Never in the history of humankind has it been impossible to create an anonymous legal entity.
But now it will be. And this doesn’t seem to be a momentous event to the world’s mainstream media which is reporting on the story as if it has to do with tax evasion.
The larger issue is that a handful of elected and unelected bureaucrats have decided that YOU – a person, a businessman, an investor – have no right to set up a corporation without publicly affixing your name to it.
And just in case you have second thoughts about that, “tax havens” around the world will be pressured to cooperate with “Britain and its allies” who intend to deal a “hammerblow” to tax evasion.
The US must be seen as part of this allied charge as the “U.S. Treasury is Finalizing Rule to Combat Tax Evasion,” according to the LawyerHerald.
U.S. Treasury Secretary announced support on restraining tax evasion during his speech in the International Monetary and Financial Committee (IMFC) press conference at the IMF headquarter on Saturday. Secretary Lew said that the U.S. has planned a rule to combat shell companies.
… Lew also call all countries to exchange financial account information automatically in the wake of Panama Papers leak.
Lew’s statement corresponds to intentions voiced by Europe and Britain – and also by the Group of 20. The G20 issued a release calling on countries around the world and especially tax havens to voluntarily release information on corporate beneficial owners.
Previously, International Monetary Fund and World Bank officials had issued similar statements.
As well, the IMF seemed to indicate that it might take the lead on creating an international register of private companies that would reveal beneficial ownership.
In other words, countries would not allow the creation of anonymous companies.
To ensure that privacy was thoroughly penetrated, beneficial owners of such corporations – trusts, private corporations, shell companies – would be publicly listed in a way that might offer instant access via electronic communications.
The cascade of announcements occurred throughout last week in Washington DC where the IMF and World Bank were meeting with G20 officials.
The speed and gravity of the announcements certainly gives rise to the suspicion that they were pre-planned.
In fact, we are supposed to believe the opposite.
More and more it becomes difficult to deny that a sub stratum of organized globalism exists that is orchestrating a global regime of rules and regulations. These will affect seven billion people around the world while exempting a relative handful of families and individuals doing the orchestrating.
The mainstream media is habitually blasé about what’s taking place and the way the global regime is growing – quickly and powerfully.
It is the biggest story in the world and yet only the alternative ‘Net media gives it the singular urgency it deserves. And even then there are plenty of evolutions that are not fully noted.
This would seem to be one of them. The ramifications of what just happened in DC are enormous. Financial and investment privacy – a hallowed right for centuries if not millennia – has just been outlawed.
You, of course, are reading this article, and perhaps you do understand the heinous ramifications of what just occurred.
Do you hear that? It’s the clock on the time bomb, and it appears to be ticking relentlessly toward our economic collapse.
It seems like every day, there is a new threat to the financial well-being of the disappearing middle class in America. Of course, less affected are the members of Congress and their buddies on Wall Street. You know, the ones that put the politicians in office to get favorable decisions made on their behalf in Washington.
But if you happen to have been ignoring the folks Obama calls “peddlers of fiction” who have been warning us all of an impending economic crisis along the lines of the last financial collapse, you might want to pay attention now, because a disturbing series of events is in motion.
Finally, the Fed has admitted that we just can’t take another hit without incurring an epic disaster.
And by “admitted” I mean they’ve issued a chilling warning to JP Morgan Chase, the biggest bank in America.
Every year, large banks must create a contingency plan that explains what they’ll do if they begin to go under. The biggest bank in the country has such a lackluster, half-baked plan that the Fed called them out on it for 19 pages and warns that their nonchalance could be responsible for the financial instability of the entire country.
PS: Since this isn’t my first rodeo, I downloaded the entire PDF. It’s funny how things have a way of disappearing off the internet when the mainstream media wants to ignore them. You can download it yourself too at this link:
Bank of America and Wells Fargo also saw their contingency plans rejected. Zero Hedge reports:
Three of the five largest U.S. banks (JPMorgan Chase, Bank of America and Wells Fargo) have now had their wind-down plans rejected by the Federal agency insuring bank deposits (FDIC) and the Federal agency (Federal Reserve) that secretly sluiced $13 trillion in rollover loans to the insolvent or teetering banks in the last epic crisis that continues to cripple the country’s economic growth prospects.
But that isn’t even the scariest part.
In case you think it’s just a normal day at the Fed…It isn’t just these warning letters that should make you pay attention. At the risk of sounding like I’m selling Ginsu knives, there’s more.
The Great Recession Blog posted a bullet list that should blow your mind when taken in conjunction with the news above. (Be sure to read the full article – it goes into a lot more detail.) It seems that there’s enough concern to spark a flurry of secret meetings among those in power.
The Federal Reserve Board of Governors just held an “expedited special meeting” on Monday in closed-door session.
The White House made an immediate announcement that the president was going to meet with Fed Chair Janet Yellen right after Monday’s special meeting and that Vice President Biden would be joining them.
The Federal Reserve very shortly posted an announcement of another expedited closed-door meeting for Tuesday for the specific purpose of “bank supervision.”
A G-20 meeting of finance ministers and central-bank heads starts in Washington, DC, on Tuesday, too, and continues through Wednesday.
Then on Thursday the World Bank and the International Monetary Fund meet in Washington.
The Federal Reserve Bank of Atlanta just revised US GDP growth for the first quarter to the precipice of recession at 0.1%.
US banks are widely expected this week to report their worst quarter financially since the start of the Great Recession.
The European Union’s new “bail-in” procedures for failing banks were employed for the first time with Austrian bank Heta Asset Resolution AG.
Italy’s minister of finance called an emergency meeting of Italian bankers to engage “last resort” measures for dealing with 360-billion euros of bad loans in banks that have only 50 billion in capital.
Things aren’t looking good. It makes me wonder if all of the quantitative easing and can-kicking has finally reached the point that they can’t push economic disaster back any further.