Author Archives: swisspinoy

The following is a translated portion of a German song. I replaced the word “woman” with “country”. Nothing is complete without a good song to go along with it!

[Intro] This was by far the worst week That I ever had in my entire life I don’t know if I should stand up I have no plan on what I should do Because somehow everything is crappy Never before was I so far down on the ground Because I know that my entire savings are gone And my country has betrayed me! Uuah, Whatever!

[Hook:] Bye (bye), I feel so free (free) I don’t want to go back home And I don’t give a damn shit about tomorrow I lift a glass and scream: Bye (bye), I feel so free (free) I don’t want to go back home And I don’t give a damn shit about tomorrow I lift a glass and scream [Part 1:] Now I am so free (free) And I stand up again I am alone and I scream Go out again Jump in the nikes, fly

By Henry ChuOctober 7, 2013, 7:00 a.m.

Was immer die Politik in Washington nun unternimmt: Es ist eine klassische Insolvenzverschleppung.

Regardless of what politicians in Washington do: It is a classic bankruptcy delay.

Die größte Industrie-Nation der Welt wandelt damit auf den Spuren Griechenlands.

The largest industrial nation in the world is changing to follow the footsteps of Greece.

Die Auswirkungen auf die Psychologie der Märkte dürften von den zerstrittenen Parteien übersehen worden seien.

The impact on the psychology of the markets is likely being overlooked by the conflicting parties

Wenn die Banken jetzt schon Angst vor einem Bank-Run haben, ist das ein äußerst bedenkliches Signal für alle Investoren. Denn auch die US-Notenbank Federal Reserve ist wegen der massiven Aufkäufe von Staatsanleihen faktisch insolvent. Ihre aufgeblähte Bilanz-Summe ist eine Zeitbombe, die es ihr schwer macht, Obama in der Not zu helfen.

If the banks are already fearing a bank-run, then such is an extremely serious signal for investors since the Federal Reserve Bank Note is factually insolvent due to the massive purchases of government bonds.  Its bloated balance sheet is a time bomb which complicates its ability to help Obama.

Das System nähert sich seinem Ende.

The system is nearing its end.

High Noon in Washington – und kein Retter in Sicht.

High noon in Washington – and no savior in sight.

Translated from Deutsch Türkische Nachrichten 04.10.13, 10:12

Americans living abroad are generally treated about the same as non-resident aliens.  It can be very difficult for non-resident aliens, including Americans living abroad, to maintain a US bank account in the US.  With non-resident aliens now being thrown out of American banks in America, non-resident citizens will likely be treated the same.

With such cross-border economic activity, fueled in large measure by the maquiladora industry in Juárez, it is only natural for foreign businesses to maintain U.S. bank accounts in El Paso. Unfortunately, many of these commercial accounts are being closed by U.S. banks. Why is this happening?

…The regulatory cost to U.S. banks to comply with the Patriot Act and reciprocal reporting obligations under FATCA agreements limit the profitability of maintaining deposit accounts for non-resident aliens, and expose U.S. banks to hefty penalties for regulatory failures, as in HSBC’s case.

So what does a U.S. bank do under such circumstances, particularly when foreign deposit accounts are a small percentage of your book of business? Close the accounts and focus on more profitable, less risky investments.

Foreign investors: Why US bank may close your account Sunday, October 6, 2013 6:00 pm

At least non-resident aliens can have a bank account where they live, unlike some non-resident citizens who are being denied local banking services as well as US banking services.

But, don’t worry, Americans.   The Mafia Bank still accepts American clients and business is booming!

Translated from Handelszeitung

02.10.2013 16:11

Tax conflict.  Since the high US fines might endanger some banks, a portion should be rolled over to  American clients – this is at least being examined by bank lawyers.

Distinguished lawyers from commercial law firms are examining if the US fines for banks related to the tax conflict can be rolled over to American customers.  Two lawyers from commercial law firms in Zürich confirmed this to the Handelszeitung.

This involves fines within the framework of the US program, which will become due in 2014.  These are threatening some banks to be dangerously high.  The law firms are examing if the small print in the general terms and conditions allows banks to legally roll these fines over to the clients.  According to one lawyer, it would be crucial if the bank can prove that the US client misled the bank about taxes owed.

A precedent case could be a civil suit between a Russian and the private bank Coutts.  The bank blocked the client’s 5 million dollars on grounds that the client did not inform the bank about his US citizenship.  Coutts could not dismiss a possible resulting fine by the US government.

In Africa, the greedy US compliance industry is seeking to suck up big money from the impoverished continent.

According to Salau, financial institutions around the globe now face a complex and onerous compliance burden in order to meet FATCA requirements.

“Full implementation of FATCA is fast approaching, and many financial institutions in Nigeria have either not started or just heard of FATCA, but are not aware enough of what to do next. In South Africa, the big banks are ahead of the game in completing an impact assessment and optimising solutions while in the rest of Africa, FATCA is mainly unheard of.”

More on BusinessDay

Amazing as it is, I was lucky enough to have the opportunity to speak on the BBC World Service!

The topic is introduced at 0:18 and then starts at 36:35

Today 12:06 GMT BBC World Service

To the left is a picture of me, a liberal progressive, in my flat when I lived in the US.

September 30, 2013 by Ellen Wallace

BERN, SWITZERLAND – The urgency for Switzerland to sign an agreement to work with the US Fatca law may have been exaggerated, with Bern announcing 30 September that Swiss banks have six months of grace to implement it.

Fatca is scheduled to go into effect in January 2014 but for the umpteenth time the complex Foreign Account Tax Compliance Act start date has been pushed back.

Geneva Lunch

 Entry into force of FATCA agreement between Switzerland and United States delayed by six months
Bern, 30.09.2013 – Switzerland and the United States have amended the FATCA agreement in line with the new timetable for FATCA implementation by means of an exchange of notes. Swiss financial institutions now have to implement FATCA from 1 July 2014 rather than from 1 January 2014.

On 12 July 2013, the US Department of the Treasury announced that FATCA implementation by foreign financial institutions would be postponed by six months. As the FATCA agreement signed between Switzerland and the United States on 14 February 2013 was based on the earlier timetable with commencement on 1 January 2014, it had to be adjusted to the new schedule.

This amendment lies within the authority of the Federal Council and assures Swiss financial institutions the same implementation deadlines as financial institutions in other countries. The agreement was amended by means of an exchange of notes. The amendment will enter into force at the same time as the FATCA agreement.

The agreement was approved and the implementing act adopted in the final vote of parliament on 27 September 2013. The changes necessitated by the postponement are taken into account in the federal decree and in the act. The FATCA agreement and the implementing act are subject to an optional referendum.

 The Federal Authorities of the Swiss Confederation

It is no secret that the “urgency” has been exaggerated.  It is common knowledge that Switzerland has been threatened into signing up to FATCA so that other nations would be more easily scared too.