Saturday, January 10, 2009

Interesting blog on economy, where the world is heading...

Logistics Monster, one of my fellow Read My Lipstick Network member blogs, is doing a series on 'America's Economic Collapse'. I'll have to admit I haven't read them all - yet. The one on Swiss Bank Closing Offshore American Accounts (below) caught my attention in the four-part series (thus far). Interesting points and rather scary, too.

Per the article Logistics cites, UBS is closing offshore accounts under pressure from the IRS. In broad, general terms: The Swiss have always had strict privacy rules that allowed the world's wealth to earn interest outside the bounds of their own country without taxation.

Now it seems the U.S. government has pierced the veil.

While many will be clapping their hands because those greedy capitalists now have to pay taxes on their money, there's more to the issue than just one Swiss bank handing its' customers over to be potentially prosecuted.

What's the next step? Where are we headed in this world? What's going to happen when all the money made by our home-grown businesses and individuals is pulled back into this country? Will businesses start to move to other countries? Is there a mad scramble going on right now to find other ways to shelter money? Is this the first domino or is UBS different because they've been setting up shop here in the U.S.?

This little story may end up being the beginning of a huge shift in our world!

Swiss Bank Closing Offshore American Accounts
Posted on January 9, 2009
According to Reuters, (and this post is being updated), UBS, a Swiss wealth manager, is closing U.S. clients’ offshore accounts because of pressure from the United States Government, and the IRS is benefiting.

1 comment:

Grace Explosion said...

I think the huge shift will be people of freedom seceding in the USA. This world is going to socialism and the loss of freedom. I think Georgia will be one of the first states to secede, and a central power in the secession movement. It may seem "extreme" to consider that the USA will dissolve under economic ruin... but it's not extreme. The circumstances are becoming increasingly extreme. Secession is the solution that is going to become mainstream in the face of extreme, outrageous socialism and Big Brotherism - including Obama's call for a "national civilian security force" (ie. secret police, imo).

That's extreme. Secession to recreate a free USA is reasonable in response... and I just think it's going to happen.