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How alarming is it to investors that, in the so-called interest of national security, there has become a growing war on privacy and wealth?

David Wiedemer
July 6, 2016
Video Transcript

Announcer: How alarming is it to investors that, in the so-called interest of national security, there has become a growing war on privacy and wealth?

David Wiedemer: So long as a government is a low tax government, we don't have to worry about it too much. When it becomes a very high tax government, this invasion of privacy becomes more important, because... I guess to give you an example, Sweden is considered to be a very high taxed nation. They have very high taxes and they have one of the largest underground economies, cash only economies, in the world. So in many cases, what happens is... it's really surprising, but... a number of Swedish workers will actually have a paid job that has government scrutiny, the high withholding taxes, but they get all the government benefits for that and then they'll do another job on the side that basically is a cash only and they just keep it. So we need to be very sensitive to the fact that high taxes can have disincentive effects. High taxes are an... this is where this whole privacy issue comes in... is that for government it's a whole lot easier to do a high tax state or a high tax sur policies if they have access to people's financial information. In other words, to the extent you have a cash underground society that makes it much harder to raise taxes and keep taxes very high.

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