Fear Uncertainty and Doubt = Lies = Media

by: The Amish Brain

Here’s an article that makes no sense….

http://finance.yahoo.com/news/77-000-foreign-banks-share-tax-irs-150031064–finance.html

The article was talking about banks around the world that are agreeing to voluntary compliance with the Irs. But, even if talking about all the banks in the world, 77,000 seems like a lot.

The amish opinion…the entire story and the timing and other details are all BS. FUD squared. (fear, uncertainty and doubt)
Judging the google search results, a lot of other people had the same question… How many banks in the US…?
As it will be clear to see the market share of banking is controlled by less than 50 banks. Which banks in the list below do business in the US?
http://www.accuity.com/useful-links/bank-rankings/
77,000???? Really? Not 69,792? Where did this number come from? Never believe round numbers! How many different banks can there be world wide? According to the graph below, USA has 6,891. The G-8, strike that… G-7 since Russia parted ways. The G-7 represent the largest nations on the planet, which would most likely have the most banks of all of the nations.
Let’s do the math… A cursory review of the link below demonstrates that most countries on average have less than 20 large banks. Regional banks and small banks would never do business in the US or outside of their jurisdiction for most transactions, so why would they sign up?
http://www.relbanks.com/

grahh

Americans that park there funds in a bank on the other side of the planet have nothing to fear if they are not a match for the requirements below.  A person from the USA does not magically become a US taxpayer by default or association.

Starting in March 2015, these financial institutions have agreed to supply the IRS with names, account numbers and balances for accounts controlled by U.S. taxpayers.

What law?  When will the foreign banks be doing business in the US?  How does never sound?

Under the law, foreign banks that don’t agree to share information with the IRS face steep penalties when doing business in the U.S.

Word on the street…..Dragons and BB own the media and don’t believe the hype!  If a man or woman is private and are outside the Fed Jury Box, then the article don’t apply.

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