Network Archives

China slaps cap on overseas UnionPay cash withdrawals

"The gatekeeper of China's foreign exchange has moved to plug a loophole in the capital account by capping the value of overseas withdrawals on bank cards, amid rising concerns over capital outflows and illicit money transfers. The State Administration of Foreign Exchange has slapped an annual cap on overseas cash withdrawals for UnionPay cardholders at 100,000 yuan or its equivalent per card. SAFE requires banks to add accounts that exceed the cap to a watch-list and forbid further cash withdrawals outside of China. Still, the withdrawal cap did not address another obvious escape route, the number of cards for which an individual can apply." Continue reading →

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Chinese state begins buying stocks after Monday’s rout

"China's stocks rose in volatile trade as state-backed funds were said to intervene after a plunge on Monday wiped out $590 billion of market value. Trading was halted on Monday after the gauge plunged 7 percent, triggering new market circuit breakers that some analysts said exacerbated the sell-off. State-controlled funds bought equities and the securities regulator signaled a selling ban on major investors will remain beyond this week's expiration date, according to people familiar with the matter. The China Securities Regulatory Commission also suggested it's open to tweaking the circuit breakers, while the central bank conducted the biggest reverse-repurchase operations since September." Continue reading →

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Puerto Rico Defaults On Bonds: Return Does Not Come Without Risk

"Many American investors bought Puerto Rican bonds over the past five years as we all searched desperately for yield in the face of the Federal Reserve pushing interest rates down to historic lows. Normally, investors understand that higher yields come with greater risks. However, during the past six years of extraordinary interventions by the Fed into all sorts of financial markets, many investors may have decided that those higher yield investments weren’t really all that risky. Puerto Rico’s problems may serve as a much-needed wake up call to investors. As rates rise, capital will move back toward safety and the risk premium demanded of higher risk projects is likely to increase." Continue reading →

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Oregon Law Curbing Warrantless Collection of Cellphone Data Now in Effect

SALEM, Ore. (Jan. 4, 2016) – Privacy got a boost in Oregon on New Year’s Day. On Jan.1, a new law prohibiting police from obtaining information from electronic devices without a warrant in most cases went into effect. The new law will not only protect privacy in Oregon, but will also address a practical effect…

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Nullification Educational Videos Gaining Steam, Reaching Tens of Thousands

Since we launched our two video projects last summer, we’ve seen an increasing reach as we’ve increased the quality and quantity of our posts.  It’s nice to see the latest video that we posted on Facebook – Nullify! Chapter 11 – reach 29,000+ views. If you’ve been watching this blog, you know that we’re in…

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Florida Bill would Outlaw Most Abortions; Nullify Roe v. Wade in Practice

TALLAHASSEE, Fla. (Jan. 3, 2016) – A bill prefiled in the Florida House would outlaw most abortions, nullifying the Supreme Court decision in Roe v. Wade. Charles Van Zant (R – Palatka) filed House Bill 865 (HB865) on Dec. 2. Titled the “Florida for Life Act,” the legislation would prohibit abortions, with exceptions for the…

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South Carolina Action Alert: Help Nullify Unconstitutional FDA Restrictions on Terminal Patients

South Carolina S.929, the Right to Try Act,would effectively nullify in practice certain FDA rules regarding experimental treatments for terminally ill patients. It must pass through the Senate Medical Affairs Committee before the bill can receive a full vote and be approved. PLEASE TAKE THE FOLLOWING ACTIONS to support this important bill. 1. Call the Senate Medical…

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Virginia Bill Would Decriminalize Marijuana, Help Nullify Federal Prohibition

RICHMOND, Va. (Dec. 31, 2015) – A bill introduced in the Virginia legislature would decriminalize marijuana for adults, changing criminal penalties into civil infractions. The proposal would not only decriminalize marijuana in the Old Dominion, it would also take a big step toward nullifying federal cannabis prohibition in practice in Virginia. Sen. Adam Ebbin (D-Alexandria)…

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