The Illegitimate Revenue Agency (IRS) has just announced that the Foreign Account Tax Compliance Act (FATCA) has been postponed from July 1 until Jan. 1, 2016. This is good news in many ways for both those with assets they wish to internationalize as well as for the dollar and the U.S. banking system itself, but in many ways the damage has already been done. FATCA, signed into law in 2010, ensures that if you don’t tell the U.S. government where your assets are and how much is there, your bank will — no matter where that bank exists. FATCA has been acknowledged as the death of the dollar by many experts, including our own FATCA expert, Jim Karger, who recently stated such at our recent TDV Wealth Management Crisis Conference in both Panama and Mexico. Many foreign banks simply won’t comply. The cost and risk of complying outweighs the benefit of accepting American clients. By requiring banks all over the world to become unpaid employees of the IRS and keep tabs on American citizens, FATCA is perhaps the most egregious, overarching and draconian “law” put into effect by the U.S. government crime organization to date.
Posted on: Sat, 17 May 2014 20:32:00 +0000
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