Quote of the Day: Bank Privacy is Dead

Bank privacy is dead, and murdered by crisis affected governments conspiring through new edicts channeled to “inter-governmental partnership” with various governments to financially repress (read: plunder) on people’s savings.

So argues Simon Black

There are two key points I’d like to make here-

1) There is no such thing as banking privacy. Do not trust your banker to keep secrets for you, and definitely do not trust a government-regulated banking system to keep secrets for you. If you have undeclared income that’s been nestled offshore, it should be obvious at this point that such arrangements will soon unravel.

Voluntary disclosure is always better than getting caught by your home government’s tax authorities. And, especially if you’re a US citizen where tax noncompliance is a criminal offense, paying hefty penalties is a much better outcome than going to court and ending up in a day-glow orange jumpsuit.

2) Most people who are interested in financial privacy tend to use cash. But since carrying large amounts of cash is more and more being criminalized (and confiscated), this is no longer a viable option.

The best form of financial privacy at the moment is physical gold, at least until a better option for digital currency hits the market. Gold may not be useful for day-to-day transactions, but as a store of value tucked away in an anonymous offshore facility, there is no better way of maintaining financial privacy.

Mr. Black hit on the head. I was almost made criminal for unknowingly having brought marginally excess Peso cash out of the country.

This just goes to show how welfare based governments are deeply into the muck and are desperately resorting to anything to preserve a collapsing system.