We Are Just being Annoying

When we have no rational limit to what we can charge, we start buying all sorts or crazy things.  For example, the USA requires all other bankers in the world that do business with us importune their customers to self-report to the USA Federal Government.

I have never lived in the US, nor am I an American citizen. One might think that this should be enough of a reason for me not to have to fill out FATCA-related forms.
Wrong.
My non-US bank has just given me a two month deadline to complete an 18-page document related to US FATCA requirements. It doesn’t matter that I don’t trade in US stocks nor hold US dollars in this account. I still must comply.

Aside from being tedious and annoying, it makes productive people just not want to come here on business.

This is an example of naked rent-seeking, when people come up with a plan that pays them but provides no benefit.  As an American, to combat terror, naturally, I have to comply.  Of course, I am not a terrorist, so requiring this information of me is pointless waste of time.  On the other hand, terrorists have zero inconvenience from these rules.  What the ruls do is tip the balance in the terrorists favor since I am beset with pointless work where I otherwise I would be building peace and justice, and at the same time the terrorists go un hampered by any effort of Uncle Sam.


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