7/1/14: FACTA will require any foreign-based bank that deals with American citizens to report to the IRS

Vince Miller, senior market strategist with the Birch Gold Group, puts it simply: “Over the years, the dollar has increasingly becoming an albatross around the neck of foreign financial institutions. They were already getting tired of having to play our games, and now FATCA may very well be the last straw that pushes them to throw up their hands in disgust and walk away from our imposed headaches.”

So if you look at what is going on from a thirty thousand foot level, you have a multitude of factors pressuring the reserve currency status of the USD. The Russians and the Chinese are leading the BRIC countries to dump the dollar as a trade settlement vehicle. FACTA will push countries all over the world to stop dealing with American clients and to stop using the dollar altogether.

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