Government is always the single greatest threat to society & the economy. It was the greed of the Democrats that caused them to raise taxes when there was a real estate boom in the late 1980s.They reduced the amortization benefits in real estate and caused investors to bail out. That resulted in a one-way market – no bid! All sellers! They had regulated the S&Ls directing them to lend in primarily the real estate market. They caused that financial crisis, locked up some high profile owners of S&Ls and blamed their “greed” for the whole crisis they instigated.
Then they created the 1987 Crash by forming the G5 in 1985 and publicly stated they wanted the dollar down by 40%. Foreigners panicked and began to sell everything from stocks to bonds and real estate.
This time it is the Foreign Account Tax Compliance Act (FATCA). If a foreign entity (bank) had an account from an American in Switzerland, they had to report whatever that American was doing there or else all their assets would be confiscated in America. Even if an American is just a major beneficial owner.
This one act is destroying the world the economy in a single bound. Americans can no longer have an account in Switzerland or anywhere else. That even includes a safe deposit box. A rare collection of ancient coins was held by an American for decades in a safe deposit box in Switzerland. The bank gave the American 3 days to get out. The American had no choice but to call a coin dealer and auction it off.
FATCA presumes any American having an account overseas is for illegal tax purposes…
I came across this article because I was searching for an English variation of the following article, titled “The Mafia as the Crisis Winner”:
August 31, 2012
Die Mafia als Krisengewinner
I found this article while looking for more recent information on”Organized crime is booming – Mafia is the largest bank in Italy”
January 11, 2012
Organisierte Kriminalität boomt
Mafia ist größte “Bank” Italiens
Is FATCA promoting and strengthening the very thing that it was designed to oppose? While FATCA is working hard to push innocent US persons out of Swiss banks, the Mafia bank is booming, bringing large sums of illegal money into the legal economy.
Die Einnahmen des organisierten Verbrechens würden somit immer häufiger nicht nur in Steueroasen in der Karibik, sondern auch in Banken in London und in New York gewaschen.
Translation: The income of organized crime is being increasingly washed more often in banks in London and New York as well as in the Caribbean.
Looks like the real tax evaders know who to do their financial business with as the IRS distracts with FATCA.
Thanks for the info, swisspinoy.
*Too true. Those who are the real evaders have long since pulled their monies and found somewhere else to put it that the US can’t get hold of. Meanwhile, those going about their daily lives are having to come to terms in some way with a badly designed and executed law which is affecting millions of innocents.