cold iron Loc: White House

Fed's Rollout A Bold Idea To Trap The Entire Country’s Wealth
Free market economists are not going to be happy about this...
A major financial news source just published shocking details about a research report by two employees at the Federal Reserve Bank. The 36-page report applauds the use of “capital controls” in global markets.
If you’re unfamiliar with the term “capital controls,” it’s probably because we tend to avoid them in the United States in favor of a free market economy.
Capital controls are simply laws that regulate and restrict what you are allowed to do with your money by regulating the flow of cash in and out of a national economy. The laws define such things as where you can invest your cash and how you can allocate your assets.
If you take a look around the globe, you’ll see several recent example—almost always from countries experiencing a currency crisis:
• In Cyprus...some citizens cannot withdraw or write checks for more than €300 per day from their own accounts. These controls were put in place after the Greek debt crisis of 2012 and are set to continue until year-end.
• In Iceland...capital controls imposed in 2008 have blockaded offshore investors from selling $7.2 billion in assets.
• In Argentina...citizens must pay an extra tax on vacations abroad.
• In the Ukraine...recent tensions sparked a series of capital controls. Ukrainians must wait six working days before making any type of foreign currency purchases. In addition, they cannot exchange more than the equivalent of $5,800 USD within a given time period.
You might be wondering… how are these draconian laws “a useful tool for managing financial stability” as the recent Fed paper says?
Well, the Fed research claims that capital controls would protect the U.S. dollar from the effects of rapid cash movements...
Of course, the only countries that are worried about capital controls are those deeply worried about a currency crisis.
According to Steve Hanke, a professor of applied economics at Johns Hopkins University in Baltimore, “Capital controls signal that a country is very worried about preserving its foreign exchange....That means bad things are in the wind.” GEE, why am I not surprised.

Tasine Loc: Southwest US

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What can I say that is different from what I say every day. Citizens think they need GOVERNment and GOVERNment loves to GOVERN. Why in the world 300,000,000 citizens need a few thousand to tell them how to talk, where to go, where to stay away from, what size toilets to buy, what type light bulbs they are allowed to buy, how tall their grass may be, etc, is way beyond my comprehension. But letting 1 man or 1000 men dictate to millions is the best recipe I can come up with to produce tyranny. Other governments have been tyrannical, and most of us thought that could NEVER happen in the USA. How wrong we were. It is in the mix as we speak. I have no inside knowledge, but I can THINK, and our country is going DOWN.

Americans could deal with it well, I believe, if our GOVERNment wasn't in such denial. Their denial tells us they are trying to hide it from us, OR that they are too stupid to be leaders of a nation. Which is it? What is everyone else's thoughts re this?

missinglink Loc: Tralfamadore

Agreed

Patty

A lot of the Chinese big corps use Panama because it is enroute through the canal to sell their products at lets say half the price and have a LLC corp set up to turn the price into the real cost and get the other half of the money out of the country that way.
There are also a lot of casino deals to "lose big" and the owner of the casino launders the money for these citizens to get their money out of the regulating country.

Where there is a will there is a way.
A good one to beat the 10 K declaration limit at the airport is jewelry. Ive actually seen jewelry sites that offer swaps for metals to same value assets.

bahmer

We have too many of our politicians on the dole. These are men/women who are dead in their souls and hearts and have become virtual zombies in Washington. They are feeding off of the American people literally, as well as figuratively, in their greed to become wealthy. We the people 320,000,000 strong are being controlled by about 500 men/women in Washington. I know that we have police officers in every city and town but do they honestly think that they would be able to stop this large of force. Oh I forgot we would have to reduce the 320 million by about 20% because of the liberal progressives in this country, but I think that we have enough manpower to do the job.