H.R. 2847: Collapse of the US Dollar on July 1st

Normally, I wouldn’t bring up the topic of politics here, but since it was so bad, I wanted to know your opinion on this. I first saw this information as an advertisement while I was on dictionary.com [size=75](I was at a computer located at a tutoring room at the time.)[/size]

Apparently, Title V of this bill is supposed to go into effect on July 1, 2014, which will result in the collapse of the U.S. Dollar, which I’ve been told will make millions of Americans poorer overnight. Correct me if I’m wrong, but I believe that most Americans don’t know this bill.

Here is an article about this on Snopes.com:


Any thoughts/opinions on this would be greatly appreciated.

Read the rest of the Snopes article - it’s just a sensationalist scarefest put out by a sketchy investment advisory firm. The SEC brought forth a successful case against these scammers for similar tactics in 2003.

H.R. 2847 was passed to close a loophole allowing citizens to avoid paying taxes by hiding their assets in undisclosed tax havens overseas. The only criticism of the bill is remote speculation at best. There had been some worry coming from a select number of individuals that foreign investors in US assets would turn away from the cost of implementing the new, more stringent reporting requirements and simply invest elsewhere. However, considering that this bill was passed 4 years ago, any damage that could’ve been caused has already been done. Aside from a few European banks closing brokerage accounts for US customers, I don’t see any.