FACTA from the British View – Are you an American?

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Dear Martin,

Just opening a new bank account in the UK, and one of the questions is “Are you a US citizen?”

ANSWER: Those in government cannot see that Fair and Accurate Credit Transactions Act (FACTA) is destroying the world economy. The velocity of money internationally is dropping sharply by what appears to be approaching 50% of 2007 levels. Liquidity in the markets has also collapsed by 50% from 2007 levels. This is creating much of the deflationary pressure and lowering interest rates to stimulate business that cannot exist when hunting money; it just does not cross their minds as futile.The youth cannot find jobs and the elderly cannot survive on their savings. Meanwhile, the middle class keeps declining. It is a sad statement that just $827,000 in total assets puts you in the top 10%. They cannot create an economy by destroying what makes it work to begin with – the freedom to invest.