Nota Bene: The FATCA hammer blow

I will also continue to champion the legal and constitutional challenges being prepared by the likes of American super-lawyer Jim Bopp Jnr and the Alliance for the Defence of Canadian Sovereignty.

Financial Post | Business

Excerpt from comments by Nigel Green of the deVere Group, a global investment advisory firm, in response to the U.S. Foreign Account Tax Compliance Act (FATCA), which was implemented by Washington this week.

FATCA is a ticking time bomb that threatens the long-term sustainable growth of America’s economy and its international economic standing.   First, a considerable reduction in future foreign investment is now, I suspect, inevitable due to the heavy penalties of not fully complying with FATCA’s preposterously onerous regulations and the current investment climate characterized by suspicion.  According to the Texas Bankers Association, $500 million had already “flown” from the state’s banking system by the early part of this year as a direct result of the IRS rules.

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For these reasons, plus a host of others, I believe that history will ultimately teach us that FATCA is a hammer blow for American jobs and the broader U.S…

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