Number Six wrote:... Why would citizens move their money beyond the jurisdiction of the U.S. unless they had a lot of dirty money they wanted to hide ?
![Question :?:](./images/smilies/icon_question.gif)
Because they can, and have. Participation in the really elite schemes requires the proper contacts, influence and resources.
But guess what, it's not necessarily "dirty" money. The funds the alleged perpetrators are trying to protect could easily have been honestly acquired. They simply practice a time-honored tradition among the privileged - getting the best advice and seeking confidentiality.
But it seems getting the best advice and taking advantage of it might have longer-term consequences. Being wealthy might have consequences.
http://www.reuters.com/article/business ... 5820090817
The real story is that a sovereign nation (such as what Switzerland used to be) is not invulnerable when it comes to the taxation machine of the US.
Philosophically, this is absurd.
We are somehow willing to let countries like Myanmar, Somalia, Iran, North Korea, etc., etc., do as they please but when it comes to money, a country with a legitimately established business culture and history is now being coerced by a bankrupt government with a hopelessly flawed taxation regime into throwing away their rightfully established private place in the world of financial affairs.
The most illustrative part of all of this will be hidden from us; the truly wealthy will simply adjust. The rest of us will just keep paying.