Canadian banking haven myth exposed

Canadian banking haven myth exposed

"One of the reasons that Canadians (and international commentators, other finance ministers and global financial institutions) buy this Canadian banking fairy tale is the way the government accounts for the money borrowed to support the banks." The sorry spectacle of Conservat

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Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

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E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

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US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

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Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

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Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,” FDIC spokeswoman Michele Heller said in an e-mailed statement. “We welcome and work

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Content By: The Coming Depression Editorial Staff (dates cited below)
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chains we can believe in

Recently headlines were made our government was finally going after the ultra wealthy tax cheats who hid their money in Swiss banks. This one case shed light on 4,450 Americans who were evading billions in taxes. The investigation began when Bradley Birkenfeld a former UBS employee pled guilty to helping Igor Olenicoff (a rich property developer in California) evade taxes. As a part of a plea bargain Birkenfeld worked with investigators to acquire the needed information to take action.

For years the official line was this was an impossible task for one reason or another. Everyone knew this was taking place it certainly was no secret yet it went on year after year. Lesser people are sitting in prison for Tax evasion while people like Obama’s Treasury Secretary get someone to pay their fine for the same crime. Apparently it really does depend on who you know or who you can pay off because now Birkenfeld is the only person headed for prison all the thousands of others involved are paying fines.

Lawyers for Birkenfeld say that he should be rewarded as a whistle blower rather than treated as a criminal and he has applied to the Internal Revenue Service for a whistle blower reward which could bring him millions of dollars. However, prosecutors said that Birkenfeld failed to disclose all he knew about his own crimes, including his work for Mr Olenicoff, who pleaded guilty in 2007 to filing a false tax return.

In recent court documents, Robert Stickney, a lawyer for Birkenfeld, said the former banker was “ready, willing and able” to assist the Government in prosecuting other American clients of UBS. Birkenfeld, an American citizen who lived in Switzerland for 15 years, appeared on a television show on Sunday and in his first public interview said: “I gave them the biggest tax-fraud case in the world. I exposed 19,000 international criminals. And I’m going to jail for that?”

He added that 90 per cent of his clients evaded taxes and he claimed that UBS forbade online banking for its offshore American clients because of the risk of being detected by the authorities.”

There are still numerous other off shore tax havens most can only imagine the chilling effect this will have upon any other person who may have been considering coming forward.   Most would have to agree with his attorney while two wrongs don’t make a right the crime to which he plead guilty is minimal in comparison to the greater good he did or should it be said that it would have been the greater good had our government not sent another signal to the big fish (wink, wink). Pay your fine and be more careful next time!  After all with things being brought out into the open we have to appear as if you will be punished just like the commoner’s.  Sorry for your inconvenience but we’ll send a message to make people think twice before inconveniencing you again!

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