[pp.int.general] FATCA

[Thomas Blechschmidt]

>
>The wikipedia article [1] says that banks will be required to report
>only transactions of USA persons - but I read elsewhere [2 - in Polish
>unfortunately] that what is in fact being implemented is reporting all
>transactions of everyone to the american authorities  and there the USA
>IRC is obliged to filter out the data of people who have not been in the
>USA. It looks like the EU Commission has already recommended
>implementation of this to all EU countries.
>
>http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act
>http://otwieramkonto.pl/blog/252-fatca-czyli-acta-bankowosci
>
>
>--
>Zbigniew Lukasiak
>http://brudnopis.blogspot.com/
>http://perlalchemy.blogspot.com/

Hey Zbigniew,

I don't see it that hard. US want to increase their tax revenue and they
estimate a certain number of US-Persons (Citizens and non Citizens with
residence in USA) hiding assets, values and income in Foreign countries.

I consider it legitimate for any government to insist that citizens pay
their taxes. The amount and the use of those taxes is another affair.
Citizens should take part in elections and show engagement instead of
turning around and retreat in total privacy.

The remarkable point is, that US act very selfish in that question. Instead
of sharing the tax revenues with the countries where those assets and
revenues are realized, they want the whole cake for their country.

In Germany e.g. this is different. You make money outside? So, you have
either to prove that you already paid taxes abroad or you pay in Germany.
This ways german government even closed a tax gap, when it ended the
tax-free proposition of so called difference negotistions. For example: A
german company or even private person bought 10.000 kg angus meat in
Argentina and sold it in China. The difference they made was tax free,
because with none of those countries we had tax agreements. Smart people
made millions this way, using the security of our countrys infrastructure.

What I didn't find in that article, is, that US wants everyone's data to be
reported. Where did you red this? I also didn't find the EU-Comissions
recommendation.

I think, the writer of this article didn't see, that the bank he or she is
talking about do the reporting on voluntary basis and they just implemented
it into their terms of trade. I'm pretty sure that those banks are heavily
connected with US-Banks oder US Financial institutions.

They article sounds like a kind of conspiracy theory.

Anyway, the proliferation of private data already exceeds any tolerable
size. The point is not, that the exchange runs between governments. The
point is, that we cannot control the use of those data collected and stored
somewhere. We don't know who has access. Big financial institutions can use
those data and analyze them. With that knowledge they are able to have
decisive influence on whole countries. They can see more or less in real
time, what are the preferable goods people purchase and with their financial
power they can manipulate prices. Manipulating prices  gives them an amount
of power, we can not control any more with our governments.

For example: Electricity price in Germany is controlled by the government.
"Market" is an illusion. If you as a private person pay e.g. 30 cent per kWh
meanwhile the market cost is about 4 cent, the mayor part of the price is
more or less directly fixed on legal basis and consists of a lot of
different factors. But, that isn't the whole story at all: The production
conditions vary from electricity source to electricity source. Brown carbon
subsidies are at 16 cent per kWh, sold for 4 cent at the market. Nuclear
electricity is at 9 cent per kWh, sold for 4 as well. Solar and wind energy
enters the market for 0 Cent, but does not have any federal subsidies. There
is a federal law, which adds an extra fee of currently 6,3 Cent on each kWh
people buy, but at the same time gross-consumers are free of that fee.

This are examples for governmental control of markets and prices. With the
international data exchange International cooperating financial trusts and
bakn will have a way faster access to banking data, will be able to analyze
them faster and draw their conclusion how to manipulate markets.

I think, the idea to go back to more cash in people's pockets ist not the
worse idea at all. The best would be, to have this cash in particular,
regional currency (regional limited warranty), but same value as everywhere.
So IU would have Bavarian Euro, you would have polish Euro, same value, but
we both can use the bills and coins only in our country. To visit you, I
would come to Poland and draw cash in polish Euro from the ATM. And have to
spend it all.

The advantage would be to have direct comparability of prices, maintain GDP
in the regions and have a common currency at the same time.

Just thinking

Best regards

Thomas
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