The above tweet references a comment at the Isaac Brock Society:
FATCA is an OVDP program for countries
OVDP as an instrument of confiscation
One of the most effective instruments of the confiscation of assets has been the OVDP program for individuals.
Recognizing the success of the OVDP programs for INDIVIDUALS, the United States created an OVDP program for Swiss banks.
Now the U.S. Treasury announces FATCA – The OVDP program for countries!
What Treasury calls a FATCA IGA is really an OVDP program for countries!
FATCA is a tool to enforce citizenship-based taxation. By allowing U.S. citizens (Trojan Horse soldiers) to reside in a country, that country is agreeing to allow the United States to claim a share of that country’s GNP.
Example: Sell your house in Canada and send a share of the proceeds to the U.S.
To put it simply:
Citizenship-based taxation is a way for the U.S. to plunder the economies of other countries.
Let’s consider how the IGA works. Under a FATCA IGA a foreign (Offshore) country agrees to (Voluntarily) locate U.S. citizens in that country and inform the IRS(Disclosure) under a specific set of rules (Program). In other words:
A FATCA IGA is really an:
Offshore Voluntary Disclosure Program for countries.
Under an IGA, it is NOT the individual who makes the Offshore Voluntary Disclosure.
Under an IGA, it is NOT the banks who make the Offshore Voluntary Disclosure.
Under an IGA, it IS the country that makes the Offshore Voluntary Disclosure.
Countries “in effect” calculate their own penalty by allowing the U.S. to impose citizenship-based taxation in their countries.
Like the Offshore Voluntary Disclosures by the banks and the individuals, the Offshore Voluntary Disclosure by the country is at the expense of the country. By disclosing the accounts of the individual the country is in effect “calculating its own penalty”.
Does the rest of the world really believe that it should voluntarily, at its own expense, allow the wealth of the nation to be confiscated by the IRS?
This is a good question to ask Mr. Flaherty and Mr. Harper while they are considering whether to enter into a voluntary disclosure agreement – FATCA IGA – with the U.S. government.
FATCA is an extreme form of aggression against other sovereign nations.
There is a reason why few countries have joined the U.S. to become part of the “coalition of the willing”. In 2003 Canada refused to join the “coalition of the willing” in attacking Iraq. In so doing, Canada demonstrated its leadership to the world.
In 2013 Canada must take a principled stand and say:
We will NOT and no country should “pay tribute” to the United States!