statism

Millions in CIA “ghost money” paid to Afghan president’s office [2013]

"Tens of millions of U.S. dollars in cash were delivered by the CIA in suitcases, backpacks and plastic shopping bags to the office of Afghanistan President Hamid Karzai for more than a decade, according to the New York Times, citing current and former advisers to the Afghan leader. The so-called 'ghost money' was meant to buy influence for the Central Intelligence Agency (CIA) but instead fuelled corruption and empowered warlords, undermining Washington's exit strategy from Afghanistan, the newspaper quoted U.S. officials as saying. 'The biggest source of corruption in Afghanistan', one American official said, 'was the United States.' The CIA declined to comment." Continue reading →

Continue ReadingMillions in CIA “ghost money” paid to Afghan president’s office [2013]

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

Highway bill revives the Export-Import Bank after only five months

"A measure extending the bank through 2019 was included in a massive transportation bill that cleared the House and Senate Thursday and is expected to be signed by President Barack Obama. The small federal agency makes and guarantees loans to help foreign customers buy U.S. exports. Business groups like the U.S. Chamber of Commerce say it's necessary for U.S. competitiveness, since most overseas competitors rely on similar government help. But conservatives decry the bank as corporate welfare and government interference in the free market. A rarely used procedure in the House forced a floor vote on the bank over the objections of top GOP leaders." Continue reading →

Continue ReadingHighway bill revives the Export-Import Bank after only five months

Pressure on China central bank for 15% yuan depreciation: sources

"China's central bank is under increasing pressure from policy advisers to let the yuan currency fall quickly and sharply, by as much as 10-15 percent, as its recent gradual softening is thought to be doing more harm than good. The PBOC has spent billions of dollars buying yuan over recent months to defend the exchange rate, but has failed to stabilize market sentiment. The currency has steadily lost another 2.6 percent against the U.S. dollar even after the bank sprung a surprise devaluation of nearly 2 percent in August. China's foreign exchange reserves fell by more than half a trillion dollars last year as the central bank bought yuan to support the exchange rate." Continue reading →

Continue ReadingPressure on China central bank for 15% yuan depreciation: sources

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 →

Continue ReadingChina slaps cap on overseas UnionPay cash withdrawals

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 →

Continue ReadingChinese state begins buying stocks after Monday’s rout

China Launches Frightening ‘Social Credit’ Game; Soon Mandatory

"'Going under the innocuous name of Sesame Credit, China has created a score for how good a citizen you are,' explains Extra Credits’ video about the program. 'The owners of China’s largest social networks have partnered with the government to create something akin to the U.S. credit score — but, instead of measuring how regularly you pay your bills, it measures how obediently you follow the party line.' In the works for years, China’s ‘social credit system’ aims to create a docile, compliant citizenry who are fiscally and morally responsible by employing a game-like format to create self-imposed, group social control. In other words, China gamified peer pressure to control its citizenry." Continue reading →

Continue ReadingChina Launches Frightening ‘Social Credit’ Game; Soon Mandatory

The World’s First Cashless Society Is Here – A Totalitarian’s Dream Come True

"Central planners around the world are waging a War on Cash. In just the last few years: Italy made cash transactions over €1,000 illegal; Switzerland proposed banning cash payments in excess of 100,000 francs; Russia banned cash transactions over $10,000; Spain banned cash transactions over €2,500; Mexico made cash payments of more than 200,000 pesos illegal; Uruguay banned cash transactions over $5,000; and France made cash transactions over €1,000 illegal, down from the previous limit of €3,000. An increasing number of government restrictions are encouraging Swedes to dump cash. The pretexts are familiar…fighting terrorism, money laundering, etc." Continue reading →

Continue ReadingThe World’s First Cashless Society Is Here – A Totalitarian’s Dream Come True