There is one man fighting against the FATCA trend. The settlement of the tax dispute between the U.S. and Switzerland has been blocked by Senator Rand Paul once again on Wednesday. This includes ratification of five control agreements, which includes the one with Switzerland. The agreement is intended to make it easier for Swiss banks to provide names of American tax evaders to the IRS and FBI. To settle the tax dispute, the Obama Administration has required customer names be turned over in addition to outrageously high fines.The US authorities have been targeting about a dozen Swiss banks, including Julius Baer and the cantonal banks of Zurich and Basel.
Paul explained his refusal centers on the concern that foreign governments would be simply in control of Americans worldwide. “We must not forget the innocent Americans that do not break the law and have a right to privacy.” Paul is demanding that the arrangements for the exchange of information be deleted from the agreement.
Rand Paul is effectively standing up against FATCA, but one man alone cannot save the world economy. The fact that he is standing tall on this issue deserves tremendous applause. Nevertheless, liquidity has collapsed and there is no putting this back in time to prevent the downfall that lies ahead.
Paul insists that the relationship of a citizen to his state, including his tax affairs, is a matter of constitutional privacy. Control of that information is highly dangerous and unconstitutional. Unfortunately, far more serious on the horizon remains the control information among countries. Citizens have not made a partnership agreement with the world community, yet are losing their privacy and have obligations imposed upon them by everyone. The G20 decided that this control information is automatically passed among nations in the future and have embarked upon the technical preparations to do so. The citizens of all countries have no democratic say in the G20 – this is purely a dictatorial consortium of governments sharing info to hunt down capital everywhere because they are incapable of running their operations legitimately or within the bounds of their fiscal responsibility.
It is a combination of these trends that is destroying the world economy, not just the manipulations of the money center banks that have been going on from controlling storage to fixing prices in commodities and interest rates.
