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The US Government Tells The Whole World To Go FATCA Themselves

Tyler Durden's picture




 

Submitted by Simon Black of Sovereign Man blog,

If you want to gather honey, don’t kick over the beehive.

This was how Dale Carnegie titled the first chapter of his 1936 personal development masterpiece—How to Win Friends and Influence People.

Carnegie had sensible advice: if you want to keep people on your team, first and foremost don’t piss them off. Duh. Seems pretty obvious.

I think the US government could use a little Dale Carnegie right about now (I actually just ordered a copy and had it sent to the President. You’re welcome, BO.)

Obama gift 17.02.08 The US government tells the whole world to go FATCA themselves

Because based on the way they’re acting, you’d think they were test-driving an entirely different manuscript—How to Lose Friends and Alienate People.

Exhibit A: FATCA.

Four years ago, the US government passed this absurd law requiring every bank in the world to enter into an information-sharing agreement with the IRS.

Those who don’t will be subject to a 30% withholding tax on certain funds that get routed through the United States banking system.

What’s more, every bank on the planet is somehow supposed to simultaneously keep track of every other bank in the world and know precisely who is / is not in compliance with the law.

Banks that are in compliance are supposed to withhold the 30% tax on any funds transferred with banks that are not in compliance… otherwise they risk the withholding tax penalty themselves.

The whole thing is enough to make your head spin. Needless to say, the mere thought of complying with this law is enough to drive banks crazy.

This isn’t a way to treat friends. And today’s the day it comes into force.

Exhibit B: BNP Paribas.

Uncle Sam just slammed this French bank with a massive fee and threats of criminal penalties for doing business with a country they don’t like.

In doing so, the US has given BNP… and France… nine billion reasons to abandon America.  Again, this isn’t the way you treat friends.

I think politicians fail to realize how important the US banking system is to holding together the US economy.

Right now, the entire world uses the US banking system.

If a merchant in Angola wants to do business with a merchant in India, for example, that transaction is cleared through banks in New York.

This, by default, creates demand for people to hold dollars, giving the US billions of people to splay their inflation onto.

It’s the only reason why the Federal Reserve has been able to print $3.5 trillion over the last five years; nearly any other country does that and you get hyperinflation.

You’d think they would guard this dearly. You’d think the US government would treat their friends… their customers… respectfully.

But no. Instead they’ve dropped a steaming hunk of dung on the entire system, and everyone in it.

With law and behavior this dumb, they’ve gone and kicked over the beehive. No bankers want the hassle of dealing with America anymore, and everyone is looking for a better option.

It’s happening.

Chinese renminbi trade settlement is growing like a weed, constantly posting record levels. Everywhere you look there are countries and big companies looking to hold and conduct trade in renminbi.

Even Canada and the UK are now angling to become major centers of renminbi settlement. Everyone else seems to get it… everyone but the US.

With all of its debt and all of its money printing, the US banking system was one of America’s last economic competitive advantages.

But now we are going to see more and more foreigners curtailing their use of the US banking system… and by extension… the dollar.

Without that mass of people to export dollars to, inflation will really kick in back home.

It’s not going to happen overnight. But as yet another insane law comes into force today, it represents one of the final nails in the coffin for the US, and the end to one of its last remaining advantages.

 

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Wed, 07/02/2014 - 12:45 | 4918150 666
666's picture

Are US politicians really this stoopid or do they have a "plan"?

Wed, 07/02/2014 - 12:49 | 4918165 knukles
knukles's picture

Who cares?  No furriners help the USA out with any debt stuff, anyhow.  We're exceptional and can just make all the Chinese crap ourselves.  After all, we're energy independent now and can even start shipping all that extra gas to them Europeens.  And them arses in the middle East can all just go do sumptin' else with themselves because we don't need none of their sand neither.  We got all we need for beer bottles.  What we need is more jobs crated by the gubamint.   

Wed, 07/02/2014 - 12:53 | 4918174 Pladizow
Pladizow's picture

I thought FATCA compliance was delayed?

And to 666: Both - they are even more stupid than you would think and they have a plan to line their pockets.

Wed, 07/02/2014 - 13:01 | 4918212 chubbar
chubbar's picture

Nope, got a call 2 days ago from a Swiss bank I did business with until last year when I closed that account. I needed to give them all the FBAR's I filed with US Treasury during the years I had an account with them otherwise my name ends up on the "bad" list that they are required to hand to the US gov't. This was all handled with a registered letter/return stamped letter with a "rush" order from the bank. Looks like they waited until the last second to worry about compliance.

Wed, 07/02/2014 - 13:05 | 4918234 BaBaBouy
BaBaBouy's picture

NotWithstanding ALL The Bullshit Happening, We Are Surely Headed BACK TO THE GOLD STANDARD...

Wed, 07/02/2014 - 13:08 | 4918250 DoChenRollingBearing
DoChenRollingBearing's picture

Gold, Bitcoin and investments quietly held overseas.

Wed, 07/02/2014 - 13:14 | 4918286 Save_America1st
Save_America1st's picture

To Simon Black:  Gee, I thought you knew everything there was to know...

You can get this stuff for free.  You can even just email the link to people for free.  Amazing thing, the interwebs...

http://erudition.mohit.tripod.com/_Influence_People.pdf

But then again, I usually doubt everything you write about in your bragging ways, so I highly doubt you bought anything and didn't send anything to B.O.

Wed, 07/02/2014 - 13:17 | 4918301 linniepar
linniepar's picture

Short for FATCAT! Intentional destruction of the dollar continues...

Wed, 07/02/2014 - 13:21 | 4918310 gh0atrider
gh0atrider's picture

As an interesting asides, July 20th begins the pagan celebration of abduction in preparation for the "grand climax" seven days later.  Will people have their accounts abducted on July 20, 2014?

Wed, 07/02/2014 - 13:42 | 4918415 SamAdams
SamAdams's picture

Gov flippin' stones to find cash.  Going to have effect of scaring liquidity away.  Dumb, or deliberate?

Wed, 07/02/2014 - 14:54 | 4918745 SafelyGraze
SafelyGraze's picture

people are switching over from dollars to raams

http://en.wikipedia.org/wiki/Global_Country_of_World_Peace#Currency

 

Wed, 07/02/2014 - 17:10 | 4919208 Boris Alatovkrap
Boris Alatovkrap's picture

You are not to worry! There is soon come day when Federal Reserve Note is more cheap than is Charmin double ply cushion quilting and many people is once again switch back to US Petro Dollar!

Wed, 07/02/2014 - 14:10 | 4918529 Harbanger
Harbanger's picture

Interesting, Legarde mentions July 20, 2014 in the occult message she gave in January of this year.

http://www.youtube.com/watch?v=QYmViPTndxw

 

Wed, 07/02/2014 - 14:24 | 4918596 gh0atrider
gh0atrider's picture

 

 

20 + 07 + 2014 

2 + 7 + 2 + 1 + 4 

16

1 + 6

7

 

Wed, 07/02/2014 - 17:56 | 4919354 mc225
mc225's picture

omg! spooky....

Wed, 07/02/2014 - 19:21 | 4919588 Monty Burns
Monty Burns's picture

And, how spooky is this?

7 + 14 + 20  =  41

/sarc

Wed, 07/02/2014 - 20:13 | 4919728 barre-de-rire
barre-de-rire's picture

remove the /sarc monty.... u just made exemple of reality & way ppl  look at it. another point of view.

today many ppl are good to find number they want from any serie.

feel free anyone to interpret reality the best way u can accept it.

 

Thu, 07/03/2014 - 05:44 | 4920732 Tabarnaque
Tabarnaque's picture

Maybe you should have a look at this 7 minutes video of Christine Lagarde Speach recorded in January of this year. You'll be surprised what you find in it. It does look like the 20th of July is a choosen date by the power that be for something. It does seem like the power that be has a fascination for numbers.

Occult Message in Speech by Christine Lagarde of IMF

https://www.youtube.com/watch?v=QYmViPTndxw&feature=youtu.be

Fri, 07/04/2014 - 18:53 | 4925652 Stalkedbyhackers01
Stalkedbyhackers01's picture

That was meant for me right because I tend to read the zerohedge comments and you people love leaving messages? Are you one of those who like to watch or an active participant?

Wed, 07/02/2014 - 17:55 | 4919352 Buck Johnson
Buck Johnson's picture

They are doing everything they can to destroy the dollar.  I guess if they can't pay their debts and the economy is to hot, best to try to blame someone in the world for the dollar implosion and start over again.

Wed, 07/02/2014 - 13:07 | 4918222 BaBaBouy
BaBaBouy's picture

.

Wed, 07/02/2014 - 14:39 | 4918674 max2205
max2205's picture

Steaming hunk of dung....

 

I got the visual. ...thanks

Wed, 07/02/2014 - 14:07 | 4918181 maskone909
maskone909's picture

FUCK SOCIALISM

 

http://www.youtube.com/watch?v=N2QtDExs6lM

 

edit

what is so interesting about the video i had posted is not the video itself, but the comments.  its a perfect exaplmle of how misinformed and devided poeple are in this country. 

Wed, 07/02/2014 - 16:39 | 4919119 TruthHunter
TruthHunter's picture

Just tell the troglodytes their rep voted for this "Big Brother Law"

Just might clear out congress. 

Wed, 07/02/2014 - 13:25 | 4918324 HellFish
HellFish's picture

They are stupider than you can imagine.  We don't select for intelligence, the US selects for psycopathy in their leaders.

Wed, 07/02/2014 - 14:15 | 4918556 Radical Marijuana
Radical Marijuana's picture

The rulers and those they rule over are inside systems of lies backed by violence. The American muppets select for psychopathic political puppets because there has been a long history of organized crime dominating the political processes.

It is sad to watch a society tricked by lies be led to destroy itself. However, there was never any point in time when anything could actually be done to prevent the triumph of the best organized criminals from taking control over the government, and then driving vicious spirals of legalized lies, backed by legalized violence.

For more than a Century, the government of the USA has been a downward spiral into a black hole of the runaway systems of legalized lies, inside of which people were rewarded for agreeing with that bullshit, while they were punished for not agreeing with that bullshit. Rational evidence and logical arguments were defeated by the deceits. Carrots and sticks controlled people, more and more, as they were brainwashed to believe in absurd State Religions, first as the monetary system, and then as military system, both of which State Religions were fundamentally the processes of the privatization of public powers, with the government becoming the muscle to enforce frauds.

The American people have become the victims of the best brainwashing that money could buy. They were subjected to the most scientific and technologically advanced conditioning that there has ever been. For many of them, the accumulating consequences of all the evils has resulted in irreversible brain damage, which makes them unable to learn. For many others, they have been conditioned to not want to learn.

It appears that there is only a small minority left that are both able and willing to learn more of the radical truth. However, so what? They are still facing the entrenched systems of lies backed by violence. They are still inside of runaway enforced frauds, where they continue to be subjected to the same schedule of reinforcements of rewards for agreeing with absurd bullshit, while receiving punishment if they do not agree with that kind of absurd bullshit.

America is now almost totally dominated by deceitful State Religions. Americans were gradually forced, more and more, to agree with frauds. Inside of that context, being "stupid" was more "successful," while not being stupid created problems. More and more, the American politicians became puppets performing for muppets, whose strings were being pulled by the increasingly scientific applications of the methods of organized crime. For a while, at the beginning of that process, America could dominate the world in those ways. However, those ways have their own seeds of madness and self-destruction, due to ways that backing up lies with violence finally fails, because those lies never thereby become true, but rather, on drive the whole situation to become runaway social insanities.

Wed, 07/02/2014 - 19:24 | 4919603 Monty Burns
Monty Burns's picture

"the US selects for psycopathy in their leaders"

The "US" doesn't select for anything. The electorate are presented with Tweedledum and Tweedledee from which they can democratically make their choice, their votes being helpfully counted by the Diebold Corporation.

Wed, 07/02/2014 - 14:00 | 4918486 armageddon addahere
armageddon addahere's picture

The plan is to screw the rest of the world out of money. If the rest of the world doesn't want to get screwed, and does something about it, that will come as a surprise because they never thought it through that far.

When their own greed and arrogance bites them on the ass, no doubt they will look around for some foreigners to blame and drop bombs on.

Wed, 07/02/2014 - 12:46 | 4918153 junction
junction's picture

Obama is too big to jail.

Wed, 07/02/2014 - 20:15 | 4919734 barre-de-rire
barre-de-rire's picture

obama 's ears too big to fall

Wed, 07/02/2014 - 12:45 | 4918155 NOTaREALmerican
NOTaREALmerican's picture

The US is the largest Mafia in the world.  You want to deal with "da mob" you play by "da mobs" rules.  

Wed, 07/02/2014 - 13:02 | 4918215 Uncle Remus
Uncle Remus's picture

So, to the mattresses then...

Wed, 07/02/2014 - 13:24 | 4918321 Harbanger
Harbanger's picture

According to your S&S theory they would be the worlds smartest and savviest.

Wed, 07/02/2014 - 13:28 | 4918347 NOTaREALmerican
NOTaREALmerican's picture

No doubt !

Wed, 07/02/2014 - 13:32 | 4918367 Harbanger
Harbanger's picture

Oh OK.  At least your consistent.  I was afraid you'd change the theory to dumbest and fattest

Wed, 07/02/2014 - 17:32 | 4919275 Radical Marijuana
Radical Marijuana's picture

I thought he meant that the organized criminals that control the American government are extremely good at being dishonest and backing that up with violence. In that sense, they are the "smartest."

However, my view continues to be that is ONLY within relatively short to medium term consequences. In the longer term what they are doing is criminally insane. Being the best at enforcing frauds overall destroys society, and the natural world, in ways which are not so "smart." But nevertheless, in the shorter term, "success" in warfare is based on deceit, while "success" in economics is based on fraud, despite that thereby the American economy, and its role in the world economy, is being deliberately destroyed, by carrying through a criminally insane agenda.

The paradoxical ways these things will very probably play through is that being "smarter" about operating the methods of organized crime requires all around attitudes of evil deliberate ignorance towards the bigger picture. The "success" of the people controlling the people that control the government of the USA being the biggest "Mafia," or organized criminal gang, in the world is actually destroying the longer term future for them, and pretty well everyone else, since controlling civilization in criminally insane ways drives it towards crazy self-destruction. ... unfortunately, I can not see any realistic ways to prevent that tragic trajectory from playing through ...

Wed, 07/02/2014 - 12:47 | 4918158 PresidentCamacho
PresidentCamacho's picture

All acording to plan. Things are going perfectly.

Wed, 07/02/2014 - 12:47 | 4918161 maskone909
maskone909's picture

it was all fun and games untill they required folks in california to have auto insurance.  then guess what happened, auto insurance companies were forced to report folks that dropped coverage.  the DMV would send you a notice of license suspension if you didnt have insurance.  i will bet a million dollars that health insurance will be the same.  once you dont have health insurance, the IRS will be notified and will levy your accounts and garnish your wages.  imho the auto insurance crap was just a test run for healthcare.  whats next? the door is wide open now, unfortunately.  the sheep continue to take it in the ass with no vaseline!

Wed, 07/02/2014 - 12:50 | 4918169 kchrisc
kchrisc's picture

I'm supposed to consider Al Qaeda, or whatever they are called today, my enemy, however:

Who threatens to rob and possibly kill me daily while driving on the streets? Who threatens to capriciously render me destitute overnight? Who threatens to put me on a kill-list? Who keep me from emigrating or being able to live overseas with financial controls? Who fondles or irradiates me at the airport? Who...

Who is my enemy?! Who is the greatest threat to me, myself and mine and you as well?!

Wed, 07/02/2014 - 13:58 | 4918480 Amish Hacker
Amish Hacker's picture

As someone said, if you want to know who your real enemy is, just ask who it is that you're not allowed to criticize.

Wed, 07/02/2014 - 14:35 | 4918658 Cthonic
Cthonic's picture

Well I met an old man dying on a train
No more destination no more pain
Well he said one thing, before I graduate
Never let your fear decide your fate...

Wed, 07/02/2014 - 12:50 | 4918171 tradewithdave
tradewithdave's picture

I thought the plan was to destroy the dollar... Did I miss something?

Wed, 07/02/2014 - 13:02 | 4918218 maskone909
maskone909's picture

the plan is to have totalitarian control of the citizens of the USA.  if that means destroying the constitution and the dollar, thats what they will do.  this is a nightmare unfolding in slow motion. like one of those dreams where you are being chased and cant seem to run fast enough no matter how hard you try.  only this time, there is no waking up to stop it!

Wed, 07/02/2014 - 13:05 | 4918235 BobTheSlob
BobTheSlob's picture

Don't chase it...just go long on Pb.

Wed, 07/02/2014 - 13:25 | 4918330 NOTaREALmerican
NOTaREALmerican's picture

Re:  fast enough no matter how hard you try

You need to take the longer view.    Was the Constitution destroyed when the Fed was created?  That was some time ago.    Or, perhaps it was destroyed when the Southern Pacific Railroad became a person.  A time before the Fed even.      Perhaps the slippery-slope you think you're one isn't really a slope at all but is just a very high wall built generations ago.    

Wed, 07/02/2014 - 12:50 | 4918173 Sudden Debt
Sudden Debt's picture

Tat was already pretty clear in 2008 when it became clear that most of our gdp's are fabricated through banks.
And if you count derivatives at full value in your gdp, it's not the banks but the mirrage they create that is important.

Wed, 07/02/2014 - 12:51 | 4918176 fzrkid
fzrkid's picture

I was an expat in Singapore back in 2009 and wanted to park a little cash in some Singapore banks. None of them were interested. They explained it was cost prohibitive to manage the documentation required to maintain compliance. Fortunately Maybank gives a middle finger to this and was happy to help...

 

Maybe I should start a business to help people park money in SG, for a small fee of course.. Contact me if interested..

Wed, 07/02/2014 - 13:12 | 4918272 DoChenRollingBearing
DoChenRollingBearing's picture

We are considering selling bonds at 2% from our company in Peru...

Wed, 07/02/2014 - 12:53 | 4918182 Calmyourself
Calmyourself's picture

They know it is going to crash, the politicians problem is whom the masses will blame this on, looks like an effort to simply divert and place blame..

Wed, 07/02/2014 - 12:53 | 4918184 TVP
TVP's picture

It's so crazy having known about all of this for years now, and having everyone tell you you're insane for understanding it.

Then all the sudden, you wake up one day, and Russia plans to abandon the dollar, China starts selling US Treasurys at record pace, and all the BRICS nations create a $100 billion USD bank to fund emerging markets.  

Now the people who called me crazy years ago are rushing out to cash out their 401k's and IRA's for silver bullion, lmfao

Wed, 07/02/2014 - 14:03 | 4918499 Amish Hacker
Amish Hacker's picture

They should cash out their bond funds, too, before the gatekeepers impose fees and limitations on withdrawals.

Wed, 07/02/2014 - 14:31 | 4918631 _ConanTheLibert...
_ConanTheLibertarian_'s picture

When China starts dumping US Treasuries, who in their right mind would buy them? That will be very ugly very quickly.

Wed, 07/02/2014 - 15:51 | 4918965 Overfed
Overfed's picture

'Belgium'.

Wed, 07/02/2014 - 19:32 | 4919614 Monty Burns
Monty Burns's picture

Mr. Yellen, who'll just ramp up the printer. the bonds will then be "assets" on the Fed's books.

Mon, 07/07/2014 - 19:31 | 4933599 MeelionDollerBogus
MeelionDollerBogus's picture

Right mind?
Why, that's downright unpatriotic.
Thankfully no one needs to make a decision because it will be built in to MyRA's which will become mandated "for your security and safety, and that of the United States of America".

Just be thankful it's backed by  the full faith & credit of the Yooknighted States, unlike gold which is backed by nothing.

Wed, 07/02/2014 - 12:55 | 4918192 stant
stant's picture

Yep while in a liquidity crisis they doubled down on stupid. To save thier ass for just a little while longer

Wed, 07/02/2014 - 12:57 | 4918200 Quus Ant
Quus Ant's picture

These are politicians at the highest levels. They are only "friends" on the way up-  Now it's old fashioned king of the hill.  Wanna influence people?  Send your "friends" a christmas card with a picture of Chavez in the hospital dying of pelvic cancer.  Let them know you care.

Wed, 07/02/2014 - 15:35 | 4918895 WmMcK
WmMcK's picture

"Under my coat is a weary heart, but a kind one - one that would do nobody any harm." -- "Two Gun" Crowley

Wed, 07/02/2014 - 12:58 | 4918203 BobTheSlob
BobTheSlob's picture

Very well written and informative. The premise is 180 degrees off. If your goal is to weaken a country from within, then the best strategery I can think of is to alienate it.

Wed, 07/02/2014 - 13:16 | 4918299 maskone909
maskone909's picture

as well as strategically importing thousands of entitlement receiving skill-less migrants.

Wed, 07/02/2014 - 12:58 | 4918204 loregnum
loregnum's picture

I work at an investment office in Canada and recently had to do some online garbage regarding this fatc crap. As I was doing it I was shaking my head at the thought we're supposed to be IRS snitches with our clients if there are any indications they may count as U.S. taxpayers.

It'd be nice if the world would have told the U.S to go fuck itself over this but hey, why do that when you can just be a giant pussy instead.

 

Wed, 07/02/2014 - 13:02 | 4918217 NOTaREALmerican
NOTaREALmerican's picture

Re:  It'd be nice if the world would have told the U.S to go fuck itself over this but hey, why do that when you can just be a giant pussy instead.

That sentence pretty much summarizes why the US has been allowed to be the biggest dick in the world for so long.   Everybody is either worshipping the biggest dick or affraid of it.  

Wed, 07/02/2014 - 13:04 | 4918225 BobTheSlob
BobTheSlob's picture

...or in the case of Putin, he's whipping his out for a size comparison. It's like the 9th grader "dick measure-off". It's all fun and games until you realize how "Moose" got his nickname.

Wed, 07/02/2014 - 13:08 | 4918251 what's that smell
what's that smell's picture

>>why do that when you can just be a giant pussy insted.

dude!---the best description of post-industrial civilization evah!

Wed, 07/02/2014 - 20:33 | 4919788 shinobi-7
shinobi-7's picture

No, not quite "pussies". It just takes time to say "Fuck you" and when you do, you'd better be sure that you can weather the consequences. But don't worry, we're getting there. In my sector, high tech softs, the Snowden files have awaken people. It will take a year or two but the answer will be devastating for the US high tech giants.

Wed, 07/02/2014 - 13:02 | 4918210 22winmag
22winmag's picture

International pitchforks will be forthcoming over this.

 

Would you defend the talking heads in Washington with your life when the pitchfork armies arrive? Thought not.

Wed, 07/02/2014 - 13:01 | 4918213 NYPoke
NYPoke's picture

It's not the U.S. Government.  It's The Fed, the Government's Overlords.

Wed, 07/02/2014 - 13:06 | 4918242 NOTaREALmerican
NOTaREALmerican's picture

Well,  it's not the US government or The Fed,  it's the higher evolved smart-n-savvy people who are winning the game.

Wed, 07/02/2014 - 14:34 | 4918646 _ConanTheLibert...
_ConanTheLibertarian_'s picture

The reptilians

Wed, 07/02/2014 - 15:00 | 4918773 NYPoke
NYPoke's picture

THAT would be who owns & runs the Fed, so yes, The Reptilians.

Mon, 07/07/2014 - 19:21 | 4933557 MeelionDollerBogus
MeelionDollerBogus's picture

the Hudesnites!!

Wed, 07/02/2014 - 13:05 | 4918237 Oh regional Indian
Oh regional Indian's picture

Watch out folks, the fence is closing fast....

People in the US are beign alienated too, the Indian press is openly US un-friendly on key issues. NSA, Iraq...all of it.

Oh and decidedly un-biased (wink, wink) in their reporting on Israel (the latest kidnap/murder mystery as an example).

seems A snowden leak shows NSA authorised to snoop on the BJP (the current government and Mr. Iron Fist Modi).

So, overall, from a bird's eye view, it does not look for the anglo-saxon world in general and the US in particular (there is no USA, period, do your research....

FInd one NASA craft that says AMerica on it. 

https://encrypted-tbn2.gstatic.com/images?q=tbn:ANd9GcS2Y7PbRCd0lNQEfR7v...

Wed, 07/02/2014 - 13:12 | 4918270 maskone909
maskone909's picture

wouldnt it be something, a full scale BRIC invasion onto the mainland USA led by ISIS and friends?  lol at this point nothing surprises me.

Wed, 07/02/2014 - 18:17 | 4919416 mc225
mc225's picture

that would be cray cray do do

Wed, 07/02/2014 - 13:06 | 4918238 WTFUD
WTFUD's picture

Don't worry the ISLAMIC STATE (IS) will be putting in more $$$$$ Orders on a regular frequency. FUCK YOU BARRY you NEOCON TOOL.

Wed, 07/02/2014 - 13:11 | 4918260 moneybots
moneybots's picture

Is this kind of a 21st century version of Smoot Hawley for the banking system?

Wed, 07/02/2014 - 13:38 | 4918396 ajax
ajax's picture

 

 

In truth FATCA is Jim Crow for US emigrants, dual citizenships, US business people with overseas ventures...

http://americansabroad.org/issues/fatca/fatca-bad-america-why-it-should-...

 

Wed, 07/02/2014 - 19:36 | 4919628 Monty Burns
Monty Burns's picture

But not for the dual citizens, you know, the special ones?

Wed, 07/02/2014 - 13:11 | 4918262 ptoemmes
ptoemmes's picture

OREO - Obama Response Executive Order

Wed, 07/02/2014 - 13:13 | 4918280 maskone909
maskone909's picture

hahahahahahhaah

Wed, 07/02/2014 - 13:11 | 4918264 pakled
pakled's picture

The post US dominance world is going to be interesting. I expect US will get abused like a substitute teacher.

A peck here. A peck there....

Wed, 07/02/2014 - 13:43 | 4918420 Oh regional Indian
Oh regional Indian's picture

Funny you should say that. We were really mean to our substitute teachers...

Fri, 07/04/2014 - 18:59 | 4925656 Stalkedbyhackers01
Stalkedbyhackers01's picture

Pakled I enjoyed your may you live in interesting times comment meant for me. You and your cohorts reported me to DHS for what who knows. You may be trying to present me as something I'm not but your buddies who hacked my system and have been stalking me since last August and released loads of illegally obtained data would be more of an interest to authorities I do believe. My rants were meant for your eyes since you seem to repost anything I typed. When someone knows they have an audience they act differently. I'm glad you were entertained. You know foreign hackers hack me and next they are hacking power plants and sensitive sites. I believe Johny law should look into the illegal activities of your cohorts before bothering to look at me. I may be paranoid but I know your friends are indeed out to get me. You guys have been at it since mid August of last year, I'm sure an average agent of the law could track that data trail if they felt like it. Yep it's me your bestest friend in the world you love to harass and stalk. Hey zerohedge community if you give me the info I need I will give you 100% of the profits from the civil suit I know I'll win easily. Ya I'm the guy who likes anime and watches porn a lot. Hi fan club how are you.

Wed, 07/02/2014 - 13:12 | 4918277 Son of Captain Nemo
Son of Captain Nemo's picture

"In doing so, the US has given BNP… and France… nine billion reasons to abandon America.  Again, this isn’t the way you treat friends.

I think politicians fail to realize how important the US banking system is to holding together the US economy.

Right now, the entire world uses the US banking system."...

Yep.  Pretty much in a "nutshell" what this ex-Treasury official has to say in a recent interview.

http://rinf.com/alt-news/war-terrorism/us-war-russia-already-underway/

"You're either with us or you're with the terrorists"... Never imagined 13 years ago what code speak that was coming out of the Neocon Zionist mouth of G.W. Bush! 


Wed, 07/02/2014 - 13:25 | 4918323 SheepDog-One
SheepDog-One's picture

Either you're with us terrorists, or you're with those terrorists.....choose wisely!

Wed, 07/02/2014 - 17:16 | 4919226 JohninMK
JohninMK's picture

Great link. Conclusion is

So, perhaps, the realization by others of Washington’s danger to life is what Putin is hoping for. He is hoping that the more Russia is reasonable and not provocative, and doesn’t take provocative actions, the greater the chance that the German Government or the French Government will realize that Washington’s agenda does not serve mankind, and that Europe will take some steps to extract themselves and their countries, and their people from Washington’s control, in which case the American empire falls apart.

So, I think that’s what Putin is betting on. He is not a fool, certainly not, and he realizes the threat of a war, he can see it. And so, this is probably why he’s asked the Russian Duma to rescind the permission to use the Russian forces in Ukraine. He is trying to show the Germans, the French – look, it is not me, it is not us.

I hope he succeeds. The future of the world really depends on whether Putin’s use of diplomacy can prevail over Washington’s use of force.

Wed, 07/02/2014 - 13:20 | 4918307 ebworthen
ebworthen's picture

My Brother is already planning the renouncement of his U.S. Citizenship.

He is working in a foreign country but being taxed by the I.R.S. on his earnings.

Not using the roads, utilities, schools, or any other "benefits" of the U.S. but being double taxed.

Syonara, U.S.A.!

Wed, 07/02/2014 - 13:30 | 4918353 NOTaREALmerican
NOTaREALmerican's picture

One of them hippy pinkos who hates Merica, and the troops!  

Wed, 07/02/2014 - 14:14 | 4918387 honestann
honestann's picture

If only some smart lawyer type would figure out a way to renounce citizenship (from any country)... then continue to live as a perpetual traveler without any citizenship.  Well, obviously we can do that by sneaking across borders, but that's not always easy, and involves risk.

True, pretty easy for me in my dinky little carbon-fibre airplane, but most people don't have an equivalent way to get from A to B easily.  Sure, getting from A to B in a few cases is trivial... like drive (or pedal or hike) across borders in the extreme boonies of the Andes to move between Peru, Chile, Bolivia and Argentina.  But most transits for most people aren't so easy for most nation A to B transits.

Sad that every government insists people must be slaves to some other government to allow them to come spend money in their economy.  Stupid.  Corrupt.  But typical.

Wed, 07/02/2014 - 13:50 | 4918450 ajax
ajax's picture

 

 

FATCA is not about tax dodgers - it's a fucking disgrace:

http://www.bbc.com/news/magazine-24135021

USA's double taxation of emigrants is a fucking disgrace.

Wed, 07/02/2014 - 18:42 | 4919473 thethirdcoast
thethirdcoast's picture

EB-

I'm in almost the same boat as your brother.

The worst part is that I'm getting BF'd for $5k by New York State because I still have a driver's license there.

Wed, 07/02/2014 - 13:21 | 4918313 vincenze
vincenze's picture

Some foreign banks pay much higher interest rates than the US banks (they pay 0%), even in dollars. And interest income is not taxed. It seems that the US government tries to discourage Americans from holding their money overseas.

Of course, everybody says that the US banks are more reliable. But most of them are involved in risky speculations, especially in the housing market - home owners can quit paying mortgages and banks can't do anything.

Wed, 07/02/2014 - 13:39 | 4918397 Caveman93
Caveman93's picture

https://www.youtube.com/watch?v=Y-EVF7CZt_w

 

FATCA Explained in 4 Minutes...
Wed, 07/02/2014 - 13:39 | 4918402 honestann
honestann's picture

At this point, the predators-DBA-government in the USSA have nothing positive to offer anyone.  Which means, they have no carrots, only sticks.  Which is why all anyone sees or gets from the USSA is the shaft.

Wed, 07/02/2014 - 13:40 | 4918406 Toronto Kid
Toronto Kid's picture

Take a look at the yahoo who was appointed Ambassador to Canada. The moves the US has made in Syria and Iraq are downright disastrous.

You don't do that kind of thing unless you are deliberately attempting to isolate the US from her allies. It's getting to the point where your only logical position is to stand against the US or be destroyed; allies schmallies.

Wed, 07/02/2014 - 13:46 | 4918432 Tjeff1
Tjeff1's picture

http://www.repealfatca.com/

 

FATCA (the “Foreign Account Tax Compliance Act”) was passed in 2010. With the stated purpose of catching “fat cat” tax cheats who hide their money abroad, FATCA instead would have the effect of:

 

  • - violating Americans’ constitutional protections;
  • - overstepping the limits of Executive power at the expense of Congressional authority, especially the Senate’s advice and consent to the ratification of treaties;
  • - disregarding the mutual respect of sovereignty among nations;
  • - draining money from the federal treasury under the guise of replenishing it;
  • - punishing Americans who work abroad bringing business to the U.S.;
  • - setting up a global financial fishbowl, with personal financial information “shared” among governments worldwide;
  • - leading to higher taxes and, eventually, international taxation;
  • - imposing expensive regulatory mandates on foreign and U.S. business, with costs passed on to consumers;
  • - threatening American jobs and the American economy by scaring off foreign investment in the United States;
  • - violating trade agreements; and
  • - injuring America’s global competitiveness.
Wed, 07/02/2014 - 13:53 | 4918461 Duc888
Duc888's picture

 

 

kchrisc:I'm supposed to consider Al Qaeda, or whatever they are called today, my enemy, however:

Who threatens to rob and possibly kill me daily while driving on the streets? Who threatens to capriciously render me destitute overnight? Who threatens to put me on a kill-list? Who keep me from emigrating or being able to live overseas with financial controls? Who fondles or irradiates me at the airport? Who...

Who is my enemy?! Who is the greatest threat to me, myself and mine and you as well?!

 

....crazy thing is ya can't even kill yourself anymore...LOL.

They interfere with that to and kill ya...

Police State Claims Another Life: Virginia High Schooler Threatens Suicide, Police Arrive And Kill Him

 

http://beforeitsnews.com/alternative/2014/07/police-state-claims-another...

 

 


Wed, 07/02/2014 - 14:00 | 4918491 Joebloinvestor
Joebloinvestor's picture

The rest of the world is fucking stupid if they think the Chinese and Russians are going to control their printing presses, even if they do back the currency with gold.

The US will pull a rabbit out of the hat and go back to a PM backed monetary system even as the Chinese/Russians proclaim they have one.

That will work until the bankers really fuck it up or war is declared.

Wed, 07/02/2014 - 14:06 | 4918510 Duc888
Duc888's picture

 

 

Jorbloeinvestor: The US will pull a rabbit out of the hat and go back to a PM backed monetary system even as the Chinese/Russians proclaim they have one.

 

Gonna be one fuukkin' honkin' huge ass rabbit there hoss, seeing that we can't even give Germany back it's gold.   We got Ukraines gold....it was expatriated back to USA for "safekeeping"

hahahahahaha  

 

Big fukken Rabbit for sure...  

https://www.youtube.com/watch?v=pmu5sRIizdw


Wed, 07/02/2014 - 14:13 | 4918539 Joebloinvestor
Joebloinvestor's picture

Who would you trust?

 

Would you rather have the UN in control?

Wed, 07/02/2014 - 14:11 | 4918528 Jano
Jano's picture

A very good law.

I would like to see more of them.

Wed, 07/02/2014 - 14:13 | 4918549 MFL8240
MFL8240's picture

More wise decisions by the communists in DC

Wed, 07/02/2014 - 14:50 | 4918704 kenezen
kenezen's picture

Renminbi will be the next probable reserve Currency. The American President killing all manufacturing and driving it to Mexico plus importing the poor from anywhere and delivering them through taxpayers expense throughout America to change the demographic before declaring amnesty and allowing immediate voting rights to secure his life time office is occurring as we stupidly allow it and some saying OH WOW!  That's Just so Humane and Reeallly Coool!!! We deserve him!

Mon, 07/07/2014 - 17:14 | 4933121 MeelionDollerBogus
MeelionDollerBogus's picture

HMM, not sure.
China is not immune to the corruption that's done so much damage to the US dollar so I'd guess various fiats will help for bilateral trade & near-to-partners trade but... after that, gold.

Wed, 07/02/2014 - 15:39 | 4918912 thethirdcoast
thethirdcoast's picture

Goodfellas explained all this in less than 30 seconds:

https://www.youtube.com/watch?v=3XGAmPRxV48

Wed, 07/02/2014 - 15:52 | 4918969 GOSPLAN HERO
GOSPLAN HERO's picture

"Belgium"will save us.

Wed, 07/02/2014 - 17:00 | 4919174 gcjohns1971
gcjohns1971's picture

FACTA isn't about finance.

It is about PROPERTY.

It is about YOU BEING property.

It is about keeping you on the plantation, one way or another.

The idiots think to sheer you still more closely for the benefit of their cronies. At the same time they think to politically disposses you by diluting your vote and flooding you with foreigners with foreign values in an effort to deny local rule.

They recognize that you might flee - thus FACTA. They recognize you might rebel - thus DHS ammo purchases.

YOU ARE THE MEAT ON THE MENU.

What will they do with you?

Mon, 07/07/2014 - 17:09 | 4933097 MeelionDollerBogus
MeelionDollerBogus's picture

Yes, sir, yes, sir,
Three bags full!

Wed, 07/02/2014 - 18:12 | 4919396 tritumi
tritumi's picture

i have always properly filed the previous paper version and with FATCA this year the required on line version.  i object that this required an Adobe product to file.  i also object that the Financial Crimes division is the handler.  beyond jim crow, this is pre-crime.  i know some filers have had trouble technically filing.  

i have not had any blowback from the various banks i use for business and personal banking.

Wed, 07/02/2014 - 18:44 | 4919476 AdvancingTime
AdvancingTime's picture

 Too many people it appears a struggle is occurring to unseat America as the words most dominate nation. Too many proud Americans who see the world from the unenlightened and possibly undefendable position the United States has a right to be in control it is both threatening and frustrating to see control slip away.

It is threatening to think the country might quickly fall to the position of a second rate power mired in debt with many of the options we have come to see as our right suddenly ripped away. It is frustrating that in many ways the country has become its own worse enemy guilty of political inaction and squandering its power through a series of bad choices and missteps. More on this shift in power and our best response in the article below.

http://brucewilds.blogspot.com/2014/06/americas-struggle-to-stay-on-top....

 


Sat, 07/05/2014 - 19:55 | 4926180 Mr. Ed
Mr. Ed's picture

The US gov adopted a set of rules in the foreign exchange arena that parallel FATCA back some years ago.  The rules effectively did three things:

1. they forced traders to maintain a larger account balance (the margin rule) with their US broker for the same trade size,
2. they blocked a growing trend toward a strategy (hedging) that minimized and often avoided margin calls (increasing the US broker's take), and
3. they were so onerous to foreign FX brokers, that virtually none will now accept US clients (the one's who will are thieves), effectively giving US born traders nowhere to go but to US brokers.  Foreign competition eliminated, mission accomplished!  How nice for US brokers.  U-S-A-! ...U-S- /sarc

But, if it's possible to buy federal laws (that serve your business or industry) from willing crony congressmen or regulators... who should be surprised that someone is taking advantage of the opportunity and making up a set of phony cover stories to hide what they've done?

Considering that here, bankers are involved, I wonder if they're not pulling the same stunt (to eliminate foreign competition) that worked so well for the US foreign exchange brokers... only difference here is the cover story: taxes!  "It's not us, it's that damned IRS!!!"

Maybe this is not about the US Gov's attitude, but instead another banker/broker instigated anything goes if I can scam another buck, have my cronies pass another law and damn the consequences scheme to poke a sharp stick in the eye of foreign bank competitors and grab their US customers.

Tue, 08/12/2014 - 08:42 | 5081163 jb27809
jb27809's picture

FATCA will be the end for the US Dollar. Read more about Why FATCA is the End of the Dollar.

Do NOT follow this link or you will be banned from the site!