The first part of this law went into effect in 2014. The rest of it will roll out, piece by piece, through the end of 2018.
Few Americans have any clue about what this is—but FATCA actually stands for the “Foreign Account Tax Compliance Act.”
Like many problematic pieces of legislation, this one sounds innocent enough.
But it has major repercussions—which could expedite a worldwide flight from the U.S. dollar and ultimately result in billions in potential losses for U.S. citizens.
For one, this law means any institution that deals with U.S. dollars has to now comply with the IRS… which means many institutions could essentially stop dealing with U.S. dollars.
For another, this law makes it increasingly difficult, if not impossible, for the average American to get some of his money out of U.S. dollars, and into more stable currencies via foreign banks.
Already, we’ve seen two of the largest banks in the world, JP Morgan Chase and HSBC, set all sorts of new rules and regulations surrounding international wire transfers and how you can get your cash out of the bank. Many small banks have reportedly followed suit.
We’ve heard several reports already of banks now refusing to accept American citizens’ deposits. And this trend is likely to accelerate rapidly in the months to come.
But most importantly, this law may signify that a true currency crisis is much closer than most people think in America.
This new law is a clear example of what are known as “Capital Controls.” And this is exactly what broke and desperate governments do when they know the value of their currency is about to collapse.
We’ve seen governments around the globe pull these stunts over and over again… right before a currency devaluation or collapse.
And now it’s happening right here, in the United States of America.
Porter Stansberry, the founder of a Baltimore-based financial research firm says:
“The same financial problems I’ve been tracking from bank to bank and from company to company for years have now found their way into the U.S. Treasury. What it means is critically important to every American.”
Stansberry continues: “The next phase in this crisis will threaten our very way of life. The savings of millions will be wiped out. This disaster will change your business and your work. It will dramatically affect your savings accounts, investments, and retirement.”
“It will change everything about your normal way of life: where you vacation… where you send your kids or grandkids to school… how and where you shop… the way you protect your family and home.”
Porter Stansberry and his research team have put together a full, written analysis of not only what they believe will happen next, but what you can do about it.