# Collapse of the dollar July 1st??



## Hector827 (Jan 27, 2014)

I read about how July 1 of this year could set the gears in motion for the collapse of the dollar. There will be a new law July 1st that is going to require all countries and everyone holding dollars to start paying taxes on the dollars they have. Won't directly affect us since we already pay taxes but it will indirectly affect us when all these countries are told to pay up. Everyone around the world knows the value of the dollar is declining fast, so why would they want to pay taxes on a currency that has no future? They probably won't. That will be the time everyone will start dumping the dollar, thus leading to the collapse of the dollar. Now more than ever is the time to start getting ready while we can.


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## Mase92 (Feb 4, 2013)

Do you have sources for this?


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## helicopter5472 (Feb 25, 2013)

Haven't heard that one yet? Why? That's a killjoy...


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## Sentry18 (Aug 5, 2012)

So every other country in the world that uses the US dollar somehow came together, put together a union of sorts with totalitarian financial control, then secretly passed a law to tax the dollar starting on July 1? Seems legit.


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## TheLazyL (Jun 5, 2012)

Hector827 said:


> I read about how July 1 of this year could set the gears in motion for the collapse of the dollar. There will be a new law July 1st that is going to require all countries and everyone holding dollars to start paying taxes on the dollars they have. ...


You mean all of the Countries are going to agree on this? It will be the first time in history if they do agree.


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## Hector827 (Jan 27, 2014)

Sorry for not posting all the details. It was a long article I read and just wanted to post about to see if anyone's heard anything. In 2010 house of representatives bill hr2847 was passed by congress. Well hidden in it is a provision called fatca (foreign account tax compliance act) set to happen July 1st 2014. Its basically stating every world bank must comply to the IRS. The article says they can do that because the dollar is the world reserve currency. Ill try and get a link to the article and post it on here.


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## LincTex (Apr 1, 2011)

Foreign Account Tax Compliance Act
http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act

The Foreign Account Tax Compliance Act (FATCA) is a United States act that requires *United States persons, including individuals who live outside the United States, to report their financial accounts held outside of the United States*, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their American clients. Congress enacted FATCA to make it more difficult for U.S. taxpayers to conceal assets held in offshore accounts and shell corporations and to recoup federal tax revenues. The FATCA is a portion of the 2010 Hiring Incentives to Restore Employment (HIRE) Act.


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## k0xxx (Oct 27, 2011)

I'd be more concerned about Russia retaliating against sanctions by dumping the Dollar and Dollar denominated holdings, especially if they can convince China to go along. Basically a financial WWIII, and one that we would ultimately loose.


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## kappydell (Nov 27, 2011)

many are looking to dump the dollar anyway; this applies only to US persons, as far as the banks holding american monies I see no reason they would get their undies in a bundle about reporting on thwe US citizens to to US. Other countries collect their taxes from funds held out of country that way already, so why would anyone get all excited. The only problem I see is if those wanting to dump the dollar already uses this as an excuse....


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## BillS (May 30, 2011)

I heard Peter Schiff talk about this. He owns a bank in the Caribbean. He said that the law forces banks that have American citizens as customers to provide info to the IRS for ALL of their customers. Plus, it costs the bank more to do all the paperwork for members that are US citizens. Most banks will just dump accounts belonging to Americans. Schiff said that his bank doesn't accept US citizens as customers.


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## TheLazyL (Jun 5, 2012)

LincTex said:


> Foreign Account Tax Compliance Act
> http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act
> 
> The Foreign Account Tax Compliance Act (FATCA) is a United States act that requires *United States persons, including individuals who live outside the United States, to report their financial accounts held outside of the United States*, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their American clients. Congress enacted FATCA to make it more difficult for U.S. taxpayers to conceal assets held in offshore accounts and shell corporations and to recoup federal tax revenues. The FATCA is a portion of the 2010 Hiring Incentives to Restore Employment (HIRE) Act.


There you go. Ruining a perfectly good "The Sky Is Falling" story by posting the facts!


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## tenntrucker (Jan 8, 2014)

TheLazyL said:


> There you go. Ruining a perfectly good "The Sky Is Falling" story by posting the facts!


Sent from my SCH-I535 using Survival Forum mobile app


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## Moose33 (Jan 1, 2011)

I'd be interested to know how the US Government enforces its laws on other countries. Do the Swiss banks report to the IRS?


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## Geek999 (Jul 9, 2013)

FATCA is not likely to cause the fall of the dollar, but it is already making life difficult for American citizens trying to do business overseas.


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