Here comes the start of the capitol controls

[classhandicapper]

This is the first of a series of steps that will be designed to prevent the smartest US citizens from taking money out of the country and keeping that money in a sound foreign currency as the day of reckoning gets closer.

http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/

[redshift1]

This is the first of a series of steps that will be designed to prevent the smartest US citizens from taking money out of the country and keeping that money in a sound foreign currency as the day of reckoning gets closer.

http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/

Sound foreign currency=oxymoron

[Saratoga_Mike]

This is the first of a series of steps that will be designed to prevent the smartest US citizens from taking money out of the country and keeping that money in a sound foreign currency as the day of reckoning gets closer.

http://www.infowars.com/chase-bank-limits-cash-withdrawals-bans-international-wire-transfers/

Simple - customers should transfer their balances to another bank within the US and then do as they please. Where is this great safe haven investors seek out anyway? The Euro? The Swiss Franc - the Swiss banking system is 5x to 6x the size of the economy? The Yuan - the Chinese banking system is arguably a disaster?

[Tom]

Not our business where it is - it their business to move it and no one else's.

[Saratoga_Mike]

Not our business where it is - it their business to move it and no one else's.

Absolutely, just as Chase has the right to potentially alienate and lose customers.

[Stillriledup]

Absolutely, just as Chase has the right to potentially alienate and lose customers.

Or, "Chase" them away. They're aptly named.

[classhandicapper]

Sound foreign currency=oxymoron

I essentially agree.

But it's tough to invest too heavily in gold and silver etc.. (I do own some physical gold and silver for a long time and added recently) because the entire establishment knows that the best alternative to their unsound monetary monopoly is gold. So they do everything they can to discredit it. If that fails, I'd be willing to bet they will make it illegal to own again. The only thing offsetting that is that there are at least a few countries that are now increasing their gold reserves because they don't trust the paper and IOUs anymore either. So maybe some day a sound currency will be created.

[classhandicapper]

Simple - customers should transfer their balances to another bank within the US and then do as they please. Where is this great safe haven investors seek out anyway? The Euro? The Swiss Franc - the Swiss banking system is 5x to 6x the size of the economy? The Yuan - the Chinese banking system is arguably a disaster?

IMHO this is just one of a series of steps going forward that will eventually make it very difficult for US citizens to get their money out of this country.

Heck, I was just predicting this kind of thing a few weeks ago not expecting it to happen for quite awhile yet. I was overly optimistic. It has already started.

[Saratoga_Mike]

IMHO this is just one of a series of steps going forward that will eventually make it very difficult for US citizens to get their money out of this country.

Heck, I was just predicting this kind of thing a few weeks ago not expecting it to happen for quite awhile yet. I was overly optimistic. It has already started.

Fair enough, but capital controls contemplate a flight to another fiat currency - what's that currency in your opinion?

[Tom]

The policy of the left is that we are an open country - our borders are bad and we should provide sanctuary cities for anyone to come here.

That is a two-way street.
Screw loyalty to a country that doesn't respect its sovereignty - it is not about the USA , it is about US.

[Steve 'StatMan']

I thought the I was having a dizzy spell with the room swirling around. Nope, I'm fine. Turns out that motion is because we're all in a great big toilet and every single one of us, left, middle, right, is about to get flushed down.

[Tom]

Permission to come aboard, Matey!

[classhandicapper]

More on this subject.

http://www.lewrockwell.com/2013/10/mac-slavo/bank-runs-ahead/

[classhandicapper]

Fair enough, but capital controls contemplate a flight to another fiat currency - what's that currency in your opinion?

I would say that depends on the state of affairs at the time, but my first guess would be that if investors lose faith in the US Dollar, gold and silver are likely to be high on the list because they rightfully aren't going to trust any paper money.

Almost all the major countries are printing large sums of money to keep the global economy afloat.