I sadly believe this will be the end of the US as an economic leader. Perhaps its for the best. When the system completely collapses there may be an opportunity to fix things. I am not putting my money on it though. There is no evidence in history of a country allowing its economy to collapse, and then bouncing back. At least not that I can recall. If you want your family to be safe and secure, you need to have a plan on where to go when the economic system based upon a strong dollar collapses. Where are you going to go that is safe and secure from the rapacious and grasping demands of an out-of-control federal government.
FACTA will require any foreign-based bank that deals with American citizens to report to the IRS. Yep, you heard it right; they will have to provide data to the IRS or face dollar-based penalties that would make it harder for the bank to deal in dollar-based transactions. Right now, these penalties are a real problem for any bank, as most global trade is based in dollars. Just ask the Iranians how they are hurting under their current regime.