I just happened onto this bill HR 2847 that goes into effect July 1, 2014.
HR 2847 is Hire Incentives to Restore Employment (HIRE) Act which sounds harmless enough but deep in the bowels of this bill is the Foreign Account Tax Compliance Act. This law, is known as FATCA.
What FACTA does is it makes it nearly impossible for Americans to protect their assets in a foreign market or the powers to be would probably say evade paying taxes is the official reason. But when you start to think about it, the implications of this law are more menacing. So if you were to move out of the country, or put your money, IRA, stocks, bonds into a foreign bank, stock or bond, that overseas institution will have to report all of your activity concerning your assets. They will want to know the date and the amount of your largest account balance during the year. If the banks and other financial institutions don't comply the IRS, they will seize 30% of the banks holdings not just 30% of your holdings the whole institutions holdings.
This law will force foreign banks and markets to not want any Americans money in them. Who would want to make that kind of agreement with the United States IRS? In order for them to comply they would have to provide their government all the holdings of all the customers of their institution or have some way to determine who would be American or not. How would they prove this to the IRS? How can they comply with their privacy laws? This would force them to give the IRS all banking information of all their customers of each institution. Can you imagine what a foreigner would say if they knew their banks was releasing their assets to the US? Would that include account numbers? Would it give the IRS the ability to seize money for any account they chose whether American or not? So you can see that this is a very bad law!
We all know that the US is in a bad financial state and many expect a collapse any day now. Many have been trying to find ways to protect their money so that it is not all lost when the market and banks collapse. With this law in place, there is no converting your money or assets into any type of foreign asset.
Many large countries know we are living well beyond our means and some are starting to use other currencies for goods. Or they are replacing their American dollars with gold, oil, or other safe commodities. They are having secret meetings with how to replace the dollar as the world currency. Many don't realize just how bad this would be for Americans. The dollar being the world currency gives us the ability to print more money. If we lose that status we lose the ability to print more money. That means we have to live within our means and we have to have gold to back our currency. Many don't believe we have the gold. Germany has asked for their gold back and we didn't give it to them, we gave them just a small percentage of it and we informed them we would pay it back over the next 10 years. HMMM ...Even more alarming was it didn't have the stamp mark on it that Germany stamped on it before they sent it us. Then Germany asked to see their gold but was only shown one vault. That was a huge red flag for Germany and the rest of the world. But now there is no proof that we do have the gold.
Remember when Target card readers were compromised before Christmas last year? Many banks put restrictions on purchases, withdrawals, etc., to protect our accounts. But what many people don't know is the government step in and stopped all oversea wire transfers. At the time, I wrote an article suggesting that there is more to this than meets the eye. I felt this was an attempt to keep all funds of Americans in the US. Well now I know it was.
Now all the oversea financial institutions are forced to dump our money back into American assets. Why would the US government sneak this into a unrelated bill? Why do you think Obama is spending money like crazy when he has to know this? Why would they make it impossible to wire your own money overseas? Why has the price of gold and silver gone through the roof several years in a roll, this has never happened before. I believe it is to bail out our collapsed dollar when it collapses and to steal/confiscate all our wealth. As you can see it will collapse. The banks, the fed and the stock brokers are all not telling us the truth. If they are it isn't hitting the mainstream news.
Overnight we will lose most if not all our money. We will wake up probably on a Saturday and start hearing the banks are closed, we have no access to our money. Trucks stop delivering food, airplanes will be grounded. It will get scary and our Presi"debt" will call Martial Law. After all what else could he do? No more money, food, water, gas, food stamps, welfare. free phones, social security payments, no Obamacare, nothing will be available. What would our government be forced to do? Round us up? Confiscate our food, or personal property? Give China and our other debtors our property? Limit us on how many children we have? Will we have to make a deal with the UN? The implications are staggering.
We have been set up and it is worse than I ever imagined. God help us all!
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