Economy

Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers

"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 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." Continue reading →

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Overtaxed and over there

"'FATCA is strangling us economically,' says Genevieve Besser, an American who has lived in Germany for 25 years. Last year her youngest daughter, a dual citizen, had her local brokerage account closed by Deutsche Bank because her mother had signing authority over it. Americans are even being forced out of products that are not subject to FATCA reporting: some have been forced to pay off mortgage balances with Swiss banks, for instance. American banks and brokerages are growing frostier too. Some are closing the accounts of citizens who no longer have an American address because of FATCA." Continue reading →

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State, provincial regulators raise red flags on virtual currency

"Consumers may be headed for trouble when they turn over bank and brokerage pass codes to investment advisers or get pulled into investment scams involving digital currencies, state securities regulators said. The North American Securities Administrators Association said digital currencies, such as Bitcoin, offer consumers another way of paying for goods and services, but they also provide a 'fertile ground for scam artists to capitalize on ... (their) increasing popularity and acceptance.' The association's members include state and provincial regulators in the United States, Canada and Mexico." Continue reading →

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Lebanese banks tightening regulations in line with U.S. laws

"Lebanese banks Thursday assured the U.S. ambassador to Lebanon David Hale they were strengthening measures to combat all forms of money laundering, terrorist funding and tax evasion. 'We are preparing, in collaboration with our international audit firm, a manual on AML and FATCA policies and procedures,' Association of Banks in Lebanon President Francois Bassil told the ambassador. 'It will be available very soon to all operating banks in Lebanon,' he said, adding that this would allow for 'a standardized and harmonized implementation of the new U.S. regulations.'" Continue reading →

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South African banks in massive credit card data breach

"A variant of malware – short for malicious software – called Dexter, inserted into point-of-sale (POS) devices at South African fast-food outlets, has cost local banks tens of millions of rand in what is being described as one of the worst breaches of customer card data in the country's history. South Africa's banks have suffered tens of millions of rand in losses due to a major breach of customer card data by criminal syndicates that infected electronic POS devices using a variant of malicious software called Dexter. It's not known exactly how many POS devices were infected by the malware, but the problem is believed to have been widespread in the fast-food industry." Continue reading →

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The Biggest Scam In The History Of Mankind (Debt Ceiling Truth)

"You are about to learn one of the biggest secrets in the history of the world...it's a secret that has huge effects for everyone who lives on this planet. Most people can feel deep down that something isn't quite right with the world economy, but few know what it is. Gone are the days where a family can survive on just one paycheck...every day it seems that things are more and more out of control, yet only one in a million understand why. You are about to discover the system that is ultimately responsible for most of the inequality in our world today. The powers that be DO NOT want you to know about this, as this system is what has kept them at the top of the financial food-chain." Continue reading →

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Why Have So Many Americans Considered Expatriation?

"According to Rasmussen Reports, fully 9% of the U.S. population has considered 'expatriation.' A record number of Americans 'officially' expatriated in the second quarter of 2013—and the real number is probably much higher. The mainstream media says that U.S. citizens give up their citizenship only to avoid paying tax. The fact is, more than 7 million Americans now live abroad. Many of them can no longer hold bank accounts, qualify for a mortgage, or set up a tax-deferred account for retirement or their children's education. They don't leave solely because of taxes—they give up their native son and daughter status because they pretty much have to just to function outside this country." Continue reading →

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Might India Confiscate the Gold of the Temples?

"If the financial woes of the Government worsen, as seems likely, the temptation will increase for them to tap into Temple resources at some point. Who the actual owners of the resources may be, is likely to become more blurred along the way. We are heading into a confiscatory era—a time when banks and governments reserve the right to go beyond the old method of taxation and to actually pillage the purse of the public. This has begun with bank accounts and pension funds in some countries, and, as the concept becomes a trend, it will take on many forms. Confiscation of temple, church, or synagogue funds may therefore soon be on the table in a variety of countries." Continue reading →

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Financial services in developing countries

"Access to traditional financial services, such as deposit-taking accounts and automatic teller machines (ATMs), in developing countries has expanded in recent years. Since 2004 the number of ATMs per 100,000 adults has more than doubled, to around 22 (compared with over 70 in rich countries). Russia and Brazil have more ATMs relative to their population than other emerging markets, but according to a World Bank survey less than 2% of adults there used a mobile phone to receive money. Mobile payments are a substitute for traditional banking. In Kenya, where there are 2,381 ATMs (less than ten for every 100,000 adults), over two-thirds of people use mobile money." Continue reading →

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China’s State Press Calls for ‘Building a de-Americanized World’

"Key among its proposals: the creation of a new international reserve currency to replace the present reliance on U.S. dollars, a necessary step to prevent American bumbling from further afflicting the world, the commentary suggests. 'The cyclical stagnation in Washington for a viable bipartisan solution over a federal budget and an approval for raising the debt ceiling has again left many nations’ tremendous dollar assets in jeopardy and the international community highly agonized,' says Xinhua. 'The world is still crawling its way out of an economic disaster thanks to the voracious Wall Street elites,' it adds. It’s not a new refrain." Continue reading →

Continue ReadingChina’s State Press Calls for ‘Building a de-Americanized World’