STAFF NEWS & ANALYSIS
Facing the Invasive Onset of GATCA, Take Human Action
By Staff News & Analysis - June 02, 2014

The Shocking Real Reason for FATCA, and What Comes Next … If you've never heard of the obscure and seemingly boring Foreign Account Tax Compliance Act (FATCA), I don't blame you. Few people have, and even fewer fully grasp what it really means or the terrible things that it's a harbinger for … Now that FATCA has become a fait accompli, the foundation has been laid for GATCA. In the end, this means a permanent record of every penny you have ever earned, saved, borrowed, or spent anywhere in the world will be available in an instant to be analyzed and scrutinized, and shared with any number of local and global government agencies, all regardless of any actual or suspected wrongdoing. – International Man

Dominant Social Theme: More information-sharing is good, especially the global kind.

Free-Market Analysis: International Man has offered a timely update on the implications of FATCA and how this invasive global facility is likely to expand via something called GATCA.

The end result of all these acronyms can be seen above. Our excerpt concludes: "In the end, this means a permanent record of every penny you have ever earned, saved, borrowed, or spent anywhere in the world will be available in an instant to be analyzed and scrutinized … "

Here's more from the article:

… FATCA's real purpose is not to collect money, but rather to pave the way for a global FATCA, informally known as GATCA. You see, complying with FATCA often breaks the privacy laws of other countries.

To get around this problem, the US government has been negotiating bilateral agreements with pretty much every country in the world. However, it's not practical for each and every country to create their own version of FATCA and accompanying web of bilateral agreements. It would be a very slow and tedious process.

So to address this issue, the central planners at the G20 and OECD devised what they call a new "global standard" of automatic financial information exchange between governments (i.e., GATCA) modeled on the US's FATCA. In other words, unaccountable bureaucrats from these supranational institutions are foisting upon the world a FATCA on steroids.

However, GATCA would have never been possible in the first place had the US not cleared the path with FATCA. The G20 and OECD needed the US—the sole financial superpower (for now at least)—to strong-arm and cram down the throats of the rest of the world this privacy-killing measure.

There's no other entity on the planet with the capability to do so. The very big stick the US wielded was access to the US financial system and the world's premier reserve currency. Don't sign up for FATCA and forget about accessing the US dollar or US financial system, and by extension the vast majority of international trade. It wasn't long before most of the world fell in line.

Unfortunately, GATCA also will likely become an irreversible reality in the not-so-distant future. I believe it's highly probable that the OECD, the G20, and others will sanction or otherwise blackmail countries that don't comply with GATCA.

But wait, there's more! If FATCA wasn't the end game, don't expect GATCA to be either … GATCA … could provide a platform to make the disturbing dream of a global tax a reality. Bankrupt governments like France and the UK are also on board, as it allows them to more efficiently fleece and control their citizens. Strangely, you never hear financially sound countries, like Switzerland, Singapore, or Hong Kong advocating for FATCA, GATCA, or a global tax. It's only the failed welfare states drowning in debt, and that's not a coincidence.

This is a fairly blunt – and disturbing – analysis. But GATCA does seem to be moving quickly. Here's an article recently posted at the Professor William Byrnes International Tax and Financial Services blog:

47 Countries Endorse OECD's GATCA / CRS … 47 countries and major financial centers on May 6, 2014 committed to automatic exchange of information between their jurisdictions, announced the OECD. All 34 OECD member countries, as well as Argentina, Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia, Saudi Arabia, Singapore and South Africa endorsed the Declaration on Automatic Exchange of Information in Tax Matters that was released at the May 6-7, 2014 Meeting of the OECD at a Ministerial Level.

The Declaration commits countries to implement a new single global standard on automatic exchange of information ("CRS" or "GATCA"). The OECD stated that it will deliver a detailed Commentary on the new standard, as well as technical solutions to implement the actual information exchanges, during a meeting of G20 finance ministers in September 2014. The Declaration contains the following statements:

"2. CONFIRM that automatic exchange of financial account information will further these objectives particularly if the new single global standard, including full transparency on ownership interests, is implemented among all financial centres;

"3. ACKNOWLEDGE that information exchanged on the basis of the new single global standard is subject to appropriate safeguards including certain confidentiality requirements and the requirement that information may be used only for the purposes foreseen by the legal instrument pursuant to which it is exchanged;

"4. ARE DETERMINED to implement the new single global standard swiftly, on a reciprocal basis. We will translate the standard into domestic law, including to ensure that information on beneficial ownership of legal persons and arrangements is effectively collected and exchanged in accordance with the standard;"

… G20 governments have mandated the OECD-hosted Global Forum on Transparency and Exchange of Information for Tax Purposes to monitor and review implementation of the standard. More than 60 countries and jurisdictions of the 121 Global Forum members have now committed to early adoption of the standard, and additional members are expected to join this group in the coming months. See the link for Country Peer Reviews and the Global Forum list of ratings chart.

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There have been other articles written about GATCA. Here's an excerpt from an analysis that appeared in December of last year, posted at Mallesons.com and entitled "From FATCA to GATCA: the move towards global tax information exchange":

It is clear to see the advantages of having a single common global standard for reporting rather than numerous stand-alone systems and the OECD's proposals seem likely to become accepted as the new global standard. It is hoped that this unified approach will reduce the cost burden for FIs, and avoid simply 'relocating' the problem of tax evasion to other jurisdictions.

Given these aims it is perhaps no surprise that the OECD proposal is itself based closely on the existing Model I Intergovernmental Agreement ("IGA"), originally developed to implement FATCA outside the US. The OECD aim to 'simplify' the IGA by removing US-specific references changing the effective dates and aligning it more closely to existing EU anti-money laundering laws.

An OECD working party has met to develop a draft "model competent authority agreement" and "common reporting standard" with a view to obtaining OECD approval in early 2014. Implementation time frames in this area have been ambitious from the outset, and this does not seem likely to change now, with first reporting under this proposed regime being possibly as early as 2016.

As we can see, this article – one written for the professional investment community (financial intermediaries) – takes the position that a "single common global standard for reporting" will reduce costs and tax evasion alike.

The significant language here is "avoid simply 'relocating' the problem of tax evasion." The reason that GATCA will "avoid relocating" tax evasion is because it is intended to be a fully global solution.

While this seems to be an overwhelmingly ambitious campaign, we are not surprised by its scope. The elite collectivists behind this gambit have made no secret of their desire to identify the full spectrum of private assets lodged around the world – and also to implement a global tax as soon as possible.

What does surprise us about GATCA is the speed at which it is being introduced and formalized. The start-date, from what we can tell, may be as soon as 2016. This is in keeping with other campaigns launched by the power elite of late. We've commented a number of times on the speed with which cannabis decriminalization is moving around the world, for instance, and there are numerous other evidences of increased elite urgency as well.

In this case, those behind GATCA are not even bothering with a popular consensus: They are simply promoting the regime from the top down, seeking a political consensus and assuming that will acceptable.

Not so long ago, the power elite worked hard to achieve consensus via dominant social themes. Admittedly, these themes were globalist promotions for the most part, but there seemed to be a realization that reaching a populist consensus was important to the credibility of the meme.

These days we often see no such efforts. Significant regulations of global import are being rushed through without democratic discussion or any sort of mainstream media coverage.

But there are always – eventually – consequences. The kinds of economic, social and military reshaping now being implemented surely has little popular support. As such, resistance will certainly grow.

It is extremely important for individuals to put themselves in the best possible position from a lifestyle and financial point of view given what is occurring. Solutions range from taking advantage of the current "Wall Street Party" (to gain potential profits sooner rather than later) to diversifying assets and purchasing appropriate amounts of commodities and money metals.

A second passport is probably a good idea. So is a second home in a region outside of the country where one currently resides. Perhaps one wants to buy farmland or take other actions to become as self-sufficient as possible.

After Thoughts

Now more than ever, self-education is key. And what free-market economists call "human action."

Posted in STAFF NEWS & ANALYSIS
  • Amanda P.

    Good analysis, and good point on the fact that the globalists don’t even seem to care about pretending there is public support for their tyranny any more. That can’t be a good sign. FYI, There was an absolutely excellent article on FATCA and GATCA that appeared in New American magazine some time ago that helps explain what all of this means to people unfamiliar with the globalist speak. I think gold and silver are about the only assets these OECD-G20-FATCA lunatics will not be able to track. Get some now while you still can.

    • Sven

      Well here’s the page you want: http://www.oecdbookshop.org/oecd/index.asp?lang=EN

      “Budgeting Practices and Procedures in OECD Countries”

      “OECD Best Practice Principles for Regulatory Policy Regulatory Enforcement and Inspections”

      “Taxing Wages 2014”

    • concerndcitizen

      Definitely not a good sign. The spies are actively threatening alternative media people like Dave Hodges, who took down his web page amid threats made against his family — this happened a few days ago. Another reporter at a leading Alt news web site had a “visit” from someone from Homeland Security / NSA who hired him to take him on a fishing trip (the reporter is also a fishing guide). Not sure this person caught the fish he was after.

  • Dave Meekhof

    Obviously ‘they’ will need a supra-national organization to monitor compliance. And to do that, ‘they’ will need to manage the data bases. The question is, who are ‘they’? The OECD?

    From their website, http://www.oecd.org/about/

    “We also look at issues that directly affect everyone’s daily life, like how much people pay in taxes and social security, and how much leisure time they can take. We compare how different countries’ school systems are readying their young people for modern life, and how different countries’ pension systems will look after their citizens in old age.”

  • Bruce C

    If F/GACTA becomes implemented what good would it do to move one’s person or possessions or assets to a different country? Isn’t that the whole point – to track and globalize everything, especially of people who are trying to hide?

    I think the better approach is to encourage people to not comply with even the current requirements. People should be encouraged to get their money out of the banks and out of the investment companies – cash out their IRAs and 401ks and bank accounts (leaving only the very least for immediate expenses), convert a good chunk of it to precious metals, stop paying taxes where possible, etc.

    The only chance of stopping this is to meet it head on. Force the “elites” or whatever amorphous bureaucracy is involved to FORCE compliance physically. That will create the kind of attention they really don’t want. Look what happened with the cattle rancher out in Nevada (?)

    I think the biggest challenge is in getting a critical number of people to commit to this and act in concert.

    Believe it or not the dream state can be utilized. Suggestions to this effect can be suggested before falling asleep. Don’t laugh.

    • Bill Ross

      not laughing. I’m “all in”

    • I’m all in and have been for several years.

  • 45clive

    Of course financial transparency will not allow regular citizens to see who owns what. Just as freedom of information legislation has made getting information more difficult.

    • Bill Ross

      “getting information more difficult” = “obstruction of justice” (insuring that those who do the action, face the consequences, good or bad)

  • Bill Ross

    Its not only “justice” that “follows the money”. This is also a matter of supreme importance to predatory (unproductive) criminals with “rationalizations”, for “your best interests”, of course.

  • Really!

    Another reason we all should not have allowed personal auto bank deposits and payouts. Could see this coming back in the eighties.

    I recently moved to SW Oregon near the Cali border, and I’m amazed by the amount of barter and trade in this area. I suspect this is the result of many years of 420 production in SW Oregon and the infamous Trinity counties of NorCal.

    • Bill Ross

      Lose cash, lose anonymous transactions, open yourself up for financial profiling, being “cased” by criminals.

      Plus, of course, rely on electronically represented “wealth”, risk losing it all at the stroke of a keyboard, should you be decreed “not fit to associate with” by state affiliated forces, who also impose this “judgement” on all who may wish to trade with you, but cannot without also risking being “kicked out” of THEIR, as opposed to OUR civilization..

      Should also note that banks are not “on the hook” for identity theft “cleaning you out”, even though it was their lack of security and breach of contract (fault).

  • Jun 2, 2014 While out for a walk in Copenhagen Denmark, Peter Sutherland (Chairman of Goldman Sachs and member of the steering committee for the Bilderberg group) and Simon Coveney (Irish Minister for Agriculture, Food and the Marine) were confronted by journalists Dan Dicks of Press For Truth and Luke Rudkowski of We Are Change on their attendance at this years annual Bilderberg conference.

    https://www.youtube.com/watch?v=TO5K_bxxNQc

  • Joelg

    “In this case, those behind GATCA are not even bothering with a popular consensus”

    You really nailed it, DB. Powers that be read the writing on the wall, and saw that bold action was required. A really brilliant strategic decision to just simply implement their version of the Global Totalitarian Police State. Most of the people will simply be in disbelief of this Final Solution boldness, and so it will be effective. Powers that be are evolving their tactics. Just spring the global net fully formed and ensare everybody before they know what happened. Military equivalent of the Surprise Attack. Absolutely brilliant in its boldness.

    Absolute power corrupts, absolutely. So it will be very interesting how this thing evolves; probably like the USA income tax itself that went from a small “temporary” levy on the very wealthy to becoming the basis for FATCA and GATCA. Endless possibilities for blackmail and criminal activities, well beyond what the USA dreamed up with its secret post-WW II NATO armies in all the NATO countries, of which only Operation Gladio in Italy is well known. IF you know the assets, you can simply vanish the assets; but hopefully they’ll let you live out your life in that farmland or lakeside house.

    There may be no need for a formal merger of government and organized crime, as they will be one in the same. A truly fascinating world birthed by the Founding Fathers.

  • Bill Ross

    GATCHA. Sure they don’t really mean GOTCHA?

  • Alice Maxwell

    What did you think the end game to all the financial innovations were? It was obvious that the end game to all the financial finagling was complete control of the world’s finances through a world bank operation in liasson with governments since both are entwined completely now. The governments must have more and more money with which to buy their electorates and the banks need more and more legal latitude in conjuring up the money the governments insist they must have. Nothing else matter now.

    The only free areas in finance now are cash and barter and of course,illegal activities never put “to the books”by those using them. This has been the object of all governments overspent throughout history. They go after what people have like silver candlesticks et al and then they go after the freebooters but that is not easily accomplished.

    Therein lies our only hope for sanity…the freebooters. With the internet, and banking now just digital blips occasioned by the internet, its many offspring, the freebooters still have the edge. They deal with people and they offer bounties for info and assistance. They have accomplished what no others ever have…they have unseated those who were thought to be unseatable, the greatest in history brought down this.way being Caesar! “Et tu Brutius!”

    At 89, I laugh at the complete confusion now being exhalted as all reason is exhausted. Somewhere out there is a “madman” who can change it all in an instant!.

    .

  • Danny B

    I don’t see Chinese banks on this list from International Man;

    More than 77,000 foreign banks, investment funds and other financial
    institutions have agreed to share information about U.S. account holders
    with the IRS as part of a crackdown on offshore tax evasion, the
    Treasury Department announced Monday.

    The list includes 515 Russian financial institutions. Russian banks had
    to apply directly to the IRS because the U.S. broke off negotiations
    with the Russian government over an information-sharing agreement
    because of Russia’s actions in Ukraine.

  • Danny B
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