WILL A REPEAL OF FATCA SAVE THE LIVELIHOODS OF MILLIONS OF AMERICANS?

There are so many topics I’d like to talk about at the moment, that I’ve had a hard time to decide which one to focus on today. Therefore I’ve decided to try and give a few briefs on more than one current event, the topics of which I haven’t seen any one else discussing. Excuse me if any of it is a repeat, as I obviously don’t read everything.
Latest on FATCA Repeal
First, I’ve seen where some of my colleagues in the internationalization world have hopped onto my FATCA philosophy bandwagon. I’m glad to see that, as I’ll admit it was a bit lonely being the only one out there stating that FATCA can’t hold up under water over the long haul. True, many FFI’s around the world have been bullied into at least taking steps to show ‘reasonable efforts’ during the ‘transition period’ until sometime in 2016 (all wording of the Treasury Department) while they’ve ‘eased enforcement’. That enforcement which can’t practicably be carried out.
However, certain brave and principled banks have held out, and are now under an extra-judiciary attack by a body which can effectively intimidate almost every intermediary bank in the world, into refusing to trade USD with such principled, and privacy-respecting FFI’s. I can’t imagine what body has the kind of power, so we’ll just have to wonder, as they’re too cowardly to show their face, and carry out a legal process. It’s all being done under the table, and without any due process. We should all be supportive of Loyal Bank and BMI Offshore for their principled stance against this aggression.
Similarly, we should all be supportive of Congressman Rand Paul, who recently re-introduced a bill to repeal FATCA provisions. Said patriot Rand; “FATCA is in complete violation of every Americans’ constitutional right to privacy and adds burdensome regulations that negatively impact our economy. It is a defective law which disregards the mutual respect of sovereignty among nations and drains money from the federal treasury, on top of discouraging overseas investment in the United States. My bill will reverse the negative aspects FATCA has on the economy, prevent the government from bulk collecting U. S. Citizen’s financial data, and preserve constitutional rights for all Americans.”

This post was published at Dollar Vigilante on March 12th, 2015.