The EU encourages another round of German aggression on small European nations. That will accelerate the growth of Far Eastern economies and speed Europe’s demise.
Germany’s call for a clampdown on European tax havens won support on Tuesday from a majority of the European Union’s 27 member states, determined to tighten rules on bank secrecy, which they see as encouraging tax evasion.
At an EU finance ministers’ meeting in Brussels, only Austria and Luxembourg, which obtained special arrangements when an EU savings tax directive came into effect in 2005, appeared reluctant to back tougher rules.
The governments of Austria and Luxembourg are answerable only to the people that elected them, and how they run their banks is no business of Germany, or any other nation.
If the Germans want to stop their citizens evading taxes they have (at least) two options:
- Reduce German taxes to a level that its people consider fair.
- Introduce Red Chinese-style draconian punishments – public execution, for example – for German tax evaders.
Of course Option 1 isn’t available to the tax-and-spend Euro elite, and Option 2 might make the natives question the legitimacy of their governments.
If, as seems likely, banks in Austria and Luxembourg fall to this German aggression, their clients will head for trustworthy nations that are not vulnerable to EU pressure.
Hong Kong fails the “trustworthy” test, since it’s a Communist client, and Switzerland folded to the EU years ago.
Instead, German tax refugees will be moving their funds to Japan or Singapore, both of which are stable and don’t give a fig for the EU.