The Worst Law Most Americans Have Never Heard Of
By Tyler Durden
Submitted by Nick Giambruno via InternationalMan.com,
The government has criminalized so many mundane activities that the average American unknowingly commits three felonies a day. That’s according to a study by Harry Silverglate, a civil liberties lawyer.
This happens, in part, because there are plenty of awful laws most Americans have never even heard of. One of the worst of these little-known laws is the Foreign Account Tax Compliance Act (FATCA).
FATCA is a U.S. law that forces every financial institution in the world to give the IRS information about its American clients.
Complying with FATCA is a huge financial and administrative burden, measured in hundreds of billions of dollars. It’s a paper shufflers dream come true.
This is why the vast majority of banks, brokerages, and other financial institutions outside of the U.S. shun American clients. This, in turn, makes it much more difficult to move capital outside of the U.S.
Combined with other costly, extraterritorial U.S. regulations, FATCA amounts to de facto capital controls.
FATCA also highlights something important. As history has shown, a government’s destructive measures usually follow a certain progression. The steps it takes as it becomes increasingly desperate are detailed in the graphic below.
FATCA helps reveal how far along the U.S. is at the moment.
This is the general pattern nations follow as their fiscal situations deteriorate. Understanding it can help you take practical steps to protect yourself.
1. Fiscal health of the country is in trouble. This is apparent when, even by the government's own phony official statistics, the country is in serious trouble. However, the government will still distract the masses with “bread and circuses,” reassuring them that everything is fine.
2. Increasing regulations, inflation, taxes, and police state measures. The sheer amount of current and future U.S. government spending, coupled with disinterest in making any meaningful cuts, means that higher taxes and inflation are a mathematical certainty.
Thanks to a veritable mountain of rules, laws, regulations, and the ramping up of the War on Cash, the government can already essentially track and control every penny you earn, save, and spend.
Last, and most terrifying, are the near daily stories and YouTube videos illustrating a metastasizing police state.
3. Capital controls. Think of the government as a thief trying to steal your wallet as you (understandably) try to run away. With capital controls, the thief is trying to block all the exits so you can’t reach safe ground.
A government only uses capital controls when it’s desperate… when it can no longer borrow, inflate the currency, tax, or steal money in one of the “normal” ways.
In most cases, governments use capital controls in severe crises. Think financial and banking collapses, wars, or chronic economic problems. In other cases, they’re just a way to control people. It’s much more difficult to leave a country when you can’t take your money with you.
Regardless of the initial catalyst, capital controls help a government trap money within its borders. This way, it has more money to confiscate.
4. Broad wealth confiscation measures. After capital …read more
Source: The Worst Law Most Americans Have Never Heard Of
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