Executive Summary
– The Italians on October 27th, 2009, using hundreds of police and tax
inspectors raided Swiss banks located in Northern Italy and San Marino
which is a sovereign state surrounded by Italy. The raids are
associated with a generous Italian tax amnesty, which requires the
people to repatriate their funds to Italy. Only the Swiss banks were
raided but they were in Italy and under Italian law. The Italians
figure that 125 Billion Euros (approx. $185,000,000,000) will be
repatriated inside of Italy as a result of the tax amnesty. Figure that
to be about twice the reality.
Discussion –
First the Americans, then the French and now the Italians. The Swiss
showed weakness to Obama and now the tax bullies are moving in to try
and save their failing banks and failed economy. It would be shocking
if they ever came up with a plan that would actually fix the economy
instead of just maybe covering a 30-day shortfall, best case. It sure
does get them the press and makes the uneducated think they are doing
something when it is just a lot of noise.
Suggestions
– It looks like the charge against the Swiss is on full time. The
capital flight may be significant in spite of Russian and Arab money.
Best pull out of Switzerland in favor of a non-tax haven jurisdiction
not under full attack. One can always return if the Swiss survive but
right now we do not know what the full scale of the attack on the Swiss
banks is going to be. Many other nations may charge against them in the
coming months. If the Swiss do not stand up for themselves the bullies
will steal their lunch money everyday.
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