Fatca, like sanctions, will backfire hard and be very costly to the USA as economic power seeks other venues and currency resets. "Russian Banks Cancel US Contracts Over Demands to Reveal Taxpayers Data 20:54 28.01.2015(updated 21:33 28.01.2015) Russian banks have canceled contracts with their US clients because of the Foreign Account Tax Compliance Act (FATCA), the law that requires foreign banks to share information on US citizens banking activities. If a bank does not comply, it may be subject to a fine. NOVOSIBIRSK, January 28 (Sputnik) Russian banks have been forced to cancel contracts with their US clients due to the Foreign Account Tax Compliance Act (FATCA), law that requires foreign banks to provide information on US citizens banking activities, a senior Russian official said Wednesday. The FATCA, which became law in 2010, requires foreign banks to report information on some US clients. If a bank does not comply, it may be subject to a fine. Moscow and Washington were negotiating a FATCA deal acceptable for both sides until March 2014, when the United States suspended the talks over the Ukraine crisis. We could not put our national security under risk in this case, this is why a rule was adopted, under which every credit services organization may cancel the contracts with its clients, the US residents, and avoid FATCA regulations this way, Deputy Director of Russias Federal Financial Monitoring Service Pavel Livadny told journalists. "
If I understand, you're saying that Russia hasn't signed an agreement to enforce FATCA so we can open foreign accounts there and not have our earnings reported to the IRS. That's good to know and very interesting. But look at this graph of USD per RUB at XE.com. We would be much better off keeping paper dollars in a box in the basement.
Attaching that image didn't work very well, and I don't see any way to edit the post. Let's try again:
