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Originally Posted by porno jew
well spit it out? what are the implications?
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You seriously can't figure them out? Stop being lazy and think about it. Non-US banks will stop doing business with anything to do with the US, including it's businesses, it's citizens, it's bond issues and it's currency. It has already started, according to this article, and it could grow very rapidly. Non-US banks will not want to touch anything associated with the US so that they won't have to comply with these onerous regulations and inspections of their books on demand by US IRS officials. This will have a very negative impact on the US economy, including our ability to sell US treasury bonds to finance our spending, the much faster transition of the US dollar into an irelevent currency, and the ability of the US government to basically hold their citizens prisoner here. If you can't get your money out, it makes if VERY hard to leave the US. Also offshore companies will not want to come to the US for fear that ALL of their holdings and assets worldwide will then suddenly be subject to scrutiny by US tax officials. US companies will not be able to purchase offshore assets as the banks involved in escrowing and handling the transactions will not be willing to do so, since this will also make them subject to having the US tax officials demand full reporting.
I'm not sure if it was put in out of total ignorance on the part of the administration, or whether it is part of a longer term plan to both hold more power over US citizens, while at the same time taking down the dollar faster, thus moving forward the estabilishment of a world currency, soon followed by a world government.
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