Blog/USA Current Events
Posted May 19, 2015 by Martin Armstrong
Believe it or not, a bell ringer in Britain (someone who rings the church bells) sought to move the account of their association. He had to fill out a form to open a bank account and it had to comply with U.S. law. He ticked on a box “no” when asked “Does your business generate more than 50pc of its income from the creation/sale of goods and/or services?” He was then informed that he now had to fill out a FATCA (Foreign Account Tax Compliance Act) form in a British bank, which is an American law. British banks must comply with FATCA since July 2014. It requires all financial institutions to undertake reviews of customers’ tax residency details or face a 30% penalty on their U.S. operations. FATCA is totally unconstitutional, yet it would be hard-pressed to find a federal judge who would ever rule against it. They do not bite the hand that feeds them. We desperately need to revamp the legal system from top to bottom. The arrogance of the Supreme Court, declaring they get to pick and choose what they want to hear, is a complete denial of any right to a rule of law.
The USA’s chief exports are McDonald’s hamburgers, Levi jeans, American rock ‘n’ roll, and law.