It's Official - America Now Enforces Capital Controls

[Vessol]

http://www.zerohedge.com/article/its-official-america-now-enforces-capital-controls
http://johngaltfla.com/blog3/2010/03/29/if-you-can-leave-the-united-states-i-would-suggest-you-get-out-now/

[sevin]

So basically this means you can't move your money to a foreign account to avoid taxes?

[torchbearer]

So basically this means you can't move your money to a foreign account to avoid taxes?

or more like, if you move your accounts you get taxed?

[angelatc]

In brief, the Provision requires that foreign banks not only withhold 30% of all outgoing capital flows (likely remitting the collection promptly back to the US Treasury) but also disclose the full details of non-exempt account-holders to the US and the IRS. And should this provision be deemed illegal by a given foreign nation's domestic laws (think Switzerland), well the foreign financial institution is required to close the account. It's the law.

So they're writing international law now? What sucks is that the other countries will acquiesce.

[Rael]

Thats ridiculous, trying to tell other countries what to do. lol

[Chester Copperpot]

So basically this means you can't move your money to a foreign account to avoid taxes?

Just make sure your money is constitutional.

[RileyE104]

I read on another site that this is what countries do before things get REALLY bad.

Any truth to that?

[TinCanToNA]

I think this is being over-hyped. It appears to be more of a way to close a tax loop-hole. We'll see though.

[Vessol]

I read on another site that this is what countries do before things get REALLY bad.

Any truth to that?

Basically it's stopping people from transferring their Capital(wealth) outside the country if they are wanting to flee/leave.

[Anti Federalist]

I read on another site that this is what countries do before things get REALLY bad.

Any truth to that?

Yes. There is truth to that.

Watch out when controls on personal capital leaving the country start to go into place.

[Old Ducker]

From a blog comment:


The precursor to most major shifts within western civilization have always been the restrictions placed on the flow of capital. Without going off into woo-woo land on you, all I can say is that this is a warning shot that something major is about to occur which further restricts the freedoms of the citizens of this once great nation. When I did my radio show, I warned that this one event, a key moment or marker in any nation’s history was something to be taken deadly seriously. In my opinion it means that a currency realignment or change or outright revocation of rights taken for granted was certain with a 90 day, maybe if we’re lucky, 180 day window.

[awake]

I Think its time to create the underground wealth rail road.

[Inflation]

I Think its time to create the underground wealth rail road.

Hawala - Wikipedia, the free encyclopedia


Hawala (also known as hundi) is an informal value transfer system based on the performance and honour of a huge network of money brokers, which are primarily located in the Middle East, North Africa, the Horn of Africa, and South Asia.

http://en.wikipedia.org/wiki/Hawala

[LibForestPaul]

peaceful revolution hurrah

[silverhandorder]

I asked my mom. She said thats BS. She claims that it's a withholdings tax on anyone who makes money here but works abroad. They just closed a tax hole. Can anyone explain why her reasoning is wrong? Because when I read the article it lead me to beleive that if you take your money out they will tax it, making it extremely unatractive to leave.

[Vessol]

I asked my mom. She said thats BS. She claims that it's a withholdings tax on anyone who makes money here but works abroad. They just closed a tax hole. Can anyone explain why her reasoning is wrong? Because when I read the article it lead me to beleive that if you take your money out they will tax it, making it extremely unatractive to leave.

That was my impression as well.

It's seems an artificial way to keep capital centered here and punishing those who wish to move their capital elsewhere.

[FunkBuddha]

Hawala - Wikipedia, the free encyclopedia



http://en.wikipedia.org/wiki/Hawala

Thanks for that. I've been trying to remember the name of this system for well over a year now.