Oldest Swiss Bank To Clients, “Sell U.S. Assets or Leave”

Bloomberg reported on September 2 that, “Switzerland’s oldest bank is telling wealthy clients to sell their U.S. assets, or switch banks, because of concerns new rules will saddle investors with tax obligations in the world’s biggest economy.”

“U.S. proposals to extend reporting requirements for banks whose clients buy American stocks and bonds coupled with estate tax liabilities that may be inherited by the heirs of people who have such holdings prompted the advice from the St. Gallen, Switzerland-based bank”, said Managing Partner Konrad Hummler.

You can go read the original article, but my assesment is that the U.S. is trying to get revenues any way they can. Makes sense. This country is bankrupt. That’s why I keep telling people to make preparations for their families. Get freeze dried food storage, dehydrated food storage, staples, store-bought canned goods. Whatever you decide to do, just do something.

Here is the link to the original article:

Oldest Swiss Bank Tells Clients to Sell U.S. Assets or Leave

 

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