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Showing posts with label International Wire Transfers. Show all posts
Showing posts with label International Wire Transfers. Show all posts

Monday, October 21, 2013

The Mess We Call Washington And How It Is Going To Effect You

The Phony ‘Fight’ And The Real Story

October 21, 2013 by  
The Phony ‘Fight’ And The Real Story
PHOTOS.COM
At the 11th hour and to the surprise of no one, right on cue, the self-proclaimed party of small government capitulated.
Anyone who remains lost in the false paradigm that there are two political parties is blind and divested from reality. There is only one party, and it is the government party.
The government shutdown that wasn’t was nothing more than so much theater. It was theater of the absurd.
The so-called compromise deal that reopened government signaled that the status quo big-spending, big-government, big-money-printing policies will continue straight through to collapse. Although a couple of politicians” took a stand” against big government (particularly against the Obamacare deathcare trap), there was no real appetite for fighting to shrink government or roll back any aspect of its increasingly intrusive power. In fact, the bill is laden with more pork than a bacon truck.
The so-called furlough of a few hundred thousand government employees became just a paid vacation for them. And in addition to a payoff to Kentucky Senator Mitch McConnell in the form of increased funding for river construction project and other lucre, tucked into the bill is a charming nugget of $174,000 for the widow of deceased Senator Frank Lautenberg. Lautenberg was listed as the eighth wealthiest U.S. politician in 2011 (his net worth then stood at $55.33 million), so his widow is by now no doubt in terrible financial distress. Finally, the privileged elected class and their staffs will be exempt from Obamacare, while the more mundane among us are consigned to the death system of rationing and extortion. These facts all prove the system is set up to benefit the elites at the expense of the people.
House Weeper John Boehner signaled the shutdown was all for show in his post mortem comments: “We did everything we could to get [Democrats] to the table to negotiate. They just kept saying, ‘no. No, no, no.’ There’s just no reason for our members to vote no today.” He conveniently ignored the millions of Americans who were saying no, no, no to more spending in general and Obamacare in particular.
Most Republicans, particularly Senate Republicans, had signaled their capitulation early on. The “fight” was over before it began even though some, responding to voter support for Senator Ted Cruz’s efforts to defund Obamacare, at least gave lip service to the idea that they should attempt to try and delay if not defund the implementation of the deathcare systemthat is killing jobs and creating a part-time economy now and will be killing people soon.
The elected class and their bureaucratic enablers in the Washington, D.C., cesspool all suffer from a psychosis that allows them to lie and steal without compunction. They ginned up a crisis in order to keep Americans distracted while the Obamacare rollout collapsed, and they worked behind the scenes to craft a bill that will grant amnesty to millions of illegal aliens.
Then they all agreed to reopen government until Jan. 16 and lift the debt ceiling through Feb. 7. Supposedly, House and Senate budget conferees are required to reach a budget deal by Dec. 13, but Washington found itself acting the part of fighting over the government shutdown precisely because there has been no budget agreement since 2009 and, therefore, no reign on government spending.
But with government funny money and phony accounting in play, a budget agreement is irrelevant. Additionally, all the sound and fury from the elected class resulted in only a 90-day “fix.” Crisis governance will resume after the first of the year unless some cataclysmic event occurs before then.
The United States was never in any danger of defaulting on the debt, because there is no real U.S. debt and there is no intention for it to ever be paid. Government can and does create money out of thin air. With this ability there cannot possibly be debt. And if there is no debt, there is no possibility of default. Until this is understood by the American people, the elected class will continue to abuse the system and use fear and confusion to rule over and subvert the will of the American people.
For proof of this, the so-called debt, according to the Department of Treasury, remained at exactly $16,699,396,000,000 for 150 straight days. Were this a true and accurate accounting number, such a thing would be impossible. The numbers are much like the green strips you carry in your pocket: Created out of thin air. But people believe this sham and the media never questions it.
In May, the Congressional Budget Office estimated the Federal government would confiscate a record $2.7 trillion in tax receipts in fiscal year 2013, which would surpass the previous record of $2.6 trillion in 2007. Yet despite this, Democrats are already signaling they want to use the budget conference to raise taxes even more to support even more spending.
The CBO also said in May that government spending is expected to hit $3.55 trillion in 2013. That represents 22.2 percent of gross domestic product, the largest share in decades.
The Federal Reserve is throwing $85 billion a month into the air. Americans remain ignorant to its effects. The stock market is irrational. It spikes on bad news, knowing that the Fed will continue throwing $85 million into the air each month for the foreseeable future.
This money benefits the banksters and Wall Street, but it is devastating the holdings of the savers and retirees.
Corrupt political and monetary fiat systems always self-destruct, as they always spend out of control. The U.S. government is engaged in the greatest transfer of wealth in the history of the world. Most Americans are oblivious. Government is stealing by devaluing the U.S. dollar. Creating these new dollars dilutes all the dollars in existence. This is economic war carried out in secrecy and under pretense.
Trust in government and its monetary system begins to give way as the facade of benevolency and democracy morphs into force, intimidation and confrontation.
The process is gradual except when the elite miscalculates and does things such as assess private bank accounts to pay for the corruption of the debt money system as happened in March 2013 on the island of Cyprus.
The increase of overt repression and intimidation — as we saw with the closing of the monuments during the “shutdown” — will alert more and more people to the crime of government.
Exchange controls are a sign of a failing regime. Chase Bank (aka JPMorgan Chase) has instituted exchange controls. Thousands of account holders received letters last week indicating they will no longer be allowing international wire transfers or cash deposits or withdrawals in excess of $50,000 monthly beginning on Nov. 17. JPMorgan Chase — along with the other “too big to fails” — is a primary shareholder of the Federal Reserve.
Then HSBC USA announced its clients will have to wait a minimum of five days to transfer funds to their own international accounts beginning Oct. 20.
These are the first signs that the collapse is getting closer. Exchange controls are emergency measures enacted to during times of economic distress and are precursors to wealth seizures by the State.
Your time to remove your money from banks is growing short. Get it out before the bank runs begin.
Protect yourself with gold and silver and stored food and supplies needed for survival. Guns and ammo are essential to own. We have very hard times ahead; but after the cataclysm, we can start anew.

Sunday, October 20, 2013

One Can Only Wonder If The Chase Decision To Stop Wire Transfers Is Related To Obama Pressure

Morici: Obama Targeted JPMorgan - Why?

Sunday, 20 Oct 2013 01:49 PM
By Peter Morici Twitter @pmorici1
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JPMorgan Chase's record $13 billion tentative settlement with the Justice Department concerning misrepresented residential mortgage-backed securities does not absolve from criminal charges senior bank officials or the bank as an institution.

JPMorgan could be dismembered if several senior officers are found guilty of criminal charges or the bank as an institution engaged in fraud or other criminal activities. The resulting crippling or breakup of JPMorgan would have grave consequences for major corporations and the broader economy that rely on the institution as their primary banker, and those firms' CFOs would do well to start shopping their business elsewhere.

Also, other Wall Street institutions, such as Goldman Sachs, marketed similarly shaky securities. It must be asked: Why has all this taken five years? Why was JPMorgan singled out for such harsh treatment? Does this episode have parallels to the federal suit against Standard & Poor's, which downgraded U.S. debt in 2011 and then was singled out among bond rating agencies by the Administration?

Much of JPMorgan's legal problems stem from its acquisitions of Bear Stearns and Washington Mutual, whereas Goldman Sachs' mortgage securities problems were manufactured within its own confines.

Again why is JPMorgan treated so much more harshly, and without regard for the broader macroeconomic effects?

Much of Wall Street backed Barack Obama's bid for the presidency in 2008, and subsequently maintained distance for the 2012 campaign. Goldman Sachs has continued close ties to the administration and the Federal Reserve.

All this raises serious questions about the exercise of prosecutorial discretion by Eric Holder's Justice Department.
© 2013 Newsmax. All rights reserved.



Urgent: Should Obamacare Be Repealed? Vote Here Now!

Another Viewpoint On Chase Wire Transfer Limitations From Forbes


Halah Touryalai
Halah Touryalai, Forbes Staff
I stalk Wall Street. Stopping short of phone hacking, of course.
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10/17/2013 @ 1:46PM |19,621 views

No, JPM Isn't Banning International Wire Transfers, No Limits On Withdrawals Either

Is JPMorgan Chase JPM +0.17% trying to control customers’ money by preventing wire transfers and limiting withdrawals?
NEW YORK, NY - MAY 14:  A man uses his cell ph...That’s the fear after a couple of reports from Drudge and Zero Hedge noted a change in the bank’s withdrawal and wire transfer policies for small business checking accounts.
Chase says the fear is unfounded.
The reports are referring to a new $50,000 limit on monthly cash activity being imposed on small business checking accounts and a ban on outgoing international wire transfers on those accounts.
Small business customers received letters from the bank stating that the changes are effective November 17. “These changes will help us more effectively manage the risks involved with these types of transactions,” the letter states.
One report dubs Chase’s new rules “a war on cash and a war on small business and individuals” and says the new rules will lead to “a total cashless society that destroys all privacy and allows them to fine and fee the general population into serfdom.” Scary stuff.
The fear is that banks, and indirectly, the federal government have too much control over individuals’ money which sits in the form of deposits. Limiting withdrawals and keeping people from sending money overseas feels like capital control–a government attempt to prevent money from flowing out of the country. Think Iceland and Cyprus.
JPM says that’s not what’s happening here.
First, a quick visit to the bank’s business bankingwebsite shows that international transfers are still available–you just have to pay up for them.
The bank’s basic business account, Chase Total Business Checking, does not allow outgoing international wire transfers (it does allow them to come in) and cash activity is indeed limited to $50,000 per month. Cash activity means withdrawals and deposits. The account has a $10 monthly fee which is waived with a $1,500 minimum daily balance.
Need to withdraw or deposit more than $50k? You can but you’ll have to pay more in monthly fees to do so.
Upgrade to Chase’s Performance Business Checking and there’s no cash activity limit. Plus, you get two domestic wires transfers per month at no charge and international wires are available for an additional fee. Of course, there’s a $20 monthly fee that’s waived if you can maintain $50,000 balance.
Upgrade even higher to the Chase Platinum Business Checking and get four outgoing wires per month at no charge and reduced pricing on additional wires. Again, no cash activity limit here but the Premium account has a whopping $95 monthly fee that is waived if deposit balances are $100,000 or more.
But let’s get back to that basic business account. Chase says you can still exceed the $50,000 cash activity limit but do it four times in a rolling calendar year and you’ll get automatically upgraded to the next level account.
So, no, there is no cash activity limit in the Performance Business and Platinum level accounts but you’ll have to maintain higher balances to avoid the larger monthly fees.
It looks like theses changes are more about Chase looking to generate more revenue from fees than an attempt to control capital.