Eleutherian

I'm still upset that UBS caved to the U.S. government's demands to break Switzerland's secrecy laws by providing the names of 4,450 UBS clients. However, I'm not nearly as upset as the Swiss. RealClearWorld reports, "The Swiss public is critical of UBS but resentful of outside meddling with its secrecy laws." Great, more people that are upset with the United States over invading privacy.

The author, Alvaro Vargas Llosa, makes a solid point:

Blaming bank secrecy for the illegal origin of funds that find their way to Swiss banks is like advocating press censorship because deceitful politicians give TV interviews to win votes. Governments that blame foreign banks for tax evasion and money laundering are whitewashing their own incompetence. Incidentally, not a few dictators -- Robert Mugabe comes to mind -- with Swiss bank accounts obtained their cash from foreign aid provided by the very governments that accuse those banks of harboring illegal funds.

The United States needs to stop looking to other countries to solve U.S. problems. Most problems involving money held overseas are a result of the cumbersome U.S. tax code. More on this in a future post.