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Old 03-28-2010, 02:00 PM   #1
leistb
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Default U.S. Citizen and Want a Foreign Bank Account? Think Again.

Reporting requirements of foreign financial institutions buried in recently passed and signed-into-law jobs bill can be found here.
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Old 03-28-2010, 06:47 PM   #2
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No good motherf*cking sobs.

This is a BIG effing deal. Welcome to the beginning of complete and total control.
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Old 03-29-2010, 12:25 AM   #3
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FBAR has been around for a long time.
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Old 03-29-2010, 10:15 AM   #4
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Not to this extreme.

I am no doomed but this IMO is one of the most ominous things to happen in a long time.
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Old 03-31-2010, 11:45 AM   #5
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Default Capital Controls Come To America

Water boils, frog sits tight. Why in the world would a good Nazi, ahem, I mean patriotic American, want financial privacy?

http://www.zerohedge.com/article/its...pital-controls

Apparently the exit tax wasn't enough.

http://baumanblog.sovereignsociety.c...ear-later.html
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Old 03-31-2010, 03:22 PM   #6
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Quote from ZH
Quote:
Provision requires that foreign banks not only withhold 30% of all outgoing capital flows (likely remitting the collection promptly back to the US Treasury) but also disclose the full details of non-exempt account-holders to the US and the IRS. And should this provision be deemed illegal by a given foreign nation's domestic laws (think Switzerland), well the foreign financial institution is required to close the account. It's the law. If you thought you could move your capital to the non-sequestration safety of non-US financial institutions, sorry you lose - the law now says so. Capital Controls are now here and are now fully enforced by the law.
Too early in the morning for me , more coffee .

I have read this article multiple times and I am still unsure of how it could work .

No bank can accurately track the flow of funds at the individual account level . What about transfers between
multiple accounts at the same bank , inflows from overseas , inflows from unknown sources etc etc
What absurdity .

Therefore a foreign bank could at best hope to hold a pool of money roughly equal to their possible liability .

It seems to me foreign banks are not likely to refuse transfer of US funds , rather they are likely
to charge US customers substantially more because of the associated overheads and possible liabilities .

More coffee I think , may even go back to bed .

Late post coffee edit .
- Not effective as a means of stopping capital outflows , therefore the article is misleading .
- Imposes impossible difficulties on foreign banks , surely there will be a court challenge .
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Last edited by Ross; 03-31-2010 at 04:33 PM.
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Old 04-01-2010, 10:37 AM   #7
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Also being discussed here: http://thisbluemarble.com/showthread.php?t=25830

I originally posted this in the Politics forum. It was a toss-up for me as to which it was.
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Old 04-01-2010, 10:54 AM   #8
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My mistake—didn't see it. Mods, merge threads, please.

Edited to add: thanks, and damn, that was fast.
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Old 04-03-2010, 11:15 AM   #9
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from a newsletter:

“The HIRE Act isn't about capital controls,” Mark continues, “at least not directly. It's about enforcing IRS rules. You can still have money offshore if you report it and pay tax on it. The challenge will be to find a bank that will let you open and maintain an account.

“However, with this law, if the government ever imposes capital controls or foreign exchange controls, it will have a much more complete picture of assets U.S. taxpayers have stashed overseas. It could then try to force repatriation of these funds, although as a first step I believe the government will simply impose a tax on all outgoing capital flows, as Mr. Durden postulates. Fortunately, we're not there...yet.
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Old 04-13-2010, 02:20 PM   #10
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And the fingers are getting a bit longer...
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Old 04-14-2010, 06:23 AM   #11
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It is not just money that wants to leave , so does talent .


Extracted from full article ....
Quote:

Talented individuals are fleeing the US

The next little vignette I will share with you relates to a shocking "brain drain" here in the US. In the recent past, Ninety-two percent of Chinese Ph.D.s in science and engineering would remain in the United States for at least five years after their studies - and 85 percent of Indians.

But last year, four researchers from Duke, Harvard, and Berkeley conducted a survey of more than 1,200 foreign-born students. The percentage of Chinese who plan to stay in the US after graduation is now just 54 percent, while the number of Indians who expect to remain is just 58 percent.

What's more, only seven percent of Chinese students surveyed and 25 percent of Indian students believed the American economy's best days still lay ahead. But overwhelming majorities of both Indian and Chinese students believed their home country's best days still lay ahead.

Now they could be wrong. But we're talking about a sliver of the talent pool that has a good sense for labor market trends and a good sense for where opportunity lies globally.

http://www.dailyreckoning.com.au/tra...ld/2010/03/30/
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