Wednesday, March 31, 2010

Another bad bit of news

The HIRE Act (the latest stimulus scheme) includes capital controls and provisions requiring foreign banks to deduct 30% withholding taxes from Americans' accounts. Here are the nasty details.

It's hard to fathom what Congress thinks it is doing. H.R. 3691, which dealt with Medicare reimbursements, reauthorized provisions of the USA PATRIOT Act. This "stimulus" legislation imposes capital controls. The Schumer-Graham "immigration fix" calls for a mandatory biometric national ID. What's happening is very ugly, and very scary.

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