FATCA: Economic Warfare

With the looming hostilities in Crimea and the Ukraine versus Russia, it's not surprising to find the old Cold War adversaries jawing at each other across crossed swords. But as much as the USA tries to paint the Russians as being the bad guys this time around as last - the United States isn't the squeaky clean image that it purports itself to be either. Fresh off the Benghazi debacle, the NSA wiretap scandal, IRS targeting of conservative groups, FATCA and other hostile acts by this American government, the USA's image has been tarnished quite considerably.

So far, the United States is 17 Trillion in debt and that number is rising dramatically quickly. It is an economy that is sinking rapidly no matter how many pundits try to pontificate to the opposing viewpoint. Jobs are not being created - unless they are McJobs (part-time; temporary) and the economy is slowly deflating. For example Rhode Island's unemployment rate is at a staggering 9.1% as per this article by ZeroHedge.

"No, Janet Yellen, The Economy Is Not Getting Better

As one can see in this graph both Democratic and Republican administrations have contributed greatly to the National Debt. Treasury Yields have dipped significantly, GDP has declined in the past ten years and people are saying that the economy is recovering? In normal parlance anyone who reads a graph in decline and says that everything is improving would be fit to be hogtied, slapped into a strait-jacket and shoved in a rubber-lined room for their own protection.

Let's see. Obama signed the Hire Act in 2010 to rounds of applause validating "entitlement" of other people's income who don't even use US infrastructure by the extraterritorial implementation of the Foreign Account Tax Compliance Act otherwise known as FATCA or perjoratively known as FATCAT. This is implementing United States law and forcing foreign nations to comply with US law world-wide. Normally this would be grounds for war with the blatant violation of other nation's sovereignty. But the United States is riding forward on the idea that no-one will oppose this because (a) no-one likes tax cheats (b) no one wants to oppose the United States due to its good-will around the world and the fact that if one chooses to oppose them, the United States will target their military on them. Of course they won't come right out and say that, but it's implied. "Oppose us and suffer". Needless to say the IRS and Congress know that most governments are spineless at best and self-serving at worst and tacking on a 30% fine on US earnings to non-compliant FFI (Foreign Financial Institutions) for not reporting their United States tax slaves to the IRS was just icing on the cake. Plus on top of that the Department of Treasury will happily stick a $10,000 fine (non-wilful; $100,000 wilful) for failure to file an FBAR. Needless to say most of the Dept of Treasury assessments will find the failure to file FBAR wilful. Oh, there's no getting around that. After all, the Mighty USA is always right.

Meanwhile, Canada's government (the Progressive Conservatives) in the hopes of saving their own sorry skins and pandering to the banks have thrown the majority of "accidental Americans" (Canadian duals and Canadians born to American mothers in Canada) to the wolves (the environmental wildlife photographer in me protests comparing these political Conservative scumbags to wolves who would be insulted)

It is a sad state of affairs when we look to China and Russia to uphold the bulwarks of "freedom". Push the two nations who have nuclear weapons that can oppose the United States on their economic war and we will see missiles fly.

Economic War is just another form of warfare and the United States upon signing the Hire Act declared war on each and every other nation in the world. Let's hope to heck that FATCA can be repealed and the nonsense that it spawned can be contained or we will not survive; once Russia and China realize that this is absolute WAR.