This post appeared on the RenounceUScitizenship blog.
Ameri-Canada? TVO http://t.co/ZOKOsoFIDe – @DianeFrancis1 argues for Canada US Merger – Better than hostile #FATCA takeover of Canada?
— U.S. Citizen Abroad (@USCitizenAbroad) November 27, 2013
(Note the retweet.)
Diane Francis who is author of “Merger Of The Century” and an advocate of U.S. citizenship-based taxation argues that a Canada U.S. merger would benefit both countries. She is currently promoting her message through a series of media events. (She will be at the University of Toronto Rotman Business School on December 4, 2013.)
What is her message? What is her thinking? What is her rationale? The above tweet references a November 25, 2013 Steve Paikan interview on The Agenda.
The Agenda show is described as follows:
Author and journalist Diane Francis sees a mutually beneficial partnership between Canada and the United States. So beneficial, in fact, that she advocates for a merger of the two countries in her new book, “Merger of the Century: Why Canada and America Should Become One Country.” Diane Francis joins Steve Paikin for more.
The interview is well worth the 36 minutes it takes. The gist of Ms. Francis’s thinking is captured by Jonathan Kay of the National Post.
Jonathan Kay: @DianeFrancis1 plan to merge Canada and the United States has many, many problems http://t.co/yUb5wjqur4 via @fullcomment
— U.S. Citizen Abroad (@USCitizenAbroad) November 27, 2013
Mr. Kay’s comments on her book/merger may be broken into the following categories of comments:
It’s about the economy stupid
Example: The book is written like a business plan. In exchange for the takeover, every Canadian would receive a “U.S. takeover bonds”.
Canadian Sovereignty and the protection of resources
Example: Canada needs to protect it’s resources from China.
Cultural and historical differences and realities
Example: What would happen to the CFL? Would Canadian football still be played with three downs?
Strategic reasons for a merger
At a time when:
1. The Canadian banks (led by the Canadian Bankers Association moving towards full compliance with FATCA); and
2 The Canadian government (by assisting the Canadian banks by considering an IGA),
are surrendering Canada’s sovereignty to the United States, one wonders whether: a fire sale of Canada’s assets formal merger would be better than a surrender of Canada to the U.S. via FATCA.
According to Mr. Kay, Ms. Francis echoes this point by suggesting:
“If Canada is going to the the target of a creeping takeover from a big player, we may as well manage the process, instead of being victimized.”
Interestingly Ms. Francis is a huge advocate of U.S. citizenship-based taxation , a U.S. citizen and a believer in:
“Truth, justice and the American way!”
Superman suddenly shuns the 'American way' – Washington Times: http://t.co/zBLCiqOuLs via @washtimes
— U.S. Citizen Abroad (@USCitizenAbroad) November 29, 2013
@bubblebustin: Interesting… I’d have to get over from the island.
Go Bubblebustin and Fifi!
Hoping this happens, bubblebustin and Fifi. If you can get a media type to ask your most pointed FATCA question for you at the press meet-up, THAT alone would make the day worthwhile. Remember how well that worked for our two moms in tennis shoes. Good luck!
Pointed question:
Given the repeated information from the Finance Department that Canada is negotiating with the US on a FATCA agreement: then, has a cost-benefit analysis been done for the scenario in which Canada signs ANY type of FATCA IGA or agreement? If a cost/benefit analysis has not been done, then why not? If it has been done, then what did the analysis conclude? And when will that be made available to the Canadian taxpayers and accountholders who will pay for it forever?
Go bubblebustin and fifi!!
@ badger
Very good pointed question. Inquiring FATCAphobe minds want to know.
ALL
Is Francis having a book signing in Toronto in December? Some of those should try to stop by and distribute some FATCA fact sheets.
Francis and Ferris make a FATCA twin team. I have a F word for both of them iii.
Thanks for the advice and encouragement all.
@badger
Those were almost the exact questions I had for the Department of Finance in my pre-2013 Budget submission last year. How much will FATCA cost Canada in terms of taxpayers dollars and sovereignty? What will sliding down that slippery slope entail for Canada as a sovereign nation?
I’ll become American “over my cold dead body”!
Oddly enough this topic has been muted in the British press a number of years ago about the UK merging with the US.
However I can never see the British ever being happy being subservient to the Americans so that’s a non-starter. They’re much happier fighting there battles with the Europeans.
Also the quote in Diane Francis’ interview about the Canadian knowing America better than the other way around. That’s true for the British as well.