Is this guy a moron or what. So he wants ALL middle class Americans to move to Canada which in turn will make them subject to FATCA which will somehow even out income levels.
Young Turk also talks about Canada having “better” policies. Yeah like Residence based taxation.
The US’s middle class should move to Canada so CBT can destroy it here too.
Interesting video, but the Young Turks should also emphasise how 1 July 2014 represents a loss of ‘US person’ financial freedom outside of US borders.
In other words, if you’re sick of the US and decide to leave (and with your money or you become successful), they still want ‘part of your ass/arse’ via the IRS / FATCA.
This is Young Turk past video when he praised FATCA.
I wrote to Cenk Uygur after watching his pro-FATCA video (below) but he did not respond. Maybe he gets some things right (like his video about America’s middle class) but when he’s wrong he is immovable. I guess it’s fine by him that all those wrong-headed US tax policies will follow all those hapless middle-class Americans he’s suggesting should move to Canada.
Interesting comments from the Bundesbank, http://www.bundesbank.de/Redaktion/EN/Topics/2013/2013_07_03_nagel.html,
As of 2012, 12% of trading transactions via the SWIFT system were done in renminbi. China’s currency is becoming an alternative the US dollar little by little. Once done, China could demand FATCA data from the US or FATCA is weakened by the renminbi opted out.
How will the US react?
@Em, I wrote to him too and also got no response. Yes, he’s right about some things but, yes when he is wrong he is immovable. Part of that is due to his viewers who simply would bolt if he broke the mantra of what they wish to believe about most issues. He has a huge follower base.
I think he suggested people might want to think about moving to Canada, not told them they should move to Canada. Of course, this leaves out the idea that one can’t just up and “move to Canada” and secondly I found the video somewhat amusing since the U.S. cannot stand being in the role of “we’re number two!” They feel a sense of fundamental wrong doing is under lying everything if they are number two at anything. The posturing was quite funny really.
He also fails to tie together the threads. If one “moves to Canada” after going through the process of being accepted to be able to do so then one is subjected to FATCA for the rest of their lives or they have to renounce. You can move all over the globe if you are not American. Those he is trying to defend here will be stuck in the U.S.A. while those he says he thinks are making out like bandits will be able to go where they want. If you didn’t move a long time ago you’re most assuredly going to be stuck inside those borders forever more due to FATCA if you are low to middle income.
Of course sitting down and thinking about these things would indicate someone was serious which I don’t think he is. I think he believes the U.S. should work towards becoming more like nations such as Canada. That’s not what is happening. The U.S. is pressuring others to be more like them and to go along with failed policies. So these places he holds up as good examples won’t be the way they are for much longer. FATCA and other cross border plans initiated by the U.S. will take care of that.
You are right. I should not have said “should”. I guess as long as Americans just “think” about moving to Canada (and don’t actually attempt to do it) then all’s well and the FATCA monster won’t get them. Of course to Cenk Uygur FATCA isn’t a monster at all. It’s a brilliant quicker-picker-upper for all that wealth the FATCATS have moved from the greatest tax haven on earth to foreign tax havens of lesser greatness.
Someone should send Diane “merger” Francis the link.
So true about the U.S. not being able to tolerate being number two on anything. The bigger problem is that the U.S. isn’t even number two on many things that matter anymore. On social mobility, which is something that the U.S. used to pride itself on, it is far behind Canada and many other countries. The middle class might be better off in Canada, but the poor would be better in loads of other places (which as you point, unfortunately would never let them in)..
I am not so sure FATCA will make the world necessarily more like the bad aspects of the U.S. because the OECD standard seems to rely on RBT, but with greater investigation of past cases.Also, the way U.S. policy is made is so decentralized that it is hard for the government to tackle problem areas.
Young Turk is a poster child for typical homelander FATCA ignorance; lack of thought or research into financial issues and confusion about cause and effect, combined with Pavlovian reactions to certain keywords like “fat cat,” “special interests,” and “oh no they’re getting away.”
This allows him to talk out of both sides of his mouth in public while keeping a straight face, an ability shared with some politicians such as Senator Chuck Schumer.
Or maybe they’re all just sociopaths.
Young Turk the Jerk is now telling Canadians to VOTE NDP in the upcoming election.