What this is
really about is forcing citizens to keep their assets onshore and visible. That really means taxpayers.
In the
meantime this has zero bearing on your offshore corporation which you secretly
control and operate as your private fiefdom.
That is all foreign of course. So
we have a brave press release of scant meaning.
A more
meaningful reform would be to insist that this information is all public
domain. Thus you would be able to screen
say Intel and track the actual names of buyers and sellers. You may think that this would create all
sorts of problems but that is nonsense.
If it is a real problem you do go offshore. The key is visibility and disclosure.
Offshore
trading will then become visible and speculated on if it happens to dominate
trading. I can tell you as an old
broker, just how important that becomes in terms of making clear decisions.
IRS
to Expand Financial Surveillance With Crackdown On Offshore Accounts
Crackdown will completely destroy financial
privacy
Kit Daniels
Prison Planet.com
May 6, 2014
A U.S. tax law taking effect this summer
will completely destroy financial privacy in America by forcing many Americans
to keep their investments inside
the U.S. where they can be easily monitored by regulators.
Set to begin July 1, the Foreign Account Tax
Compliance Act (FATCA) grants the IRS broad powers to coerce foreign financial
institutions (FFIs) to snitch on their American clients, effectively turning
them into agents of the IRS.
But the law has nothing to do with tax
evasion whatsoever. Rather, by scaring FFIs away from doing business with
American investors, it will force many Americans to keep their investments inside
the U.S. where they are more easily monitored, according to Porter Stansberry,
the founder of the Stansberry & Associates Investment
Research Conference.
“[FATCA] is all about the record-keeping
that is required and the requirement that these banks [FFIs] withhold taxes
from any transaction,” he said yesterday on the Alex Jones Show. “And there is
just no way that they can meet these requirements.”
“The government knows that, of course, so
what it’s doing is forcing a lot of investment in U.S. dollars back into
domestic banks.”
And concurrently, the Financial Industry
Regulatory Authority (FINRA), a non-governmental organization that regulates
American financial firms, is setting up a centralized database of
investor transactions occurring within the U.S. called the Comprehensive Automated Risk Data System, or CARDS for
short.
“FINRA claims they want access to your
account in real-time, so they can monitor whether or not your broker is
providing the ‘right advice’ for you,” Stansberry added. “But the reality is
that it’s now impossible for Americans to conduct investments with any privacy
whatsoever because they can’t use an offshore broker [due to FATCA] and now
FINRA’s going to have constant monitoring in real-time of every single investment account
in the country.”
And Stansberry isn’t the only investment
expert concerned with CARDS.
“This goes beyond mere concerns about Big
Brother,” said Henry Hu, a law professor at the University of Texas in Austin,
to the Wall Street Journal. “I think CARDS creates a new form of
systemic risk.”
Hu likened this centralized record keeping
of Americans’ financial transactions to Pearl Harbor, where “all the ships and
airplanes are in one place at the same time.”
“If you were a hostile foreign government,
you would immediately put some of your top people to work” on hacking CARDS,
he added.
And unfortunately, it doesn’t have to be a
hostile foreign government but just about anyone who would benefit from an
economic meltdown of America.
Alex Jones will make a rare public
appearance as a featured speaker at the upcoming Stansberry & Associates
Investment Research Conference in Dallas, Texas on Saturday, May 31. For more
information and tickets, please visit alexjonesdallas.com.
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