Agence Press International (Beijing)
China has announced a new measure called 中國收購這些中國血統的 or CHATCA (CHina Acquisition of Those of Chinese Ancestry). The Chinese government has implicated everyone of Chinese “Han” ancestry. In their view, since Han people all descend from Chinese emigrants, they must pay taxes to China in order to express their gratitude to the mother country for giving them life itself. This is how it works: China now requires that these people pay all of their taxes to China instead of to the countries in which they live. If a country refuses to comply with CHATCA, it will result in economic sanctions. Since China now owns all of the multinational corporations, no one will be able to buy or sell food, oil, clothing, or electronic goods without the imprimatur of CHATCA compliance
Human rights activists are complaining that CHATCA is a violation of the sovereignty of every country in the world. In addition, they say that national origin discrimination is still frowned upon in many countries. However, this complaint simply bears no weight in today’s world, because the major Western powers abolished their national origin discrimination protections in 2014-2015 in order to implement FATCA, a similar measure that the USA tried to thrust upon the world (see Wikipedia, FATCA 2010-2016).
The history of FATCA is well-known–when Brazil, Russia, India and China (the CRIBs) refused to sign on and to trade with USA, it had a domino effect on the US dollar and now world trade is conducted in the gold-backed Chinese Renminbi (¥). Now China dominates the world financial system and can basically dictate terms of commerce to all other countries in the world. Chinese law makers admitted that they based CHATCA on the FATCA model, and that bank computer systems that were put in place to identify US persons will come in handy to seek out and identify people of Han ancestry.
President Chelsea Clinton acknowledged that the USA had no choice but to go along with CHATCA:
People need to eat; they need to have gas in their cars; they need to have Christmas presents under the tree. We know that these items are all under the control of China. It is therefore necessary that we all make sacrifices and that certain people pay their fair share to China so that the rest of us can maintain our normal lives and pursue the American dream; this may be an inconvenience for some, but we will continue to move forward and I continue to work hard for the American people. This is what makes the United States exceptional.
Prime Minister Justin Trudeau of Canada says that there is really nothing that his government could do about CHATCA:
Despite its good intentions, the unfortunate consequence of CHATCA is that people of Chinese ancestry hold dual citizenship with China and still fall under its authority, and CHATCA requires access to their financial information through their banks. As a result of CHATCA, there has been a surge in DNA tests to prove lack of Han ancestry, and this trend continues to grow.
Trudeau said further that they are powerless to change CHATCA, because it is a Chinese law made in Beijing not Ottawa.
Peter Dunn of the Isaac Brock Society, which has followed these issues very closely for many years, said, “China has depleted its gold, and it has now implemented quantitative easing to cover the national budget deficit. They are now borrowing 41 cents on every dollar they spend, and they are desperate for new sources of funding. This is an old trick that we’ve seen before in FATCA, and ultimately it will fail this time, just as it failed in 2015.”
Your crystal may be right on.
I just hope I got the Chinese characters right. I don’t really intend to offend people who read Chinese. I used google translate, and that is always dangerous.
Well done Petros. Just shows the nonsense involved in FATCA.
Pierre Trudeau once said, “The unfortunate consequence of US citizenship is that is the Viet Nam draft dodgers still fall under United States authority and we have no choice but to return them to the United States.” NOT.
Petros the Liberal passed the 1995 US Canada Tax treaty which was also obscene. It recognized the US right to tax Canadian even though CRA will not collect. Long term Canadian resident are punished by that law. Pierre Trudeau objected to Meech Lake he said nothing about this. You may want to see if the NDP objected. Opposition Parties can always object to stuff they approve when in government.
Gold back currency are ridiculous there is $600 biilion US in all the world government gold reserves. World economy 71 trillion. Turnover ratio of gold every 3 days. “Dorthy follow the Yellow Brick Road”.
Apple stock had a market cap of $450 billion.
I am not certain if Petros meant filling taxes or other forms. But a lot of long term Canadian resident will be effected by the1995 US tax treaty. Which Pierre Trudeau did not oppose to the best of my knowledge.
Your past feeling on 1995 US Canada tax treaty
“If I had relinquished before 1995, I would under no circumstances yield to any of these filing requirements. It may be necessary to obtain a CLN to prove to the bank that one is not a US citizen and to idiot US border guards who insist that you are US citizen because of your place of birth. But I wouldn’t give even one single inch of latitude to the lame brains in the IRS. Why? Because I don’t see how the Form 8854 requirement could stand scrutiny of jurisprudence, since the requirement clearly contradicts itself. But then, the courts are known for making lame decisions.”
I’m really learning to despise the term “dual citizen”. I move we strike it from the Brock vernacular. I really appreciated the fact that James Fitz-Morris of the CBC was able to make the distinction between a Canadian with US citizenship and that bogus subgroup JT has thrown us into.
Please note it is not only dual it is “US person” for tax purposes.
Simon Black reports that Zimbabwe uses Chinese currency as well as the others as a means of internal trade.
Can you do one for Japan please and post it here in the Japanese language? I know a person who works for the biggest company in Japan in their foreign trading desk and he would enjoy it….I think?
Sorry, don’t speak Japanese. Also I am not sure at this point how Japan would take over the world. On the other hand, China is on the way up now and is the heir apparent to take over when the US fails.
You know it could possibly happen. This law from the USA of filing when not in the US was a well kept secret which was never enforced until the US created Fatca and tripled the FBAR fines recently. What if another country just happens to find a “law” in their books from the early 1900’s that imposes similar responsibilities on it’s “persons”. How can we argue that the law didn’t exsist? Signing anything allowing Fatca into one’s country can open the door to other nations requiring the same acceptance for it’s newly enforced laws..The whole world will soon be in turmoil…… .
Now, if someone in the US Treasury Dept. read that, do you think they would have the brains to see the parallels to their own stupid FATCA law? Do they not see how this is opening the door to all kinds of absurd consequences, including ruining their own economy? And, as this post points out, it also sets a dangerous precedent that would make it impossible for the US to argue that it “violates their sovereignty”.
I doubt anyone there has the brains to see it, because they keep insisting that this is a good law that’s going after “tax cheats” and that no matter what everyone else in the world says, it’s still going to go through ON TIME….well good luck! I can’t wait til this monstrosity blows up in their moronic faces.
@bubbelbustin, I’m learning to enjoy the term “single-citizen”. What I regret is that I didn’t go this route 30 years earlier!
Me too, Swisspinoy. Who knew that having US citizenship was a problem?