Dollar crash to begin July 1, 2014 ? ("Year 0")
- Thread starter JGeropoulas
- Start date
Sol Logos
The Living Force
Bear said:
Thanks Bear. I've read some more of his stuff and he seems to be speaking with a puffed up chest, actual depth and detail is apparently behind a pay wall. But the arrogance for me whatever his speculation triumphs in the past is just a good sign he's off the mark and probably doesn't see past himself.
It is my opinion the FATCA IGA's(Inter Governmental Agreements) are an extra-legal effort to consolidate the full spectrum dominance one world governmental system via financial consolidation, soft capital controls, and ending all financial privacy first for American citizens anywhere in the world and then for all persons on the planet after the USD loses its reserve status.
American citizens are required to notify the US government of all financial accounts world wide by 1971 Bank Secrecy Act. The enforcement of this Act was not initiated until 2009 and many neglected to bother and find themselves facing criminal charges and onerous civil penalties, as FATCA is forcing foreign banks in many jurisdictions to disclose US account holders to the IRS and DOJ. Here are some FATCA resources......
1. http://isaacbrocksociety.ca/
2. http://federaltaxcrimes.blogspot.com/
3. http://repealfatca.com/
American citizens are required to notify the US government of all financial accounts world wide by 1971 Bank Secrecy Act. The enforcement of this Act was not initiated until 2009 and many neglected to bother and find themselves facing criminal charges and onerous civil penalties, as FATCA is forcing foreign banks in many jurisdictions to disclose US account holders to the IRS and DOJ. Here are some FATCA resources......
1. http://isaacbrocksociety.ca/
2. http://federaltaxcrimes.blogspot.com/
3. http://repealfatca.com/
go2 said:
Hi, go2. Can you give some sources of more information/links for the 1971 Bank Secrecy Act and its enforcement being initiated in 2009? Did a search and didn't come up with much info except one site just mentioned that it began to be enforced as part of a later phase of the Patriot Act or something like that. If you can, I'd appreciate it.
“Can you give some sources of more information/links for the 1971 Bank Secrecy Act and its enforcement being initiated in 2009?”
The Bank Secrecy Act required all US persons to report foreign accounts to the appropriate government agencies; however there was no way for the US agencies to check or enforce this requirement as they did not have jurisdiction in foreign countries and the technology of big data did not yet exist.
The Foreign Account Tax Compliance Act (FATCA) passed the US Congress in 2009. This act requires Foreign Financial Institutions (FFI) to report all US person’s accounts directly to the appropriate US government agencies.
The US Treasury, IRS, and DOJ began forcing compliance on foreign financial entities in 2009 in the widely publicized attack on UBS and CS to disclose the data of US persons.
I suggest you read the archives on FATCA in the links above which are the source of my limited knowledge on the subject. The comments on the blog articles often add more links and information on the arcane subject of tax law and financial reporting.
The opinion that these initiatives are related to world domination via finance are supported by the fact that FATCA does not effect corporations and is projected to cost billions more than it garners in tax revenues.
The Bank Secrecy Act required all US persons to report foreign accounts to the appropriate government agencies; however there was no way for the US agencies to check or enforce this requirement as they did not have jurisdiction in foreign countries and the technology of big data did not yet exist.
The Foreign Account Tax Compliance Act (FATCA) passed the US Congress in 2009. This act requires Foreign Financial Institutions (FFI) to report all US person’s accounts directly to the appropriate US government agencies.
The US Treasury, IRS, and DOJ began forcing compliance on foreign financial entities in 2009 in the widely publicized attack on UBS and CS to disclose the data of US persons.
I suggest you read the archives on FATCA in the links above which are the source of my limited knowledge on the subject. The comments on the blog articles often add more links and information on the arcane subject of tax law and financial reporting.
The opinion that these initiatives are related to world domination via finance are supported by the fact that FATCA does not effect corporations and is projected to cost billions more than it garners in tax revenues.
l apprenti de forgeron
The Living Force
That's a good info.go2 said:
On the other hand, must be remembered that there are still several countries that have not signed this agreement, and we must assume that Russia never will:
As for China (and Hong kong) seems to be a complicated scenario:KJN said:
_http:/ /blogs.wsj.com/chinarealtime/2014/03/26/for-americans-in-china-the-taxman-cometh/
_http:/ /www.ibtimes.com/china-mulling-implementing-fatca-law-reduce-tax-evasion-mainland-hong-kong-agreed-share-tax-1564261
_http:/ /www.scmp.com/business/banking-finance/article/1510412/fatca-dealt-clones-tax-evasion-law-may-emerge
OK, thanks go2. I've looked into it and will do so some more.
Well, since we have to file these FATCA things, I've downloaded them and will be filing them tomorrow. They look like a total waste of time both for the person filling them out and for the bureaucracy that has to deal with them. Of course, our situation is small and unimportant, but based on some of the questions, I guess there are people with LOADS of money and accounts and stuff. I mean, one of the questions is: "do you have more than 25 foreign accounts... skip to part whatever..." Sheesh, we've only got one and it barely qualifies to have to be reported at all!
angelburst29
The Living Force
I didn't realize, from what little I have read on FATCA, that it involved all this?
US Expats in Mexico Left Stranded In Latest FATCA Escalation
_http://dollarvigilante.com/blog/2014/6/4/breaking-news-us-expats-in-mexico-left-stranded-in-latest-fa.html#
As the first set of Foreign Account Tax Compliance Act (FATCA) compliance issues for banks worldwide is set to come into effect on July 1 we have seen a flurry of banks around the world advising US citizens that they will be immediately closing their accounts.
None has been so far reaching as this notice sent to US citizens who have accounts at Banamex USA in Mexico this week, however.
Banamex USA's parent, Banamex, is the second largest bank in Mexico and there are over 1 million US citizens living in Mexico, by far the largest amount of any country, and so this news will be felt over a very widespread area.
Notices have begun to be sent by Banamex USA, a bank operating in Mexico and used by many American expats in Mexico, to all US citizens notifying them that their accounts will be closed within 30 days.
Here, here and here you will find three separate online discussions surrounding Banamex USA's summary closure of American's accounts.
In most of the forums people know the reason why - FATCA - but in one of the forums in particular the people are not even aware of FATCA and its implications. This action by Banamex USA is, of course, because of FATCA, which has forced 77,000 banks in 70 countries to surrender all information on American customers to the Internal Revenue Service (IRS) or be extorted and possibly put out of business altogether.
Banamex USA, a subsidary of Citibank with its headquarters in Los Angeles, has sent letters to many US customers informing them that their accounts will be closed June 30. As one online commenter wrote:
"No more SS check deposits: no more linking of accounts to Banamex Mexico, no more credit card, no more ATM for free, no more nada."
One customer was told that it was a "bank decision" with no reason given why. This move has left former account holders scrambling to find a bank that will let them open an account without their presence in Mexico, something likely impossible to find.
It does not appear that all accounts will be closed, but nobody knows Banamex USA's strategy here, even banking insiders in the US who we have contacted who are confused about what is going on.
What's for sure is this: Are you an American expatriate living abroad or an American currently thinking of moving abroad? This could and likely will happen to you.
OPTIONS FOR US EXPATS IN MEXICO
There are many ways to protect yourself and to sidestep many of the issues that FATCA will be bringing upon US citizens trying to transact in the financial system worldwide.
In the case of Americans who live and/or spend a large amount of time each year in Mexico one solution is to attain Mexican citizenship (this is a process that TDV Passports can help with). By doing this you can still have bank accounts in Mexico if you so chose as you can open the account as a Mexican citizen, not as a US citizen, thereby not being restricted by banks that do wish to deal with US citizens due to the egregious nature and expense of filing with the US government all transactions of US citizens.
Having a second citizenship, especially for US citizens, is a very prudent move as it has become very difficult to do anything financially, worldwide, as a US citizen. It also has a tremendous amount of side-benefits including large tax breaks (up to nearly $200,000 per year, tax free, for a married couple if they live outside of the US)... and if you choose to renounce your US citizenship the benefits can be massive for those with a high net worth or income as this would unchain US citizens from the worldwide taxation imposed on them by the US government.
Other options that are still available to US citizens is to re-organize their affairs internationally using things like offshore trusts which are specifically set-up in a way that FATCA regulations do not apply to it. This is a service, for high net worth (over $1 million) US citizens that is offered exclusively by TDV Wealth Management (TDVWM). TDVWM has recently held two Crisis Conferences in Panama and in Mexico helping US citizens stay ahead of the curve and to organize their affairs prior to events, which we predicted, such as more banks worldwide closing accounts for Americans.
We also predict that more countries in the West will begin to enact FATCA like controls as the economy in the West continues to fall and governments begin to enact more egregious worldwide taxation laws. In the case of Canadians, for example, many "snowbirds" (those that are retired and usually spend six months or more per year in the US) are beginning to be deemed "US resident" even without their knowledge and will soon find themselves under attack by the IRS for tax liabilities. As well, the Canadian and US governments have reached all manner of agreements tying the sharing of financial information between the two countries.
As we've researched and written here and at TDV Wealth Management Crisis Conferences (which we will be holding another one soon, likely in Mexico due to recent events), FATCA is very real and Americans abroad will be forced to adapt and quickly. Many might simply end up without a bank account altogether and unable to open one abroad when they get this now all-too-common letter that your bank no longer wants to serve you.
We hate to constantly be the bearer of bad news but those who have been following TDV know that we have been warning of these events for a number of years. And we expect things to go nowhere but downhill from here as governments in the West implement nefarious capital controls such as FATCA.
Stay tuned at The Dollar Vigilante blog as we continue to cover FATCA and its consequences and offer insights, news, analysis and solutions to protect yourself at The Dollar Vigilante newsletter. And pass along this particular news to US citizens who are Mexican expats to inform them to prepare for more bank account closures for US citizens and what they can be doing about it to protect themselves.
US Expats in Mexico Left Stranded In Latest FATCA Escalation
_http://dollarvigilante.com/blog/2014/6/4/breaking-news-us-expats-in-mexico-left-stranded-in-latest-fa.html#
As the first set of Foreign Account Tax Compliance Act (FATCA) compliance issues for banks worldwide is set to come into effect on July 1 we have seen a flurry of banks around the world advising US citizens that they will be immediately closing their accounts.
None has been so far reaching as this notice sent to US citizens who have accounts at Banamex USA in Mexico this week, however.
Banamex USA's parent, Banamex, is the second largest bank in Mexico and there are over 1 million US citizens living in Mexico, by far the largest amount of any country, and so this news will be felt over a very widespread area.
Notices have begun to be sent by Banamex USA, a bank operating in Mexico and used by many American expats in Mexico, to all US citizens notifying them that their accounts will be closed within 30 days.
Here, here and here you will find three separate online discussions surrounding Banamex USA's summary closure of American's accounts.
In most of the forums people know the reason why - FATCA - but in one of the forums in particular the people are not even aware of FATCA and its implications. This action by Banamex USA is, of course, because of FATCA, which has forced 77,000 banks in 70 countries to surrender all information on American customers to the Internal Revenue Service (IRS) or be extorted and possibly put out of business altogether.
Banamex USA, a subsidary of Citibank with its headquarters in Los Angeles, has sent letters to many US customers informing them that their accounts will be closed June 30. As one online commenter wrote:
"No more SS check deposits: no more linking of accounts to Banamex Mexico, no more credit card, no more ATM for free, no more nada."
One customer was told that it was a "bank decision" with no reason given why. This move has left former account holders scrambling to find a bank that will let them open an account without their presence in Mexico, something likely impossible to find.
It does not appear that all accounts will be closed, but nobody knows Banamex USA's strategy here, even banking insiders in the US who we have contacted who are confused about what is going on.
What's for sure is this: Are you an American expatriate living abroad or an American currently thinking of moving abroad? This could and likely will happen to you.
OPTIONS FOR US EXPATS IN MEXICO
There are many ways to protect yourself and to sidestep many of the issues that FATCA will be bringing upon US citizens trying to transact in the financial system worldwide.
In the case of Americans who live and/or spend a large amount of time each year in Mexico one solution is to attain Mexican citizenship (this is a process that TDV Passports can help with). By doing this you can still have bank accounts in Mexico if you so chose as you can open the account as a Mexican citizen, not as a US citizen, thereby not being restricted by banks that do wish to deal with US citizens due to the egregious nature and expense of filing with the US government all transactions of US citizens.
Having a second citizenship, especially for US citizens, is a very prudent move as it has become very difficult to do anything financially, worldwide, as a US citizen. It also has a tremendous amount of side-benefits including large tax breaks (up to nearly $200,000 per year, tax free, for a married couple if they live outside of the US)... and if you choose to renounce your US citizenship the benefits can be massive for those with a high net worth or income as this would unchain US citizens from the worldwide taxation imposed on them by the US government.
Other options that are still available to US citizens is to re-organize their affairs internationally using things like offshore trusts which are specifically set-up in a way that FATCA regulations do not apply to it. This is a service, for high net worth (over $1 million) US citizens that is offered exclusively by TDV Wealth Management (TDVWM). TDVWM has recently held two Crisis Conferences in Panama and in Mexico helping US citizens stay ahead of the curve and to organize their affairs prior to events, which we predicted, such as more banks worldwide closing accounts for Americans.
We also predict that more countries in the West will begin to enact FATCA like controls as the economy in the West continues to fall and governments begin to enact more egregious worldwide taxation laws. In the case of Canadians, for example, many "snowbirds" (those that are retired and usually spend six months or more per year in the US) are beginning to be deemed "US resident" even without their knowledge and will soon find themselves under attack by the IRS for tax liabilities. As well, the Canadian and US governments have reached all manner of agreements tying the sharing of financial information between the two countries.
As we've researched and written here and at TDV Wealth Management Crisis Conferences (which we will be holding another one soon, likely in Mexico due to recent events), FATCA is very real and Americans abroad will be forced to adapt and quickly. Many might simply end up without a bank account altogether and unable to open one abroad when they get this now all-too-common letter that your bank no longer wants to serve you.
We hate to constantly be the bearer of bad news but those who have been following TDV know that we have been warning of these events for a number of years. And we expect things to go nowhere but downhill from here as governments in the West implement nefarious capital controls such as FATCA.
Stay tuned at The Dollar Vigilante blog as we continue to cover FATCA and its consequences and offer insights, news, analysis and solutions to protect yourself at The Dollar Vigilante newsletter. And pass along this particular news to US citizens who are Mexican expats to inform them to prepare for more bank account closures for US citizens and what they can be doing about it to protect themselves.
angelburst29
The Living Force
This statement in the article, " many places where Americans have traditionally hid assets, including Switzerland, the Cayman Islands and the Bahamas" doesn't apply to common folk and upper 90% of the population.
77,000 Foreign Banks to Share Tax Info with IRS
_http://www.cnbc.com/id/101726971
Wednesday June 4, 2014 - More than 77,000 foreign banks, investment funds and other financial institutions have agreed to share information about U.S. account holders with the IRS as part of a crackdown on offshore tax evasion, the Treasury Department announced Monday.
The list includes 515 Russian financial institutions. Russian banks had to apply directly to the IRS because the U.S. broke off negotiations with the Russian government over an information-sharing agreement because of Russia’s actions in Ukraine.
Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans hiding assets overseas. Participating countries include the world’s financial giants, as well as many places where Americans have traditionally hid assets, including Switzerland, the Cayman Islands and the Bahamas.
Starting in March 2015, these financial institutions have agreed to supply the IRS with names, account numbers and balances for accounts controlled by U.S. taxpayers.
Under the law, foreign banks that don’t agree to share information with the IRS face steep penalties when doing business in the U.S. The law requires American banks to withhold 30 percent of certain payments to foreign banks that don’t participate in the program—a significant price for access to the world’s largest economy.
Under the law, U.S. banks that fail to withhold the tax would be liable for it themselves, a powerful incentive to comply. U.S. banks are scheduled to start withholding 30 percent of interest and dividend payments in July, though recent guidance from the Treasury Department gives U.S. banks some leeway on timing as they gear up their systems.
The withholding applies to stocks and bonds, including U.S. Treasurys. Some previously owned securities would be exempt from the withholding, but in general, previously owned stocks would not.
Private investors who use foreign financial institutions to facilitate trades also face the withholding penalty. Those private investors could later apply to the IRS for refunds, but the inconvenience would be enormous.
Treasury released the list of complying banks on Monday so American financial institutions will know it is OK to send them payments without withholding the tax. Treasury is expected to update the list next month, after another push to complete information-sharing agreements.
“I think having 77,000 on this first list is a pretty big success,” said Denise Hintzke of Deloitte. “It appears to me that people are taking it pretty seriously and intend to comply.”
Banks in many countries are prevented by local privacy laws from sharing account information with foreign governments. To get around these restrictions, the Treasury Department has been negotiating agreements in which foreign governments will collect the information from their banks and then share it with U.S. authorities. Here’s a list of countries with information-sharing agreements.
Russia was negotiating one of these agreements when the U.S. broke off talks in March. Nevertheless, 515 Russian financial institutions applied to the IRS directly and have been accepted into the program. More could apply in the coming weeks.
77,000 Foreign Banks to Share Tax Info with IRS
_http://www.cnbc.com/id/101726971
Wednesday June 4, 2014 - More than 77,000 foreign banks, investment funds and other financial institutions have agreed to share information about U.S. account holders with the IRS as part of a crackdown on offshore tax evasion, the Treasury Department announced Monday.
The list includes 515 Russian financial institutions. Russian banks had to apply directly to the IRS because the U.S. broke off negotiations with the Russian government over an information-sharing agreement because of Russia’s actions in Ukraine.
Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans hiding assets overseas. Participating countries include the world’s financial giants, as well as many places where Americans have traditionally hid assets, including Switzerland, the Cayman Islands and the Bahamas.
Starting in March 2015, these financial institutions have agreed to supply the IRS with names, account numbers and balances for accounts controlled by U.S. taxpayers.
Under the law, foreign banks that don’t agree to share information with the IRS face steep penalties when doing business in the U.S. The law requires American banks to withhold 30 percent of certain payments to foreign banks that don’t participate in the program—a significant price for access to the world’s largest economy.
Under the law, U.S. banks that fail to withhold the tax would be liable for it themselves, a powerful incentive to comply. U.S. banks are scheduled to start withholding 30 percent of interest and dividend payments in July, though recent guidance from the Treasury Department gives U.S. banks some leeway on timing as they gear up their systems.
The withholding applies to stocks and bonds, including U.S. Treasurys. Some previously owned securities would be exempt from the withholding, but in general, previously owned stocks would not.
Private investors who use foreign financial institutions to facilitate trades also face the withholding penalty. Those private investors could later apply to the IRS for refunds, but the inconvenience would be enormous.
Treasury released the list of complying banks on Monday so American financial institutions will know it is OK to send them payments without withholding the tax. Treasury is expected to update the list next month, after another push to complete information-sharing agreements.
“I think having 77,000 on this first list is a pretty big success,” said Denise Hintzke of Deloitte. “It appears to me that people are taking it pretty seriously and intend to comply.”
Banks in many countries are prevented by local privacy laws from sharing account information with foreign governments. To get around these restrictions, the Treasury Department has been negotiating agreements in which foreign governments will collect the information from their banks and then share it with U.S. authorities. Here’s a list of countries with information-sharing agreements.
Russia was negotiating one of these agreements when the U.S. broke off talks in March. Nevertheless, 515 Russian financial institutions applied to the IRS directly and have been accepted into the program. More could apply in the coming weeks.
So, the USofA, which is the tax haven to the world(as long as you aren't American), attempts to pull on its web to collect all its booty, but as the SG preps the East for the NWO, it will become the new tax haven to the world by this action. Sacrifice the old for the new sort of thing. Seems logical way to prep the carpet before pulling it out from all atop it.
One step closer to the collapse of the dollar:
Negative interest rate introduced in Eurozone for first time, European Central Bank cuts deposit rate below zero in historic move
Negative interest rate introduced in Eurozone for first time, European Central Bank cuts deposit rate below zero in historic move
