Jack Townsend recently posted an article on his blog by David Jolly out of the UK about France now going after UBS for tax evasion.
This prompted me to write a reflection, which Petros has asked if I would post here. It did NOT attract any attention there, so might as well. LOL.
In a quick synopsis I make the connection of UBS being the triggering mechanism for FATCA and the global GATCA, mostly unreported in U.S. media. I have some thoughts about what this might mean for regulatory overload as more and more is piled onto small and medium sized financial institutions that can not keep up. When will the full FATCA blow back happen in the USA, and what will the impact be?
Nothing earth shattering in analysis, or insight. It is just something that has fascinated me. I have been watching for a long time. We are well down the road now to a global dragnet and the total surveillance state. It is dressed up by Progressives, OECD elites and the Tax Justice types as some desired dream state of financial transparency for ALL. For me, it seems like a nightmare. How regressive, dare I say repressive, will these Progressives types be in pushing their GATCA agenda?
I have reproduced my comment below with some tweaks. Might edit it more later, but off for 3 day back packing trip and wanted to post before I left.