Bandit Gang Writ Large

Greek Banks Reopen but Cash Limits Remain and Taxes Soar

"The cash-strapped nation got a short-term loan from European creditors to pay more than 6 billion euros ($6.5 billion) owed to the International Monetary Fund and the European Central Bank. But for most Greeks, already buffeted by six years of recession, Monday was all about rising prices as tax hikes demanded by creditors took effect. There are few parts of the Greek economy left untouched by the steep increase in the sales tax from 13 to 23 percent. strict controls on cash flows, including a ban on check-cashing and payments abroad as well as limits on cash withdrawals, remained in effect. New rules permit the withdrawal of up to 420 euros a week." Continue reading →

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IRS Agents Rob Convenience Store

"In June 2014, the government seized Ken Quran's entire bank account—more than $150,000. This was money that Ken worked for years to earn, and that he was counting on for his retirement. Ken had no prior warning before the government seized the account. The government told him they were taking the money because he withdrew cash from the bank in amounts under $10,000." Continue reading →

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Swiss court rules handing over bank employee info to US illegal

"A Swiss court has ruled that Credit Suisse's decision to provide US tax authorities with information on an employee was illegal, according to the ruling made public Monday. In April 2012, the Swiss government gave 11 Swiss banks the go-ahead to accommodate a US tax evasion probe and hand over the names of thousands of their employees and consultants working with American clients. Fearful of harsh US penalties and prosecution, the banks then met Washington's demands, handing over personal information about numerous staff members, and reportedly also making personal documents, emails and details of telephone calls available." Continue reading →

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IRS Seeks To Require Reporting Of All U.S. Bank Accounts

"Currently, information reports are not required on non-interest accounts, while there is a $10 threshold for reporting on interest bearing accounts. This change would be effective for the current tax year of 2015, giving banks and credit unions little time to adapt their systems for compliance. Should this provision be enacted, taxpayers will be awash in new 1099s reporting de minimis amounts of interest. In many cases, they will report less than a one dollar in earned interest per year. Additionally, this new reporting requirement will impose substantial costs on the financial services industry that far exceed the revenue that will be gained by the proposal." Continue reading →

Continue ReadingIRS Seeks To Require Reporting Of All U.S. Bank Accounts

Jeffrey Tucker: Greeks Prepare to Be Pillaged

"One thing needs to be said about this frantic authoritarian approach: It never works. Bank closings add to the atmosphere of panic. They are often followed by an announcement that the government is going to devalue or outright steal people’s money. Whatever trust remains in the system is drained away along with the value of the currency. But there’s another factor in play, for the first time. People are looking at Bitcoin as a way to store and move money. There is now a Bitcoin ATM in Athens that is reportedly doing a brisk business. Redditors are sharing tips. And, of course, the exchange rate of Bitcoin is on the move again." Continue reading →

Continue ReadingJeffrey Tucker: Greeks Prepare to Be Pillaged

Chicago Public Schools’ pain is these financial firms’ gain

"Struggling to make payments for pensions and pay down billions of dollars in debt, the Chicago Public Schools last week announced 1,050 layoffs and $200 million in spending cuts to keep the school system afloat. Dozens of financial and legal firms have been paid $18.1 million in fees from CPS borrowing and debt-refinancing deals since 2011, according to records obtained by the Chicago Sun-Times. CPS still owes billions on borrowing deals dating to the mid-1990s, when then-Mayor Richard M. Daley took formal control of the school system, which then began renovating and building schools using borrowed money." Continue reading →

Continue ReadingChicago Public Schools’ pain is these financial firms’ gain

Indian in US? Your Account is Now Under Delhi Surveillance

"Thousands of Indian citizens in the US – from IT workers, health professionals, students and everyone else under the sun – will soon be innocent victims to snooping by the Indian government. If an Indian citizen holds a bank account in the US, minute details about his/her bank account will be shared with New Delhi by Washington. Although India gets access only to bank account information of Indian citizens, the US can get access to even information of 'non-US entities' operating in India if it has even one American working for them. That means information about any Indian corporation or organisation would be provided to Washington on request, if it has an American on rolls." Continue reading →

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India gold smuggling at all-time high, despite Nepali kingpin’s death

"In two years--since government increased duty on gold to 10% to rein in a yawning current account deficit—gold smuggling has grown by 900%. That as an accepted principle seizures could be less than 10% of actual smuggling, the figures look even more ominous. Sources say gold has also begun to be smuggled in ever unique ways and from rather unexpected corners. There is a silver lining to the grim story though. There is an unexpected drop in Nepal which had seen a massive spurt in gold smuggling in the past couple of years. The reason: the kingpin of illicit yellow metal trade in the Himlayan nation died under the rubble of his house in Kathmandu during the recent quake." Continue reading →

Continue ReadingIndia gold smuggling at all-time high, despite Nepali kingpin’s death

Feds to return $107K they seized from NC business owner

"McLellan is just one of thousands of Americans the IRS has seized money from, supposedly for 'structuring' funds to avoid a law requiring banks to alert the government of deposits over $10,000. The law was instituted to help the government ferret out drug dealers, terrorists or other criminals -- but the IRS occasionally flags deposits of just under $10,000 as suspicious even if there's no evident criminal wrongdoing, in turn ensnaring people who may be innocent. That's what allegedly happened in McLellan's case. His convenience store in North Carolina was raided in October by IRS agents who said he made a series of just-under-$10,000 deposits in a 24-hour period." Continue reading →

Continue ReadingFeds to return $107K they seized from NC business owner

Robbing Peter

"Spain may defend its decision by pointing out that it has one of the lowest tax takes in the European Union, which is true. However, what should be the issue here is not the amount of tax being imposed, but the principle upon which the tax is being taken. Let there be no doubt about this bail-in or any other—it is pure theft. The measure in Spain is also an advance on the concept that, as long as an emergency is perceived to exist, confiscation is justified. In Spain, no emergency situation is being pretended; they simply want the money and have decided to take it." Continue reading →

Continue ReadingRobbing Peter