Although we are far from a news organization, once in a while on rare occasions we got a tidbit of information that is fresh and the blogosphere hasn't yet caught. Today is one of those days. We have written about the impending doom that awaits all those suckers who still believe in banking secrecy and personal property. We have warned you in our articles This Is The End, A Big Fuck You From Switzerland and several others that the end of days is coming. The full implementation of the OECD's "Standard for Automatic Exchange of Financial Account Information in Tax Matters" is now fast approaching. Most countries will officially become rats in or about 2017. However, this should not fill you with confidence. What this means is that they will begin collecting your information Jan 1, 2016. Which means that you only have whatever is left of 2015 to do whatever you think is most appropriate…wink…wink…
But this is old news.
Consider this scenario.
You are a passenger on an ocean liner. You enjoy the wonderful sea air in a comfortable and tidy atmosphere when you realize that the boat is moving and vibrating too much. At first you don't pay too much attention because you know that variation in ocean currents, winds, and other physical phenomena affect the stability of the boat. However, the problems go on and on as hours pass. Suddenly you notice something else. The entire boat is listing to starboard. At first almost imperceptibly but eventually it becomes quite noticeable. Yet, the routine in the boat has not changed, except perhaps for a few extra stressed faces in the crew. Naaaaaaahhh… it could not be anything. You think you are imagining things. Yet, bit by bit the boat continues to list and now a few passengers have begun to notice this. Albeit there are no announcements. When asked, members of the crew respond happily that eeeeeverything is just OK. That gets all your alarm antennas up. Something is definitively happening. You begin to ask around but this time you actually have to support yourself by the handrails not to slip in tight corridors. This is most definitively not good. Just when you are about to reach an officer, the public address system becomes alive; it is the captain's voice speaking. You can recognize it because it has this firm tone of those used to command responsibilities. He begins "VIP Passengers of the boat. We have suffered a catastrophic event and the boat will inevitably sink. At this point I am ordering a complete evacuation. Please walk to your designated lifeboats and board them in an orderly fashion".
At this point you are in panic. You rush to the deck where your lifeboat is parked and when you reach it, you bear witness to an unbelievable scene. Large rats, the size of humans are boarding the lifeboats aided and abetted by the crew. Not contempt with this, the rats are throwing overboard any person who approaches them. Too late you realize that you are not a VIP passenger, you are just the sucker paying all the boat's operation costs.
Farfetched, right? Well, sometimes reality is even worse than imagination. It so happens that we have received notice that many banks in EU are snitching their non-resident customers indiscriminately and well ahead of the scheduled deployment of "The Standard" to their respective Tax Authorities. That's right. Banks in EU are in full panic mode and are stealing whatever lifeboats are still available. They are simply ratting their customers instead of communicating with them, giving them at least a chance to do something about the upcoming debacle. They are doing so ahead of schedule and disregarding even the limits imposed by "The Standard". It is full blown panic now.
Are these banks breaching confidentiality laws? Yes.
Are these banks doing so illegally? Yes.
Are these banks behaving "ethically"? Not a chance.
Are these banks ever to be trusted again? Hell no!
Will there be poetic justice? Except for a few selected scenarios, sadly, no. Consider this.
When all banks become rats, where are you going to deposit your money? When all countries declare the death of cash, how are you going to perform any anonymous electronic transaction? When all banks hate their customers, where are you going to find one that loves you?
That's right. The rats are taking all the lifeboats with the full knowledge, acquiescence and support of their governments. Game over.
There isn't much to do right now but eventually those banks will pay the price. Eventually they will have to compete in free markets and then clients will remember and they will flock to those who defended their privacy to the end and did not sell them to the lowest bidder.
Meanwhile remember, remember this nefarious day. Remember their betrayal. Remember the pain. Remember, remember because this sad day will bring you closer to the freedom we all deserve.
But perhaps you enjoy having to pay taxes on taxes on taxes on taxes and on top of that, paying penalties and fees. Sure! Why not! Here is one suggestion since you seem to love giving your money to thieving governments, why don't you give it all away! Now! Why keep the suspense going of not knowing how much they are going to steal from you tomorrow! Be a trend setter. Donate everything to the government now. Oh… just one thing… when you are cold, wet, hungry and dying in the dark streets because the government didn't take care of you, don't come crying to us. We told you so.
Note: please see the Glossary if you are unfamiliar with certain words.