On July 1st, Uncle Sam gets a tighter grip on your Ass ets
At midnight, one week from now a new government control starts. On July 1st, Title V of the Obama Administration’s HR Bill # 2847, known as FATCA, goes into effect. Most people either don’t know about this new law, don’t care about the additional controls or don’t think it will affect them. But if you are a US citizen and hold your money in US dollars, whether domestic or foreign, it will probably affect you. Of course, if you don’t have any investments, or even any money, then these new regulations probably won’t affect you, but at least you now know.
The most obvious objective of this bill is to make it more difficult for foreign banks and investment houses to deal with American clients and deal in US dollars. This also makes it more difficult for Americans to hold offshore bank accounts and investments.
This may seem like a good law to most of us, but anytime we make if more difficult for the rest of the World’s financial institutions to deal with us, it diminishes the power and importance of our almighty petro-dollar, which is still the “World Reserve Currency.” And by the way, having the World Reserve Currency is primarily the only reason the USA can run up and maintain the staggering national debt that we now have. So, why should you care…particularly those of you who are trying to be self-sufficient? Please read on:
1st – As already stated, it makes international monetary transactions more difficult and thereby reduces the interests in and the advantage the US dollar has had in world trade.
2nd – It reduces your opportunities for making legal offshore investments, and may encourage an increase in illegal transactions. This will primarily affect large corporations and investors but will have a dribble-down effect on nearly everyone eventually.
3rd – Way down in this “hay-stack” of laws, under Title-V, new Chapter-4, Section 1471, sub sec: (b 1 D i), it states that an American tax payer may be labeled as “recalcitrant,” by the government and become subject to a 30% withholding tax. So, don’t piss off Uncle Sam or you may be considered “recalcitrant,” which means, “having an obstinately uncooperative attitude toward authority or discipline.” Look it up.
After several delays, this law will apparently take effect on July 1st. The IRS Commissioner said on April 2nd, “Whatever else we are going to do, we are going to implement the non-discretionary legislative mandates we have been given: the Affordable Care Act and FATCA.”
My thanks and credit is hereby given to Nevada Shooters and several other straight-shooters (truth talkers) and to GovTrack.US, see Title-V, on: https://www.govtrack.us/congress/bills/111/hr2847/text
Now, if this new law doesn’t upset you, then I urge you to go to –> http://www.presidency.ucsb.edu/ws/index.php?pid=100050 and look up what President Obama has planned for you should he feel he needs to execute it… and anyone considered in defiance. It should certainly scare you and cure any constipation you may have.
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