Yet another reason why FATCA is utterly retarded

Jon Alternative Media, Banking, Economy, Fiscal Policies, Government

September 25, 2014 Sovereign Valley Farm, Chile
For the last four years we’ve been railing against the Foreign Account Tax Compliance Act as one of the dumbest, most arrogant laws ever passed in the history of the world.
FATCA, as it’s known, was signed into law in 2010 in an effort to ‘clamp down’ on tax evasion. That’s the official story.
There’s no shortage of statistics out there which say there’s anywhere from $21 to $32 TRILLION ‘hidden in offshore accounts.’
I always retain a healthy skepticism of these numbers.
I mean, that’s 30% of the entire WORLD GDP. It’s more than TEN TIMES the amount that Google, Apple, and all the big tech companies are hoarding in cash (also overseas).
It’s more than SEVEN TIMES the size of the US Federal Reserve’s balance sheet. And it’s TWO THOUSAND TIMES the current M2 money supply of US dollars.
These estimates are seriously unrealistic, and I’m throwing the bullshit flag.

This post was published at Sovereign Man on September 25, 2014.