Wall Street and big U.S. banks don’t want overseas competition
This gives them a huge incentive to promote laws that restrict the investment choices available to Americans to “U.S. only.”
Foreign banks, brokers, and trust companies are falling head over heels in their rush to get rid of as many U.S. clients as possible.
It’s no surprise why, either. Federal laws like the Foreign Account Tax Compliance Act (FATCA) have literally made Americans financial outcasts worldwide. It’s far easier for foreign firms to fire their U.S. clients than to try to comply with ever-increasing demands from the IRS and other three-letter agencies…
As we’re now finding out, many foreign firms won’t bother, and as a result, our ability to use safer, more stable and potentially more lucrative options offshore is reduced.
In a sense, it’s just another example of the government telling you what you can and cannot do…
– Mark Nestmann More HERE