Is there any honesty left in America ?

This is the second day in a row I have had to defend government policy I don't agree with. Today my computer is flooded with doom and gloom over a new monetary policy taking effect July 1st this year. They say it will destroy the dollar, oh the world is coming to an end. What they are talking about is that FATCA (Foreign Account Tax Compliance Act) will go into effect on July 1st this year. This was one of the reasons we unretired from South America, so I know a thing or two about it.

This was one of the first things this administration did back in 2009 and it got delayed and delayed again and then once more until this year for full implementation. Some parts of the law have already taken effect in 2011 but full implementation won't happen until this year. This policy is unconstitutional to begin with and simply put keeps U.S. dollars from leaving the U.S. by attaching a 30% penalty to any money going overseas. Like the new healthcare law this law is administered by the IRS and like the ACA the administration will impose more rules as soon as FATCA is installed fully.

I don't like this law, I think it goes against the constitution on several fronts, it has never seen the light of day in the Ways and Means Committee - which means even the Republicans are afraid of the implications. But it will not lead to the destruction of the dollar nor will it cause inflation, it has already caused a certain amount of deflation, it's been on the books for almost 5 years the damage has already been done. It certainly goes a long way to help with the destruction of emerging markets and it will certainly wreak havoc in the expat community when the new monetary controls are put in place in the very near future. Be aware of the law and it's implications but don't fall prey to the misinformation.

You can click on this link http://youtu.be/tWV7MVFJAFc to keep track of the building projects and alternatives to build your equity in our failing economy.