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nbruno322
08-28-2013, 08:30 AM
What is the worst law that most Americans have never even heard of?

There are plenty to be sure. So many mundane activities are now criminalized that the average American unknowingly commits three felonies (http://www.amazon.com/Three-Felonies-Day-Target-Innocent/dp/1594035229)a day. But in this case, I am referring to FATCA, which most Americans have never heard of (though regular IM readers should be familiar with it by now).

In case you are not familiar with FATCA, it is a US law that forces every foreign financial institution in the world to provide the IRS with information on their American clients. It is hugely burdensome and costly to comply with. It has had the effect of making the vast majority of foreign banks, brokerages, and other financial institutions shun American clients, effectively making it much more difficult to move capital outside of the US. Taken together with other costly extra-territorial US regulations, FATCA amounts to a sort of de facto capital control for American citizens.

Anyway, the reason I am bringing up FATCA (you can read more about it here (http://www.internationalman.com/78-global-perspectives/987-the-devolution-of-financial-privacy)) is that it helps to reveal something important.

History has shown that the destructive measures a government usually takes follows a certain order of progression as it becomes more desperate. The steps are detailed in the desperate government countdown below. FATCA helps reveal how far along the US is at the moment.

The purpose here is to simply understand the general pattern that nations follow as their fiscal situations deteriorate… and see what pragmatic steps we can take to protect ourselves.

CONTINUED......

http://www.internationalman.com/78-global-perspectives/995-the-worst-law-most-americans-have-never-heard-of

http://www.internationalman.com/images/2013/08/hourglass1.jpg