It got really bad from this year, when any financial institution who has business in USA are required to report all transactioins of US Citizen & Green Card holders. In order for the banks and other financial companies to comply with the requirement, it would cost them in millions, so the cheapest solution to keep in the business was to shut out Americans.
Americans created the laws and the same Americans who got booted from the banks and brokerage accounts all over the world. Americans can THANK their Democrats!!!
It is creating a lot of troubles for many Americans abroad. You can't do much without a bank account now days.
As I recall, the cost of operation of FACTA is one order of magnitude MORE than the taxes brought in, and it is to be borne largely by the foreign financial operators. The revenues are not expected to be particularly meaningful anyway in the scheme of things.
It seems pretty clear to me that this is not about tax revenue particularly. My best guess is that it is about lubing up the machinery needed for significant capital controls. Ah well...I've always theorized Bitcoin will bump along until it is truly needed, then take off on a fairly steep trajectory toward it's theoretical potential...
