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I hope we get a LOT more of this. If the EU wants to pass laws that say every company around the world (almost all of which have ZERO democratic representation
by ryanwaggoner 8y ago
I hope we get a LOT more of this.
If the EU wants to pass laws that say every company around the world (almost all of which have ZERO democratic representation in EU government) has to fully comply or face huge fines that will drive them out of business, let’s see how they feel when all those companies just shrug and turn their back on the market.
I know the GDPR fans here will just say “good, we’re better off without them!” and I guess on that we agree. Go in peace.
- mark_l_watson 8y agoHello Ryan (I like your business advice newsletter), honest question: In the USA we have FICA laws that can fine foreign banks, in foreign countries, not here, for most of a year’s income if they make a single error in reporting financial,records of US citizens. Most banks in foreign countries simply refuse US citizens as customers. How ae laws like FICA OK but not GPDR?
- ryanwaggoner 8y agoThanks for the kind words re: newsletter :) Are you thinking of FATCA? I’m not an expert, but from what I can tell, I’m not a fan. I think telling US citizens that they have to report is fine, asking foreign banks to report is fine, and requiring foreign banks that also have a US presence to comply is fine. But if FATCA applies to some small community bank in Japan, then that’s ridiculous.