The Phaserl


Capital Controls: Transfers excluded, JP Morgan Chase is Wired

by James Hall, 21st Century Wire:

The rumblings of capital and currency controls are causing a stir among perceptive financial observers.

You do not have to be a business-banking customer to fear the consequences of restricting the transfer of money. Both domestic and international wires are no longer available to be sent from a business savings account, may seem unimportant to the average Chase customer. Many do not have enough money on deposit to pay the wire fee.  However, the kicker is that you can still receive wire transfers.

Such a restriction on commerce reminds of the liquidation only restriction on COMEX silver future contracts back in the days when Bunker Hunt needed to be taught a lesson. Today, the message is that the U.S. banks are broke again, and need another bail out. A good way to increase liquidity into the Federal Reserve System is to re-patriot U.S. Dollar deposits stored in foreign banks.

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