At some point, you just knew that Big Brother was going to start getting greedy and start trying to get his hands on international savings accounts. Governments all over the world are running short of ready money, and they are looking for new sources of income. What better way that to go after those nasty tax evaders and their wicked offshore accounts?
Raising taxes has been tried, but falling tax receipts have ruined that plan. In the US alone, 2009 year to date tax rolls are down 16% over last year. Similar sob stories are being told in the U.K., the E.U., and Russia.
Printing money has also been ruled out, since everyone is well aware of the nightmare in Zimbabwe. They printed money until it was literally worthless. Families now spend their days panning for gold to buy bread, as the bakers there have had enough of paper currencies.
Bakers aren't the only ones who are suspicious of paper currencies, which is part of why many prudent savers opened international savings accounts in the first place. It had nothing to do with dodging taxes or trying to hide their incomes, regardless of what the mad press corps reports. It was mostly about trying to diversify and get some protection from the vagaries of governments.
Historically, this has been a smart move. When the Swiss first got into banking, it was because the French government was broke and going after non-Catholics for extra cash. Wise Protestants invested quietly in offshore accounts, and 300 years later they still look rather clever.
Unfortunately, governments who find that money is flowing out of their borders--and hence out from under their control--are understandably furious. How dare their citizens resist them? These nasty international savings accounts holders are scum. SCUM!
But scum is the least of the rabidly howled names grey haired Senators and Premiers like to use to discuss people who've slipped out from under their thumbs. They've been ratcheting up the pressure on banking havens like Switzerland, Isle of Man, and Monaco to "cooperate" with international tax fraud investigations by revealing private account data for clients. Yet most of these investigations are on trumped up charges and amount to little more than attempted shakedowns.
At the moment, the banks are bending. They don't want to reveal the identities of their international savings accounts holders, but they also don't want to be pariahs in the world of international finance, either. Keep a close watch on the situation so that you can plan to stay one step ahead of Big Brother's grasping fingers.
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