July 1st 2014 H.R 2847 also known as “FATCA” goes into full effect. This bill will challenge the way the Dollar is used worldwide. There are some that predict the dollar will crash on July 1, 2014. I do not believe it will, although I believe after a year of this bill being in full force it could collapse the dollar due to the IRS taxing every bank worldwide that is using the American Dollar. What have you all heard about this bill?  Do you see the Dollar crashing?

Wat?

I sure hope not, that's what I get paid in.

Will sure will will we will see

Did you get this from Infowars?

What I found on google - since OP is a 14er'

and why would a foreign entity participate except in the least meaningful way.  This is nothing more than a shakedown, but banks have the ability to create the funds and data needed to comply with the shakedown, so why would they not just do the bare minimum required to keep everyone involved happy.

Let me ask the Myans...

Like you, I don't believe it will result in a crash.

It will just be another sandbag weighting down the dollar hot air balloon.  (That hot air is cooling quite a bit).

Might help bitcoin.

This won't go the way the U.S. or the IRS wants it to. If they cut off enough banks they will all collectively tell the U.S. to go fuck themselves.

What this means to me is a shit ton of very rich people with assets off shore are going to renounce citizenship and tell the U.S. to FOAD. It will cost us tax money.

No ... I was forward an email that talked about the bill. I been researching it ever since. Instead of getting very technical I am trying to make it very basic.. lol Was it also on Info wars?

No. Scare talk from people who want you to invest in their non-monetary assets, such as gold. Don't be a sap.

Tyrendeth,  This has absolutely nothing to do with the topic posted by the OP.  You probably have the best fucking avatar I have seen in a long time.


Back to the original topic.  The dollar is still king and will be for a while longer, BUT .gov and the IRS is doing nothing more than trying to screw people over in order to get their greedy hands on more revenue and it will eventually backfire on them.  I hope the overseas banks tell them to get fucked.

Just when I was starting to have hopes for the next generation of Arfcomers.

No.  Currency trades like a commodity and all publicly available information is factored into the price.  You can't time the market.

Exactly.


And

The federal reserve note can die under these conditions:

1) Petro-dollar dies (Russia takes Euro or Yuan or both as payment for their oil or gas, Saudi decides it doesn't want the dollar, China dumps the dollar as a block, etc.)
2) Interest rate increases.  Our economy crashes.
3) Derivatives market crash.  Our economy dies.

Mind you, the dollar will still have value, but it may be only 1/5 of the purchasing power it enjoys today.  You may thank the Osama Bin Ber Nank and Yellen the Felon for their Quantitative Easing.

Not just them. It includes working stiffs like me. FATCA's reporting requirements will make it increasingly difficult for all Americans living outside of the country to continue to live as Americans. The penalties alone can wipe out a person's savings and investments.

The biggest effect though will be on people who happened to be born on US soil, but lived their entire lives as Canadians, for example. There are a lot of Canadians who were born as border babies, due to the proximity of the nearest hospital to where their parents lived. They are 50-60-70 years old now, lived their life in Canada, worked, saved, and were taxed as Canadians. Problem is, the US considers them US citizens, who should have been filing 1040s and reporting all their bank accounts and assets all these years.

Guess what? After the penalties, they are potentially left destitute.

As to your first point, banks are already telling Americans to take their business elsewhere. How are you supposed to live and work without a checking account? This will turn out very bad.

Go to the Isaac Brock Society if you want more concise information.

What if the foreign banks said FBHO we are not going to report shit to you

What could the US do?

Lol

Edit: For extra highlight.

Alex, is that you?

People that "lived their entire lives as Canadians" are Canadian.  The USA won't bother them.  



 

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First Rule of foreign travel is to own more then one passport. If you have to get out of a country and go to another more friendly country and you have multiple passports you can do this if countries are looking to hurt folks with US Passports.

Second Rule of foreign travel is to open up a bank account using your other passport and NOT your US Passport. The foreign bank will not identify you as an American to the IRS if the account is opened on a non-US passport.

Lastly, the Dollar will collapse of its own over printed weight one week after the other major World Banks stop using the US Dollar as the World's Reserve Currency. Currently the US Dollar is required to settle Debts between countries. So when Argentina pays a Debt owed to France, it must pay that Debt in US Dollars. Because the US Dollar is the World's Reserve Currency and how Debts are paid between Banks. It is the same reason that Oil is priced in US Dollars. It is also the ONLY reason that the United States hasn't already collapsed under 18 Trillion Dollars of Debt. We can just keep printing money! We are the only country that can just keep printing money because all other countries are required to settle their Debts between countries as well as the US only with US Dollars. So if we owed Germany 500 Billion Dollars in 2005 and had to pay it back in 2015, big deal, as it would be paid back in Quantitative Easing Devalued Dollars or by just printing more Dollars to pay the Debt. Once the other countries get fed up taking devalued Dollars they will agree on a new Reserve Currency and the US Dollar will collapse because its only worth 3 cents compared to what it was worth when the illegal Federal Reserve Incorporated was created in 1913! It only took 100 years to destroy the US Dollar and this country.

The true price of an Ounce of Gold would be $10,000 if US Dollars were actually backed up by Gold and not a printing press! This is the reason our currency is a faux currency and why other Countries Banks want to eliminate the US Dollar as the World's Reserve Currency. These other World Banks are also being smart in talks about replacing the US Dollar, they want a basket of multiple countries currency as well as Gold to become the new Reserve Currency so that no one country can just print money like America currently can!

TY for the info, I'll check it out. I wasn't intentionally leaving out the little guy, I work with a lot of Canadians with dual citizenship and I know this will affect them just as much. I was simply trying to state that they are doing this to target those with substantial assets outside of the U.S. and these are the people who will have no trouble telling the U.S. to FOAD. This entire thing reeks of France and their 70%+ tax rates for the rich, and we all know what happened there. Anyone with enough money to walk will do so and laugh at us on their way out.

I encourage you to share every forwarded email you receive with arfcom GD. It is always sure to add welcome fodder to the lively discussion that is GD!

Saw it on the internet so it must be true.

Dollar = Reserve Currency





Strong Dollar = Dollar Index above 100.00 = Higher Interest Rates = Lower Priced Commodity Pricing = Asset pricing determined by Supply & Demand = Real Values





Weak Dollar = Index below 100.00 = Low Interest Rates = Inflated Commodity Pricing = Asset pricing determined by how the FED acts = Artificial Values





It doesn't matter how or if Nations use OUR Dollar, it will always set the Pricing of almost everything, or at least until WE lose the next War





There are no alternatives, since, the world has adopted a Globalist Position, so as Nations try to stop participating in this system, their citizens are left to live through hyper-inflation and misery, i.e. Venezuela, Russia, Iran.





Fortunately, It's not as easy for the World to 'Dump' OUR Dollar as many seem to imagine.


OUR Dollar has become a Nuclear Bomb & Mutual Assured Destruction keeps everyone playing this game of 'chess', in my opinion

 

What could possibly go wrong with a bill called FATCAT.

Tag.

There is a reason the BRICS have been accumulating all of the gold reserves; they will drop the petro dollar, it's just a matter of time.

This is correct. The US Dollar rules the world for two simple reasons. Oil pricing and the size of our blue water navy.

Transactions are denoted in dollars. The ports of the world are protected by the US.

This is true, for now. This is exactly why China is ramping up their naval building. When the time comes to dup the dollar they won't have to fight us over it, we will be so broke due to the QE inflation we wouldn't be able to sustain a conventional war so any fighting between us would be minimal.

There isn't enough Gold to cover the Debt held by the world; Think about that, only a very small segment would benefit.

That would be a bigger farce than what Central Bankers are currently attempting.

Gold has a role in protecting/building wealth, but it will never return to its reserve status.



You're missing the point, Nations can drop the petrodollar with no adverse effect, it would complicate transactions for some, but OUR Dollar still dictates its pricing; That's Power & OUR Dollar still represents Freedom.



Who's going to replace the Last Nation that defends Individual Liberty?

Imperial Japan?

Socialist Europe?

Tyrannical Russia?

Communist China?

Don't just look at this moment of History as the way things will permanently be; the Corruption is Failing, Not OUR Constitution



The World seeks Freedom, and WE are the only Nation with a Document that Guarantees it.

WE have become Spoiled & Lazy, but sometimes 'Pain' teaches US the best Life Lessons



 

How China's Stunning $15 Trillion In New Liquidity Blew Bernake's QE Out of the Water

 
 

It's not as scintillating when you stick to the facts.

The USD is a fiat currency. Historically, all fiat currencies eventually go to zero, *no exceptions*. The USD has been a fiat currency since, what, 1971? Historically, the average life expectancy of a fiat currency is appx 40yrs. Do the math...
Tomac

/Thread you sir are a scholar

It has nothing to do with the dollar. It is assets held by U.S. citizens abroad, usually not even denominated in dollars.

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This is NO Longer True! The Size of our Blue Water Navy was cut this week. It will be below what it was BEFORE World War One by 2017. History shows that the decline of EVERY World Power has been when their currency was out of control and they were no longer the world's largest Navy (which is where we are headed in 3 years).

OPEC has already explored how to get rid of the US Dollar because every time we print unbacked Dollars they have to raise the price of a barrel of Oil because the Oil is still worth what it was, but the Dollar is worth less. Over the last 6 years, $38 of the current price of Oil is due directly to the Fed having printed $7.2 Trillion in unbacked Dollars! OPEC is going to go to a Gold System or the BCRIJ currency basket IE the new dream for a new World Reserve Currency. Since 2009, OPEC along with Russia, China, India, Turkey, Brazil, and Venezuela have transacted ALL business in their currencies instead of US Dollars when dealing with Oil. China and India have been buying oil from Iran using spot Gold price minus 50 dollars.

Recently declassified documents show that Russia and China have been in talks to destabilize and even collapse the US Dollar for the last 15 years. It is no longer if it is going to happen but when!

Better start watching Venezuelan TV, because the same thing is coming to a grocery store near you! If the trucks stop rolling for even a week, all the grocery store shelves will be empty is three days. No major city has more then a 3 day supply of food, its all trucked in daily. Are we going to wake up to this tomorrow, no we are not. But who thought they would wake up to the housing bubble, all the banks going under or being bailed out, GM and Chrysler going under, and idiots thinking that a Government Stimulus by the Government which doesn't make, sell, or create jobs or wealth would be able to help.

I'm not disagreeing with what you are saying, however the only thing backing our currency now are our guns. We keep piling up debt and devaluing our currency while cutting the one thing keeping us in that position of power, our military. It won't last forever and the BRICS, hell the world is hedging against us. Historically ALL fiat currencies have failed, the vast majority in under 30 years of becoming so, the only reason ours has not is because we will kill anyone who tries to dump it a la Hussein and Gaddafi.

You're absolutely right about the debt, it will never be repaid. With that being the case the only logical step would be a debt wipe, were that to happen the world wouldn't tolerate a fiat currency as a reserve after the dust settles. They are hedging, any currency needs to be backed by something to succeed. The world will shift back to a resource backed standard, whether or not it is oil, gold, gas etc. It will happen and they are positioning themselves to have a solid base in it.

I do not share your optimism on freedom however, if the rest of the world wanted it so much we wouldn't be the only nation that truly had it.

Never in History have Global Economies been so intertwined.

OUR Dollar is could be the exception



 

They didn't start the game, they are just joining in, it's no different than Japan either.

Futures markets say no.

I just bought a XXL Tin Foil hat with Bit Coins

You honestly think all those Oil Producing Nations want a Strong Dollar?


They fear the Day WE actually raise OUR Rates, and end their cash cow.


Since OUR Inception, Nation's have plotted OUR Demise...Nothing New.


They can not collapse OUR Dollar without completely destroying/'destabilizing' their own Economies; Is there really any Nation Prepared for what you describe?


All Nations are doing the same things, hence the reason for this never ending, Depressed 'Recovery'


WE won, forgave debt, were inclusive & helped Rebuild...Who exactly owes who?


They could have agreed to trade in Horse$hit, WE still would be the shot callers.





 

I'll just say if Obama thinks it will help, everything should be OK. Unicorns and butterflies.

Reality says it will help like everything else he's done. One more little weight to help drag the economy down. I don't see a crash yet. But we can't stay on the path we're on forever. If the trend continues how does 40 T in debt sound by 2024? You'll be making $30 to $50 bucks an hour and still trying to stay afloat.

Nothing will happen until after November 8, 2016.

Dude every time i see that picture I want to throw up