles are having to comply with money laundering and terrorism laws. 

in other words, the trigger is the funding of terrorism, whether its iran, north korea or, now, syria (but no longer libya).

of course, the state of israel will be forgiven any and all sins of buying arms, as will saudi arabia, but you get what  you either pay for or what natural resources you have.

also, don't forget that iran still has money (around $10 billion, without interest) sequestered by the US government and held by the NY Fed from the 70's. 

http://www.deloitte.com/view/en_US/us/Services/tax/930c9948e681a210VgnVC...

Mon, 03/25/2013 - 19:54 | Link to Comment new game
new game's picture

im having a hard time understanding why anyone is cooperating.

 

 

Mon, 03/25/2013 - 19:59 | Link to Comment Pareto
Pareto's picture

When you don't have anything to lose..................................................

Mon, 03/25/2013 - 20:14 | Link to Comment sethstorm
sethstorm's picture

Infinite jurisdiction, courtesy of being the United States of America or its close allies.

You dont cooperate, your country ends up like Cyprus or worse.  Hard to have sympathy for tax evasion - much easier to have sympathy for it being brought to a painful end.

Right now, this means that it becomes a liability to aid/abet tax evasion, especially for pushover countries that have no other main industry.

Mon, 03/25/2013 - 19:37 | Link to Comment steve from virginia
steve from virginia's picture

 

 

 

 

Hmmm ...

 

Somehow I don't think the US Department of Justice is going to bankrupt Lichtenstein ... or Switzerland, either.

 

The ECB, on the other hand ...

Mon, 03/25/2013 - 19:37 | Link to Comment lolmao500
lolmao500's picture

Guess what, the average folks will support this since ``only the rich and those not paying their fair share`` gets stolen from... (let's all forget the few who have saved for their retirement)

Mon, 03/25/2013 - 19:51 | Link to Comment Urban Redneck
Urban Redneck's picture

"Average folks" are FUCKING RETARDS, who would willingly & eagerly run into a gas chamber if you told them there was a pile of free iCrap at the back end...

http://www.zerohedge.com/news/2013-03-24/switzerland-next-swiss-banks-se...

Tue, 03/26/2013 - 02:12 | Link to Comment e-recep
e-recep's picture

believe it or not, communism is coming. we are almost half there, wealth is no longer secured and is out there in the open to be devoured by the masses and their beloved politicians.

Mon, 03/25/2013 - 19:38 | Link to Comment Zero_Sum
Zero_Sum's picture

BK talked about this in his blog last week. No. Safe. Haven. Except in the form of a shiny stack in my safe, under the watchful muzzle of my rifle.

Mon, 03/25/2013 - 19:40 | Link to Comment epi_tis_thalassis
epi_tis_thalassis's picture

and how about the really big stuff? Cayman, Bermuda, Isle of Man etc? Will they follow?

Mon, 03/25/2013 - 20:12 | Link to Comment Winston Churchill
Winston Churchill's picture

Isle of Man already reports UK citizens to UK Govt. as far as interest income.

The rate is so low on deposits who gives a shit.Seeing how I'm paying to deposit

in Switzer can I get a rebate on US income taz ?

Mon, 03/25/2013 - 19:39 | Link to Comment hannah
hannah's picture

'tax havens' today and tomorrow your shit tiny account will be open and available for all gov agencies to scan......

Mon, 03/25/2013 - 19:51 | Link to Comment Terminus C
Terminus C's picture

"will be"?

What is this will be shit, your accounts are already scanned by the government.

Tue, 03/26/2013 - 16:00 | Link to Comment hannah
hannah's picture

'legally' they are not open. 'politically' they are not open. ask pres huessen if our rights are proetected and he will answer YES....the sheeple believe that nothing has changed.

Mon, 03/25/2013 - 20:37 | Link to Comment epi_tis_thalassis
epi_tis_thalassis's picture

LOL "will"

Last week I read about a greek jobless guy in Kavala who had his last 120 euros confiscated by the state for taxes owed. Now that's almost as medieval as it can get.

Mon, 03/25/2013 - 19:40 | Link to Comment tornado_watch
tornado_watch's picture

The great cash grab is on and havens are under attack. All this excitement, I'd nearly forgotten about the pilfered millions by Rajoy and the rest of the Spanish leadership. 

Mon, 03/25/2013 - 19:42 | Link to Comment Racer
Racer's picture

These drug junkies, er, banksters are getting low on their fixes and getting desperate and want to mainline direct from supplier, er bank unsecured, er secured, now wait, secured deposits, oh F^*%, get a FIX NOW or the (my) world will blow up and I will DIE

Mon, 03/25/2013 - 19:46 | Link to Comment notquantumdum
notquantumdum's picture

'You mean the bankers want the Feds to be using the SCMODS against them and their clients?

(Think "Blues Brothers" State County Municipal Offender Data System)

Mon, 03/25/2013 - 19:42 | Link to Comment Tinky
Tinky's picture

You mean Lichten "the very last domino" stein?

Mon, 03/25/2013 - 19:44 | Link to Comment apberusdisvet
apberusdisvet's picture

Please be advised that the DOJ under Obama and Holder have never mentioned the Caymans, long rumored to be the recipient of all Congressional bribes and corruption.  Hmmm Hmmm Hmmm

Mon, 03/25/2013 - 20:24 | Link to Comment ziggy59
ziggy59's picture

Yeah, but Europe is so beautiful in the Spring

Mon, 03/25/2013 - 20:32 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Shoulda watched 'March Madness' on a Cayman Island beach.  What about Berdmuda, that other perpetual haven for the rich & discrete?

Mon, 03/25/2013 - 19:44 | Link to Comment Meat Hammer
Meat Hammer's picture

The - Hand over your money to save the planet from global warming - scheme isn't working.

The - The rich need to pay their fair share so let's raise their taxes - scheme isn't working.

The QE heroin-injection highs are getting shorter and shorter.

The house of cards foundation of the global economy is weakening and being exposed, as this tax-haven destruction expedition shows.

It's only a matter of time.

Mon, 03/25/2013 - 20:09 | Link to Comment agent default
agent default's picture

I tend to agree with this outlook.  Their intentions are unlimited, but their time is not and they are running out.

Mon, 03/25/2013 - 19:44 | Link to Comment chump666
chump666's picture

Crony Capitalism with Keynes blessing can strip mine the poor with inflation (love that oil Bernanke you f*cking idiot), force them into consumption and into a stock market bubble.  Now for the rich.

What we are witnessing is the birth of capital controls on everything.  This is a very dangerous time for everybody

Mon, 03/25/2013 - 19:45 | Link to Comment Ineverslice
Ineverslice's picture

 

Singapore?

I understood that there would be no caining...

Mon, 03/25/2013 - 19:48 | Link to Comment masaccio
masaccio's picture

Suck it up, boys, the steal all the money and screw people party is over.

Mon, 03/25/2013 - 19:48 | Link to Comment mt paul
mt paul's picture

no more bailouts

with out pain ..

Mon, 03/25/2013 - 19:51 | Link to Comment JenkinsLane
JenkinsLane's picture

And you can be sure whatever wealth taxes are enacted in the future will not touch the 0.1%:

"I don't seek any tax advice from experts," boasts Simon from his Geneva redoubt. "I can't read a computer screen and never use a calculator. It's all in my head and by hand." Simon's global web, set up to avoid taxes, has baffled investigators for years. For starters, there are more companies than employees: Some 200 entities were created in the West and nearly 100 more by his Russian associates. Shells within shells within shells--constantly shifting, many with similar names--in places like Cyprus, the Bahamas, the Cayman Islands, the Isle of Man. In 1999, a Virgin Islands shell (Landal Worldwide) seems to have been at the pyramid's apex. Below that, at various times: Trans World Group Inc.; Trans-World Group PLC; Trans-World Metals International; Trans-World Metals SA; TWM Holdings; TWM Trading; Transmet; Landal SAM; etc. The Reubens had a private bank in Western Samoa, a second in Moscow, a third in the Bahamas, a bank holding shell in Bermuda, and various accounts at nonrelated Swiss, German, and U.S. banks such as Bank of New York. The layers just go on and on, an optical illusion to make M.C. Escher scratch his head. "Simon loves the complexity," says one Trans World insider. "He'd set up three companies just to pay his rent."

"Capitalism in a Cold Climate" June 12 2000.

http://money.cnn.com/magazines/fortune/fortune_archive/2000/06/12/281972...

 

Mon, 03/25/2013 - 20:09 | Link to Comment sethstorm
sethstorm's picture

The more of those that crash to a halt, the better.  Tax evasion (also known as avoidance) like that only makes its practicioners that much more of a target.

Perhaps those kind of people could take a lesson from Icarus and stop before they fall hard. 

Mon, 03/25/2013 - 20:09 | Link to Comment Urban Redneck
Urban Redneck's picture

Oddly enough- it would serve them right, since a huge chunk of the dollars are already back in the US, and if Uncle Sam eventually gets his hands on them it means those dollars will be pulled out the US economy and both the oligarchs who profit by the fascist State and their less well off but every but as self-serving and thieving 99% who vote power to the fascist State will suffer for their sins (unfortunately along with those who just want to be left alone and want none of this insanity).

Mon, 03/25/2013 - 19:52 | Link to Comment ziggy59
ziggy59's picture

...US gov workers owe over 3.5 Billion $...and im sure most of it, if not all is no where but the in US.. Wonder how much the Cons in Congress owe..
Notice any crap nothing but crap idiots like Cramer talking of that? No, me either...

Mon, 03/25/2013 - 19:54 | Link to Comment ekm
ekm's picture

There are only 4 ways to do CDS payouts due to stratospheric leverage:

 

1) Work and produce (ha, ha, ha)

2) Print money  (problem, there's not enough collateral to buy in order to create money and it grinds the real economy)

3) Steal money from the people (currently being the plan but it literally leads to implosion of real investment)

4) Default (crapping of few primary dealers)

 

I think the governments and central banks are moving from 2 to 3 and very soon jumping to 4, since 3 will backfire in no time.

Give it few more weeks.

Mon, 03/25/2013 - 19:55 | Link to Comment new game
new game's picture

sons of anarchy - bitchez

Mon, 03/25/2013 - 19:56 | Link to Comment IridiumRebel
IridiumRebel's picture

If they wanna close loop holes and shore up funds, why not work on the 500 billion in .gov redundancy? Oh yeah, they want a Bohemoth .gov.

Mon, 03/25/2013 - 19:58 | Link to Comment sethstorm
sethstorm's picture

Nowhere to run, nowhere to hide when it comes to attempting tax evasion/avoidance.  

As for Cyprus, that now can happen anywhere that thinks it is beyond reach.

 

Mon, 03/25/2013 - 19:59 | Link to Comment ziggy59
ziggy59's picture

Ahh.
Nearly 108,000 feds are behind on their taxes
http://apps.federaltimes.com/mobile/article/303130004

40 Obama White House aides owe the IRS $333,000 in back taxes
http://news.investors.com/politics-andrew-malcolm/031113-647482-obama-ai...

We are all equal..some more equal than others, apparently

Mon, 03/25/2013 - 20:15 | Link to Comment Jim B
Jim B's picture

Yes, the full force of the injustice department will be brought to bear on those small enough to squash.... Like bugs! 

Mon, 03/25/2013 - 20:22 | Link to Comment ziggy59
ziggy59's picture

So, lets do the math..
3.5 billion / 108000 ...hmmm carry the one...ahhh

Approx $ 32400 average owed ...not sure if it include penalties, etc

Oh, yeah...dont try this at home, folks! oweing the gov anywhere near this amount is a equal to a life sentence when you dont work for .gov

Mon, 03/25/2013 - 20:01 | Link to Comment new game
new game's picture

i say fight authority, fight it steathfully and intelligently, but do fight-never give up.

be smart, your not 18 anymore...

Mon, 03/25/2013 - 20:04 | Link to Comment Haole
Haole's picture

Oh, so what D-Boom meant to say was "Cyprus a template for the world"?

Great, that's awesome.

 

Mon, 03/25/2013 - 20:05 | Link to Comment ziggy59
ziggy59's picture

This article says over 1 billion..
http://sweetness-light.com/archive/house-bill-would-fire-feds-who-owe-ba...

This article say 3.5 billion
http://foxnewsinsider.com/2013/03/12/federal-workers-owe-3-5-billion-in-...

I guess 3.5 billion is still(?) greater than 1 billion, so the first article is correct too?

I guess desparate times call for desparate measures...these fools are very desparate..

Mon, 03/25/2013 - 20:14 | Link to Comment notquantumdum
notquantumdum's picture

'Hate it if borring, but . . .

'Still think this should be mentioned -- at least for the US (if not an example (of what not to do) for others):

 

http://www.usgovernmentspending.com/spending_chart_1892_2012USp_13s1li01...

http://www.usgovernmentrevenue.com/revenue_chart_1892_2012USp_13s1li011l...

http://www.usgovernmentspending.com/spending_chart_1892_2012USp_13s1li01...

Mon, 03/25/2013 - 20:15 | Link to Comment notquantumdum
notquantumdum's picture

Keep in mind, these charts are supposed to be for ALL govt stuff in the US, not just the feds.

Mon, 03/25/2013 - 20:21 | Link to Comment notquantumdum
notquantumdum's picture

'And . . .

Check out how all these charts change in about 1913 or 1912.

Gee, I wonder what could have happened just around that time that made things different?

Mon, 03/25/2013 - 20:23 | Link to Comment notquantumdum
notquantumdum's picture

But, maybe not.

I can't seem to obtain enough good data to figure out what happened too much earlier.

Mon, 03/25/2013 - 20:32 | Link to Comment notquantumdum
notquantumdum's picture

'if this much can be trusted.

Mon, 03/25/2013 - 21:40 | Link to Comment W74
W74's picture

Dude, instead of replying to your own posts several times in succession, just click on 'edit'.  Thanks.

Mon, 03/25/2013 - 20:14 | Link to Comment sangell
sangell's picture

Mitt Romney's tax return was over 800 pages! Mine hasn't grown to LA phone directory size... yet, but give it time. I have some ( losing ) shares in a Canadian gold miner that I sure wish I didn't. Not because mining shares have done poorly but because it is a foreign asset and it pays a small dividend that I misreported by $14. IRS also found a $1 error on my T.D. Ameritrade account. I'll spare you the horror story that then ensued but you need to know that 22% of IRS employees are black and at least one standard deviation below normal IQ.

 

Mon, 03/25/2013 - 20:25 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

Sangell, you said you had a Huge fine............Hoped you worked it out..........Fuck the IRS

Mon, 03/25/2013 - 20:36 | Link to Comment notquantumdum
notquantumdum's picture

'unless one actually owes them money, right?

Mon, 03/25/2013 - 20:30 | Link to Comment notquantumdum
notquantumdum's picture

'fair tax.

Mon, 03/25/2013 - 20:39 | Link to Comment ziggy59
ziggy59's picture

This brings me to ask, how many politicians that do their taxes, get audited?

Mon, 03/25/2013 - 20:58 | Link to Comment notquantumdum
notquantumdum's picture

PS, why should one care if one were "black"?

I thougt we all were . . . if one looks far enough.

Mon, 03/25/2013 - 20:59 | Link to Comment notquantumdum
notquantumdum's picture

'back in time that is.  We all on this planet appear to be of African desent.  'I think.  (genetically, statistically.)

Mon, 03/25/2013 - 21:02 | Link to Comment notquantumdum
notquantumdum's picture

'sorry, meant "decent" that is.

 

Mon, 03/25/2013 - 21:04 | Link to Comment notquantumdum
notquantumdum's picture

I'm a terrible speller.  I think I meant, "descent."

Mon, 03/25/2013 - 21:59 | Link to Comment notquantumdum
notquantumdum's picture

'not in a negative sense . . . but, I mean we are all of African descent.  (As in, we are all descendants of that origin, genetically, statistically, apparently, i suspect.)

Tue, 03/26/2013 - 03:04 | Link to Comment Real Estate Geek
Real Estate Geek's picture

There's not a prize for the most posts on a thread.  Just sayin' . . .

(But I didn't down-vote you.)

Mon, 03/25/2013 - 21:30 | Link to Comment sangell
sangell's picture

60,000 years ago that was the case. A few left Africa and continued to evolve. They inhabited the rest of the earth though there were also some Denovian and Neanderthal breeds that predate modern man.

Mon, 03/25/2013 - 22:21 | Link to Comment Jugdish
Jugdish's picture

Both of you did an incredible job listening in school to the wonderous fables. Congratulations to you both. Your masters are proud.

Tue, 03/26/2013 - 10:01 | Link to Comment Shankopotomus
Shankopotomus's picture

800 pages long? Which year?

Mon, 03/25/2013 - 20:15 | Link to Comment ziggy59
ziggy59's picture

They eat their own..Exclusive: Congressional Ethics Probe Adds to Michele Bachmann’s Political Woes

http://www.thedailybeast.com/articles/2013/03/25/exclusive-congressional...

Hey, idiots that are on the oxymoron(emphasis on moron) Congressional Ethics Committee, any word when we can expect the Honorable(fucking joke) Jon Corzine ( fucking jokex2) to be investigated for breach of ethics?
Lemme guess...same answer he gave.. "I Dont Know"

Mon, 03/25/2013 - 20:18 | Link to Comment MartyBee
MartyBee's picture

This is old news!
Has anyone heard of FATCA?
27+ countries have already signed up to provide info on US expats to the Treasury and IRS.

http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act

http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Complianc...(FATCA)

http://www.irs.gov/PUP/businesses/corporations/TD9610.pdf

Mon, 03/25/2013 - 20:41 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

"Heard of it?"  ROTFL.  We've been talking about it and had articles for over a year.

The damn Thing keeps morphing and shape-shifting like its sci-fi counterpart, and some countries have agreed (folded), while others are still negotiating (resisting).

It's the Predator Drone of offshore investments.

If you live in this country, you are absolutely screwed, as there is NOTHING like it for any citizen in any other country.  "Free" or "Brave", my ass!

Depending on your situation (wealth and mobility) you will want to or have to expatriate.  The best time to do your homework and legwork was 5 years ago (2008).  Next best time in "now".  By 2014 it may be too late.

Mon, 03/25/2013 - 20:59 | Link to Comment ziggy59
ziggy59's picture

Kirk, any room for one more to beam up?
Just ask'n

I miss MY old planet...a lot!

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