If you are not a U.S. citizen (or other kind of U.S. person) you may have little to worry about. Panic is starting to set in. There were many U.S. citizens who became citizens of other countries. They may or may not have lost their U.S. citizenship. Even if at this moment you believe you are a U.S. citizen, I urge you to consider this issue.
FATCA is in trouble – it appears to be stalled. Treasury was (at least it said) anticipating up to 50 IGAs by December 31, 2012. As of today, they have a total of four. That is a pathetic and pitiful number. To make matters worse, Treasury failed in its commitment to get regulations/information/direction to the foreign financial institutions by the December 31, 2012 date. (The word is that the release of the final FATCA rules is imminent. Update January 18: the IRS has finally released the final FATCA rules.)
I recently saw the movie Les Miserables which is based on the great French historical novel. As it is described in Wikipedia:
The story begins in 1815 in Digne, as the peasant Jean Valjean, just released from 19 years’ imprisonment in the galleys—five for stealing bread for his starving sister and her family and fourteen more for numerous escape attempts—is turned away by innkeepers because his yellow passport marks him as a former convict. He sleeps on the street, angry and bitter.