It's Probably Nothing

The link here, as newer posts take its place:

http://www.zerohedge.com/news/2013-10-16/creeping-capital-controls-jpmorgan-chase

Slouching toward Cyprus.

And it will happen, eventually. Why is it that all the worst ideas seem to be the most popular with people in power? Confiscating money from bank accounts (as in Cyprus), confiscating private pensions (as in Argentina), nationalizing (i.e., confiscating) industries (as in Venezuela, and so many others)...

It seems that to hold political power, you need only one simple philosophy: What's mine is mine, what's yours is mine, and everything else is mine.

Does JPMorgan foresee a run on the banks in the near future?

Uhh huh - got your investments payable in cash in a bank ??? The Cyprus grab is coming jack.

This is nothing short of a capital control, which is an economic strategy designed to limit the transfer of money out of the domestic economy. It is a strategy implemented only during times of economic distress, most often as a precursor to wealth seizures by the state (Cyprus anyone?). The JPMChase bank is the first of likely many banks to begin the lock-down of the financial wealth of private individuals in the United States of America.

The new restrictions reflect the "us and them" nature of the current crony-banking cartel because JP Morgan Chase (along with other large bailed out banking conglomerates) is a primary shareholder of the Federal Reserve, which has been responsible for sending trillions of freshly printed monopoly dollars outside of the country over the last several years.

There is absolutely no legitimate reason why one of the world’s biggest banks just restricted the outward flow of cash from domestic businesses to their international contacts, especially considering that they promote this policy from their Fed seat and repeatedly tell their customers we live in a globalized world where we need to learn to work with our foreign partners.

It makes no sense.

Unless, of course, you stop to consider that the United States is and has been on the brink of collapse, literally, for nearly a decade - where even a very short-term or limited default would have catastrophic economic consequences that would last for decades.

No doubt JPMC is acting on a standing go-ahead from government to implement policy that requires banks to prevent cash from leaving the United States. Such policies are only put into place when a huge financial default event is expected.

So congress and the great dictator "saved" America from default? They only pushed back the inevitable a few months. This is all so sad and so unnecessary considering the Fed could write down 2 trillion of this phantom bond/treasury debt.

http://www.zerohedge.com/contributed/2013-10-12/fed-could-simply-cancel-2-trillion-government-debt

This is happening the way the so called "anti-Fed conspiracy nuts" have predicted for over a decade - one wonders if this really is a way for a banking-political junta to use an orchestrated economic disaster to consolidate power over a distressed and needy US population.

Not to mention how the Republican Party are suddenly the new Jews. Scapegoated for everything that's gone wrong in the Obama administration. The 60's and 70's race riots will be nothing compared to what will happen WHEN a Democrat government stands by (or actively encourages) the citizenry to punish their political foes for them.

Remember the Google maps of the gun owners? Voter registrations could also end up in the hand of a government fart catcher. Wait for the fun to begin once big letter X's (or Google pin points) are carved into the front doors of houses of registered Republicans/Conservatives.

Its unclear if this letter was sent to all Chase clients or just those that the bank considered to be in a high risk category. I would suggest that rather than capital controls, the bank is attempting to reduce risk of money laundering.

Just a thought.

"Not to mention how the Republican Party are suddenly the new Jews."

Jews with guns, which makes all the difference in the world.

Republicans being scapegoated? Aren't they just busy losing the next election?

Syd - US banks are under standing statute order from ATF/DEA/IRS to report ALL transfers over $2000 for investigation of laundering for some 20 yrs now, it's covered.

This IS capital control - It's confirmed it is ALL commercial customers who are under limit and most private customers. If there is a rational instinct to have about this situation logic dictates this is done for fear of a bank run and insufficient assets - like as if that has never happened.

BTW _ The US Federal Govt. just suffered an lending down grade with 2 large bond trading agencies.

gold, silver ......and of course ammo

Ehh, the spin on this is just a bit paranoid. Banks remove features from their low end accounts in a bid to make people get a different account having more fees all the time.