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Swiss bank breaks negative deposit rates taboo

“The Alternative Bank Schweiz (ABS) caused shockwaves with a letter sent to all clients informing them that it would begin imposing interest charges on deposits in 2016. For current accounts, the bank said it would impose a -0.125-percent rate, while slapping a -0.75-percent rate on client deposits higher than 100,000 Swiss francs. ABS, which grew out of the ideals the 1960’s protest movement, justified the unprecedented development by saying it would provide manoeuvering room for financing ‘meaningful projects’. The Swiss central bank introduced a negative deposit rate in January after it abruptly abandoned its three-year effort to hold down the franc’s exchange rate to protect exports.” Continue reading →

The disappearing allure of the safe deposit box [2014]

“The safe deposit box, once a staple of any bank branch, has itself become an antique. Banks are reporting that safe deposit box use is on the decline, with occupancy rates dropping quickly as customers buy home safes, digitize and store documents electronically, and, in this era of conspicuous consumption, prefer to display their valuables rather than stash them away for special occasions. Jerry Pluard, the owner of Safe Deposit Box Insurance Coverage LLC, an Illinois company that insures the contents of the boxes, estimates that nearly half — 45 percent — of safe deposit boxes in the country are empty today.” Continue reading →

The Surveillance State Operates Behind Veil of Ignorance

The federal government spies on you. A lot. And it operates behind a veil of ignorance. Despite revelations by Edward Snowden and other whistleblowers, many Americans still apparently believe warrantless surveillance only happens to “bad guys,” and they have nothing to worry about because of the “I have nothing to hide” myth. Americans simply don’t…

Will Alabama Effectively Nullify Roe v Wade in Practice?

MONTGOMERY, Ala. (Dec. 3, 2015) – A bill prefiled in the Alabama Senate would essentially nullify the Supreme Court decision in Roe v. Wade, along with subsequent cases, and make most abortions in the state illegal. Sen. Gerald Allen (R-Tuscaloosa) recently prefiled Senate Bill 9 (SB9). The legislation would make it illegal for a doctor…

Virginia Bill Takes Unique First Step Toward Protecting the Second Amendment

RICHMOND, Va. (Dec. 2, 2015) – A bill prefiled in the Virginia House of Delegates takes an interesting first step toward protecting the right to keep and bear arms from federal infringement by defining it in statute as an individual right unconnected with the militia. Delegates Mark L. Cole and (R) Charles D. Poindexter (R)…

Drone Pilots Expose Civilian Murder, U.S. Freezes Their Financial Accounts

“The U.S. Government failed to deter them through threats of criminal prosecution, and clumsy attempts to intimidate their families. Now four former Air Force drone operators-turned-whistleblowers have had their credit cards and bank accounts frozen, according to human rights attorney Jesselyn Radack. Michael Haas, Brandon Bryant, Cian Westmoreland and Stephen Lewis, who served as drone operators in the US Air Force, have gone public with detailed accounts of the widespread corruption and institutionalized indifference to civilian casualties that characterize the program.” Continue reading →

Virginia Bill Would Curb “Policing for Profit” via Asset Forfeiture, But Federal Loophole Remains

RICHMOND, Va. (Nov. 30, 2015) – A bill prefiled in the Virginia House for the 2016 legislative session would reform the state’s asset forfeiture laws, making it more difficult for police to seize property. But a loophole in the legislation would allow law enforcement to work with the feds to skirt the more stringent state laws. Del.…

The Feds Won’t Stop Terrorism This Way

“While the current rationale for encryption back doors is to fight terrorism, they wouldn’t be used just for that purpose. For proof, just look at the history of the PATRIOT Act. This law gives the US government unprecedented civil forfeiture authority over the US ‘correspondent accounts’ of any bank in the world. If an alleged terrorist or other criminal deposits money at the bank overseas, the PATRIOT Act allows the government to seize an equivalent sum of money in the correspondent account in the US. Proponents justified the law as a necessary escalation in the ‘War on Terror.’ But the very first time the government used its new civil forfeiture authority, it had nothing to do with terrorism.” Continue reading →