From The Ludwig von Mises Institute, a well-researched article entitled FATCA and the End of Bank Secrecy by Cezary Blaszczyk, a graduate of the Faculty of Law at Warsaw University. In reference to recent news about America’s wide-ranging online surveillance operations, Mr. Blaszcyk notes that:
Few, if any, of those commenting of late on such affairs mentioned that numerous nations across the globe actually acknowledged the U.S. government’s anti-privacy offensive months before by accepting its Foreign Account Tax Compliance Act (FATCA).
Blaszcyk demonstrates how little resistance there has been to FATCA from foreign governments, in particular from those in Europe, whom he implies should really know better:
It seems that there is little understanding that it was banking secrecy that helped to resist twentieth-century dictatorships and that high tax rates — not money havens — are responsible for tax evasion, as Prince Hans-Adam of Lichtenstein has pinpointed. Clearly the amount of information collected for the purpose of future tax investigation is enormous, leaving little place for human privacy and dignity. Most importantly, it raises a question as to who gave participating states a right to gather information on people that are not their citizens.
With reference to the article’s concluding sentence:
“Most importantly, it raises a question as to who gave participating states a right to gather information on people that are not their citizens.”
On the contrary, it should be noted that many US Persons ARE, in fact, citizens of these same participating states. As dual citizens, frequently “accidental”, they may have very little if any connection to their US place of birth. Therefore, the most egregious aspect of FATCA IGA’s is how a country would agree to gather information about their OWN citizens and willingly hand it over to a FOREIGN government – the United States of America. THIS is the greatest betrayal of all, for it represents an existential threat not only to individual citizens but to entire nations as they willingly forfeit their national sovereignty to appease the American Empire.
The US is engaged in a veritable world war of intimidation and treasury-raiding and it is winning without a single shot being fired. This callous, undeserving victor is laughing all the way to every bank around the globe.