Death Star Economics



The end of Swiss bank secrecy

I don’t really know what to expect from a day on which “Party for baby whose birth saved father from tsunami” is a frontpage headline on Reuters, but here we go anyway…

The Institute of International Finance left confidential documents lying around that say a Greek default would cost [Europe] €1tn in damages. Money would/will be needed to keep Italy, Spain, Portugal and Ireland form following in Greece’s article

The Swiss parliament approved an amendment to Swiss tax law, making it easier to detect tax evaders in Switzerland for US authorities without breaching privacy law. The amendment allows for tax evasion to be prosecuted without having client names and account numbers, but only by monitoring behavioral patternsread article

Yesterday it was Abnormal Returns, today it is FT Alphaville… everybody is hating on the Bloomberg Billionaires Index [and the fact that it is updated daily…], according to which Carlos Slim is the richest person on the planet with a net worth of $68.5bn. Slim is essentially a majority holder of Mexico, including the largest phone operator [in Latin America], a bank and a mining company. read article

Op-ed in the NYTimes suggests a Campaign to Rename Philosophy (CRP) so that people stop asking questions like “So what, did you just talk about why the sky is blue?” and get on with it. read article

So long.


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4 Responses

  1. Anoneeemouse says:

    Behavior? What behavior? Like withdrawing and depositing money?

  2. _aleph_ says:

    The rich using Swiss bank accounts to evade US taxes while enjoying the benefits of US citizenship should be tried for treason, since their actions directly undermine US Sovereignty by increasing deficit spending and consequently, the US debt.

  3. Guillermo says:

    It is amazing the power of the United States to force change in Swiss regulations that go back for decades. Overall, it is amazing the power of the USA over sovereign, developed countries.

  4. […] by Greek citizens. Greek tax evasion totals around €28bn per year. So far, Switzerland also has bilateral tax agreements with the UK, US, Germany and Austria. read […]

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