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They should repeal the damn bank secrecy laws, that's what they should be doing.

Which, by the way, is not an old Swiss tradition on a par with William Tell, but less than 100 years old and explicitly about tax evasion.

Bank secrecy - Wikipedia, the free encyclopedia

Bank secrecy was codified by the 1934 Swiss Banking Act following a public scandal in France, when MP Fabien Alberty denounced tax evasion by eminent French personalities, including politicians, judges, industrialists, church dignitaries and directors of newspapers, who were hiding their money in Switzerland. He called these men of "a particularly ticklish patriotism", who "probably are unaware that the money they deposit abroad is lent by Switzerland to Germany". The Peugeot brothers and François Coty, of the famous perfume family, were on his list. Since then, Swiss banks have acquired worldwide celebrity due to their numbered bank accounts, which critics such as ATTAC NGO alleged only help legalized tax evasion, money laundering and more generally the underground economy.


Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Feb 11th, 2011 at 12:25:17 PM EST
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Having worked for Swiss banks for many years, I can tell you that it is the only thing driving the Swiss economy.

I had this opinion confirmed recently by listening to an interview with a Swiss politician - I forget his name, but possibly on the Federal Council.  I am terrible with names.

He said that the EU was demanding the lifting of the Swiss secrecy laws but it couldn't be done quickly, otherwise the Swiss economy would collapse.  So, closer ties with the EU and repelling the Swiss laws would progress simultaneously in order to buffer the shock.

by stevesim on Fri Feb 11th, 2011 at 01:01:57 PM EST
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Germany has attacked tax evasion in Liechtenstein, Luxembourg and Switzerland. If they keep at it it can't last.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Feb 11th, 2011 at 01:46:31 PM EST
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there's all the off-shore entities, some not so far like Guernsey and Gibraltar
by stevesim on Fri Feb 11th, 2011 at 02:02:26 PM EST
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Yeah, all those British tax havens... See how many tax havens you can count in this video:



Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman

by Migeru (migeru at eurotrib dot com) on Fri Feb 11th, 2011 at 02:07:02 PM EST
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thanks.  I never understood some of the statuses of some of these places.

although I didn't see Diego Garcia in any of those lists.

by stevesim on Fri Feb 11th, 2011 at 02:37:43 PM EST
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That would be the British Indian Ocean Territory.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Feb 11th, 2011 at 03:06:43 PM EST
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Wales is a tax haven too now? Shee-it.
by afew (afew(a in a circle)eurotrib_dot_com) on Fri Feb 11th, 2011 at 03:21:18 PM EST
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