If Obama is the “Economic Messiah” why Have a Record Number of Wealthy People Abandoned US Citizenship

by John Galt
February 10, 2015 19:40 ET

Way, way, way, way, back in ancient history this blogger (soon to be if not already considered an enemy of the state) warned to the wealthy and my wife, who would not listen, the following:

If you can leave the United States, I would suggest you GET OUT NOW

Well, maybe not ancient history, but it was on March 29, 2010 where I stated in the article above:

The precursor to most major shifts within western civilization have always been the restrictions placed on the flow of capital. Without going off into woo-woo land on you, all I can say is that this is a warning shot that something major is about to occur which further restricts the freedoms of the citizens of this once great nation. When I did my radio show, I warned that this one event, a key moment or marker in any nation’s history was something to be taken deadly seriously. In my opinion it means that a currency realignment or change or outright revocation of rights taken for granted was certain with a 90 day, maybe if we’re lucky, 180 day window.

One more time:

If you can escape, do it now.

I was not kidding and this past year, a record number of US citizens took my advice along with that of their attorneys and got the hell away from the Orwellian monster we have allowed to seize the capitol city of Rome away from “We the People” and turned it into a psychotic neo-dictatorship with a singularity of political parties seeking new ways to steal the citizen’s wealth and confiscate their freedoms. From CNBC earlier today:

Record 3,415 Americans give up citizenship

From the article above:

While some may see taxes as the main reason to flee, that’s only part of the story. The big policy change that’s causing people to give up their American citizenship is FATCA, the Foreign Account Tax Compliance Act.

It may sound wonky. But the act requires foreign banks to reveal any Americans with accounts over $50,000. Banks that don’t comply could be frozen out of U.S. markets. And Americans overseas—even those who never lived in the U.S. or have a tangential connection here—are now under far more pressure to file detailed tax returns and pay U.S. taxes on their overseas income.

The program was designed to catch more wealthy overseas tax cheats. But one of its unintended consequences is that those Americans are simply giving up on being Americans.

The graph from the article above might look dramatic, but there is another story not being told:

EXPATS_2014_CNBC_jgfla

The sad truth that is not told in the figures above, is that literally tens of thousands of American citizens wishing to exit their citizenship status are being denied their Constitutional right to refute their national allegiance because the Department of the Treasury is either sitting on or denying their application to cancel their citizenship or not recognizing their status as citizens of another nation.

Why?

Because this desperate cash starved whore of a nation is seeking out every possible funding source that it can and as long as a “citizen” remains on the tax records of the USA, this nation feels it has the right to seize assets from another nation’s financial institutions without retribution nor due process to the alleged citizen. Needless to say many nations like China, Hong Kong, Singapore, Russia,  and others which do not recognize nor acknowledge the legitimacy of FACTA nor the Treasury Department’s infringement on their sovereignty are becoming much more popular destinations to escape the upcoming neo-Fascist US tyranny which is about to befall all of us who can not escape at this time.

 

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