Indeed, the information coming our way certainly does appear to be setting up a takedown of commonfolk's savings accounts. Probably 401Ks and IRAs will be thrown in the stew also.
Here's what's developing:
Capital Controls: Transfers excluded, JP Morgan Chase is Wired
October 23, 2013 By
21wire
The rumblings of capital and currency controls are causing a stir among perceptive financial observers.
You do not have to be a business-banking customer to fear the consequences of restricting the transfer of money. Both domestic and international wires are no longer available to be sent from a business savings account, may seem unimportant to the average Chase customer. Many do not have enough money on deposit to pay the wire fee. However, the kicker is that you can still receive wire transfers.
Such a restriction on commerce reminds of the liquidation only restriction on COMEX silver future contracts back in the days when Bunker Hunt needed to be taught a lesson. Today, the message is that the U.S. banks are broke again, and need another bail out. A good way to increase liquidity into the Federal Reserve System is to re-patriot U.S. Dollar deposits stored in foreign banks.
“JPMorgan Chase & Co. (JPM)’s deal to sell 1 Chase Manhattan Plaza to Fosun International Ltd. would be the largest purchase of a New York building by a Chinese buyer.
Chinese buyers are expanding U.S. property investments, seeking yield and a safe haven while the government maintains curbs on domestic purchases. This year, a group including Zhang Xin, the billionaire co-founder of Soho China Ltd. (410), took a stake in midtown Manhattan’s General Motors Building. Greenland Holding Group Co., a Shanghai-based, state-owned developer, agreed this month to buy a 70 percent share of Atlantic Yards, a residential and commercial project in Brooklyn.”
No wire transfer restriction for the globalists!
If there ever was a misleading headline, No, JPM Isn’t Banning International Wire Transfers, No Limits On Withdrawals Either, is it. “The bank’s basic business account, Chase Total Business Checking, does not allow outgoing international wire transfers (it does allow them to come in) and cash activity is indeed limited to $50,000 per month. Cash activity means withdrawals and deposits.” Has the English language changed that much to allow such direct contradictions to be shrugged off as the price for Jamie Dimon’s ad revenues to keep flowing? Forbes – shame on you.
“JPMorgan Chase at first was discussing an $11 billion settlement to the Justice Department over mortgage-backed securities, The Associated Press reported.
Earlier this week, JPMorgan Chase agreed to pay a $100 million penalty and admitted that its traders acted “recklessly” during a series of London trades that ultimately cost the bank $6 billion, AP said. That settlement was announced Wednesday by the Commodity Futures Trading Commission.
The bank agreed last month to pay $920 million and admit fault in a deal with the Securities and Exchange Commission and other U.S. and British regulators, AP reported.”
“To help cushion against those legal costs, JPMorgan Chase set aside $23 billion in litigation reserves — a figure that the bank has not previously disclosed. That pot of money includes the $9.15 billion, which the bank added during the third quarter.”
It would be easy to conclude that the restrictions on wire transfers are just part of a management decision to raise higher profits. Even so, how do you enhance your cash flow revenue when you eliminate the flow of capital to pay creditors?
Stopping an international outgoing wire, no doubt is a capital control restriction. So what is the rationale to limit domestic wires and cash deposits?
“It is clear that these regulations are being enacted for three different but equally plausible reasons, all of which contribute to the ultimate goal of sacrificing the global economy on the altar of derivative monster zombie banks.
1) Capital controls to prevent money leaving the country as the US dollar continues to devalue. Note that Chase will allow international wire transfers coming in, but not going out of the accounts. Note that they are only concerned about “risks” when the money is being moved out of the account.
2) Forcing businesses to abandon cash and switching everything over to digital currency that can be more easily tracked, traced and controlled.
3) Part of the preparatory phase for Cyprus-style bail-ins where the government announces a new “tax” to gouge out a percentage of people’s savings.”
Consumers, savers and small businesses have a mutual concern. They are all being set up for a dramatic confiscation of their money and the value of their capital.
“It seems that the US banks are beginning to write the laws and enact them as they see fit. But that’s par for the course in a crony capitalist fascist scenario in which businesses buy regulatory favors from legislators. The major banks have not only made Bitcoin de facto useless within the banking system by closing accounts, but now JPMorgan Chase is implementing de facto capital controls on its customers.”
When the wired commercial banks were allowed to become megabanks, business commerce was transferred into a déclassé customer.
****
