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Multiple Jurisdiction Offshore Bank Accounts

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Swiss Court Stops UBS From Handing Over Information on American Clients

Executive Summary – Friday February 20, 2009 a Swiss court issued an order to UBS halting them from turning any client information over to the Americans. The Swiss Federal Administration Court ruled that it was illegal to turn over the data as agreed to with the USA. However by the time the ruling came down the UBS bank had already given Washington details on eight Americans and the names of 240 American clients apparently without the details. It is assumptive that more information will not be coming from UBS due to a court order blocking this information from being turned over.

Discussion – After the UBS people agreed to turn over the names of some Americans (we get reports ranging from 12 to 300 names) the IRS fired back with a new subpoena asking for 52,000 names in a follow-up fishing expedition. The IRS was probing for a weakness with the Swiss. The Swiss President has firmly announced that Swiss bank secrecy will be staying in place. If the Swiss stand up to the Americans chances are this matter will fade away and be forgotten. Brown of the UK has been screaming about a war on the tax havens as well but it is felt that his problems are so vast that all he can do is yell a little until his collapsing economy becomes overwhelming.

The UK has an excellent chance of becoming the next Iceland. The tax havens were not their problem. Their problems stems from continuing to rely on a fiat money system with its inherent inflation, recessions, and depressions. The tax havens if eliminated would probably never even solve 1% of the financial problems of those speaking out against them. Tax havens are a convenient scapegoat to keep the attention off of the Ponzi scheme unbacked money supply systems these governments promote. In brief why pay a central bank interest for money when the government can do it themselves and avoid all of the interest income going into the pockets of private bankers who pay no taxes yet they are never accused of the media of having their own little tax haven. Why should these private banks be immune from paying income taxes even when they operate inside the USA? Food for thought and a good reason for not relying on the mainstream media to bring you truths.

Summary – Obama is new, inexperienced and facing a massive amount of problems. His chances of success are minimal if even that high. His team is largely composed of the Clinton people. They have been out of office for eight years. They have to be brought up to speed. Figure a few months. Then the Obama team has to put their own people in as the heads of the various departments in the government. Figure many months. Then these new department heads have to get their own people into positions of power and policy. Department heads are usually bureaucrats who really do not do any work. This whole scenario is going to take 12-18 months. The Swiss know this and are calling Obamas bluff.

I think Obama is way too scared and confused for any confrontations with a serious foreign government and will back off. This means Swiss bank secrecy will stand. The best way to take advantage of the Swiss banking is by getting a new identity complete with national identity card, driver license and passport from a country that is small and does not tax offshore income. This assures you of not coming up in any future fishing expeditions years down the road if the direction of things turns. We can help. Inquire.

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