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Executive Summary - The Swiss warned the USA on Friday May 1, 2009 that any further attempts to demand UBS bank to turn over the names of some 52,000 of its private banking clients would thwart the entering into any new tax treaty with the USA.
The Swiss went on to say that the release of the information regarding the 52,000 names is against the Swiss laws. The USA has no probable cause and is just engaging in a fishing expedition. This was coming from the Swiss government. The USA is proceeding against the Swiss bank UBS in a way that supercedes the existing treaty between the USA and Switzerland. Billions of dollars have already left the Swiss banks as a result of the dispute with the USA. Switzerland is drawing a line in the sand. The USA is not used to respecting the rights of other nations and now has to make some tough choices as to what to do. The Swiss will not let if go all in favor of the USA. Go Swiss, go.
Discussion - The Swiss people are talking of a referendum. And this is not what the mainstream media are going to tell you. The process requires 5,000 signatures from Swiss voters. This then allows the referendum to be voted on by the voting populace of Switzerland. The intent of this referendum is to negate all Swiss tax treaties allowing for the sharing of information on private banking clients. I think the Swiss people would rather have their banks and jobs versus listen to the USA and UK and wreck their generations old banking system because these two tax giants are running out of money after decades of reckless spending and paying no attention to the creation of productive jobs (government jobs are not productive).
Stupid politicians who want to get reelected go after high taxes, which stifles the growth of businesses, promote public welfare programs and the creation of non-productive public sector jobs. A second year economics student can tell any of these "leaders" that this is sooner or later going to lead to economic collapse for their nation. The foolish politicians can care less; they just want to get reelected as much as they can, so they do things to get the poor to vote for them not caring about the impact on the country. What good does it do them to save the country and not be re-elected, see how it works.
After the current financial crisis things are not the same and the world is no longer taking the UK and the USA as seriously as they had in the past. As time rolls on the USA and UK will keep waning in power and prestige. The days of bullying smaller nations around are really over, they just act like all is the same. The Swiss know this. You can't fool all the people all the time. Who the heck wants to be part of a one world order with them running things based on their past performance. They act like nothing is wrong and huff and puff about but it is the dawn of a "New Order in the World" and the USA and UK have been knocked down quite a few pegs. Look forward to the new freedoms and end of financial terrorism about to descend on you.
-Gisela Martinez, www.panamalaw.org