Network Archives

How the US sent $12bn in cash to Iraq. And watched it vanish [2007]

"The US flew nearly $12bn in shrink-wrapped $100 bills into Iraq, then distributed the cash with no proper control over who was receiving it and how it was being spent. The staggering scale of the biggest transfer of cash in the history of the Federal Reserve has been graphically laid bare by a US congressional committee. In the year after the invasion of Iraq in 2003 nearly 281 million notes, weighing 363 tonnes, were sent from New York to Baghdad for disbursement to Iraqi ministries and US contractors. Using C-130 planes, the deliveries took place once or twice a month with the biggest of $2,401,600,000 on June 22 2004, six days before the handover." Continue reading →

Continue ReadingHow the US sent $12bn in cash to Iraq. And watched it vanish [2007]

US secretly sent plane with $400 million in cash to Iran

"President Barack Obama approved the $400 million transfer, which was the first payment of a $1.7 billion settlement resolving claims at an international tribunal at The Hague over a failed arms deal under the time of the Shah. The Iranians were seeking more than $10 billion at arbitration. Because existing US sanctions ban American dollars from being used in a transaction with Iran, officials said the money was procured from central banks in Switzerland and the Netherlands, and an unmarked cargo plane loaded with wooden pallets of Swiss francs, euros and other currencies were flown to Iran." Continue reading →

Continue ReadingUS secretly sent plane with $400 million in cash to Iran

Ban $100 bills to tackle crime: Ex-bank chief

"He argued that high-denomination notes in high-value currencies were little used other than for crime, with people in most parts of the world favoring cash for small payments and electronic alternatives like credit cards or Paypal for bigger ones. As such, Sands called for the elimination of the 500 euro note, £50 bill and 1,000 Swiss franc bill and the $100 note. Depending on the country, tax evasion robs the public sector of anywhere between 6 percent and 70 percent of what authorities reckon they should collect, Sands added. He said that global financial crime flows amounted to $2 trillion per year, with corruption accounting for another $1 trillion." Continue reading →

Continue ReadingBan $100 bills to tackle crime: Ex-bank chief

No Negative Rates Without Banning Cash, Says Former Fed Official

"I think it’s going to be hard to push the Fed Funds rate below negative 1. That’s going to be difficult. People can basically take out cash and put it in a vault and they get a zero return on it. This is supporting the ban on cash rhetoric. This is a huge social debate that we should start having. One way of doing it is to ban cash. Banning cash is a social and political debate, which is going to happen increasingly. As long as we have cash, we can’t have rates of much below negative 1 percent." Continue reading →

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Bitcoin Exchange Loses $60M In Hack; US Regulations ‘Prevented Cold Storage Use’

"Bitfinex was previously fined $75,000 by the CFTC for failing to register as an appropriate entity for the services it offered as well as: '[F]or offering illegal off-exchange financed retail commodity transactions in bitcoin and other cryptocurrencies.' These 'off-exchange' transactions could be alluding to the storage of funds offline — commonly known as cold storage — one of the best ways to keep your funds out of hackers’ reach. If this is indeed the case then the incident could undermine calls for more regulation as cryptocurrency exchanges face a dilemma between security and compliance." Continue reading →

Continue ReadingBitcoin Exchange Loses $60M In Hack; US Regulations ‘Prevented Cold Storage Use’

2017: The Year Nullification Goes Mainstream?

It’s hard to imagine a future with Hillary Clinton or Donald Trump at the helm as an era of liberty. But this election could end up being the best thing for freedom in a long time. In fact, I believe 2017 will be the year nullification goes mainstream. There will be no reason for any…

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New Louisiana Law Strengthening Right to Try Act Now in Effect

BATON ROUGE, La. (Aug. 3, 2016) –  On Monday, a new law that strengthens Louisiana’s Right to Try Act went into effect. Last year, the Louisiana legislature passed, and the governor signed,“Right to Try” legislation giving terminally ill patients access to medicines not yet given final approval for use by the FDA. Earlier this year,…

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Signed by the Governor: Illinois Law to Decriminalize Marijuana Possession Now in Effect

SPRINGFIELD, Ill. (Aug 3, 2016) – Last week, Illinois Gov. Bruce Rauner signed a bill into law decriminalizing marijuana for adults and changing criminal penalties into civil infractions. The proposal not only decriminalizes marijuana in the Prairie State, it also takes a step toward nullifying federal cannabis prohibition in practice in Illinois. Sen. Heather Steans…

Continue ReadingSigned by the Governor: Illinois Law to Decriminalize Marijuana Possession Now in Effect

More Unconstitutional War in Libya

Yesterday, the US government launched a new round of airstrikes into Libya. While the Constitution mandates that Congress declares war, this new war is being waged on the “request” of United Nations-created government of Libya. The Constitution is quite clear on war power. Congress has the power to determine if the country will wage offensive…

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