Uncle Sam gets into the coffers of foreign banks!

It's not 1984 in the USA now but the American administration plan to introduce new tax system FATCA in 2014 reminds me greatly George Orwell great novel "Nineteen Eighty-Four"! There the ruling Party leader The Big Brother is keeping a watchful eye over all the party members in the nation of Oceania. This is the totalitarian system controlling everything! This is the planned FATCA (Foreign Account Tax Compliance Act)!
I believe FATCA is really a challenge for all the world now for it impacts (just dig into it!) the banking industry globally! They have gone too far both literally and figuratively! It covers the entire banking value chain of U.S. clients with offshore accounts and requires extended info reporting from all corners of the world!
Btw I'd think tough before starting any business with Americans.
America is set to control every bank in the world!! That's the idea imo. Uncle Sam gets into the coffers of foreign banks! My wife, a senior bank employee, says that foreign banks face lots of operational challenges and increased costs too.... due to that American FATCA! They need sweeping changes to cope with the new requirements! New reporting systems on individual, corporate and partnership accounts are to be installed and other rather costly things. Who's to pay the bill, I wonder? Try to guess just.