Home / Education / Swiss Bank Secrecy Is Dead, as I Warned (in 1976)
Print Friendly and PDF

Swiss Bank Secrecy Is Dead, as I Warned (in 1976)

Written by Gary North on October 27, 2014

In 1976, when I was on Ron Paul’s staff, I read about a move by Swiss banks to begin to surrender to the U.S. government on bank secrecy. I wrote an issue of Remnant Review on this. I warned readers not to trust Swiss banks for secrecy.

The surrender has come in steps. Now it is a rout. This year, 100 Swiss Banks have capitulated to the U.S. government. They are sending data to the IRS on what clearly will be prosecuted as tax evasion by the government.

We also learn that over 2,300 Americans have given up their citizenship and their passports. This is not very many. Yet it is a high point.

Americans basically agree with the tax code of the U.S. government, although no one understands it. We capitulate.  We pay tribute.

The limit on tax revenues collected by the federal government is about 20% of GDP. It never goes higher. Americans figure that the feds are limited in what they can extract, which is the case. Americans pay about 13% to state and local governments. Total: 33%.

The pattern here was set in World War II. It is unlikely to change.

Americans won’t give 10% of their income to their local churches, but they willingly pay 33% to the state. Then they send their kids into the public schools, where the children learn that Franklin Roosevelt saved capitalism from itself.

Don’t expect a revolution anytime soon.

Continue Reading on www.bloomberg.com

Print Friendly and PDF

Posting Policy:
We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse. Read more.

2 thoughts on “Swiss Bank Secrecy Is Dead, as I Warned (in 1976)

  1. Random Dude says:

    "Americans… willingly pay 33% to the state." I don't know about you, but I do not willingly give the state my money, they take it forcefully. And churches don't threaten you at gunpoint if you refuse.

  2. My Brother gladly pays His Taxes, Federal, State, Property ( $8000 annually). Yet when the Electric and Water bills come in, He squeals like a stuck Pig. He also save money on food, buys the cheapest crap he can get. He makes NO effort to keep the Governments from stealing his money. Yet he saves money on Electricity by freezing at 55 degrees in the winter. This is what I call a moron.