Monday, May 26, 2014
Think the $17 Trillion is the worst ever? Sorry, think it is more like $28 Trillion!, but what do I know. Well July 1 is coming and with that is the following.
Just take a look at these government regulations & initiatives that are right now in the process of taking effect:
FATCA: As everyone has heard by now, the July 1st FATCA provision requires foreign financial institutions such as banks, stock brokers, hedge funds, pension funds, insurance companies, and trusts to report all U.S. citizens’ accounts directly to the IRS. The government can’t put its paws on your money if it doesn’t know where it is. The more information a government has on the movement, location & size of global citizen wealth, the more efficiently and effectively it can create legislation & systems to control that wealth. FATCA even requires reporting to the IRS by foreign private companies on any income made by a citizen of the U.S. whether they live here or not. And FATCA, once implemented, will negatively impact the U.S. dollar, the global economy, and our international relationships.
MyRA: In the State Of The Union Address – and coincidentally just as soon as the Fed started tapering their endless QE treasury-buying experiments – Obama announced the creation of the MyRA – your retirement money will now be used to pay for U.S. debt. The MyRA is nothing more than an investment scam being sold to the American people as a you-can’t-lose, zero-risk investment by the pitchman-in-chief himself. The reality is, since the Fed can’t conjure up money from thin air to buy the debt anymore, and our foreign friends don’t want our debt anymore, Obama needs to sell it to John Q. Public. Since the federal government has done so well at everything from delivering mail to affordable healthcare, what could possibly go wrong with jumping into the investment advisory business? Where do I sign up?
CARDS: The Financial Industry Regulatory Authority, which oversees how investments are sold, proposed what it calls CARDS – Comprehensive Automated Risk Data System – which is an electronic system that will regularly collect data on balances and transactions in all 4100 brokerage accounts nationwide. CARDS is disguised as a way to “protect” investors, but the system is clearly designed to have detailed information on the structure & location of every citizens’ investments. Since the government needs us to support its debt (because outside interests no longer do), wouldn’t it be convenient to know and control the structure or every investment portfolio in America?
So for the first time ever, The U.S. government is directing you where to invest your savings & retirement and has gained full access to the activity in every single citizen’s bank accounts, retirement accounts, brokerage accounts and trading accounts. The IRS will also have full visibility on any oversees accounts, income, equity or other earnings, effectively giving them access to all the wealth of every American citizen no matter where they reside on earth.