In an article that I saw last night on the Financial Post, there was a headline which read
The ‘No Option, No Choice’ meme certainly has become a popular with journalist and politicians alike around the world. “We have NO Option” was the whimpering cry from Prime Minister John Key out of New Zealand.
Very disappointing to see these capitulations out of supposedly conservative governments who DO HAVE OPTIONS, they have just elected for political expediency, fear of the bully’s sanction, ‘everyone else is doing it’ justification, or the desire for another golf game with Obama, not to take any of them!
So, when I see these memes, I am starting to comment with my 10 Options. 10 is always a popular round number. Petros asked that I publish them, so here they are. I am sure you can come up with others.
1. Show some Canadian Pride and fortitude publicly! At least make a public statement of condemnation of U.S. negotiating practices and send it to the President along with a shredded copy of the IGA. Tell him CANADA is NOT a Tax Haven like America IS, and to stop the hypocrisy. Demand that Obama clean up his own back yard before coming North of the Border to extort his will.
2. You could form a coalition with the TPP partners and tell America to back off the extortion threats or all negotiations stop right now! That frankly will win you allies in the Democrat party that are needed to Repeal FATCA. Use that negotiation lever!
3. You could threaten America with taking it to the WTO for restraint of Trade for using Sanctions against Canada, a country whose FFIs have engaged in NO evasion or illegal Activity. How can you accept sanctions when you have done NOTHING to justify them? You are NOT Iran for god’s sake!
4. You could instruct Canadian financial institutions to retaliate and withhold 30% of any Canadian revenue that any US financial Institution holds in Canada. A tit for tat. You can extort TOO! That is the American ‘norm’ that they exporting for you to copy!
5. You could engage a U.S. Lobbying firm to team with with the Republicans (the Conservatives natural allies) to support their recent Repeal FATCA resolution. Americans know even less about how bad FATCA is than Canadians. If you can spend millions on an Keystone Pipeline advertising how about spending X millions to Stop FATCA with a media educational lobbying effort for ignorant Americans.
Why give in so easily to the Democrat Congressional FATCAnatics that created this Monster? You are philosophically opposed to them. Spend some money helping Americans defeat those in Congress that are most responsible for these extra territorial actions.
6. You could command your Ambassador in District of Criminals to call John Kerry and tell him if the FATCA extortion doesn’t immediately stop and the threat removed, you are pulling all troops and support for any U.S. Military mission.
7. You could have you UN ambassador bring up a resolution to the Security Council to condemn America’s practice of Citizenship Taxation in exactly the same manner as the one America signed in the resolution against Eritrea taxing its citizens living abroad. Come to think of it, you could treat America the same way you treat Eritrea. DIRECTLY CONDEMN their Citizenship Taxation.
8. You could command your Financial Institutions to begin their divestiture from U.S. assets and look elsewhere to place their money. You could set an example yourself with a public declaration that you will no longer own any U.S. assets.
9. You could threaten to stop your cooperation with the NSA spying apparatus in Canada and end your membership in the NSA 5 eyes of Spying. FATCA is just U.S spying now on Financial data, so end cooperation with the U.S. surveillance State.
10. You could call the U.S, Ambassador to Canada on the carpet and tell him his extortion method of conducting international affairs is unacceptable, It is NOT an “international norm”! If they don’t stop such abhorrent behavior and engage in multi-lateral mechanisms he can pack his bags and go home like you did with the Eritrean Ambassador
Oops, you don’t have one! I guess that shows how important you are to Amercia. If he hasn’t been confirmed and arrived yet, then block his arrival! Tell him to stay home! Just send more clerks to process the renunciations faster.
End of this List..
So there are 10 Options as a starter, and there are many others I am sure. Don’t give me this spin that you have ‘No choice’. There are plenty of choices for Ottawa, but they are JUST TOO TIMID and TOO AFRAID TO TAKE THEM. Apparently there is no stomach for a fight!
Robert Stack said America was willing to put its financial markets at risk, (transcript download here) so accept the challenge of showing him how risk translates into reality. Put your oil exports to the U.S. at risk then in response. Embargo them. (Not in the 10 list above) In this international hard ball game, a Bully will only back down when they meet a stonewall of resistance, not wimpy open gate of accommodation!
FATCA IGA is nothing more than a BAIL OUT of your Financial Institutions, while you SELL OUT your Citizens and residents with the usual propaganda about concessions and relief why this is in the best interest of Canada. I am still looking for ONE BEST INTEREST that isn’t just an elimination of an unjust sanction!