July 28

‘Unauthorized FATCA “Intergovernmental Agreements” Are Part of Obama’s Executive Overreach’ (Forbes)

It cannot be said too many times: the so-called “intergovernmental agreements” (IGAs) the U.S. Treasury Department is signing with foreign governments as the linchpin of its efforts to enforce FATCA (the “Foreign Account Tax Compliance Act”) are the weak link in the “worst law most Americans have never heard of.” If the IGAs go, FATCA goes. The law is otherwise unenforceable. That’s why the Department is keen to pretend the IGAs – which are not treaties, whatever some foreign governments m...

July 8

RepealFATCA.com Roundup: July 1 Marks Not the End of the Fight – It’s Only the Beginning

It seems that many FATCA critics feared – and the U.S. Treasury Department hoped – that July 1, 2014, (the date when the “Foreign Account Tax Compliance Act” provisions on foreign financial entities went live) would amount to some kind of finish line. After that, FATCA would be set in stone, and any effort to slow down its enforcement and work for its repeal would be futile. Interest in FATCA would wane. Everyone would quiet down and accept the inevitable . . . It seems the exact o...

July 1

FATCA, China and the World

A US-enacted law that is to go into force in July appears set to have a major impact on the global financial sector as well as potentially usher in a new era of tax sharing initiatives. China, so far, is standing on the sidelines of the Foreign Account Tax Compliance Act (FATCA), but it will be dragged into the regulation's net one way or another. According to some commentators, the Act will have an adverse effect on the US economy – the dumping of Treasury Bonds (TBs), the weakening of the d...

July 1

The Slow-Motion ‘Train Wreck’ Gets Underway: ‘FATCA, China and the World’

It’s finally here: D-Day – or maybe F-Day – when the anticipated FATCA train wreck starts for real. Rather than sum up all the implications at home and abroad as the FATCA Death Star becomes fully operational, RepealFATCA.com directs readers to an excellent commentary by Beirut-based journalist Paul Cochrane in International Link magazine, published in Hong Kong: “FATCA, China and the World.” The full text is provided below, and the original can be found here. See also here. ...

April 15

Is America About To Stumble Into A Credit Default?

NOTE: A version of the following commentary appeared in Forbes magazine online on April 14, 2014. Markets everywhere breathed a sigh of relief in February when the GOP-controlled House of Representatives allowed the debt ceiling to be suspended without another tussle with the White House over spending. Whatever the political or budgetary merits, the world of finance and business cheered that the “full faith and credit” of the United States government would not be compromised by failure to me...