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JPMorgan Banker: "We Can't Make Money Anymore..."
Submitted by Simon Black via Sovereign Man blog,
Yesterday over coffee, a friend of mine leaked the news that JP Morgan’s private banking division here in Singapore is going to start charging negative interest rates.
I almost fell out of my chair.
He’s a successful hedge fund manager and one of their best customers. So when he received the notice, he rang up his private banker and demanded to know why.
Between ridiculously low interest rates (banks are closing loans here for 0.9% or lower) and the increasing costs of compliance, “we can’t make money anymore…” was the response.
It certainly paints a clear picture of how screwed up the entire financial system is.
Compliance is a major component in this. Bankers around the world are buried up to their eyeballs in paperwork and regulations now.
They can’t make a move or approve a single transaction without first doing anti-money laundering, terrorist financing, and tax evasion due diligence.
Imagine it like this: your banker rings you up tomorrow and says,
“The government of China requires us to have all of our depositors fill out this paperwork. So I need you to send this form back to me ASAP…”
You’d probably think it was a joke.
Or at a minimum think, “Wait, what? I’m not Chinese. You’re not a Chinese bank. Who cares about some stupid Chinese regulation?”
And you’d be right.
Except that’s precisely what the United States is doing right now.
All over the world, bankers are contacting their customers and forcing them to fill out paperwork to comply with idiotic US government regulations. Even when there’s no connection to the US.
Here in Singapore, the bankers are completely miserable about it.
They’re so angry for having to call customers and say, “Yes I know you’re in India, and I know we’re in Singapore, and I know you’ve been a customer for 10 years. But you still have to fill out this US government form or else we’ll close your account.”
It’s ridiculous– all of this because the US government is bankrupt.
A few years ago they passed the Foreign Account Tax Compliance Act (FATCA)– a major part of their crusade to stamp out tax evasion and bring in more tax revenue.
FATCA is now in full force. Banks all over the world have been forced to enter into information sharing agreements with the IRS, meaning that they have to report on all of their customers and force them to fill out meaningless forms.
Needless to say, this costs a lot of money.
If you own a business, you can just imagine how frustrating and expensive it would be to have your employees toil away on senseless paperwork instead of… you know, doing real business.
The US government tells us that all of these disclosure programs have brought in about $6.5 billion in tax revenue.
Yet the costs of compliance are estimated to cost at least $8 billion, with some estimates over 10x higher.
Now that’s a neat trick. Uncle Sam gets the money and passes off the costs to everyone else.
And those who don’t comply with America’s rules are destroyed.
The most blatant example of this was last year, when a French bank was fined $9 billion for doing business with countries that Uncle Sam didn’t like.
Bear in mind, this was a French bank, not an American bank.
They violated no French laws. Yet they had to pay the US government $9 billion for doing business with places like Cuba.
(Ironically, Cuba is now BFFs with the United States, but it’s not like the bank is going to get a refund.)
More recently, the US government destroyed an Andorran bank that was accused of weak anti-money laundering controls.
And a few years ago they took down the oldest private bank in Switzerland.
Every bank in the world has seen these incidents, and they’re scared. They could be next.
And that’s why you can’t get a single financial transaction done anymore without first submitting a mountain of paperwork to prove that you’re not a terrorist. Or financing terrorists. Or laundering money. Or doing business with the Axis of Evil.
Even outside of banking it has become utterly ridiculous.
A friend of mine here runs one of the largest bullion depositories in Singapore; he wanted to buy some raw gold and have it made into bars, so he contacted a refiner.
The refiner said, “Sure no problem. I just need you to send us some compliance documentation before we get started.”
Then he sent a list of no fewer than 22 items that he needed to submit– copies of licenses, passports, certificates, etc.
22 items. Just to have a refiner make some gold bars. Ridiculous.
So obviously they’re not going to waste their time. Which means there’s some business that could have been done, but won’t, simply because of the compliance costs.
The US government has really screwed the world on this. Paperwork is the priority. Not business.
And all because America is bankrupt.
This trip to Singapore has been very eye-opening for me as I’m just now starting to understand how much people within the financial system despise the US government.
They feel like they’re being forced at gunpoint to be volunteer spies and tax collectors, simply because US politicians have been financially irresponsible.
And to me, it’s the biggest sign yet that America’s financial dominance is coming to an end. They’ve essentially engineered it themselves by alienating the whole world.
The transition isn’t going to be smooth. And it won’t happen overnight. But there will come a time, and likely soon, when the United States gets displaced.
And the rest of the world can hardly wait.
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Look! A yetti!
I worked for a super-regional before moving to a big bank, and we spent 70 million on BSA/AML in 14 months...good times, good times
You can betchur ass that when the Banks can't make money at 0% with unlimited free reserves, the planned "Africanization" of America has been accomplished, as planned.
Full Zimbabwe speed ahead
OH those POOR BANKSTERS!!
It's all the government's fault . . . WWAAAAHHH
What a bunch of SH*T
Yes, especially since the bankers and financiers are the government now.
Isn't the Russian version of SWIFT supposed to come online soon? after that, and these banks switch to it for clearing, they can tell the US to fuck off...
Isn't that the only enforcement mechanism for FATCA, kicking them off of SWIFT?
China will start its SWIFT to (around September/October-maybe sooner), strangely it is compatible with the Russian version.
+1
Doesn't stop Jamie Dimon from paying himself $20 million. JPM must be making some money...
You mean that Eric Holder is richer than him? ($77mm/year)...
I wonder if his cufflinks are nicer too.
I used to work in credit risk.
Client - "Why hasn't my trade settled?"
Me - "There's no money in your account and you've used up your intra day limit"
Client - "Can I borrow some moar?"
Yep, not buying the poorhouse sob story for a second. Hell, they never even have a losing trading day in these rigged 'markets', and they OWN the fedgov.
The cost to those banks has to be enormous. So much so, all usa does is speed other nations' development of an alternative system as we can see right now with China and Russia and BRICS.
Soon, instead of compliance we may see the Fat Middle Finger from those nations.
Pay back on our war criminal government is going to be a bitch. And we're the ones that'll be doing the paying.
All banks and deposit taking institutions are on the precipice right now.
Anyone with a white collar job, especially finance related had best learn survival skills....quick
To: banks on the precipice----so jump, already! Bloodsuckers!
If I AM laundering money, do I get a better interest rate?
Just asking for a friend.
...Well, if "interest" is similar to say, hookers and blow...
I bought five trucks for my delivery company and they wanted me to sign this form that promised I was not a terrorist...
http://www.niada.com/PDFs/Publications/USAPatriotAct.pdf
Thanks truth - that 7 pages of bureacratic bullshit really brought it home.
At first I thought this was about JP Morgan, then as usual it warped away with some rant. Simon Black's continuous and endless American bashing on every article is getting old.
That's the spirit.
Fuck you, you fucking fuck bankers. Of course, you can make money. Just maybe not the GROSSLY OBSCENE AMOUNTS of money you could in the past.
Fucking die already.
At some point the rest of the world, when they get really good and tired of repeated helpings of American "freedom" -is just going to simply cut the transatlantic and transpacific internet cables and wave "goodbye" -and oh, BTW -goodluck...to playing with yourselves.
But we can print it!
The US is intentionally making itself a stench in the world's nostrils.
Why?
So nobody will cry when the US is wiped out by China/Russia.
So obvious
A banker can learn to make money off Calcium after de-boning his client.
Mr. Yellen says you should buy stocks…
Lend money
???
Profit
Dupe
"You ever dance with the devil in the pale moonlight?"
Now that the ranks of middle management and infantry are admitting it, it's gotta be running out of time
Good point.
The big muckaty mucks surround themselves with yes men, so they are often the last to know.
Great news!!! Now JPM will unwind $3.7 trillion in commodity derivatives contracts. /s
Y'all need to pay attention.
"It" starts this fall when gold price setting
happens in Shanghai.
Y'er looking at a 6 month window, likely
starting July 8,2015
Simon neglects to mention that Eric Holder is Chief Compliance Officer at JPM .... payday $77 million.
Sooner or later all the big banksters will shit up their own nest. Fine with me.
Yeah, they had to fire a bunch of people in order to pay this AH and keep Al and Jesse from extorting poor JPM. Well worth it right?
Rainman - That was a spoof story with Eric the Racist Holder getting 77MM @ JPM. He is doing nothing now except trying to figure out how he can get back into the illegal flow of Fed dollars into the Banking system.
Being a light skinned black man is almost as valuable as being hispanic these days. And if this racial type person knows anything about about the Jaberwocky based tome called Dodd Frank, they have a well paying job for life. Or at least until they still look black or hispanic enough.
sound of the world's smallest violin playing a sad tune... wait for it...
LOL. Banksters say, "Aww shucks, we don't wanna charge you for holding your money, but our bad lil' puppets made us do it!"
Oh I feel sooooooo bad for them. They screwedd the pooch now they have to live with it
Damnit I said a one foot piannist.
They could, of course, choose not to comply; yet in the end they all choose to comply.
Thus I don't feel sorry for them one bit.
It safe to say the world doesn't hate us because of our freedoms
YES
"We can't steal anymore" - fixed, now can we start executing some of Tim Geithner's "arsonists" already?
tick tock motherfuckers...
It is not just bankers. Go try and get a building permit. Enormous amounts of paparwork and red tape. This problem has leaked into all facets of our lives. I can not wait to be cleansed of all thiis
That's what the bankerss say but then they turn around and make a mint manipulating the Commodities market..........They are making plenty of money.....trust me!
Sure can kickin'-can make money through rehyprothicated risk insurance which-is-by-the-way as-good-as printing gets without having the negative interest rate mess!
Is a future paper contract of the underlying banking commodity asset, used for determining financial values and rehyprothicated risk insurance as good as gold?
If so, then there is an ability to assess a price by "affixing a quote", apply arbitrage throughout global markets thereby creating unfair advantages to the otherwise unsuspecting market participants. It would easely provide the opportunity to create follies in finances through true market price discovery suppression.
They hate us for our freedoms!!!!! Right guys??
Should be languishing in Prison awaiting the Death Penalty but crying about income prospects.
We deserve what comes our way for allowing this charade to continue unabated.
Boo hoo, die in a fire JP Moron.
I think it is safe to say that no one is going to feel sorry for the bankers. But the important point of the article is this statement:
Even outside of banking it has become utterly ridiculous.
Rules and regs are now destructive in America. You don't have to be affected by FATCA to be affected by the insane regulations. Tried to get a car loan lately, or a home mortgage? The paperwork is now measured, not by the number of pages to fill out, but by the pound. The anecdotes are endless. This last weekend my wife tried to check into a hotel before I got there, and they had to phone me to get my permission, "for safety reasons". Really? WTF is that all about? Gone to a doctor lately? The doctor's office is slowed down because of all the paperwork he/she has to fill out and has to have you fill out as well. On October 1 the number of different diagnosis codes (known as ICD-10) inceases from 16,000 to over 40,000. No shit! Your family doctor now has to keep track of over 40,000 different diagnostic codes. That is bloody costly not to mention inefficient as hell. The list goes on and on, no matter what line of work you are in. We are truly screwed.
https://drkevincampbellmd.files.wordpress.com/2015/04/growth-in-administ...
Got Nuttin...my neighbor is a doctor and he showed me some of the massive paperwork they have to perform to run his small office; he had to hire one extra full-time person just to comply with that new code thingy. It's no wonder why it costs an arm and a leg to see a doctor these days ... they are being choked with paperwork and regulated out of business!
Hey Parker, I hope others see that chart you cite; incredible!
And we pay our government to come up with this insanity. Some very sadly true codes that docs are responsible for as part of ACA:
ICD (International Classification of Diseases) codes truly nuts but good for a laugh:
V95.41 – Spacecraft crash injuring occupant
E955.7 – Suicide by paintball gun
Z63.1 – Problems with in-laws
T71.231D – Asphyxiation in discarded refrigerator
V97.33XD - Sucked into jet engine
W16.221 – Fall into bucket of water causing drowning/submersion
V91.07XD – Burn due to water skis on fire
W22.02XD – Walked into lamp post
V80.73A – Animal rider injured in collision with trolley
BU69.0 - raped and cleaned out by banksters.
I got a census servey form about two years ago. It wanted to know who our stockholders were, their net incomes, the total share of stock for each, banking invormation for them and our companies, and our annual earnings for the last ten years.
We're a privately held (oops, two shots went off in the back) family owned larger small business.
I wrote on the survey "I refuse to answer, don't send me this form again." Hasven't seen one since...but they kind of cycle through a four year period on "mandatory volutary reporting".
I'll give them general information on their four/five year forms across all the companies and locations, but so far haven't been busted for telling them to take their mandatory volutary reporting and shove it up their ass.
About eight years ago I got a form regarding one of our companies that does steel fabrication. It asked "if provided unlimited labor, unlimited funds and all necessary material how much would your output increase?"
I answered "0/0. What the fuck are you planning?"
A couple years later I responded, around 2009 or 2010: "our productive capacity would theoretically be unlimited. Let me add we also adjacent to two railroad lines and we have adequate land for a couple spurs if necessary. Less than a quarter mile away, after the overpass, the two rails expand into four lines, two operating as temporary sidings. These sidings could be extended by reworking the bridge. Adjacent to the railroad, and our property, is approximately ten square miles of empty land suitable for many 'work camps'. Wells will be required unless that is determined unnessarily luxurious. Average summer temp here is 110* so ovens won't be necessary. Look us up and you'll see all is true. Bear in mind the founder and patriarch of the family is a decorated WWII soldier who fought Nazis. You'll have to make your own case with him."
Haven't gotten that form since.
Self reported, at the time, by sending a copy of the form to flag@whitehouse.gov.
"Mandatory voluntary reporting"
I'd like to say "Newspeak lives!", but of course, in Newspeak, "voluntary" and "mandatory" are outmoded terms, since they imply that there are other states other than "meek compliance".
Higher rates won't save the sector either. There's way, way too much overcapacity in the global fiat money scheme.
So, you are basically saying, anything our gubermint touches goes to chit? wow.
Our war criminal government has turned into Medusa...a glance can end life.
Is that why banks like HSBC.US charge $50/mo, if your account drops below $20k?
Must be trying to get rid of US retail.
The progressives who run both parties have done every last bit of this on purpose. The Obammunist was just the rotten queer cherry on top of the Progressive Shit Sundae.
The American Constitution stands in the way of the Pharisees' limitless ambition and power lust.
Yes old chap its bad, really bad, ...Hopeless. Now, would you like the Dewalt full size framer or the Senco with Rapid Nail Technology
basically fuck the US gov
basically fuck all govts everywhere fixed it for ya
Bitcoin Last Price: $255:05
Obfuscating motherfucking bankster slimebucket whore douchebag scumsucking slimeball SOB bastard fucktard jerkoff twit dork-for-brains Goldmanite fuckwit piece-of-shit arsewipe wants less regulation, eh.
This overlooks that it's client banking that's seeing NIRP. The investment banking side is printing money still.
The real story is even though they're paying sub 1% interest on client accounts and getting multiple times that via investment banking from Fed QE money driving markets up... it's still not enough to save their fucking insolvent asses, so they have to fuck clients more.
End game moves. More and more of them. I can't wait for this corrupt system to incinerate itself.
Oh, c'mon now, everyone knows JP Morgue make money the old-fashioned way, THEY STEAL IT!
If you push your IT employees and middle management off the roofs and collect on the policies from their splattered corpses is that considered insurance fraud?
Ya, because that would cause a market crash.
The propaganda machine at work...
We make money the old fashioned way...we earn it!
http://dealbook.nytimes.com/2012/09/11/morgan-stanley-smith-barney-is-valued-at-13-5-billion/?_r=0
Morgan Stanley has reached an agreement to take full control of the Smith Barney retail brokerage joint venture, a business that it has called a crucial part of its future.
The deal announced on Tuesday, ending a wrangle of some months between the company and its partner, Citigroup, was a coup for Morgan Stanley. Now the challenge will be whether the business of advising wealthy customers on their investments can help lift Morgan Stanley’s sagging fortunes as its core investment banking and trading operations contend with difficult markets and a heavier regulatory burden.
Morgan...as in JP Morgan.
at the same time inside the usa the fed helps the tbtf blatantly criminal bankers cook the books quarterly to dupe regulators. the irony, it burns.
In spite of all these regulations, fines, lawsuits, compliance problems, and artificially low interest rates, JPM made what, $25 billion last year?
Truly, the U.S is a horrible place to do business.
It's not all about tax compliance. It is about making the US Government all powerful in every world transaction. To give the the US Government the power to sanction and shut down anyone they do not like. Why and how can Washington demand a Chinaman who does a deal in India get permission to bank from Washington? It's about imposing American power over all the worlds transactions. This type of thing is meant to be used against anyone going on Washington's enemies list.
Yes, it is claimed to be about taxes, money laundering and terror, But it's really about giving Washington absolute control over world finance and banking. It is one of the greatest power plays ever. In past history, a nation sanctioned by another like this, would mean war. Washington's Zionist Bankers and War Mongers see these rules are part of total control of everyone on earth. That is the goal, those who fail to comply will be targeted for elimination.
While the additional tax revenues extracted by desperate uncle sam are nice , you are absolutely correct that it is about control.
Personally, I believe FATCA is more about laying the groundwork for massive worldwide tax on assets held by US citizens at home and abroad. When they get really desperate, they will try levying a percentage tax derived from your asset base.
Ultimately, it is probably all of these reasons and then even more that my brain simply isn't depraved enough to think of...
I know some folks who work for JPM and every department - from lending to stealing to IT - is burdened with meeting tons of new regs over just the last few years. They are hiring hundreds and hundreds of people just in my city alone to handle the new compliance tasks. It's not like in the 80s and 90s when you had to do HMDA and CRA stuff. These regs are pervasive across the organization. I think in ter,s of the number of federal employees and campaign-stuffing lawyers these regs support. It's all about the money and finding new government revenues.
The ironic thing is usa itself is one of the Money Laundering capitals of the world for foreigners--look at RE in NYC, Cali, etc.
It's about the U.S. HAVING ultimate power over the entire world's money machine, via its control of SWIFT, the interbank settlement system. As you might remember from their threat to cut Russia out of SWIFT over the Ukrainian business. The power originated from the U.S.'s original lead in computerization of finance, and the fact that once a backbone was built and in place, there was no immediate need for redundancy.
Now that the U.S. has started throwing its weight around, however, there IS a need for an alternative, and China is in the process of setting it up. By next year, the U.S. will no longer control the only means of international interbank settlement, and most of Asia will move to settlement through the Chinese system because at least at first they will avoid making the kind of demands that the Americans have made hated. Thus, the U.S. will have shot itself in the metaphorical foot. Score one more hit for elite senility.
And He's Buying a Stairway to Nailgun Heaven...
lol , Tell your Father hello Billy. (we miss your Mother) Happy 4th of ?
Soon the whole world will turn against the US govt...sorry for the common American but they will pay for doing nothing and let the dual-citizens turn this country in a world bully.
The Americans, just like the rest of us, are busy putting out personal fires due to failing infrastructure and outsourcing. Service today is Mickey Mouse at best. The better people who required higher pay have been let go and parolees with tattoes all over their bodies are takign their place. Mistakes by them require hours of focus and while correcting them, we the victim is pays for it it time, fees and sometimes credit rating. Overwhelming us with information is another tactic to divert us from deciding which battle to fight. It is a design that can be found in a manual called The Protocols of the Elders of Zion, if you can imagine that. Diabolical and impressively thorough, a step by step strategy to a Silent Coup.
Thanks to social media and 911 movement, we all now realize who the enemy is, and it is not the Americans. We see the debt load placed on their shoulders and the lies coming out of the main media outlets. We know the veterans of war are all be kicked to the curb through bureauocratic methods that run the clock out and place a safety net filled with holes they themselves strategically created.
The enemy is The Banks.
And The Protocols of the Elders of Zion is itself plagiarized from a satire called "The Dialog in Hell Between Machiavelli and Montesquieu". So given that the fiction must have at least followed the fact in substance if not in form, the origin of the Protocols is probably to be found in Machiavelli -- as one would expect.
All by design as it serves many agendas including: MIC expansion, Agenda21, the social ranking goals of certain religious bigots, entertainment for TPTB, serfs not challenging bureaucratic overreach inherent during national/global state of emergency, and etc
I love Americans and I am a Canuck with two degrees from U.S. institutions in the Midwest.
I am appalled at how you good ol' boys have forgotten how to deal with horse thieves. Your government is stealing horses. They have transferred IOU's from the banks in NY to your children's accounts and no one gives a shit. If anyone stole a horse in Missouri in the 1800's, they were hanged by the neck until death. Hank Paulsen saved his (escrowed) Goldman position by begging Congress to "SAVE US!" from the "Death of the Financial System" and it set a very dangerous precident for bailouts and now it has become endemic.
Why don't you American shit-kickers rise up?
take heart--you have no idea of the angst and ire boiling under the surface in everyday americans
Rise up like the sans-culottes and end up murdered by whatever fills that power vacuum? The obvious absence of viable, morally-vetted leadership to rally behind in opposition to the destructive policies of the Empire of Chaos (welcome aboard O Canada) indicates the presence of a viciously effective police-state and propaganda apparatus -or- terminal Idiocracy arriving much sooner than expected.
Because passive-aggressive resistance is safer individually, can be exercised without coordination/organization, and works perfectly well in the end. Or did you think that the U.S. government was broke and dysfunctional by ACCIDENT? The American people have by and large sided with Grover Norquist: we'll drown the government in the bathtub, slowly. American tax avoidance is almost as widespread and capable as the Greek version; Americans are experts at publicly embarassing their government, and even the Security State apparatus has to deal with the likes of Ed Snowden and Chelsea Manning, as well as a hacking community that's almost effective as the state-supported operations in Russia and China. Meanwhile, open and perfectly legal sites like this encourage and enable individual survival strategies which are collectively guaranteed to topple the entire State.
Remember that Americans have a long tradition of sniping from the shadows rather than gallantly charging out in direct frontal assaults. Frontal assaults are for cannon fodder, which by definition are the serfs of an elite that never goes near the lines of battle.
But we're still flying around in 3 holers spending a lot of time at the mansion and golf club, staying at the finest private floor at the finest hotel, with a bus load of servants, eating the finest food and drinking the finest wine on the planet, But! BooHoo! We aint making any money! Wahhhhhhhhh. Haaaaaaaaaaa! Wahhhhhhhhhhh. Haaaaaaaaaaaaaa. Somebody bring me my gold tableware and a silver lined napkin to cry in. Wahhhhhhhhhhh, haaaaaaaaaaaaaa.
Um, I am supposed to sympathize with a Bankster that his ability to steal has been sharply curtailed?
No, don't think so. Quit and find another, legitimate way to make a living than dispensing printed money at no cost.
Only, it's not really about the bankster. It's about individuals who are now screwed every which way, because they can't even open bank accounts anymore.
JPM bullshit - can't make money anymore!
This should read "we will have to earn our income like everybody else and not get it handed on a plate anymore because we are one of the entitled".
Have seen this scenario so many times ...thos operating that business model are normally the least productive allowing bad practices to take over destroying profitabilitiy.
Kind of goes for the whole banking system now.
I live in South America and it is getting bad here for anyone with a business to run because of FACTA. It's difficult to transfer funds internationally. Some are renouncing their US citizenship, but that's hard to do until you have another citizenship, which takes years to establish. Only one bank here in Uruguay will accept an American client. The day may be coming soon when it will not be possible for an American to live outside the US.
Ah, and that may just be the goal!
Can't we become illegal immigrants and emigrate to somewhere else, or is this country the only one that allows its borders to be continually overrun?
Ok... Ok... !
For those who are still a wee bit skeptical of USA paperwork gone mad... I give you the paperwork for the PCI Security Self Assessment Questionaire - Schedule D... for merchants – This is the now YEARLY paperwork that merchants must fill out who want/must take credit card payments for ecommerce transactions using custom payment webpages on their websites.... to be in COMPLIANCE to take VISA and Master Card payments (and other CCards)
https://www.pcisecuritystandards.org/documents/SAQ_D_v3_Merchant.pdf
In all its barfing glory... All 82 pages of this quesitonaire... must be handled... must be read, analyzed and filled out to qualify for PCI Credit Card Security Compliance for their specific payment transactions on their custom webpages.
Edgey...
Questionaires more then one page make my head hurt.
"And it won’t happen overnight. But there will come a time, and likely soon, when the United States gets displaced."
That's a stupid comment - we've already been displaced in almost every way. Except perhaps for this: our politicians are still world-class arrogant, as ever. They still think things are great because they have a phalanx of sycophants that follow them around. But they have no clue how wealth is created in an economy, or greatness in a human soul.
I live in South America and it is getting bad here for any expat to run a business or to transfer funds internationally. Some are renouncing their US citizenship, but that's hard to do until you have another citizenship, which takes several years to establish. Only one bank here in Uruguay will accept an American client. The day may be coming soon when it will not be possible for an American to live outside the US. The iron curtain is going up, folks.
Who says I'm American?
Como estas? ;-)
"... Ironically, Cuba is now BFFs with the United States ..."
No surprise there. About a year or so ago, Cuba discovered huge oil deposits in its territorial waters. Now we love them.
We closed ALL our Chase investment accounts this week.....the only way they make money is fees, credit cards and over-charging for sevices...and other unsavory actions. So, we are buying antique instruments played by HOF artists (light and heavy metals) .... and precious metals....
http://www.theliberist.com
banks don't make money, they make debt.
Because if you sign that, then you must not be a terrorist..
Anything that causes bankers distress, misery, complications, etc. I fully support.
Yup, and its not just FATCA that's screwing American citizens abroad. FATCA's sister bill -- the HIRE act -- ensures that if any American who is working or living abroad or on a pension will loose 30% of their earnings/pension if they do not fill out the paperwork. I've read that Americans who have been working for years in Switzerland cannot bank their money there now because no Swiss bank wants to spend all that time and money on processing their paperwork. Who can blame them? And that's why alot of Americans in Switzerland are now changing to Swiss nationality because they have no choice -- its the only way of avoiding grossly unfair taxation and horrendous paperwork that is required for all US citizens living/working abroad.
The HIRE act also screws foreigners like me who use American businesses like Amazon to publish books. Same thing -- the US govt is now able to tax foreigners living outside the US if they do business in America. I'm an author from UK -- not even an American citizen!! -- and I am forced by US law to obtain a US EID in order to avoid being taxed 30% on my earnings in America. Have you ever heard anything so fucking ridiculous? America is the ONLY country in the world that is allowed to tax foreigners like this. It would be hilarious if it wasn't so anti-democratic, dictatorial and brutal.
Jesus, America is really grovelling low for her money now to pay back all her ridiculous debt -- that's plain enough to see. Uncle Sam doesn't care about her citizens. Treats them like tax milkcows and noone objects, noone does any fucking thing.
Wouldn't happen in Europe. There would be outright fucking rebellion before any such crap dictatorial legislation got past the post.
Either listen or just go back to sleep.
Pointless, sarcastic, cynical or funny replies and barfing are more than welcome...lol
THERE IS NO YEILD ANY MORE
So short term all in real eststa....I mean people have to pay rent
but because of secular stagnation...zero population growth...that will flatline so rents will fall so renting better than buying
SO NO YEILD
WELCOME TO THE YEILD FREE RENT FREE WORLD
I have a company in the Philippines and staff that do nothing else except FATCA exempt local corporations that are used as proxies for Americans. One hundred percent outside US compliance or jurisdictional regulations.
It is actually easier than most people think to evade FATCA but you do need very specialized knowledge.
And it saves a fortune on tax and regulation costs
Oregon State University figured out how to make silver, so apparently we can make money.
http://www.nanowerk.com/nanotechnology-news/newsid=40661.php
Wrong.. They are using silver ink.
If the 'agents' of the US, such as the CIA and the Defense Department had to do this paper work....
Unless you get a form that is from the US Post office that is Certified, It is not legal notification for a court of law, i.e. it is only on admission that you got the mail.
and still it is called "The Land of the Free"
"and the home of the (govt) slave."
land of the fee, home of the slave
JPM can get virtually unlimited free money from the government. Why would they go to the trouble of doing domething that is useful too people?
And I should give a shit about this parasitic sector of the economy why? Banks bad behavior is the core fucking reason they now have to comply with so much paperwork. The caused it. Fuck em, let rot in the creature of their own making.
And I should give a shit about this parasitic sector of the economy why? Banks bad behavior is the core fucking reason they now have to comply with so much paperwork. The caused it. Fuck em, let rot in the creature of their own making.