Rothschild Humiliates Obama, Reveals That "America Is The Biggest Tax Haven In The World"

Tyler Durden's picture

In his speech yesterday, following the Treasury's crack down on corporate tax inversions, Obama blamed "poorly designed" laws for allowing illicit money transfers worldwide. Since the speech came at a time when the entire world is still abuzz with the disclosure from the Panama Papers, Obama touched on that as well: "Tax avoidance is a big, global problem" he said on Tuesday, "a lot of it is legal, but that’s exactly the problem" because a lot of it is also illegal.

There is one major problem with that: of all the countries in the world, it is none other than the country of which Obama is president, the United States, that has become the world's favorite offshore "tax haven" destination.

As Bloomberg, which first broke the story about Nevada's use as a prominent tax haven early this year, writes, "Panama and the U.S. have at least one thing in common: Neither has agreed to new international standards to make it harder for tax evaders and money launderers to hide their money."

Over the past several years, amid increased scrutiny by journalists, regulators and law enforcers, the global tax-haven landscape has shifted. In an effort to catch tax dodgers, almost 100 countries and other jurisdictions have agreed since 2014 to impose new disclosure requirements for bank accounts, trusts and some other investments held by international customers -- standards issued by the Organization for Economic Cooperation and Development, a government-funded international policy group.

In short: while Obama is complaining about corporate tax avoidance and slamming Panama, he is encouraging it in the U.S.

Places like Switzerland and Bermuda are agreeing, at least in principle, to share bank account information with tax authorities in other countries. Only a handful of nations have declined to sign on. The most prominent is the U.S. The other ona is, of course, Panama, and we just saw what happened there.

 

The latest reporting "underscores the secrecy in Panama," said Stefanie Ostfeld, the acting head of the U.S. office of the anti-corruption group Global Witness. "What’s lesser known, is the U.S. is just as big a secrecy jurisdiction as so many of these Caribbean countries and Panama. We should not want to be the playground for the world’s dirty money, which is what we are right now."

For Obama, however, it is important to not let facts get in the way of a good speech, or welcoming the dirty, laundered money of the world's uber wealthy, be they criminals or not, as they transfer their wealth from Panama to Nevada, Wyoming and other tax sheltering destinations in the U.S.

To be sure, the US has taken steps to keep track of US assets abroad, but not of foreign assets in the US.

In 2010, Congress passed the Foreign Account Tax Compliance Act, or Fatca, as the U.S. Justice Department began prosecuting Swiss banks for enabling tax evasion. Fatca forces certain financial firms to disclose to the Internal Revenue Service any foreign accounts held by U.S. citizens.

 

Fatca doesn’t, however, bind banks to provide information on foreigners with U.S. accounts to regulators abroad. The U.S. has entered into agreements with some other countries requiring such exchange with foreign regulators, but tax planners say they are considered relatively easy to avoid.

 

That’s where the OECD came in, with its own international take on Fatca that the U.S. declined to sign.

Panama has been one country which has done everything in its power to delay and dilute its compliance with OECD regulations.

In a January interview, an official at Trident Trust Co., a big provider of offshore vehicles, said it was seeing a large number of accounts moving into Panama because of its weak commitment to the OECD regulations. "The Panama office was extremely overworked, because a lot of people are re-domiciling to Panama from BVI and Cayman," said Alice Rokahr, a Trident official based in South Dakota. In late February, OECD officials said publicly that Panama had been "removed from the list of committed jurisdictions" that agreed to share information.

 

The latest coverage of shell companies created by a Panamanian law firm could give the OECD new ammunition to put pressure on the country to sign onto the information-sharing agreements, some tax experts said.

But while one can criticize Panama, and with cause, for enabling tax evasion, at least its leaders don't pretend to be saints, who do precisely what they condemn. Far less can be said about Obama.

"The U.S. doesn’t follow a lot of the international standards, and because of its political power, it’s able to continue," said Bruce Zagaris an attorney at Berliner Corcoran & Rowe LLP who specializes in international tax and money laundering regulations.  "It’s basically the only country that can continue to do that. Others like Panama have tried, but Panama can’t punch as high as the U.S."

And confirming just that, in a statement issued Monday by OECD secretary general Angel Gurria, the OECD said "Panama is the last major holdout that continues to allow funds to be hidden offshore from tax and law-enforcement authorities."

The statement didn’t mention the U.S., which is the OECD’s largest funder.

And there it is: the US, simply because it is the biggest - and wealthiest - bully in the yard, can dispense morality all day long, but just don't ask it to practice what it preaches.

Meanwhile, advisers around the world are increasingly using the U.S. resistance to the OECD’s standards as a marketing tool - attracting overseas money to U.S. state-level tax and secrecy havens like Nevada and South Dakota, potentially keeping it hidden from their home governments.

Advisors such as Rothschild, profiled initially by Bloomberg's Jesse Drucker.

Rothschild, the centuries-old European financial institution, has opened a trust company in Reno, Nev., a few blocks from the Harrah’s and Eldorado casinos. It is now moving the fortunes of wealthy foreign clients out of offshore havens such as Bermuda, subject to the new international disclosure requirements, and into Rothschild-run trusts in Nevada, which are exempt.
 
* * *
 
For financial advisers, the current state of play is simply a good business opportunity. In a draft of his San Francisco presentation, Rothschild’s Penney wrote that the U.S. "is effectively the biggest tax haven in the world." The U.S., he added in language later excised from his prepared remarks, lacks “the resources to enforce foreign tax laws and has little appetite to do so.”

And that is all you need to know.

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onewayticket2's picture

So......a system of unified taxation - globally - is the only solution....?

 

dont like where this is going.

Cognitive Dissonance's picture

“Give me your tired taxed, your poor rich, your huddled pampered masses yearning to breathe be tax free.”


My latest article, Assessing Blame and the Victim Mentality, can be found on TwoIceFloes.

mtl4's picture

Love the hypocrisy, we have more than enough resources to enforce FACTA worldwide, but not enough to help others with their tax cheats living here at home......we just moved the goal posts, thanks for playing.

WordSmith2013's picture

Here's the real story.

 

http://themillenniumreport.com/2016/04/mossack-fonseca-the-nazi-cia-and-...

 

Mossack Fonseca: The Nazi, CIA And Nevada Connections… And Why It’s Now Rothschild’s Turn

NoDebt's picture

So much easier to seize funds when they're already in the US and residing in a tax vehicle that's already sketchy to begin with.  

"If you put your money here then you must be doing something wrong."

centerline's picture

I was thinking along the same lines.  None of this is not by design.

layman_please's picture

how do you americans spell trap?

VinceFostersGhost's picture

 

 

Rothschild Humiliates Obama

 

There's pretty good....and then there's professional.

FL_Conservative's picture

Outlawing TAXES would eliminate half of the problem.  The US also should restrict foreign investment in US real estate, lobbyists be damned.

Surviver22's picture
Surviver22 (not verified) FL_Conservative Apr 6, 2016 10:23 AM

Trump Got It Right Again. This Is the Undeniable Proof...

However the mainstream media isn't saying a word about it!

What are they really trying to cover up? Must watch!

http://howtogetrichsuccess.com/final-bubble-review/

eforce's picture

I suspect they will use this information selectively to keep most influential people in their place while the transition from the OWO to NWO happens during the next economic crisis in the West.

NidStyles's picture

LMAO! The most influential people will be the guys on the streets shooting their way through the NWO stooges.

 

Only an idiot would think this is going to play out without a lot of blood shed.

pods's picture

Fuck you and your spamming. Want eyeballs?  Buy an ad, (or write a piece here and then post your links).

I have more respect for the MILFs who earn 8000 a week by stuffing assorted fruit in themselves.

pods

Lore's picture

The link to Millennium Report above leads to an article that originated right here on ZH.  Why not keep it on ZH?

Mossack Fonseca: The Nazi, CIA And Nevada Connections... And Why It's Now Rothschild's Turn (3-April)

JRobby's picture

Taxes are illegal. Most people and non-person entities (like Citizens United Dad?!?!)pay them because they don't want to get all of their stuff taken and be jailed.

Bindar Dundat's picture

I am a life-long capitalist and a politician.  I am 66 years old and have seen the world changing as a result of technology.  

Here is my one line--  The days of capitalism are over. Sorry, it's done.  Robotics will make food and lifestyle available for all and we can not let individuals be in control  We need socialism at the most basic level take over.  Yuck, I said it, but it is true.

GoldenGoosed's picture

Maybe human rights would be better than bot rights.
What can't humans control?

Ace Ventura's picture

What is this 'capitalism' you speak of, and where did it happen? Socialism will not work, because in the end 'someone(s)' still get to be in charge of deciding what's best for the rest of us. Also, such concepts only have a shot of working in societies that are stove-piped in terms of demographics (i.e. scandinavian countries 20 years ago). Good luck getting socialism to work in mega-diverse societies wholly diluted and divided by the plauge of multi-culturalism.

 

GCT's picture

@Binder I am the same age as you Binder and yet the Capitalism you speak of left the US when FDR took offce and LBJ started the war on poverty.  Capitalism dies both instances.  Go do some homework and you will find we are now living in a facist country.

USA a Capitalist country is the joke of the day!!!!!!!!!!!!!!!!!!!!

furious's picture

Think please. You know who exactly are the bonds then, that your supposed non-capatilism constitutes?

But if the US is not capatilist, what is? Some crony "offshore" tax heaven?

 

All Risk No Reward's picture

But Debt-Money Monopolists have seized control over most things necessary to life and they are all about artificial scarcity.

BTW, it is impossible to have capitalism when as small group of people define money as debt and control its issuance into society.

That's an debt-money AUTHORITARIAN system, albeit, covertly concealed such that it is not obvious to most people - even when someone posts the truth about it online and the person was a lifelong politician immersed in a system DOMINATED by the Debt-Money Monopolist MONEY POWER.

Colonel Klink's picture

No that's how they spell gay cum dumpster.

Dig Deeper1's picture

In the US it is spelled T.A.R.P.

BorisTheBlade's picture

All those millions man hours of embezzlment and theft all over the world will be gone in just nanoseconds. Poof, and it's gone. You f*cked up, you trusted us. And what is clever about it: hitting offshore jurisdictions will only ensure the money is trapped inside the US, since all these wonderful people who spent decades amassing their wealth through a variety of means will have nowhere to run: offshore jurisdictions are closed down and all those people respective countries will have money confiscated the moment they cross into the bank account, that if those countries aren't under sanctions themselves. Boom bang, case closed.

centerline's picture

Panama was a precision strike.  More to come. 

Years ago I predicted (ok.... guessed) that one day in the near future we would see the sharks openly turning to eat other sharks.  Seems like that day is here.  Another page turned.

Tarzan's picture

It's all just part of the 100 year plan.  The plan can be boiled down to one sentence.

If we go, we'll take the world with us!

Most who know this have always thought that Nukes would be the tool that tamed the world, mutual destruction was thought to arrest the beast of conquest.

But they didn't pay attention.  The Love of money and Fake money is the tool that enslaved the People of the world.  It will also be the tool that shakes the world to it's core when the Lord wrecks the globalist's plan!

When Fiat flops, all their billions will disappear in a flash crash. Their ability to pay the bribes, to fund the dark works of America's secret agenda, to pay for their decadent life styles, to rule the world will vanish.

There will be no warning, the ratings will say AAA until the day it crashes.  They'll cry recovery until the morning of the fall, just like they cry peace peace until the morning of War.

the Lord will have his vengeance on that great city, on the whore who turned from him and became the People's enemy, who became Satan's henchmen!

 

Rev 18:17, for in one hour such great wealth has been laid waste!....

ersatz007's picture

do you mean "lord" rothschild?

All Risk No Reward's picture

Tarzan, a crash is built into the societal asset stripping plan. The libertarians have grasped on to a controlled opposition narrative.

Money is created from debt... there is a DEBT OBLIGATION ASSOCIATED WITH ALL MONEY (excluding specie - coinage).

This FACT means that money can't just become "worthless" due a loss of confidence WITHOUT DEBTORS LOSING EVERYTHING IN DEBT TO THEIR CREDITORS.

In other words, losing "faith" in money means losing "faith" in your mortgaged shelter... your home.

I'm sorry, but people aren't just going to walk away from their homes. THEY WILL DESPERATELY HOLD ONTO ALL THE DOLLARS THEY CAN TO PAY THEIR CUMULATIVE $10s OF TRILLIONS IN DEBTS.

And the Debt-Money Monopolists, the private people who run the debt-money system, fund politicians, and fund government, aren't going to disengage debt from money creation UNTIL THEIR TRILLIONS IN CASH AND TRILLIONS IN DEBT PAPER HAS ASSET STRIPPED SOCIETY CLEAN.

That scripture doesn't apply to some unconsidered currency crash that catches Banksters off guard... no - the collapse IS ENGINEERED IN AS THE MECHANISM TO PRY PHYSICAL REALITY FROM THE HANDS OF THE MASSES AND RE-INSTITUTE SERFDOM FOR THE MASSES - EVEN IN AMERICA.

That Scripture refers to God's intervention to stop the con game... NOTHING ELSE WILL STOP THE EVIL BUT GOD'S DIRECT INTERVENTIONS. PERIOD.

Miles Ahead's picture

Settle down kids.  Panama was a precision strike... targeting low hanging fruit.  It would be curious to list the exposed and their roles in their native lands and standing with EU/US behemoth. 

Iceland prez and Ukraine dirtbag are not hard to imagine - if only guessing.  But David Cameron's pop is a bit curious...

... until you think about Brexit, June 2016.  Was this a shot across the bow?  Makes you wonder at least.

Nevertheless, where are the world's criminal masterminds in this list?

So again, it was a nice 72 hour distraction.  By Monday we'll need more, or something new.

BorisTheBlade's picture

Oh noes, you blew my bubble. Think of how many cool infographics we could get from those 4 terrabytes of data. Too bad unlike wikileaks they wouldn't give access to all their source material. Makes you somewhat wonder who they were trying to scare indeed.

All Risk No Reward's picture

Tails Bankers win, heads ordinary people lose.

"Full Spectrum Dominance" has meaning and the Money Power finances it into existence.

"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks."
~Lord Acton

The people are getting their *sses handed to them... and the first world rather enjoys it... all by engineered design, too...

“There will be, in the next generation or so, a pharmacological method of making people love their servitude, and producing dictatorship without tears, so to speak, producing a kind of painless concentration camp for entire societies, so that people will in fact have their liberties taken away from them, but will rather enjoy it, because they will be distracted from any desire to rebel by propaganda or brainwashing, or brainwashing enhanced by pharmacological methods. And this seems to be the final revolution”
~Aldous Huxley

You do know the history of the Huxley family, right?

espirit's picture

Actual words Rothschild used with 'O that he'd understand...

"You be mah bitch, ho."

Rabbi Chaim Cohen's picture

It is just like OneWay said...

" The U.S., he added in language later excised from his prepared remarks, lacks “the resources to enforce foreign tax laws and has little appetite to do so.”

Is not about humiliating Obama, it is about calling out a byproduct of US sovereignty that runs contrary to the globalist agenda. This statement on the heels of the Panama Papers is pretty unnerving. The NWO is one the move...

 

espirit's picture

Pretty much sure it means...

"You're either with ussa, or agin' us.

Sharks vs. Sharks.

Antifaschistische's picture

So...Rothschild is suggesting, that Obama was just a tool for TPTB to shut down foreign tax haven competition......do you think Obama will wake up one day and realize that he's been nothing but a useful presidential idiot (UPI) for his entire White House visit?  (ps. I'm not suggesing Obama was is the first UPI...it appears that anything other than a UPI will never get elected.

NoDebt's picture

I think that's actually a really interesting question.  In Obama's case I think he may, someday, far in the future, have that realization.  For right now and throughout his entire political life, he ACTUALLY BELIEVES he is helping and doing good.  Not to the US, but buy tearing down the US and, therefore, raising the power of other nations by default (a crude form of socialism by lopping the top off the power pyramid).  He believes we need to be punished on the global stage and he's just the guy to do it.  In that activity he believes he is doing the greatest good for the greatest number of people worldwide- just not good for Americans.  

He has no idea- NONE- that he's been programmed, promoted and empowered specifically to do the bidding of larger interests who don't give a crap about the fortunes of individual nation-states and don't give a crap whether you call it socialism, capitalism, fascism or capitalism.  They play globally, pitting one nation against the other while hovering above it all on a playing field few even know exists.

Ghordius's picture

NoDebt, I completely reject your assumption that it is attributable to any "raising the power of other nations"

national as in "national interest"?

the US megabanks are not national in their scope and interests. the US megacorps are not national in their scope and interests

the FED is not national in it's scope and interests. specifically, it's driven by the Primary Dealers. one of them is... China, for criminy. it even has the status and account at the FED that go with it. the People's Bank of China is, this very moment, engaged with the FED in a special reverse repo deal that is practically a kind of "China-only" QE

nope. all what you described might be seen as against US national interests. but it is for sure not for other nations or countries

nobody closes factories in the US and opens them in Mexico and later in Indonesia because they love Mexico, and then hate it and love Indonesia instead, for example

international corporations go where profits are. they follow... incentives, resources, loopholes, they hunt for cheaper labour, less regulation, whatever

Big Biz loves only one thing: it's profits, period. a megacorporation is, if you let it, the same as any entrepreneur... except for the humanity of the entrepreneur

take entrepreneurship, take the human component out of it, and you have what many have warned: psychopathy, driven by a managerial class imbued by that spirit, which then fuels legions of single-minded lobbyists to ensure... moar

centerline's picture

Seems to me you got this one all twisted around G.  Money owes no allegiance to any nation.  That is the crux of what ND said and you appear to agree with that (should actually because it is true).

What Obama is doing is open for speculation.  Most see him as a puppet for greater powers.  Same as most US Presidents for quite some time.  Connecting the dots here = the powers dont care about nations.  Only profits.  Living large.  Control.  Power.  And maintaining it.  But, there are many of them.  Some pitted against each other.  A big chess game.  We are less than pawns in it.  Lesser nations and corporations are pawns.  Larger nations and corporations might be rooks, or bishops, etc.

Ghordius's picture

perhaps I did, +1. my point is this, and only this:

a small entrepreneur is local. he might be a small bit "psychopath" about profits, while possibly being a staunch patriot, all in all

a medium entreprise might be a bit more... spread out. like me, actually, except for size. up to being a friend of several countries

big biz is international, and cares about no nation

centerline's picture

I agree.  Is one of the first lessons in economics I got long ago.  Shame I can't remember where though.

Occasionally I read Orlov.  One of his latest things is via another author who has this theory of social dynamics which says the maximum group size is 150 people before things begin to break down.  This (not the 150 figure - but small group idea in general) has been something I have been long talking about.  In smaller settings, disruptive behavior can be marginalized or eliminated.  The larger the group (society), predators can run amok and in our conversation here today - literally destroy nations and agreements that actually have virtue.  Thus, cycles just repeat.

Herd Redirection Committee's picture

What happens in larger groups is... They, the sociopaths, are already in power!  So there is nothing the peasants running around can do, they don't realize that the sociopath is in charge for quite some time, either!  They want to PLEASE the one in charge!  Do good!  Work hard!  Be rewarded!  Its only later that they will realize the leader was a (functioning) socipath.

Replying to above comment: "They play globally, pitting one nation against the other while hovering above it all on a playing field few even know exists."

Yep, "Howz about youz and him fight?"  The actual name for that particular strategy is 'bait and bleed'.  I always just described it as financing  both sides in a conflict, or 'divide and conquer'.

espirit's picture

Moar then perhaps it's about Global Control of the Continents.

"It's a Small, Small World."

(lets fund Nasa to get us off this rock) 

We're Fucked.

All Risk No Reward's picture

“When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.”
~Napoléon Bonaparte

The Debt-Money Monopolists are anti-ordinary human... we are human "resources" to be exploited. Period.

JRobby's picture

It is very easy. Especially after 911:

You own a successful eatery that takes in $30k to $50k in cash (frowned upon!!!) a week. You drive home late at night, frequently with large amounts of cash to lock in your home safe. You are stopped by police because you have "a tail light out". Since you have a large amount of cash you are obviously involved in criminal activity so your cash is seized under the civil forfieture act. The police buy new weapons and riot gear with YOUR cash. Maybe even one of those nifty "assault RV's"

centerline's picture

Without civil asset forfieture and ticketing the shit out of citizens the police pensions on OT pay goes bye-bye.  The system is rigged to cannabalize itself.  The evil genious is that it conveniently pits people against each other instead of collectively figuring out they all got screwed.

Smoke and mirrors bitches.

rainingFrogs's picture

True dat. 

One thing the Panama Papers makes clear is that all electronic money is fully traceable.  And, indeed, has been traced.  It can be a prickly diplomatic issue to sieze a foreign national's account when it is in another country.  But if it is held by a US bank, bye bye slush fund.

i.e. "Watch out. Its a trap!"

Drug lords, gun runners, politicians, oligarchs and tax cheats can never be too careful.

For the rest of us, it is an amusing side show. 

Miles Ahead's picture

all electronic money is fully traceable.  And, indeed, has been traced.

Sounds nice.  And true... not.  No where near true.  Panama is for pikers.  If one can point out (billions of) statistically relevant examples to disprove a theory then that theory does not hold. 

I'll leave it at that.  Some here know I'm right, that's for damn sure.