This is excerpted from a post at RenounceUScitizenship.
Yesterday, I was talking to Bay Street Investment banker (think big bucks). I described the FATCA problem. His eyes glazed over and said to me:
“I am extending you a courtesy just by listening to what you are saying!”
The complexity and sheer audacity of FATCA is beyond the ability of people to comprehend. Make no mistake about it. A FATCA IGA with the US will end Canada’s fiscal sovereignty. Ever hear the saying:
He who has the gold makes the rules
If Canada allows the US to have control over its banks, and the gold is in the banks, it will give the US control over Canada’s gold. Got the picture?
Why would any country enter into a FATCA IGA with the US Treasury?
Leaving aside the technicalities of U.S. threats, there is one simple answer.
The answer is: No country should enter into a FATCA IGA with the US Not now, not in the future. Not ever. The time has come to imagine a world without the U.S and to start behaving accordingly. The time has come to gradually build a world financial system that is not “US centric”. Here are ten objective reasons explaining why Canada MUST say NO TO FATCA! Continue reading