Breaking FATCA News: A Semi-Stay of Execution for Americans Assets And The US Dollar

by Jeff Berwick
Dollar Vigilante

The Illegitimate Revenue Agency (IRS) has just announced that the Foreign Account Tax Compliance Act (FATCA) has been postponed from July 1, 2014 until January 1, 2016.

This is good news in many ways for both those with assets that they wish to internationalize as well as for the dollar and US banking system itself but in many ways the damage has already been done.

FATCA, signed into law in 2010, ensures that, if you don’t tell the US government where your assets are and how much is there, your bank will no matter where that bank exists. FATCA has been acknowledged as the death of the dollar by many experts including our own FATCA expert, Jim Karger, who recently stated such at our recent TDV Wealth Management Crisis Conference in both Panama and Mexico. Many foreign banks simply won’t comply. The cost and risk of complying outweighs the benefit of accepting American clients.

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