By: Charles Benninghoff
FATCA, a massive tax increase passed by the Democrat majority that controlled the House and Senate back in 2010 is set to go into effect July 1, 2014.
FATCA, the Foreign Account Tax Compliance Act could actually collapse the U.S. dollar after it goes into effect. Talk about unintended consequences. Read more about how FATCA will have devastating effects on Americans here.
Obama is declaring economic war on the rest of the world through this tax increase and yet most Americans have never heard of it.
FATCA was so ill conceived that if it goes into effect as planned, it could lead to the end of our way of life in America. Americans could wake up to find that the money in their bank account is suddenly worthless and devalued to the point where they could not buy anything with it.
There is a good chance that the House Majority will vote to repeal FATCA if Americans raise their voices against it. Many Democrats are starting to back away from this act as well, because they do not want a tax increase to go into effect right before the elections.
Some Members of Congress are finally starting to see the writing on the wall, as the dire predictions of FATCA are coming true. For example, China, Russia, Brazil, India and South Africa are all moving away from using the U.S. dollar in trade with each other and with other nations.
This is the most serious threat to America that Obama has ever attempted and we are just month away from it happening!
Here is what is going to occur, starting on July 1, 2014:
1. FATCA forces all worldwide banks to comply with the IRS if they have any transactions in U.S. dollars.
2. Because the U.S. dollar is still the world's reserve currency, ALL COMMERCIAL BANKS must comply with FATCA.
3. In order for bank to comply, either they can spend a fortune segmenting, tracking, and potentially "taxing" their U.S. dollar transactions by as much as 30% or they can simply get rid of all of their U.S. customers.
4. In other words, the Obama regime is saying to all commercial banks around the world: If you deal in U.S. dollars in any way, you have to give us full, unlimited access to all of these transactions or you have to get rid of all of your U.S. customers.
5. FATCA means more and more worldwide commercial banks will move AWAY from the U.S. dollar, accelerating the already rapid worldwide move away from the dollar as reserve currency.
6. FATCA makes it extremely difficult, if not impossible, for you to get some of your money out of U.S. dollars, and into more stable currencies via foreign banks.
7. Two of the largest banks in the world, JP Morgan Chase and HSBC, have eliminated international wire transfers. Many small banks have reportedly followed suit. This has affected Americans’ ability to buy services unavailable in the U.S. if they bank with Chase. Many more banks are expected to outlaw international wire transfers, during the run-up to July 1st.
8. These clear examples of capital controls are what a broke and desperate government does when it knows the value of its currency is about to collapse.
Astute Americans have seen governments around the globe pull these stunts repeatedly... right before a currency devaluation or collapse. Find out how you can help stop FATCA from going into effect here.
Now, it is happening in the United States of America.
FATCA is about as unjust as it gets! The value of the money in your bank account could vanish overnight if every foreign country dumps its U.S. dollar holdings. In addition, Obama has given these nations a target date, and good reason, to do it: July 1, 2014.
Obama is so desperate to reclaim just a tiny bit of tax money that corporations are now holding overseas -- to avoid the United States' corporate tax rates, which are the highest in the entire world -- that he will destroy the entire country if we don't stop him.
The threat is THAT serious!
If you do not want to see the collapse of the U.S. dollar on July 1, 2014, you can urge Congress to repeal FACTA here. Since most Americans have not even heard of this tax increase, please also share this link with everyone you know so they can be informed and help get FATCA repealed too.