Dropping the F (FATCA) Bomb (The Economist)

Why bother with bombs when you have FATCA?
Here is an article from The Economist Tax Evasion Dropping the Bomb.
As we know, the US has threatened to use FATCA as a WMD (Weapon of Monetary Destruction. Thanks JustMe–aka FATCA_Fallout–for coining that term two years ago) as a sanction against Russia because of the Ukraine.

You could call #FATCA the new WMD, or Weapon of Money Destruction.
Now, in what The Economist describes as a tasteless joke, it was suggested Obama might do the same to Iraq:

Barack Obama, he claimed, was drawing a red line around the city and, if necessary, would “drop FATCA on them”. Worse, they would get no deadline extension. The nuclear option, he added, was to treat them as if they were Swiss.

As many of you know, I have been calling FATCA Foreign Attack to Control All for two years.
FATCA is not about taxes. It is about power, control and punishment of people, financial institutions and countries around the world-including those whom the U.S. should consider allies.
The U.S. is literally dropping the F Bomb on the entire world–with the complicity of what we once thought were countries that stood for some fundamental basic values.

5 thoughts on “Dropping the F (FATCA) Bomb (The Economist)

  1. @Blaze, another Canada Day option is to start naming and shaming ALL the US Financial Firms and individual States that are facilitating the greatest tax dodge ever.
    May I suggest that once a week at IBS/MSB there is an above the fold write up with links showing in real everyday terms how the United States Government is condoning shell companies, shell trusts and other entities that may mean billions of Canadian Dollars and Euros are being held back from their respective treasuries.
    Lets start with this company in Wyoming that is no doubt conducting a lawful business, which is ACTIVELY soliciting non-US Citizens;
    Or this company in Nevada;
    And there are hundreds more!!
    Its time for Parliament to demand that the United States give up its Banking Secrecy!!
    Its time for Parliament to demand in the spirit of FATCA that the United States prohibit firms from soliciting Canadian Residents to set up corporations !
    From the link;
    “Wyoming does not require the manager nor the members of an LLC to be listed on a public database.”
    “You can operate your Corporation and live anywhere in the world and you do not have to be a US citizen to incorporate in Wyoming. But, in order to give substance to your operation, you should know about our Office Service Contract and learn how use of this inexpensive option will give “presence” to your remote corporate operations. ”
    Why is Parliament tolerating this Banking Secrecy in the USA?
    The United States MUST put a stop to US Businesses soliciting and accepting non-US Resident persons from setting up what are possibly shell corporations with no business purpose!!
    Further, Parliament must DEMAND that Wyoming, Deleware and Nevada, reveal the real names and addresses of all shareholders.

  2. @George: That’s a good idea, but it’s way beyond my knowledge or expertise to take on a project like that.  Would you be interested in taking the lead on it if Outraged sets you up as an author?

  3. Deckard1138: I really appreciated your comments on this article. I copied, pasted, and quoted you on my FB page. Well said!

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