One man's alarmism is another man's realism.
And what I am about to relate here may move you to take action concerning offshore financial matters rather quickly -- because time and your liberties may be running out. You really do need to think hard about what you should do now.
President Bush will host a "summit meeting" on the global financial crisis on Nov. 15th in Washington, D.C. bringing together "world leaders" for the first in a series of conferences aimed at "reforming" the international financial system.
The summit, to be held 11 days after the U.S. presidential election, will include leaders, finance ministers and central bank governors of the Group of 20, a forum established in 1999 to promote dialogue among industrialized and developing countries on economic issues.
The G-20 includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States. The European Union is represented by the rotating presidency of its council, (in this case the hyper French president Nicolas Sarkosy), and the European Central Bank.
Financial Freedoms in Jeopardy
While this and subsequent meetings are being billed as sessions for "reform" and possible cures of the economic ills now besetting the world, you can bet that the high tax welfare states attending will drag out all their old socialistic nostrums that the Bush administration, however wrong headed in many ways, has been able to defeat or postpone for the last eight years.
High among these Leftists goals is the abolition of tax havens worldwide, an end to all financial privacy, automatic exchange of tax information among all national tax collectors, nullification of bank secrecy laws, and public records of all hitherto private beneficial ownership of trusts, foundations and corporations.
In other words, this is the radical, anti-free market, Left-liberal agenda espoused by socialists politicians of welfare states like France, Germany, and the United Kingdom -- and by the possible next president of the United States, Barack Obama.
Just as the 9-11, 2001 terrorists attacks were used to justify rushing through the unconstitutional PATRIOT Act, watch what happens at this summit.
Coordinated Blather
I'm not much for conspiracies, but I've seen this sort of coordinated attack from the Left many times before.
Yesterday I wrote about the mouthing of the so-called "Tax Justice Network" insanely blaming tax havens as the major cause of the global economic crisis. (For the opposite view, see my next blog entry below, The Economic & Moral Case for Tax Havens).
France & Germany Lead the Attack
In recent days French President Nicolas Sarkozy and German Finance Minister Peer Steinbrueck have been among the loudest demanding the Washington meeting, and both have called for an end to offshore tax havens, presumably to be replaced with a uniform international high taxes worldwide, possible administered by the United Nations.
(Only today Steinbrueck was denounced by an angry Swiss government for proposing that Switzerland be blacklisted as a nation that encourages tax evasion -- simply because of the Swiss bank secrecy law).
"To equate secret banking with a tax haven doesn't hold water," Luxembourg Prime Minister Jean-Claude Juncker said on French television late Tuesday after a critical report by the channel. Juncker, also riled by comments by Sarkozy, hit back in defense of Luxembourg's system. "France is not a greater example of financial morality than Luxembourg," he said.
Yet Another Phony OECD Black List
A few days ago the representatives from 18 members of the Organization for Economic Cooperation and Development (OECD) met in Paris and announced their plan to draw up yet another phony "black list" of international tax havens.
These far Leftists finally came out and admitted their true intent -- the list will cite "those countries unwilling to cooperate with international investigators looking for companies and individuals who avoid paying taxes on their incomes by depositing their money in offshore bank accounts."
Forget past pious OECD claims of "unfair tax competition" -- it's always been about collecting high taxes.
Ban the Bailed Out Banks
For another taste of things to come, a leading Member of the British House of Commons has demanded that the U.K. Treasury order banks receiving investment bailout funds from the government to close their operations in offshore tax havens!
Vince Cable, a Liberal Democrat lawmaker who speaks on finance, said: "It seems totally inappropriate for banks funded by the taxpayer to be systematically avoiding British tax or helping customers to do so. The anomaly of the nationalized banks will bring this issue to a head.'' In other words, now that banks have been nationalized, the government will ban any offshore activity by these banks.
Obama Too
The Anti-Tax Haven Act sponsored by Senator Barack Obama, if it becomes law, would allow the U.S. Treasury to issue rules that could restrict American banks who have received billions in bailouts. Suddenly with the socialist "spread-the-wealth" Democrats in power, the offshore financial activity of these bailed out U.S. banks could be seriously curtailed.
Let's face it, Obama does not just want to pile more taxes on U.S. high income earners, he wants to control productive Americans and their financial dealings, forcing them to keep their funds in America where they more easily can be confiscated and "redistributed" to the 40% of Americans who pay no taxes.
So keep an eye on this "international summit" in Washington nominally presided over by the lame duck George Bush and his Wall Street Secretary of the Treasury, Paulsen.
As an impotent Bush administration fades, look for the world's radical Left to do all they can to establish a New World Order that in multiple ways could destroy your freedom and your wealth.
* While you can there still are many legal ways to bank and save taxes offshore; I tell you Where To Stash Your Cash: Click Here. And if you're interested in Switzerland, Click here for Swiss Money Secrets.
I can't believe some people believe believe war is peace :( It is true since Obama got the Nobel peace prize even though he is keeping two wars going proves that war is considered peace these days.
The new world order is definitely coming!
Posted by: Brian Hill | October 18, 2009 at 11:47 AM