Former Intel operative Jim Garrow talks Snoden, and predicts dollar collapse in July

Jim Garrow, a former U.S. intelligence operative, humanitarian, and founder of the Bethune Institute, and founder of Pink Pagoda Girls appeared on The JJ McCartney Show Thursday, and predicted a major collapse of the U.S. Dollar, and by his reckoning, the clock is ticking down on a major economic upheaval which will leave most Americans struggling just to feed their families.

The issue revolves around a law which is set to take effect on July 1, which will change the valuation of the dollar as weighed against a variety of other currencies in the world. The bill, H.R. 2847, will take effect in July.

Freerupublic.com reports thusly:

A section of that bill, the Foreign Account Tax Compliance Act (known as FATCA), sought to eliminate the non-compliance of U.S. taxpayers who hold foreign accounts by requiring those taxpayers (including those living outside the U.S.) to report certain foreign accounts and offshore assets to the government, and by requiring foreign financial institutions to report information about the ownership of overseas assets held by U.S. taxpayers to the government.

Why FATCA is Bad for America – Update

The Foreign Account Tax Compliance Act (FATCA) is having a negative impact on the U.S. economy, U.S. financial markets, American businesses operating abroad and American citizens who work and reside overseas.

Key provisions of FATCA

http://americansabroad.org/issues/fatca/fatca-bad-america-why-it-should-be-repealed/

FATCA requires foreign financial institutions (FFI) of broad scope – banks, stock brokers, hedge funds, pension funds, insurance companies, trusts – to report directly to the IRS all clients’ accounts owned by U.S. Citizens and U.S. persons (Green Card holders).

Starting July 1, 2014, FATCA will require FFIs to provide annual reports to the Internal Revenue Service (IRS) on the name and address of each U.S. client, as well as the largest account balance in the year and total debits and credits of any account owned by a U.S. person.

If an institution does not comply, the U.S. will impose a 30% withholding tax on all its transactions concerning U.S. securities, including the proceeds of sale of securities.

In addition, FATCA requires any foreign company not listed on a stock exchange or any foreign partnership which has 10% U.S. ownership to report to the IRS the names and tax I.D. number (TIN) of any U.S. owner.

FATCA also requires U.S. citizens and green card holders who have foreign financial assets in excess of $50,000 (higher for those who are bona-fide residents abroad) to complete a new Form 8938 to be filed with the 1040 tax return, starting with fiscal year 2011.

Those affected by FATCA

FATCA will have serious negative ramifications on the entire U.S. economy and more specifically on

• U.S. financial markets and financial institutions

• U.S. businesses operating in global markets

• American citizens residing overseas

• American citizens with legitimate investments overseas

The dangerous ramifications of FATCA

FATCA constitutes a breathtaking extension of U.S. legislative overreach, purporting to impose upon every foreign financial institution, corporation and partnership the obligation to examine whether and to what extent it must adhere to the application of U.S. law. In many cases, entities electing to comply with FACTA will find themselves in violation of local privacy laws. The cost for this massive reporting bureaucracy is estimated in the billions of dollars for foreign and U.S. financial institutions as well as for Americans residing overseas, not to mention for the IRS itself. Much more significant than the cost and time burden, FATCA creates a direct financial and legal threat to all foreign financial institutions.

Dr. Garrow explains to JJ the speed with which the dollar will fall in value, which will occur as a natural reaction to the punitive nature of the FATCA regulations.

Contributing to the problem is the changing currents at the Federal Reserve, and the contraction of the U.S. economy in the first quarter of fiscal year 2014. The pressures on the dollar have been artificially suppressed by a very liberal policy by the Fed to use quantitative easing as a means of flooding the financial markets with cash while the currency itself has nothing to secure it’s longterm value. Inflation, hyper-inflation, and volatility in commodities markets will lead to a cascading effect in the economy, as foreign debt-holders dump their dollars in favor of more tangibly solvent investments.

The nuances of the economy can often leave the American tax-payers wondering how things got this convoluted. The truth is an undisciplined congress, and a crazed executive branch have accelerated the decline of the dollar by insisting on spending trillions of non-existent dollars on programs to project the illusion of financial solvency when in truth the central banking system is a house of cards, and the winds are predicted to blow very hard beginning in July.

Hear Jim Garrow’s appeal to the people to secure their households with tangible preparation for a lengthy financial crisis, which might be indefinite in duration.

Plus Dr. Garrow shares his thoughts on the Edward Snowden interview. Hear the entire show here: or go to www.jjmccartney.com and click the “listen now” button.