ThePythonicCow
19th October 2013, 09:00
A couple of days ago, a few posts here mentioned the InfoWars report Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers (http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/), in which it was reported that JPMorgan Chase banks were limiting cash deposits and withdrawals, and prohibiting wire transfers from within the US to outside the US. These are the typical capital control mechanisms put in place by the big banks before crashing the currency.
Now a second big bank has joined the effort. From the Economic Policy Journal article HSBC USA Joins Chase in Limiting International Money Transfers (http://www.economicpolicyjournal.com/2013/10/shock-hsbc-usa-joins-chase-in-limiting.html):
Yesterday, I reported that JPMorganChase will start to limit cash withdrawals and ban ceratain business customers from sending international wire transfers (http://www.economicpolicyjournal.com/2013/10/chase-bank-limits-cash-withdrawals-bans.html), from November 17 onward.
Now, word comes via Simon Black that starting October 20th, HSBC USA's Premier clients will have to wait a minimum of five days before transferring funds to their OWN international accounts!
This is not good. The cover story for these measures is to "protect" banks and customers from theft. In reality, this is a major move toward limiting movement of capital overseas. Black writes:
This is the very nature of capital controls-- restricting the free flow of capital across borders until it is trapped inside the country and forcibly denominated in a rapidly devaluing currency.
And this is exactly how it starts... making it more difficult to move money abroad.
A word to the wise, it will only get worse. Act accordingly.
Now a second big bank has joined the effort. From the Economic Policy Journal article HSBC USA Joins Chase in Limiting International Money Transfers (http://www.economicpolicyjournal.com/2013/10/shock-hsbc-usa-joins-chase-in-limiting.html):
Yesterday, I reported that JPMorganChase will start to limit cash withdrawals and ban ceratain business customers from sending international wire transfers (http://www.economicpolicyjournal.com/2013/10/chase-bank-limits-cash-withdrawals-bans.html), from November 17 onward.
Now, word comes via Simon Black that starting October 20th, HSBC USA's Premier clients will have to wait a minimum of five days before transferring funds to their OWN international accounts!
This is not good. The cover story for these measures is to "protect" banks and customers from theft. In reality, this is a major move toward limiting movement of capital overseas. Black writes:
This is the very nature of capital controls-- restricting the free flow of capital across borders until it is trapped inside the country and forcibly denominated in a rapidly devaluing currency.
And this is exactly how it starts... making it more difficult to move money abroad.
A word to the wise, it will only get worse. Act accordingly.