The Phaserl


Capital Controls

by Bill Holter,

Since last Wednesday when word came out regarding Chase bank sending letters out to some of their business customers, we have seen the Forbes article refuting “capital controls” and also another from Fox.  Both articles “say” that JP Morgan “says” these are not capital controls being put in place.  They say in the Fox article that the affected accounts are internet accounts and this will help them “police” these accounts so as to speak.  I looked through the news on JP Morgan and have not found any direct statement from them relating to this issue.  I have also not seen any follow up letters to clients clarifying this issue…so I guess we just have to trust the reporters and take their words for it.

I mentioned Friday that capital controls are nearly ALWAYS implemented before a country devalues their currency.  And that devaluation of a currency is normally “forced” on a country when they have either borrowed too much, printed too much currency…or both. 

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