THE ATTEMPT TO END FINANCIAL PRIVACY WORLDWIDE
Do you want the Obama administration sharing all of your financial information with the Russian, Chinese and Saudi Arabian governments? You may be thinking, not even President Obama would go that far. Not so, read on.
This past week, the Organization for Economic Cooperation and Development (OECD) released its full proposal for a global standard for the automatic exchange of financial information. The rationale behind this despicable idea is to more effectively enable governments, such as that of France and the United States, to identify tax evaders.
This might sound like a good idea until one realizes that every individual and business will be stripped of all of their financial privacy if this becomes the law of the land - and it is very close to being just that.
Under the OECD proposal, all of the information that financial institutions now report to the U.S. government to try to ensure income-tax compliance, including your account balances, interest, dividends, proceeds from the sale of financial assets - would be shared with foreign governments.
The United States and other governments will, of course, claim that your sensitive financial information will remain confidential - and that you can trust the governments.
It is bad enough when American officials leak or misuse sensitive financial information about U.S. citizens and businesses, but just think what is going to happen when all of those corrupt officials in foreign governments get ahold of it.
