Posted Feb 2, 2015 by Martin Armstrong
COMMENT: My wife took our 4-year old Alex to the bank today to open a savings account for him with his piggy bank of about 10k baht ($333.00). The teller noticed he was half Thai and asked if he was American, to which she said he was both Thai and American.
The teller: “We won’t open an account for him because we have to report him to the IRS.”
So my wife said “open it as a trust account as a Thai citizen.” The teller: “Can’t do that. It’s evading U.S. regulations.”
End result: Alex can’t open an account here.
Amazing, simply amazing.
REPLY: FATCA is the worst law perhaps in history. It is prejudicial to Americans and it is wiping out the world economy at an incredible speed. It is also forcing Americans to abandon international business and bring all money home even if they have never lived here. Another ex-pat lives in Switzerland for 20 years with her husband. When her parents died she went to the bank to ask them to manage her inheritance. Not only did they refuse to accept money from an American, they closed her local account.
But these morons are only interested in hunting down money. They see only their self-interest and to hell with everything that was fundamental to creating the world economy we live in today post-WWII. The truly amazing problem is these clowns do not know how to run even a local mom & pop store for they have zero management skills. This is like walking into a store or a bank and they rob you. They are constantly extorting customers because they need more money. And then they blame the rich. Just unbelievable.
The world economy is imploding and we cannot hide under the covers. They are not even intelligent enough to comprehend what they are doing. This is getting really really really bad. There is no place to hide from this economic storm cloud. We need desperately to make everyone understand what the problem is for when the crash comes, they will start a man hunt to find the cause but they are incapable of looking in the mirror.