Once upon a time in a place far far away (depending on where you live that is) was a banking haven. Laws protected Bank accounts and secrecy prevailed.
The has now ended.
The Swiss banking system is no longer private. Now some may cheer this move, but you should fear this move.
The institution of banking secrecy is on the brink of death. The destruction of the World Trade Center in New York on 11 September 2001 and the 2007-2009 financial crisis can both be considered fateful events for the future of banking secrecy.
The first event was the start of the fight against terrorism organised by Washington, under the pretext of which the US authorities began trying to obtain open-ended access to information about banks’ customers, their accounts and transactions.
The Patriot Act, passed after 11 September 2001, provided US intelligence agencies with full access to what had been classified banking information in America without having to obtain special permission from the public prosecutor’s office and the courts. Through various international organizations (the OECD, the IMF etc.), Washington later began to seek free access to banking information throughout the world.
The second event (the financial crisis) gave new impetus to the start of an active crackdown on offshore accounts and banking secrecy, and the campaign against banking secrecy and offshore accounts was lead by the United States.
These are the official grounds for Washington’s active campaign which began in 2009 to destroy the financial shadows in the US and beyond its borders. However, there is also an undeclared objective hiding behind the official statements, which is the establishment of direct control over the global financial and banking system by Washington (or rather the financial oligarchy behind the politicians in Washington).
Under the Swiss regulations “Each country in the EU will now receive an on an annual update on the names, addresses, tax identification numbers and dates of birth of any residents with accounts in other countries, as well as other financial and account balance information.”
A bad precedent has been set, why I say ‘bad’ is that the entire Swiss banking community, the Swiss Confederation, that had existed for at least three centuries was shattered. The simple fact of the matter was that the Swiss Bank secrecy laws were a godsend to a lot of people, those suffering persecution and through war.
Yes, the mere fact that these accounts were used for money laundering and tax evasion was the other side of the coin, the Swiss Government themselves are at fault here, by not regulating the account deposits to ensure ‘free and non tainted monies were in fact deposited and allowed a ‘laissez-faire’ attitude…
Mind you this did assist a lot of German people during the world wars, the restrictions by Germany on cash was quite onerous.
There goes everyone’s privacy through a two sided agreement that will see sharing of bank account data.
Then we have the EU stating that “it is not about tax harmonisation. It is merely about enabling Member States, in an increasingly globalised environment, to ensure that all their taxpayers pay their fair share of the tax burden..”
So the truth be known, it is all about taxation, collection of monies from every person and the EU now join the United States seeking funds for their bureaucratic largess.
Expect every Country to jump on the bandwagon, in the hope that their taxation revenue is increased to allow further spending.
The USArse has a second and even more powerful tool for eroding banking secrecy in the world and that is the US FATCA law, a law on the taxation of foreign accounts. It requires banks around the world to provide the US Internal Revenue System with information on clients who fall into the category of “US taxpayer”. The FATCA law can be categorised as an attempt by Washington to directly request, that every bank in the world eliminate banking secrecy.
FATCA is feared by Banks around the world, now when one opens a Bank account in the UK, regardless of your citizenship you must complete a FACTA document, legal advise is provided. No Banks technically will open an account for a Us citizen.
It is assumed that Russian banks will also have to comply with the requirements of the FATCA legislation. In light of the economic sanctions against Russia by Washington, however, for Russian banks to fulfil these requirements would be problematic, pointless, and even dangerous.
And no, there appears no longer to be any safe haven for privacy.
The EU commission is currently concluding negotiations with Andorra, Liechtenstein, Monaco and San Marino regarding similar agreements, which are expected to be signed before the end of the year, their statement said.
The Swiss government joined Singapore in May 2014, in signing an international agreement sponsored by the OECD to end secrecy on clients.
Conspiracy theories of course abound, but please download this research paper and have a read, it will open your eyes.
It is an analysis of the relationships between 43,000 transnational corporations has identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy.
The study’s assumptions have attracted some criticism, but complex systems analysts contacted by ‘New Scientist’ say it is a unique effort to untangle control in the global economy. Pushing the analysis further, they say, could help to identify ways of making global capitalism more stable.
The idea that a few bankers control a large chunk of the global economy might not seem like news to New York’s Occupy Wall Street movement and protesters elsewhere (yes Pierre’ I mean you).
The study, by a trio of complex systems theorists at the Swiss Federal Institute of Technology in Zurich, the Orbis Group, is the first to go beyond ideology to empirically identify such a network of power. It combines the mathematics long used to model natural systems with comprehensive corporate data to map ownership among the world’s transnational corporations (TNCs).
The Orbis Group further untangled the web of ownership, it found much of it tracked back to a “super-entity” of 147 even more tightly knit companies – all of their ownership was held by other members of the super-entity – that controlled 40 per cent of the total wealth in the network.
As reported by New Scientist “In effect, less than 1 per cent of the companies were able to control 40 per cent of the entire network,” says Glattfelder. Most were financial institutions.
The top 20 included Barclays Bank, JPMorgan Chase & Co, and The Goldman Sachs Group.
Maybe, just maybe, the politicians of this world may just grow some balls….I highly doubt that though as ‘money talks, bullshit walks’.
You have no freedom, you are or soon will be controlled by the totalitarian global economic system. The elite of this world are the politicians who systematically sell our souls for a payroll to the next election….