Wednesday, June 29, 2011
USA demands to see Israeli bank accounts
European banks are closing down "small" accounts with less than one million dollars. They say that the reporting obligations (to the USA) are so complicated and expensive that they are losing money on small account. Since banking is a highly computerized business, what may be the expenses of reporting?
There is an ongoing competition between the USA and the European Union to impose their own standards on everything. America is winning. I have been studying norms and standards and American standards are clear and practical. European standards are extremely complicated, full of cross references to other obscure standards, to the point that I decided that life was too short to try to understand them. The Chinese have no standards, they study assidously foreign standards in order to "pass" and export. New Zealand has clear, short and original standards, those people have been doing some no-nonsense thinking. I rather like them. Israeli standards are a joke.
What I am sensing is America imposing its laws and will on the rest of the world. Being the largest economy, they have the power to make the rest of the world dance to their tune. They are using their power very aggressively. Well, they have eleven battle groups patrolling the seas. No one else has battle groups. If they want to see bank accounts, no one is going to say no to them.