It's official- capital controls are comingSubmitted by barracuda_trader on Wed, 10/16/2013 - 19:55
October 16, 2013
The path to tyranny is almost always paved with good intentions.
And so, enter stage left, the innocuously named Consumer Financial Protection Bureau (CFPB).
These government agencies with the catchy, high-sounding names are always the most dangerous. After all, it was the 'Committee for Public Safety' that was responsible for wanton genocide during the post revolution Reign of Terror in France.
Recently, the CFPB 'encouraged' retail banks in the Land of the Free to 'help' their customers regarding international wire transfers. And by 'help', they mean prohibit.
Of course it's all for 'consumer protection'.. So under the guise of safety and security, several banks will curtail retail customers' abilities to send international wire transfers.
Chase, for example, will start to limit cash withdrawals and ban business customers from sending international wire transfers from November 17 onward.
And starting October 20th, HSBC USA's Premier clients will have to wait a minimum of five days before transferring funds to their OWN international accounts!
This is the very nature of capital controls-- restricting the free flow of capital across borders until it is trapped inside the country and forcibly denominated in a rapidly devaluing currency.
And this is exactly how it starts... making it more difficult to move money abroad.
We've been writing for years that this would happen. This isn't some tin-foil hat conspiracy. This is reality.
Throughout history, bankrupt governments have almost always resorted to these same desperate tactics.
As the US government is hours away from crossing the fiscal Rubicon, it only seems appropriate. They are bankrupt, and they are desperate.
I've written so many times before that the US government fails to collect enough tax revenue to pay for mandatory entitlements gross interest on the debt.
In other words, they could eliminate practically everything we think of as government (like the military) and still be in the hole by tens of billions of dollars.
This is not a mark of a wealthy nation. And nearly every other government throughout history that reached this position resorted to plunder, confiscation, and destruction of liberty.
Every bit of objective data points to the same conclusion. And with this new information, it appears that the consequences of inaction are coming soon.
One day, perhaps just months from now, all of this will seem obvious... to everyone. People will look back and think 'duh, how did I not see that coming?'
But rest assured, when the masses figure it out, every window of opportunity to protect yourself from the negative consequences will be slammed shut.
Your instincts are probably telling you that something is wrong. It's time to trust them. And to take action.
But it's critical to have the right information to do that.
My team and I have spent months putting together a low cost quickstart action kit-- a crash course of sorts to help you get started right away.
This kit contains the bare essentials of what you need to know, and do, right now... to protect your savings, safeguard your family, and preserve what you have worked to build for your entire life.
Right now, there is still time to take some of these basic steps. And I really want to encourage you to take advantage of this time while the window is still open. The tiniest effort and investment right now can make an enormous difference down the road as this trend continues to unfold.
Unless, of course, you trust your government. In which case I encourage you to do nothing and enjoy the ride.
Senior Editor, SovereignMan.com