{"id":16424,"date":"2016-04-25T14:30:50","date_gmt":"2016-04-25T19:30:50","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=16424"},"modified":"2016-04-25T14:30:50","modified_gmt":"2016-04-25T19:30:50","slug":"the-shocking-reason-for-fatca-and-what-comes-next","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/the-shocking-reason-for-fatca-and-what-comes-next\/","title":{"rendered":"The Shocking Reason for FATCA\u2026 and What Comes Next"},"content":{"rendered":"

\"planet_tax\"<\/a><\/p>\n

Nick Giambruno, Senior Editor at Casey Research reports on FATCA and what might be next with the US Government in its move to expand the “new rules” it has implemented on the world banking systems.<\/p>\n

If you\u2019ve never heard of the Foreign Account Tax Compliance Act (FATCA), you\u2019re not alone.<\/p>\n

Few people have, and even fewer fully grasp the terrible things it foreshadows.<\/p>\n

FATCA is a U.S. law that forces every financial institution in the world to give the IRS information about its American clients. Complying with it is a huge financial and administrative burden, measured in hundreds of billions of dollars. It\u2019s a paper shuffler\u2019s dream come true.<\/p>\n

FATCA is the reason the vast majority of banks, brokerages, and other financial institutions outside of the U.S. shun American clients.<\/p>\n

I was just in Singapore, which has one of the soundest banking systems in the world. I can personally attest that banks there treat potential American clients as radioactive liabilities to be avoided.<\/p>\n

This is how FATCA makes it much more difficult to move money outside of the U.S. Combined with other costly, extraterritorial U.S. regulations, the law amounts to de facto capital controls.<\/p>\n

It\u2019s no surprise so few people understand FATCA. Governments and institutions often give their most dangerous laws and schemes dull and opaque names to cloud their true purposes.<\/p>\n

The Federal Reserve is an excellent example of this. After two central banking experiments failed to take root in the 1800s, anything associated with a central bank became deeply unpopular with the public. So, central bank advocates tried a fresh branding strategy.<\/p>\n

Rather than call their new central bank the Third Bank of the United States (the previous two were named the First and Second Bank of the United States, respectively), they gave it a vague and boring name to hide it in plain sight from the average person. They named it the Federal Reserve.<\/p>\n

Unfortunately, these smoke and mirrors worked pretty well. Nearly 100 years later, most Americans don\u2019t have the slightest clue what the Federal Reserve is, what it does, or how it affects them.<\/p>\n

I think the same dynamic is at work with FATCA.<\/p>\n

Ostensibly, FATCA is about cracking down on offshore tax evasion. But I think the U.S. government has another, more sinister motive.<\/p>\n

Let\u2019s peel back the layers of this onion\u2026<\/p>\n

FATCA should bring in around $900 million per year, on average, and that\u2019s an optimistic estimate. However, $900 million would only be a drop in the bucket (around 0.2%) next to the federal government\u2019s $438 billion deficit.<\/p>\n

Even if the U.S. moderately reduces the federal deficit, FATCA revenue would still be a small pittance in comparison.<\/p>\n

This begs the question: Why would the U.S. government go to the enormous cost and trouble of implementing FATCA for such a relatively meager amount of money?<\/p>\n

FATCA on Steroids<\/strong><\/h3>\n

FATCA\u2019s real purpose is not to collect money. It\u2019s to pave the way for a global FATCA, informally known as GATCA.<\/p>\n

You see, complying with FATCA often breaks privacy laws in other countries. To get around this, the U.S. government has negotiated bilateral agreements with pretty much every country in the world. But it\u2019s not practical for each and every country to create its own version of FATCA and accompanying web of bilateral agreements. That would be slow and tedious.<\/p>\n

So, the central economic planners at the G20 and OECD have devised a new \u201cglobal standard\u201d for the automatic exchange of financial information between governments. It\u2019s called GATCA, and it\u2019s modeled on FATCA.<\/p>\n

In other words, bureaucrats from these supranational institutions are foisting a \u201cFATCA on steroids\u201d on the world.<\/p>\n

This would have been impossible if the U.S. hadn\u2019t cleared the path with FATCA. The G20 and OECD needed the U.S.\u2014the sole financial superpower (for now at least)\u2014to cram its privacy-killing measures down the throats of the rest of the world. No other country could have done it.<\/p>\n

FATCA is only possible because the U.S. carries a big stick: the ability to refuse access to its financial system and the world\u2019s premier reserve currency. Don\u2019t sign up for FATCA, and your country can forget about the vast majority of international trade.<\/p>\n

It didn\u2019t take long for most of the world to fall in line.<\/p>\n

When Russia and China signed on to FATCA, it became a\u00a0fait accompli<\/em>. There are no other meaningful countries left to resist it.<\/p>\n

This set the stage for GATCA.<\/p>\n

Unfortunately, GATCA will likely be an irreversible reality in the not-so-distant future. It\u2019s also highly probably that the OECD, the G20, and other organizations will sanction or otherwise blackmail countries that don\u2019t comply. That pressure would likely be too enormous for the vast majority of countries to bear.<\/p>\n

In the end, this means a permanent record of every penny you have ever earned, saved, borrowed, or spent anywhere in the world<\/em> will be instantly available for analysis and scrutiny by countless government agencies, regardless of any actual or suspected wrongdoing.<\/p>\n

But wait, there\u2019s more!<\/p>\n

If FATCA wasn\u2019t the end game, don\u2019t expect GATCA to be either.<\/p>\n

Let\u2019s peel back the next layer of the onion.<\/p>\n

What Comes Next<\/strong><\/h3>\n

Did you really think all these governments would go through all the trouble of creating the architecture to gather all this financial data\u2026 and then just sit on it?<\/p>\n

Of course not.<\/p>\n

They\u2019re going to leverage the data as much as possible. This will have terrifying consequences for the individual.<\/p>\n

It\u2019s no secret that advocates of big government have long fantasized about creating a global tax. Whether it\u2019s the global carbon tax, a worldwide tax on financial transactions, or a UN tax on air and sea travel, all prior attempts haven\u2019t really worked. The infrastructure wasn\u2019t in place.<\/p>\n

However, that could all change with GATCA, which could ultimately make the disturbing dream of a global tax a reality.<\/p>\n

Bankrupt governments, like France and the UK, are also on board with GATCA. It would allow them to fleece and control their citizens more efficiently.<\/p>\n

Strangely, you never hear financially sound countries, like Switzerland, Singapore, or Hong Kong, advocating for FATCA, GATCA, or a global tax. It\u2019s only the failed welfare states drowning in debt. And that\u2019s no coincidence.<\/p>\n

Old Wine in New Bottles<\/strong><\/h3>\n

The government is selling FATCA the same way it originally sold the income tax to Americans: as a measure targeted only at the \u201crich.\u201d<\/p>\n

Of course, once you give politicians an inch, they take a mile.<\/p>\n

When the federal income tax was introduced in 1913, individuals making up to $20,000 (around $475,000 today) were only taxed at 1%. The top bracket kicked in at $500,000 (around $12 million today) with a tax rate of only 7%.<\/p>\n

Of course, once the infrastructure was in place for the federal income tax, politicians naturally couldn\u2019t resist ramping it up. Eventually, it snowballed into the monster we have today, which thoughtless Americans passively accept as \u201cnormal.\u201d<\/p>\n

Expect a similar dynamic and gradualism with FATCA, GATCA, and a global tax.<\/p>\n

What You Can Do<\/strong><\/h3>\n

The government used obscure and boring wording to conceal the true purpose of the Federal Reserve from the average American. It\u2019s done the same thing with FATCA.<\/p>\n

In reality, FATCA is all about setting up the architecture for a global tax.<\/p>\n

Politicians around the world see citizens as milk cows\u2026 They merely exist to be squeezed to the last drop.<\/p>\n

That\u2019s why they\u2019re so eager to kill financial privacy with FATCA and GATCA. They\u2019re building a giant tax farm and erecting electric fences to keep the cows\u2014and their milk\u2014from escaping.<\/p>\n

Welcome to the new feudalism.<\/p>\n

Unfortunately, there\u2019s little any individual can do to change the trajectory of this trend. You can only try to save yourself from the consequences of this stupidity.<\/p>\n

Politicians around the world are working hard to build this emerging prison planet. But it\u2019s still possible to escape.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nick Giambruno, Senior Editor at Casey Research reports on FATCA and what might be next with the US<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16424","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"\nThe Shocking Reason for FATCA\u2026 and What Comes Next - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/the-shocking-reason-for-fatca-and-what-comes-next\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Shocking Reason for FATCA\u2026 and What Comes Next\" 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