Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers

[Ares]

Preparing for looming financial crisis in U.S.?

Paul Joseph Watson
Infowars.com
October 16, 2013

Chase Bank has moved to limit cash withdrawals while banning business customers from sending international wire transfers from November 17 onwards, prompting speculation that the bank is preparing for a looming financial crisis in the United States.

http://static.prisonplanet.com/p/images/october2013/161013letter1.jpg

Numerous business customers with Chase BusinessSelect Checking and Chase BusinessClassic accounts have received letters over the past week informing them that cash activity (both deposits and withdrawals) will be limited to a $50,000 total per statement cycle from November 17 onwards.

The letter reads;

Dear Business Customer,

Starting November 17, 2013:

- You will no longer be able to send international wire transfers. You will still be able to send domestic wires and receive both domestic and international wires. We’ll cancel any international wire transfers, including reccurring ones, you scheduled to be sent after this date.

- Your cash activity limit for these accounts(s) will be $50,000 per statement cycle, per account. Cash activity is the combined total of cash deposits made at branches, night drops and ATMs and cash withdrawals made at branches (including purchases of money orders) and ATMs.

These changes will help us more effectively manage the risks involved with these types of transactions.

Another letter (PDF (http://www.peaktopeak.org/modules/groups/homepagefiles/cms/944821/File/Governing%20Documents/Financial%20Documents/September%202013%20Investment%20Reports.pdf)) received by Peak to Peak Charter School, a college in Colorado, states that the option to send both international and domestic wire transfers has been withdrawn from Chase business savings account holders.

http://static.prisonplanet.com/p/images/october2013/161013letter2.jpg

Shortly after we posted this story, other Chase business customers confirmed (https://www.facebook.com/photo.php?fbid=10151894626398459&set=a.410243778458.189813.6499393458&type=1) they had also received similar or identical letters.

“I’m a Chase customer with both of the type accounts mentioned and got the letter posted,” wrote one.

“I have been a loyal customer of Chase for 11 years and I received the letter for my business and when I called about this I was told basically piss off and find another bank!” added another.

Chase is obviously very keen to make it hard for their customers to have any kind of control over their savings and is trying to prevent them from sending dollars abroad, prompting concerns that Cyprus-style account gouging could occur in America.

The move to limit deposits and withdrawals while banning international wire transfers altogether is a bizarre policy and will cripple many small and medium-sized businesses with Chase accounts. Buying stock from abroad in any kind of quantity will now become impossible for many companies, while paying employees will also be a headache.

Why has Chase announced such a ludicrous and restrictive policy change and is it related to the potential for a US debt default?


http://www.youtube.com/watch?v=d21tmz6Om8o&feature=player_embedded
Link to video: http://www.youtube.com/watch?v=d21tmz6Om8o&feature=player_embedded

Speculation is rife that the bank is preparing for some kind of economic crisis by “locking down” its customers’ money. Although most still expect a deal to be struck to prevent a US debt default, its impact would “shake financial markets to a degree not seen since the Great Depression,” according to experts.

Others fear the move to restrict international wire transfers is part of a plan to protect against a near-future collapse of the US dollar.

Whatever the truth behind the policy change, Chase really needs to publicly explain its reasoning in order to quell the speculation.

The bank’s reputation was already under scrutiny after an incident earlier this year where Chase Bank customers across the country attempted to withdraw cash from ATMs only to see that their account balance had been reduced to zero. The problem, which Chase attributed to a technical glitch, lasted for hours before it was fixed, prompting panic from some customers.

Earlier this month it was also reported that two of the biggest banks in America were stuffing their ATMs with 20-30 per cent more cash than usual in order to head off a potential bank run if the US defaults on its debt.

The image below shows another example of a Chase business customer receiving the same letter.

http://static.prisonplanet.com/p/images/october2013/161013letter3a.jpg

http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/

[Neuro]

No international transfers! This is big, HUGE actually...One of the biggest banks in the world, closing the window for its American customers to send money out of America, and severely limits it's customers ability to transfer money from their accounts to other accounts they may have...

[Ares]

Looks like capital controls to me.

[Neuro]

Looks like capital controls to me.
Yes, but normally governments impose them on banks, which impose them on their clients. I don't think I've ever heard of a bank imposing it on their clients, without being prompted by legislation. But perhaps banks is the government now...

[gunDriller]

Looks like capital controls to me.

yes it does.

however, we don't know the history of the person who got the letter.

[ShortJohnSilver]

Probably Chase is under a huge cash crunch to have enough reserves... if you stick with them, they can continue to use your cash for free.

[Ares]

yes it does.

however, we don't know the history of the person who got the letter.

According to the Infowards site, it was a number of people and a couple businesses who received those limitation letters.

[vacuum]

Holy shit!

These are pretty tight requirements to put on businesses. I'd like to know the size of the businesses that are getting these letters and the industry they are in.

[Neuro]

According to the Infowards site, it was a number of people and a couple businesses who received those limitation letters.
If it doesn't apply to everyone, then maybe it involves people on a DHS blacklist?

[EE_]

Warren Buffett today

Moments after Bank of America announced better than expected earnings, Buffett said "the banks are in the best shape I can remember."
http://www.dailyfinance.com/2013/10/16/warren-buffett-us-default-pure-act-of-idiocy/

http://dealbreaker.com/uploads/2012/08/buffett-uke.jpg

[vacuum]

Ok, lets say this is only for certain business customers which are in certain industries. Is this an otherwise common banking practice? I know banks have withdraw limits for cash because there might not be enough cash at a particular branch. Basically you have to call a couple days ahead so they can order the cash they need if it's a large withdraw.

But I've never heard of a wire transfer restriction or a maximum month account churn. Both of these are designed so that you truly don't have access to the full account balance. The $50,000 includes deposits and is a per account limit. So these businesses can't be that big if they are only allowed to have deposits + withdraws to total $50k per month.

I think these are just baby steps toward a new general policy of banks imposing their own capital control limits, so that when the day comes, everything will have been put in place long ago to stop the flow of money.

[ximmy]

Start with a few clients, then spread out to everyone... that seems fair...

[willie pete]

yep, after Nov. 17, no international wire transfers (receiving is OK, no sending) period, and domestically only wire transfers from checking accounts (business or personal), no transfers from savings accounts, this will apply to everyone

[Uncle Salty]

Btc ftw!!

[osoab]

How the hell am I to get the money from my Nigerian contact?

[Shami-Amourae]

There is always...

...You know


Bitcoin

[gunDriller]

If it doesn't apply to everyone, then maybe it involves people on a DHS blacklist?

of course, this illustrates the purpose of the War of Terror - to give Jews power over & control of Gentiles worldwide.

[StreetsOfGold]

to give Jews power over & control

and Who is giving those certain "jews" that control? The devil working through the Roman Catholic church

Always falling SHORT of the REAL culprit!! Shame on you folks!

Read your bible and stop being so stupid!! Jews = SCAPEGOAT

The scapegoat are the ones that the world points their fingers at. you're being played for a fool and so is everyone else here that finger points at the Jews!

[VX1]

Read your bible and stop being so stupid!! Jews = SCAPEGOAT

The scapegoat are the ones that the world points their fingers at. you're being played for a fool and so is everyone else here that finger points at the Jews!

I'll just beat Book to the punch here and say...

5503

Scapegoat my ass.

[Hypertiger]

pre internet...this kind of information would not get too far...its just placing bets in the future.

Like having a field hospital ready before the IED detectors come looking for repairs.

[Twisted Titan]

How is that noose fitting you mr.John Q?

Nice and snug.

Good.

Wont feel a thing when the time comes i promise.

If you do ...you wont be in a position to complain.

[vacuum]

Front page of drudge:


http://gold-silver.us/forum/attachment.php?attachmentid=5507&d=1382028145




UPDATED: Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers (http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/)

Capital controls imposed on small business owners
Paul Joseph Watson
Infowars.com
Updated October 17, 2013
http://static.prisonplanet.com/p/images/october2013/171013chase1.jpgImage: One Chase Manhattan Plaza in NYC.


UPDATE: Alex Jones: The fact that these letters were being sent out to Chase customers was confirmed at the time that we published, but in the last 24 hours we have confirmed that even large businesses doing international transactions have also received the same letters.



I personally visited Chase Bank and inquired about setting up an account and asked if I could wire money out of the country or withdraw the amounts of cash listed in their letter. I was told no, and that I would have to “qualify” with them for a special type of international bank account and would have to deposit huge amounts of money and pay fees to be able to access those services.



What this constitutes is a war on cash and a war on small business and individuals. Two years ago we saw a giant backlash against Bank of America when they announced customers would be charged for using their own money via their debit card (http://www.csmonitor.com/Business/2011/0930/Debit-card-fees-Why-Bank-of-America-will-charge-5-for-debit-card-use). We have crossed the rubicon where now the currency has been so devalued that you will have to pay fees to have your money in a bank or use a debit card.



In saying that international wire transfers are too much of a risk, Chase Bank might as well be bankrupt because it is telling you there is no money to withdraw.



This is where the mega banks have wanted to take us all along – a total cashless society that destroys all privacy and allows them to fine and fee the general population into serfdom. This is clearly a major step towards capital controls as we saw with the Cyprus bail-in.



We are now receiving reports from business partners who we know well that they are being told by their banks that similar regulations to those adopted by Chase are coming within the next few months.



Chase would not be implementing a business killing strategy like this unless all other major banks were also planning to follow suit. What we see is mega banks leading the way to set the precedent that all the others will follow.


Chase needs to issue a statement clarifying exactly why they are imposing these capital controls.

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.


Customers need to rally and speak out against this and immediately move their money to smaller and local banks that will promise to give them good service and not rake them over the coals. We need diversity and competition within the banking system, not giant zombie banks endangering the world economy with derivatives and cheating their customers.



It should also be noted that JPMorgan Chase runs most of the welfare system and EBT cards (http://www.thedailybeast.com/articles/2012/10/01/jp-morgan-s-food-stamp-empire.html) and really constitutes the top of the pyramid in the corporate-banking-governmental structure.



Finally, we’ve seen the IRS attempting to bar Americans from leaving the country (http://www.foxbusiness.com/politics/2012/04/05/owe-irs-youre-not-going-anywhere/) simply if the IRS has opened an investigation on them. This isn’t shades of tyranny, this is hardcore authoritarianism and everyone should be concerned. If you were planning on getting your money out of the country, now is the time. If you haven’t withdrawn your cash from the bank, you should have done it yesterday.

[Neuro]

Another thing that just came into my mind. This actually increases the risk of doing business with American companies, essentially they are barred from giving a refund, when they haven't been able to fulfil the contract terms...

[Twisted Titan]

The only one that will be assured funding are those in the inside track.


Kinda like how the Russians knew when to tip toe out of Cyprus

[Son-of-Liberty]

Now is the time to get Bit coin and other crypto currencies. Avoid the rush. You think it is is high now? There is a crash and capital controls, it could easily go 10x higher then it is now.

[gunDriller]

Now is the time to get Bit coin and other crypto currencies. Avoid the rush. You think it is is high now? There is a crash and capital controls, it could easily go 10x higher then it is now.

Now is the time to get Gold and Silver and other solid currencies. Avoid the rush. You think it is is high now? There is a crash and capital controls, it could easily go 10x higher then it is now.


DPR illustrates the value of Bitcoin - it's possible that it cannot be seized by the Federal government.

[Son-of-Liberty]

Now is the time to get Gold and Silver and other solid currencies. Avoid the rush. You think it is is high now? There is a crash and capital controls, it could easily go 10x higher then it is now.


DPR illustrates the value of Bitcoin - it's possible that it cannot be seized by the Federal government.

If there are capital controls BTC will go up much more then gold because it the antithesis of currency control. I can send my coins half way around the world right now with a few clicks and no-one can stop me. If you try to travel with or ship gold you risk confiscation.

[Horn]

Bans International Wire Transfers, One Way, the U.S. is only allowed to receive money.

I wonder if it has to do with it taxing its citizens abroad?

Yeah this could put a wrench in my gears if they all adopt it, which is probably the case.

[Ares]

If there are capital controls BTC will go up much more then gold because it the antithesis of currency control. I can send my coins half way around the world right now with a few clicks and no-one can stop me. If you try to travel with or ship gold you risk confiscation.

I'm shifting some of my liquid assets into Bitcoins now. Mostly just some dry powder. But I have a feeling it will be more useful tied up in Bitcoins than other government controlled, regulated and easily confiscated assets than anything else at the moment.

[Horn]

Sounds like this was done to propup the dollar in the face of its open ended debt limits currently.

Chase being the lead that all others must follow in the banking world.

[gunDriller]

I'm shifting some of my liquid assets into Bitcoins now. Mostly just some dry powder. But I have a feeling it will be more useful tied up in Bitcoins than other government controlled, regulated and easily confiscated assets than anything else at the moment.

i think Bitcoin will inspire some worthwhile copies.

and it may inspire some crappy copies, honey-pots run by Joooooooos, the US gov, etc.

[Ares]

i think Bitcoin will inspire some worthwhile copies.

and it may inspire some crappy copies, honey-pots run by Joooooooos, the US gov, etc.

HA, you've never been to coinchoose.com huh?

There are so damn many clones of SHA-256 coins (Bitcoin) and Scrypt (litecoin) it's unreal.

[Horn]

HA, you've never been to coinchoose.com huh?

There are so damn many clones of SHA-256 coins (Bitcoin) and Scrypt (litecoin) it's unreal.

Look to God for solid investment choices, Ares himself would choose Gold.

[Ares]

Look to God for solid investment choices, Ares himself would choose Gold.

I hold the bulk majority of my wealth in precious metals. But got to diversify ya know? :)

[Horn]

I hold the bulk majority of my wealth in precious metals. But got to diversify ya know? :)

Hades finds quarters at Mount Olympus.

I may be forced to create some form of Bitcoin barter system so as to say to customers.

"Here is one (see how it works) then give me three in return"

[Son-of-Liberty]

I'm shifting some of my liquid assets into Bitcoins now. Mostly just some dry powder. But I have a feeling it will be more useful tied up in Bitcoins than other government controlled, regulated and easily confiscated assets than anything else at the moment.

This is also what I am doing. I am not adding to my PM stash anymore. That money is being diverted into Bit coin and to be honest I wish I would have done it sooner. The Chinese are really starting to get into BTC now and it is going to continue it's upward trend.

[Horn]

This is also what I am doing. I am not adding to my PM stash anymore. That money is being diverted into Bit coin and to be honest I wish I would have done it sooner. The Chinese are really starting to get into BTC now and it is going to continue it's upward trend.

Someone please ban this man for blatant spamming of monetary instruments other than our 2 remaining True God instruments

in Gold and Silver.

[Son-of-Liberty]

Don't say I didn't let you guys know. Not like I am selling anything or have anything to gain. BTC is too big for GSUS to move the market anyway.

[Horn]

The Chinese are really starting to get into BTC now and it is going to continue it's upward trend.

Their leaders probably like you so much that they may end up affording you a cage of your very own...

5517

[Ares]

Their leaders probably like you so much that they may end up affording you a cage of your very own...

5517

Hey what are you talking about? That's a better and bigger case than our PTB "masters" would have us living in. :)

[Horn]

Hey what are you talking about? That's a better and bigger case than our PTB "masters" would have us living in. :)

The Horn will only continue his beratement of lesser beings than himself for a limited time if left unsupported and aided by other GSUS Federation members.

As the Prime Directive exclusively prohibits me from speaking to you in the first place.

[Ares]

The Horn will only continue his beratement of lesser beings than himself for a limited time if left unsupported by other GSUS Federation members.

As the Prime Directive exclusively prohibits me from speaking to you in the first place.

But I bring silver :)

http://www.etftrends.com/wp-content/uploads/2011/10/Silver_bars.jpg

[Horn]

But I bring silver :)

Straight from British held Pennsylvania, or boat Fukushima port, no doubt.


1763 at the Siege of Fort Pitt (http://en.wikipedia.org/wiki/Siege_of_Fort_Pitt), many historians claim that smallpox-infested blankets were removed from fallen British soldiers. They were then to be distributed to Native Americans who accepted the blankets as their own. An English trader is quoted concerning the two Indian chiefs given "two blankets and a handkerchief out of the small pox hospital. I hope it will have the desired effect." A smallpox outbreak did occur in this area among Indians in the spring.

[Hatha Sunahara]

In a recent interview with Jim Willie, he predicted that the US would split the dollar into a domestic dollar and an international dollar. The domestic dollar would be devalued, causing everyone in the US to face rising prices, and the international dollar would not be devalued. I think he said that in this interview:

https://www.youtube.com/watch?feature=player_embedded&v=GcrJks0EQ3g

At approx 1:25:00.

This Chase move to stop international transfers of dollars, and the issuance of the new $100 bill is consistent with an iminent split of the dollar into a domestic and international version. We'll see an immediate 30% devaluation. Don't know when exactly, but soon--less than a year from now.


Hatha

[Neuro]

In a recent interview with Jim Willie, he predicted that the US would split the dollar into a domestic dollar and an international dollar. The domestic dollar would be devalued, causing everyone in the US to face rising prices, and the international dollar would not be devalued. I think he said that in this interview:

https://www.youtube.com/watch?feature=player_embedded&v=GcrJks0EQ3g

At approx 1:25:00.

This Chase move to stop international transfers of dollars, and the issuance of the new $100 bill is consistent with an iminent split of the dollar into a domestic and international version. We'll see an immediate 30% devaluation. Don't know when exactly, but soon--less than a year from now.


Hatha
I remember talk about this from the GIM days. So if this is the case does that mean that the banks will get the right to decide who gets international dollars and who gets domestic dollars. So what will we get a gold backed international Dollar? This would be insulated from deficit spending and US debt load...

[Ares]

I remember talk about this from the GIM days. So if this is the case does that mean that the banks will get the right to decide who gets international dollars and who gets domestic dollars. So what will we get a gold backed international Dollar? This would be insulated from deficit spending and US debt load...

In all reality that maneuver if it were to come about is just nothing more than another can kicking incident. If they were to do this, it would erode confidence further. Say the situation is reversed. China setup a 2 tier valuation system. You come across a Yuan, say you decide to go and visit China. You instantly lose 30-40% of your notes total valuation just by entering the country, yet outside the country you get face value.

I could see that happening, and the banks would be ordered to ask questions such as where did this come from? Did you travel over seas recently? Stuff like that to determine the valuation of the note. Get caught lying you'll be subject to something like a 100,000 dollar fine, and the typical federal sentence mandate of 3-5 years.

[gunDriller]

In a recent interview with Jim Willie, he predicted that the US would split the dollar into a domestic dollar and an international dollar. The domestic dollar would be devalued, causing everyone in the US to face rising prices, and the international dollar would not be devalued. I think he said that in this interview:

https://www.youtube.com/watch?feature=player_embedded&v=GcrJks0EQ3g

At approx 1:25:00.

This Chase move to stop international transfers of dollars, and the issuance of the new $100 bill is consistent with an iminent split of the dollar into a domestic and international version. We'll see an immediate 30% devaluation. Don't know when exactly, but soon--less than a year from now.

Hatha

why would they need to do that ?

it's already being devalued through inflation anyway.

they want to devalue it more AND temporarily increase 'their' popularity ?


just give every US citizen $1000 ! though i think they tried something similar ...

[Ares]

why would they need to do that ?

it's already being devalued through inflation anyway.

they want to devalue it more AND temporarily increase 'their' popularity ?


just give every US citizen $1000 ! though i think they tried something similar ...

They did, Cars for clunkers program.

[Neuro]

In all reality that maneuver if it were to come about is just nothing more than another can kicking incident. If they were to do this, it would erode confidence further. Say the situation is reversed. China setup a 2 tier valuation system. You come across a Yuan, say you decide to go and visit China. You instantly lose 30-40% of your notes total valuation just by entering the country, yet outside the country you get face value.

I could see that happening, and the banks would be ordered to ask questions such as where did this come from? Did you travel over seas recently? Stuff like that to determine the valuation of the note. Get caught lying you'll be subject to something like a 100,000 dollar fine, and the typical federal sentence mandate of 3-5 years.
The main accomplishment would be bankers and buddies would have hard currency to do global business with. Proles would be stuck in whatever shithole they are in, and could buy potatoes if other proles have them for sale. The 1% get richer, 99% will starve and freeze...

[Ares]

The main accomplishment would be bankers and buddies would have hard currency to do global business with. Proles would be stuck in whatever shithole they are in, and could buy potatoes if other proles have them for sale. The 1% get richer, 99% will starve and freeze...

That will only work for so long. They'll become bullet targets in short order. It won't be hard to see who has advantages of using "outside money" with those who are using "inside money".

[Neuro]

That will only work for so long. They'll become bullet targets in short order. It won't be hard to see who has advantages of using "outside money" with those who are using "inside money".
I think they think they can buy over good reliable proles with coffee, sugar, a gallon of gas, and a shot of Scotch every Saturday night... ;)

[Horn]

I don't think they will need to separate into domestic and international,

when they can just strike a rule like this and the people are powerless to dictate otherwise.

What does a small time guy that sells widgets from China do now that he can't wire money to China?

He has to set up with Chase account in China to do transfer balance in lieu of money wire to other accounts.

Or go thru another domestic port that does that exclusively, no doubt with strict total reporting to tax authorities.

[ShortJohnSilver]

Are other banks doing the same? I called my credit union where I have done many wire transfers and they said they had no info on changes. It could just be the typical Chase crappiness.

[Horn]

Are other banks doing the same? I called my credit union where I have done many wire transfers and they said they had no info on changes. It could just be the typical Chase crappiness.

Do they use Chase to do their wire transfers?

From what I know, many times Chase sets the precedent then the rest follow suit.

[Hatha Sunahara]

Jim Willie boasts that he has a 90% record of being right on his predictions, and reminds us that other economists have a 20% record of being right because they are paid to 'tow the party line'.

I can see the advantages to this. It allows the dollar to remain the reserve currency, and stops the erosion of the dollar's value outside the country, but allows the internal dollars to become worthless, thus enslaving Americans. The Soviets did this trick with the Ruble. They had internal rubles that all the soviet slaves used to exchange stuff with, and the external ruble that was valued against other hard currencies, and immune to what they did inside the country.

Keep in mind that they just issued a new $100 bill. You will likely see new versions of smaller denominations, and new versions of all of them designated as External Dollars that the foreigners can exchange for the ones they currently hold.


Hatha

[Horn]

JPMorgan settlement sets a potent precedent
JPMorgan Chase’s chief executive officer, Jamie Dimon, initially called the bank’s “London whale” trading debacle a “tempest in a teapot.” Some teapot. Wednesday the bank agreed to pay $100 million to settle an action brought by the Commodity Futures Trading Commission. But more important than that relatively modest sum is the bank’s admission that its traders were “recklessly aggressive.”
The new settlement brings to more than $1 billion the penalties the bank has had to pay for the London whale and, with more cases to come, that figure could grow. The real news, though, is that after decades of allowing companies to “neither admit nor deny” wrongdoing when settling cases, regulators are insisting that they admit guilt.


JPMorgan’s concessions in Wednesday’s CFTC case and last month’s Securities and Exchange Commission settlement signal that Wall Street firms no longer can flout the law and then, if caught, dismiss the resulting penalties as a cost of doing business. This is a sea change in U.S. law enforcement, one with far-reaching consequences.


A mea culpa in the CFTC case exposes JPMorgan to client and shareholder lawsuits for having built, then unloaded, huge trading positions that distorted the normal supply and demand signposts in the market. The admission to the CFTC goes further than the admission in the SEC case, so it sets a more potent precedent. At issue in the SEC action were managerial lapses. Admitting to poor management is weaker than conceding that credit derivatives were used with reckless aggression.


The CFTC is also signaling a willingness to make maximum use of the 2010 Dodd-Frank Act. The law lets the agency sue banks that use instruments, including derivatives, as a “manipulative device.” This doesn’t require regulators to prove intent to manipulate, so cases are easier to bring and to press to a successful conclusion.


This easier standard is two-edged: It may limit JPMorgan’s civil liability. Admitting to reckless use of a credit derivative as a manipulative device lacks the clarity and punch of an admission of deliberate market manipulation. Civil liability can play an important reinforcing role in law enforcement if it makes managers pay closer attention to the actions of their employees.


Still, the new precedents are good news for investors at risk in markets that can be swamped by the actions of Wall Street’s giants. Best of all is curbing the practice of settling cases without an admission of wrongdoing. That will make the markets safer for all.

http://www.charlotteobserver.com/2013/10/19/4397910/jpmorgan-settlement-sets-a-potent.html#.UmKsD1P4RyU



Read more here: http://www.charlotteobserver.com/2013/10/19/4397910/jpmorgan-settlement-sets-a-potent.html#.UmKsD1P4RyU#storylink=cpy

[ShortJohnSilver]

Jim Willie boasts that he has a 90% record of being right on his predictions, and reminds us that other economists have a 20% record of being right because they are paid to 'tow the party line'.

I can see the advantages to this. It allows the dollar to remain the reserve currency, and stops the erosion of the dollar's value outside the country, but allows the internal dollars to become worthless, thus enslaving Americans. The Soviets did this trick with the Ruble. They had internal rubles that all the soviet slaves used to exchange stuff with, and the external ruble that was valued against other hard currencies, and immune to what they did inside the country.

Keep in mind that they just issued a new $100 bill. You will likely see new versions of smaller denominations, and new versions of all of them designated as External Dollars that the foreigners can exchange for the ones they currently hold.


Hatha

I do worry about the internal/external ruble idea.

[Neuro]

Another thing to consider here is that JPM is the owner of Chase. Possibly they are setting the bank up in two parts, and one part is set for bankruptcy, where all crappy loans, rotten deals, and depositors without clout is going to find themselves... I don't know, but if you have an account at Chase, close it before November 17, if you want to be on the safe side... Physical Gold in your hands may look very cheap a month from now vs a bank account with an electronic balance! No matter what the gold price is a month later...

[Son-of-Liberty]

Another thing to consider here is that JPM is the owner of Chase. Possibly they are setting the bank up in two parts, and one part is set for bankruptcy, where all crappy loans, rotten deals, and depositors without clout is going to find themselves... I don't know, but if you have an account at Chase, close it before November 17, if you want to be on the safe side... Physical Gold in your hands may look very cheap a month from now vs a bank account with an electronic balance! No matter what the gold price is a month later...

Good point. Doesn't matter how much the dollars are worth it you can't access them

[Hatha Sunahara]

The banksters are tightening the noose on the middle class. These policies for controlling your money are to make it more difficult for middle class people to move their money out of the system. Here's an article by Dave Hodges that gets to the heart of it:

http://thecommonsenseshow.com/2013/10/22/expatriate-or-revolution/


Expatriate or Revolution?Dave Hodges
October 22, 2013
The Common Sense Show (http://thecommonsenseshow.com/2013/10/22/expatriate-or-revolution/www.thecommonsenseshow.com)
There is one undeniable fact that is emerging from the world of international finance, if you want to retain the money that you have earned, you are going to have to leave the country or you are going to have to overthrow the bankers that have hijacked your government.
I will not mince words, this means revolution in which your primary foe will be DHS and their 2.2 billion rounds of newly acquired ammunition and their 2700 armored personnel carriers. There is no middle ground, it is either fight or acquiesce. And the bad guys know this and this is why they have a plan to incrementally steal your money under false pretenses so as not to alert the masses and rouse them into a state of revolution. .
How We Got In the Present MessThe threat to your financial well-being has far less to do with the persistent and incremental theft of your money by the Federal Reserve, which has resulted in the value of your dollar eroding to a value of less than 4 cents over the past 100 years. The present day threat has to do with the outright theft of your bank account by new IMF policies.
These same bankers, who have deflated the dollar and wrecked the economy, are coming after your pensions (http://thecommonsenseshow.com/2013/10/13/the-international-plot-to-steal-all-retirement-accounts/), as I have written about; and now the banksters want your bank accounts.
The IMF Is the Enforcer of the Global EliteIMF director, Christine Lagarde (http://www.rawstory.com/rs/2013/10/11/international-monetary-fund-strongly-suggests-countries-tax-the-rich-to-fix-deficit/), has been recklessly advocating for a wholesale seizure of 10% of all accounts in the Eurozone, but because there may be riots and even a revolution if there are wholesale bail-ins, the IMF has settled on a more incremental plan of economic subjugation in a which a 10% tax will implemented against all bank account holders in order to pay down the debt.
What the IMF and the central bankers are not telling you is that the debt can never be paid down because the primary source of the debt comes from the derivatives market which totals a minimum of one quadrillion dollars which is 16 times the entire value of the planet. In short, these banksters are merely trying to stay one step ahead of the burning bridge by stealing your pensions and bank accounts. And does anyone truly believe that these banksters will stop at looting just 10% of your bank account? When does 10% become 20%, which becomes 30%, which becomes 100%? This will be followed by the bankers issuing a neo-feudalism style of welfare to all citizens. Mark my words America, the 10% “tax” is just the starting point.
Selling the “Tax” As a Tax on the Rich

The IMF has repackaged Lagarde’s recommendation for a 10% tax on all banking accounts and is recommending that all developed countries make up their debt load by “taxing the rich”. This is the same game, just a different name. This game of semantics is based upon the belief that the people of ordinary means will accept a 10% initial hit on their savings so long as the rich are sharing in the pain. Really? Since when have the rich ever shared in the burden for anything? Last year, Warren Buffet bragged that his secretary paid more tax than he does. The rich do not pay tax, they are allowed by the IRS to accept payment for their services in off-shore foreign banks that the IRS does not solicit information from. You and I do not have access to the same tax evasion schemes because it often takes a minimum of $30-50 million dollars to open such an account in places like the Cayman Islands. Therefore, when Lagarde’s IMF tells you that you are going to be taxed (i.e. 10% of your bank account stolen) at the same rate as the rich, do not believe Lagarde and the IMF because they are lying through their teeth.
The coming global tax will be instituted through the central bank of each nation. This means that in the US, the Federal Reserve Banks of Bank of America, Wells Fargo, JP Morgan Chase et al., will be impacted. This means that the tax-dodge banks used by the global elite in the Cayman Islands will be exempt from this “tax” because they are not under the direct authority of a central bank.
Ask yourself, when you have been standing in the teller lines at the Bank of America, how many times have you seen Bill Gates, David Rockefeller, Warren Buffet, George Soros and Donald Trump in the same teller line next to you? These banksters will not pay one dime in tribute to the IMF. This entire burden, just as it is with the tax system, will be paid by the middle class of each nation. The elite do not bank where you do.
Global Elite Finance As a Second LanguageIf you want to truly understand where this is headed, you must become fluent in the language of the global elite and the first prerequisite understanding that you must acquire is that no developed nation is taxing the rich to any significant degree. A nation can say they are taxing the rich and they can even pass laws which state that they are taxing the rich, but no nation is truly taxing the rich. If a nation was to decide to actually to tax the rich, the money of the rich, and their corporate assets, would leave that country so fast that your head would spin because the developed nations of the world are in a race to the bottom in terms of recruiting corporations to relocate to their country by offering corporations and their elite owners huge tax incentives while passing along the corporate and banking debt load to what’s left of the middle class. Therefore, what does tax the rich really mean?
The New Version of Taxing the RichThe statement, taxing the rich means that the elite are going to introduce what appears to be a universal program which will, on the surface, appear to tax everyone the same in order to pay for the massive debt that is crushing every country on the planet, namely, the derivatives debt.
In the last section of the 10% tax requested, in the IMF report (http://armstrongeconomics.com/2013/10/14/european-banking-crisis-seizing-10-of-everyones-accounts-hello-cyprus/), on page 58, it states the following:
“The tax rates needed to bring down public debt to precrisis levels, moreover, are sizable: reducing debt ratios to end-2007 levels would require (for a sample of 15 euro area countries) a tax rate of about 10 percent on households with positive net wealth... Simulations show that maintaining the overall budget at a level consistent with the IMF staff’s medium-term advice would bring the average debt ratio to about 70 percent of GDP by 2030, although in a few countries it would remain above 80 percent. However, the large debt stock, the uncertain global environment, weak growth prospects, and the absence of well-specified medium-term adjustment plans in systemic economies like Japan and the United States complicate the task.“

The Expatriation OptionThis above-mentioned IMF analysis tells you quite clearly that their “debt reduction” plan is coming to Japan and the United States. So, perhaps you will decide like record numbers of Americans have already done, that it is time to go to a country such as Costa Rica or Norway and take your money with you. While it is true that you might be able expatriate to one of these countries, taking the bulk of your money with you is going to be a fundamental problem.
JP Morgan Chase has announced that they are stopping international wire transfers from private accounts and are limiting account holders to less than $50,000 cash withdrawals. In the past couple of days, HSBC (America) has announced the same basic policies. I expect that within the next 30 days, the Bank of America and Wells Fargo will follow suit. This is clearly a move designed to prevent capital flight from the United States so that the bankers will have easy access to your funds. Let’s take a big picture view, shall we? There can be no other conclusion than this nation’s megabanks are locking up the money supply that they have control over in preparation of implementing the 10% “tax” on you money.
Even if you decide to give your money one small extra layer of protection and move it into a credit union, and then move your money out of the country, your efforts will largely fail. Because the $50,000 transfer prohibition applies to the transfer of your money to domestic banks as well. The banks are telling you that they own your money, and legally they are correct. Very soon, this expatriation option will disappear.
Your Bank Account Has No ProtectionThe FDIC has only about $25 billion in its deposit insurance fund, which is mandated by law to keep a balance equivalent to only 1.15% of insured deposits. If a banking collapse were to be on the near horizon, the banksters are not going to notify you because they would not want to incite a bank run. With only 1.15% of all deposits being insured by the FDIC, your money would be left vulnerable and only the elite would be warned as they quietly transfer their money to a safer haven. How do I know this? Because this is exactly what my research discovered on the money movements preceding the Gulf oil spill, as it ws revealed that on the morning of the explosion, Goldman Sachs issued a “put option for preferred insiders” in Transocean (http://thecommonsenseshow.com/2013/03/15/who-had-foreknowledge-of-the-gulf-oil-spill-pt-6/) (the owner of the Deep Water Horizon oil rig) and the elite had their stock profit margin guaranteed while everyone else took a financial bath! This is the undeniable pattern of the global elite.
Additionally, your bank account has been collateralized against the derivatives debt. The bankruptcy reform laws stemming from the Bankruptcy Reform Act of 2005, derivatives counter-parties are given preference over all other creditors and customers of the bankrupt financial institution, including FDIC insured depositors. This gives what the experts call “super priority” in terms of the line of succession from which to collect bankruptcy monies. Bank of America has conspicuously co-mingled their derivatives debt with your savings account and as such they have every legal right use your money to cover their debt. Oh, they would never do that you say? I have bad news for the uninformed, they already have done that very thing. In the MF Global debacle, the reason that MF Global customers lost (http://www.zerohedge.com/contributed/commodity-customer-coalition-objects-jp-morgans-super-priority-protection-over-mf-global) their segregated account funds was because the MF Global debt load was caused primarily because of their derivatives debt which, under bankruptcy laws, gave derivatives claimants super-priority in the bankruptcy proceedings. In short, you do not matter.
A Message to All Police State Surveillance Grid Employees

Hey NSA, while you are watching us, the IMF is watching your pensions and bank accounts.To all of you in the NSA who are spying on Americans to determine who has been naughty or nice, your banks accounts and pensions will soon be gone as well. To all military and police, the same is true for you too. It does not make sense for any American to go along with this tyranny. Why would you people fight on the side of those who would rob you blind at the end of the day? Expatriate or Fight? The options are narrowing very quickly.
Tick, tick tick…..It is 5 seconds to midnight.



Hatha

[Ares]

Good article Hatha.... Think I need more Silver, Gold, and Bitcoins. :)

[Horn]

Good article Hatha.... Think I need more Silver, Gold, and Bitcoins. :)

There are lots available in Costa Rica if you'd like to begin the expatriation process.

Gold and Silver accepted, no Bitcoins.