I read about how July 1 of this year could set the gears in motion for the collapse of the dollar. There will be a new law July 1st that is going to require all countries and everyone holding dollars to start paying taxes on the dollars they have. Won't directly affect us since we already pay taxes but it will indirectly affect us when all these countries are told to pay up. Everyone around the world knows the value of the dollar is declining fast, so why would they want to pay taxes on a currency that has no future? They probably won't. That will be the time everyone will start dumping the dollar, thus leading to the collapse of the dollar. Now more than ever is the time to start getting ready while we can.
So every other country in the world that uses the US dollar somehow came together, put together a union of sorts with totalitarian financial control, then secretly passed a law to tax the dollar starting on July 1? Seems legit.
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I read about how July 1 of this year could set the gears in motion for the collapse of the dollar. There will be a new law July 1st that is going to require all countries and everyone holding dollars to start paying taxes on the dollars they have. ...
You mean all of the Countries are going to agree on this? It will be the first time in history if they do agree.
__________________ Disclaimer: I have not slept in any hotel recently nor am I a certified web lawyer. Opinions expressed are by a cowpoke who believes the year is 1868.
Sorry for not posting all the details. It was a long article I read and just wanted to post about to see if anyone's heard anything. In 2010 house of representatives bill hr2847 was passed by congress. Well hidden in it is a provision called fatca (foreign account tax compliance act) set to happen July 1st 2014. Its basically stating every world bank must comply to the IRS. The article says they can do that because the dollar is the world reserve currency. Ill try and get a link to the article and post it on here.
The Foreign Account Tax Compliance Act (FATCA) is a United States act that requires United States persons, including individuals who live outside the United States, to report their financial accounts held outside of the United States, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their American clients. Congress enacted FATCA to make it more difficult for U.S. taxpayers to conceal assets held in offshore accounts and shell corporations and to recoup federal tax revenues. The FATCA is a portion of the 2010 Hiring Incentives to Restore Employment (HIRE) Act.
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I'd be more concerned about Russia retaliating against sanctions by dumping the Dollar and Dollar denominated holdings, especially if they can convince China to go along. Basically a financial WWIII, and one that we would ultimately loose.
At my age, rolling out of bed in the morning is easy... Getting up off the floor is another story.
many are looking to dump the dollar anyway; this applies only to US persons, as far as the banks holding american monies I see no reason they would get their undies in a bundle about reporting on thwe US citizens to to US. Other countries collect their taxes from funds held out of country that way already, so why would anyone get all excited. The only problem I see is if those wanting to dump the dollar already uses this as an excuse....
I heard Peter Schiff talk about this. He owns a bank in the Caribbean. He said that the law forces banks that have American citizens as customers to provide info to the IRS for ALL of their customers. Plus, it costs the bank more to do all the paperwork for members that are US citizens. Most banks will just dump accounts belonging to Americans. Schiff said that his bank doesn't accept US citizens as customers.