Sunday, February 12, 2012

It's Called Capital Flight

I love it.

US courts wants to sue a Swiss bank because they won't willingly betray their clients and give the US government their money.

BUT (here's the kicker)

Oh, that's right! It's a SWISS bank, not a US bank! And so the bank simply didn't show up to court.

The pure hubris of the federal government thinking they can violate a country's sovereignty when it comes to getting other people's money.


Anonymous said...

Oh, and there was the trial of Conrad Black, in a Chicago court, which simply extended its jurisdiction to
Toronto, Canada, so that it could get a conviction. All the while sponsoring the looting of his newspaper company.

Anonymous said...

And the US gov't wanting Canadian banks to report Americans holding Cdn accounts in Canada.. which, apparently, the Cdn gov't is going along with.

More reasons to get a Swiss account.

Pat Sullivan said...

The reason Switzerland developed a massive banking system, was to service wealthy people. These people feared the loss of their own wealth. Europe has experienced many wars and sovereign debt defaults, over the centuries.
A current example would be Greece. Who in their right mind would keep their money in a Greek bank? But you better believe, a Greek businessman would trust a Swiss banker.
Now take a look at the US. The Federal Reserve has devalued the dollar, in the range of 95% since the 1930s. The US government has huge debt problems, and the Fed has recently increased the money supply. I have to believe, a lot of wealthy Americans want to have some money in a safe Swiss bank. It is not about tax avoidance. It`s about trusting your own government, to manage the economy.
Capital flight is always a problem, in corrupt badly run countries. People in America are starting to smell the coffee. These trillion dollar debts, are one day going to be a big problem.