it can’t happen here

The Ominous Warning in Denny Hastert’s Downfall

"The speaker who pushed through financial monitoring provisions of the USA Patriot Act found himself ensnared in the same law. By 'structuring' his cash withdrawals to avoid reporting requirements, he aroused suspicions at his bank and gave the FBI reason to investigate. As delightful as it is to see the mighty brought low, Hastert may also be victim of a grave injustice. If the government thinks it can prove Hastert committed a sex crime, the right course would be to file charges and let a jury decide. Law enforcement now has the power to bypass courts and inflict punishment without trial. Before we relish Hastert's downfall, we should remember that any one of us could be next." Continue reading →

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Robbing Peter

"Spain may defend its decision by pointing out that it has one of the lowest tax takes in the European Union, which is true. However, what should be the issue here is not the amount of tax being imposed, but the principle upon which the tax is being taken. Let there be no doubt about this bail-in or any other—it is pure theft. The measure in Spain is also an advance on the concept that, as long as an emergency is perceived to exist, confiscation is justified. In Spain, no emergency situation is being pretended; they simply want the money and have decided to take it." Continue reading →

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Why I’m Leaving

"My grandparents emigrated from Portugal to Mozambique during the 1940s and 50s in search of a better life. The massive and undeveloped colony seemed like the land of milk and honey for those willing to get their hands dirty. A few decades later my parents-to-be immigrated to South Africa as Mozambique headed towards what would become a 10-year war for independence. Then when I was just 4 years old they decided that a fascist state fully enveloped with the evils of apartheid was no place to raise a child. My mother was fortunate enough to get a work visa into the United States and that’s where we’ve been ever since. Now the time has come for me to follow in my family’s footsteps." Continue reading →

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Is The NSA Changing Bank Accounts?

"The panels' recommendations are heartening because they are overwhelmingly critical of the NSA; the panel went so far as to unanimously call for splitting up the agency and for safeguards such as transparency. This is another surprise because the panel was hand-picked by Obama and included the die-hard loyalist Cass Sunstein and former CIA deputy director Michael J. Morell. Obama quickly indicated his rejection of some of the panels' recommendations. Meanwhile, everyone should make sure they have a print copy and a screen shot of their latest financial statements on hand. People should consider holding assets in a less conventional place than large and 'trusted' financial institutions." Continue reading →

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No Dorothy, US Capital Controls Haven’t Been Imposed

"It's true that the US government could impose capital controls almost instantly. All it would take would be a flick of President Obama's pen. The bigger question is 'why?' Governments have imposed capital or "foreign exchange" controls for more than 2,000 years, starting with the ancient Greeks. The reason has always been the same—to maintain the value of a declining currency. On the other hand, if a country's currency is going up in value, or at least stable, there's no reason to restrict the flow of capital across borders. So will the USA impose capital controls? I think it's extremely unlikely—at least in the next few years." Continue reading →

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HSBC USA Joins Chase in Limiting International Money Transfers

"Yesterday, I reported that JPMorganChase will start to limit cash withdrawals and ban certain business customers from sending international wire transfers, 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." Continue reading →

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Creeping Capital Controls At JPMorgan Chase?

"For whatever reason, JPM has decided that after November 17, 2013, it will halt the use of international wire transfers (saying it would "cancel any international wire transfers, including recurring ones"), but more importantly, limits the cash activity in associated business accounts to only $50,000 per statement cycle. "Cash activity is the combined total of cash deposits made at branches, night drops and ATMs and cash withdrawals made at branches and ATMs." Why? "These changes will help us more effectively manage the risks involved with these types of transactions." So... JPM is now engaged in the risk-management of ATM withdrawals?" Continue reading →

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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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Government’s definition of ‘terrorist’ encompasses practically everyone

"According to the US State Department, 'no one definition of terrorism has gained universal acceptance' within our government. And what constitutes a terrorist is rather expansive, as Senator Rand Paul (R-Kentucky) explains. Even former White House Chief of Staff Rham Emanuel meets the criteria. Perianne Boring has more." Continue reading →

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‘I Was Stop-And-Frisked By The NYPD More Than 100 Times’

"In 2011, the number of stops of young black men exceeded New York City's entire population of young black men. Daniel A Medina followed the story of one, Keeshan, whose teenage years were scarred by the controversial police tactic a court has ruled a violation of minorities' rights." Continue reading →

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