Post From KTFA By NOVA » May 17th, 2014, Good Evening,
Below is a copy/paste of part of an email sent to me by Memphis on Friday regarding this discussion.
With his consent to post it here, I submit that the following speaks perfectly to the reality of this latest news on FATCA.
“After a great deal of thought I conclude that FATCA is not TRULY delayed to 2016, that 1st article (blog) from Jeff Berwick was largely misunderstood (misapplied) by folks.
The threat of FATCA (and the damage done by it) is real NOW and the main issue here is that the deflationary effects of it are in no way delayed.
As Martin Armstrong states often, capital moves NOT in response to an event but in ANTICIPATION OF the event.
The IRS has already done the damage here as the world wide economy (already sick with a cold) is now sliding towards a fever with all the other side effects of a flu.
As we have discussed often, this is clearly a "last stage" manifestation of the decline of our nation and nothing more!
Our leaders are simply following the playbook of history as ANY developed nation falls into economic decline and turns against it's own citizens in the hunt for capital.
If folks could only wrap their minds around the basic truth that the nature of man (self interest and greed) never changes and this fact alone guarantees that America the will suffer the same outcome as all who came before.
Has the IRS delayed some penalties for banks? Sure they have but IMO in so doing they have actually made this invasive legislation an even greater monster!
They can now effectively hand select whomever they deem to be out of compliance and go after them.
Nothing is TRULY delayed here sir…."
I Agree There is No Delay, It Is Only Getting Uglier!! Nova
Concerning the FACTA here is another member post:
Post by agold » May 17th, 2014, Rick. Quick thought and question
As I understand is, foreign (offshore) accounts have not been made illegal with FATCA (remember even Romney legally had alot of his investments in these accounts), only the hiding of the accounts and their income from IRS?
Regarding the comment by someone who said many they know have given up their US Citizenship and another comment that other countries are getting on board the foreign income tax.
It seems this is part of the development of the "new" world economy and leaving one nation will not reduce or keep one from being taxed elsewhere? So we pay the appropriate taxes and live where we can be the most effective. If it be in the US and in Hawaii, so be it.
ricklibby wrote on May 17th, 2014, 8:35 pm: FATCA not only is set up to have all citizens who work out of country report income. but those that live in the US and their territories that have offshore accounts to hide their earnings [ie income on investments].
many that do this are the very rich and wealthy, then use it to have tax write off that most can not enjoy. I in essence i see no bearing with FATCA and holding physical tradable currencies in the us.
it does not come under foreign deposits and that type investment. IMO of course... rick
The Foreign Account Tax Compliance Act (FATCA) is a United States statute that requires United States persons, including individuals who live outside the United States, to report their financial accounts held outside of the United States, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their American clients.
Congress enacted FATCA to make it more difficult for U.S. taxpayers to conceal assets held in offshore accounts and shell corporations and to recoup federal tax revenues.[
1] The FATCA is a portion of the 2010 Hiring Incentives to Restore Employment (HIRE) Act.
 FATCA is designed to increase compliance by U.S. taxpayers rather than to enforce collection from foreigners.
FATCA requires foreign financial institutions to report information related to the ownership by U.S. persons of assets held overseas.