Merryn Somerset Webb has just posted a big-picture piece at Money Week – Why every bank will soon be a tax collector for every government everywhere. Bottom line? Financial repression is a government tool to force a broad population to hold debt that loses them money in real terms. This is outlined as the context for FATCA.
From what I’ve read, those 5 European countries who are willing to comply with FATCA will only do so if they receive reciprocity (DATCA). Correct me if I’m wrong. Yet, many in the US are fighting DATCA tooth and nail because they realize the magnitude of the commitment. How close is DATCA to becoming real at this point?
@bubble: That’s my understanding of the agreement. I believe it is also the fly in the ointment that may be our best hope (along with Flaherty, of course!).
** Why not just take after-tax money and buy hard assets / investments? Cash (especially the US Dollar) is a terrible investment. ** The US Government is making such a stink over honest people having a local bank account. Why not convert that to local assets instead?
Just to know that this article links back to the subjects on the A Global FATCA in the future here…
@bubblebustin I have seen nothing to derail DATCA yet. If it would come, it would need a vehicle to ride in as an amendment. Possible candidates are these recent bills that Obama wants..