Comment of the day, from Virg:
Here is an analogy on FATCA. Let’s say a country (call it country A) prohibits its citizens from eating pork. So the country A says to the other 192 countries of the world: we want to make sure our expat citizens are not eating pork in your country. Therefore all restaurants globally must certify with our country A government that they are not serving pork to any of our expat citizens. For each restaurant that does not certify with our government, we will penalize your country by withholding 1% of any payments on import-export trade to your country. In other words, you must enforce our law in your country.
Let’s call this new law, Pig Aversion Total Compliance Act: PATCA.