In “Planet U.S.A”, the U.S.A. isn’t everything – it’s the only thing! The U.S. is of course also the world’s number one debtor. As was argued in a post yesterday, the U.S. is, through its attempts to increase the money supply, inflicting a vicious inflationary tax on the rest of the world. But, then again, they are the U.S. Therefore they can do what they want (or can they). How much longer is the rest of the world going to tolerate this? As one commentator noted, when it comes to other countries, the U.S. is kicking them in the banks. Of course, FATCA, the new Berlin wall of the financial system is a big part of this.
An act of particular U.S. good graciousness occurred on May 15, 2012. The U.S. invited its, subjects (the rest of the world’s sovereign countries) to a hearing on the implementation of FATCA. Fascinating, the world’s biggest debtor, telling the rest of the world how it must behave. I for one, don’t believe that King U.S.A. is going to get away with this. Peaceful resistance to FATCA is likely. Peaceful resistance to FATCA will result in a new financial world order. FATCA will certainly hasten the (inevitable) demise of the U.S. dollar as the world’s reserve currency.
Funny, when it comes to debt, I didn’t realize that the debtor set the rules with the creditors.
#FATCA unites world against U.S. renounceuscitizenship.wordpress.com/2011/12/30/oba… and on May 15 the world told the U.S. why google.ca/#hl=en&gs_nf=1…
— U.S. Citizen Abroad (@USCitizenAbroad) May 16, 2012
The #FATCA hearings: 1. Canada objects business.financialpost.com/2012/05/15/can… 2. Global bankers object bloomberg.com/news/2012-05-1… U.S.A. says “Go ahead make my day”
— U.S. Citizen Abroad (@USCitizenAbroad) May 15, 2012
@Foxyladyhawk, you can also just hold down the shift key when you click on the link.
@Arrow, I, too, hope you get a chance to publish it. As FLHawk says, the verbiage is designed to be boring and skipped over by the average citizen. Which probably is part of the reason so many people are still unaware of this issue and how it affects everyone, not just specifically US persons or former US persons.
Hi, foxyladyhawk. You can also try CTRL left click (at the same time) on the link. (You’re too funny!)
@outraged canadian and @calgary411: hey, that works too! Thanks! (sorry, i’m already engaged…)
@foxyladyhawk @bubblebustin Regarding the language around FATCA and withholding…It is not just an admin nightmare, it is a neutron bomb of illiquidity should any one or two FFIs not be able to make their obligations on the money markets due to 30% withholding of everything that comes into and goes out of their US entities. This will make the supposed contagion of Lehman Brothers look like a mild cold.
I am traveling and not able to keep up with all the posts, but thought I would put this Reuters story into the stream.. As usual with Reuters, they seem to always mis-characterize or sensationalize the headline.
Firms urge delay in IRS offshore “tax dodger” rules
http://reut.rs/KfAywe
Pretty weak story, and not any light shed on the impacts on Expats or Dual Citizens.
@foxyladyhawk I’m in the UK and am not much of a tabloid reader (*cough* except for the Daily Mail because it writes such ENTERTAINING rubbish!), but I think this is where the tabloids can really come into their own. It would be great if the Sun or the Express or Mail would pick up on the story and run it with the lead along the lines of “Are BRITS safe from the IRS?” and then some exaggerated story about how your bank might get it wrong and send YOUR information to the IRS! Oh the scandal (which will be strenuously denied by everyone involved but will raise awareness of the overall issue)! Will you need to tell your bank that you aren’t American or risk having your account shut! And the cost which will be spread to YOU even though you aren’t American!
I know people mock the tabloids but they have a fair amount of influence.
@Scotgirl, I agree that the tabloids could have a fun time with our issues. Even if they are not “quality periodicals” this does not mean that we shouldn’t use them. The US press is bashing us by constantly using the words “tax cheats” “rich expatriates” or whatever and not mentioning that middle and working class people are also affected by the policy.
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@LOL, Scotgirl. George Orwell meets Jackie Collins!
w/ expatration tax, I’ve think it was is easier to leave a Soviet bloc country than it is to leave the USA. (I came to respond to my spam posts, I stayed for the content)
Welcome Anthony!
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