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Swiss Banks Making Concessions On Secrecy
Aryabhata writes in with news that should chill the hearts of evil dictators and tax cheats everywhere: one of the last bastions of strong banking secrecy, Switzerland, is bowing to international pressure and agreeing to cooperate with some foreign investigations of wrongdoing. "...the Swiss government announced on Friday that it would cooperate in international tax investigations, breaking with its long-standing tradition of protecting wealthy foreigners accused of hiding billions of dollars. Austria and Luxembourg also said they would help. ... The famed 'numbered accounts' that do not bear the owner's name will still be available for clients willing to pay for added anonymity. ... Over the past month, leaders have made similar promises in Singapore, Liechtenstein, Bermuda, the British islands of Jersey and Guernsey, and tiny Andorra... other 'offshore' banking centers are still available in the Caribbean, Panama, Dubai and elsewhere."
Like cheating an inept and corrupt government is wrong somehow.
If you consider that true, then considering how a perfect government is never going to happen, that would imply taxes should never be paid.
So much for civilization.
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As possibly the only Swiss banker on Slashdot I should perhaps point out that:
- "numbered accounts" are a myth from James Bond movies. They do *not* exist. What is referred to as a "numbered account" is an account where the bank offers to send all communication without referencing the name of the client, as a way of preserving anonymity if the communication is intercepted/stolen
- ID requirements for opening a Swiss bank account today are *more* stringent than in EU. France is notably lax, which is a little ironic (you need to document not only who you are but *how* you got the money, and if there ever is a case where a bank fails to follow these guidelines, they can lose their banking license). Citizens of certain countries will find it nearly impossible to open an account in Switzerland as the level of documentation in their home country is not acceptable for opening a Swiss bank account.
- The Swiss distinguish between tax fraud (fabricating papers, forging signatures etc.) which is a criminal offense and where the bank will hand over information on your account, and tax evasion (failing to list all assets/income) which is *not* a criminal offense in Switzerland. The latter category they have now conceded to assist with on a case by case basis.
It is easy to misunderstand Swiss banking secrecy as some kind of dodgy way of assisting rich foreigners with tax fraud/evasion. In fact there is no difference between the rights of a wealthy foreigner and someone like me who (though not a Swiss national) has a job and get a regular salary in Switzerland. We all have the same rights.
To understand where all this comes from, one has to understand the very strong federal system of Switzerland. The Swiss "cantons" are almost as independent as separate states, with a weak and small central government. It boils down to this: the rights of the individual is valued much higher than the rights of the state. This is why the Swiss police cannot (nor the "IRS" or any other government entity) get my account information in Switzerland. This tilt of rights in favor of the individual versus the state also leads to a lot of other differences from most other countries, like that assisted suicide is legal in some cantons, including my canton of Zurich, liberal drug policies etc. In certain cantons you can actually negotiate your tax with the local cantons (who all have different tax rates) directly.
Numbered accounts do not exist - they are a James Bond myth. What we (I'm a Swiss banker) refer to as "numbered accounts" are accounts where the name of the account holder is not references in correspondence with he bank. The idea of accessing your account with only a number is a joke, considering that the Swiss have one of the strictest identification policies for opening and managing accounts in Europe (and thus probably the world). You not only need to ID yourself, but also prove where the money come from to the bank. (Certain countries have poor documentation standards for just about anything, and getting an account if you're from one of those is very very hard. You'd get it in Germany though, where they are more lax on their documentation (as is France), which is a little ironic...).
And yet.. if you were trying to find out where 60 some odd billion dollars that some guy stole from peoples retirement accounts has gone to.. the high road just doesn't sound all that righteous..
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Dude what have you been smoking?
First let's tackle health care shall we...
Health care in private does not work because it is upside down economics. It is not like getting car insurance because for the most part you can avoid getting into an accident. BUT when you get old you cannot avoid cancer or a whole host of diseases that will afflict you.
This means when you are young you should actually pay more in insurance so that you are covered for the future. But health insurance is priced like car insurance and thus as you get sick you end up paying more. It is wrong!
When Ron Paul and such talk they talk CRAP, yes you read that right CRAP. They talk about breaking a leg, giving birth, etc. They are not talking about chronic diseases, which are actually the core of our health care dilemna. We have people who should have kissed their lives goodbye still living. And that COSTS A WHOLE HEAPING LOAD OF MONEY!
So if you are going to talk private I say make youngsters pay more when they are healthy than when they are old.
Oh yeah that will not work since we tend to be people who only react when they are having problems.
Let me give you a secret, do some research on Bismarck the state leader. He introduced concept of health care, and pensions. He did so to pacify the people. But he did so with a very high bar because he knew that health care and pensions can suck a government dry.
The true cost of health care, pensions and society can only be borne by the populace as a whole. Do the math and you will see there is no other solution.
Well there is a solution, those that have the money get it, those that don't die...
"You can't make a race horse of a pig"
"No," said Samuel, "but you can make very fast pig"
You just quoted Judge Judy, rendering your entire legalese null and void.
There are over 36 million lines of COBOL code in the world, and they are all raping children.