Germany’s Fiscal Secret
That Germany is the most powerful nation in all of Europe financially and in the accumulation of gold reserves is no secret. However, what is little known or talked about is the fact that the Bundesrepublik has evolved into a veritable haven for those seeking to either avoid taxation in their home countries or hide the source of their ill-gotten gains.
Germany has for some time quietly attracted vast deposits from individuals and commercial enterprises skirting tax laws in the nations from which their income is garnered. Not only that, money needing laundering due to being sourced by nefarious practices is also being channeled through German financial institutions.
“According to a present publication of ‘Tax Justice Network,’ Germany holds the ninth place on the ranking list of the 73 most significant shadow finance destinations worldwide. ‘Without any doubt’ it is a ‘destination for huge money flows from all over the world, from sources that want to evade income taxes or come from other dark channels,’ the network judges” (German-Foreign-Policy.com, October 18; translation ours).
With the German secret service, the bnd, having been deeply embedded in many nations run by rogue regimes since the postwar period of decolonization, and having been long established in Africa and the Middle East since the days of Kaiser Wilhelm, Germany has been well placed to render what German Foreign Policy terms “extensive financial services to dictators.”
At one time, Switzerland was the favored destination for parking Nazi capital. Today, Germany is even attracting customers away from that traditional haven of secret bank accounts. It is taking particular advantage of capital flight from indebted countries such as Greece and from what is rapidly becoming a second-tier Europe. “German credit institutes take advantage of the capital flight from crisis countries in the eurozone like Greece, and attract clients from Switzerland with the assurance that German banking secrets are well kept from Swiss authorities” (ibid).
Such initiatives by Germany definitely contribute to the strengthening of its position as the financial top dog on the European continent. Even more, they serve the motives of German imperialist elites extremely well in their drive to project the active political power of the German nation over that continent.
This is just one more component in the project of European elites to revive a Holy Roman imperial approach to European governance. Having Rome’s own man, Mario Draghi, heading up the Frankfurt-based European Central Bank beginning in November will only strengthen that position.