Banks Stepping Up Exchange Controls
February 18, 2014 by Bob Livingston
I have long warned that a telltale sign that the dollar is about to collapse will be seen in stepped up efforts of exchange controls.
Implementing exchange controls or currency controls means closing the borders to money exit. The U.S. dollar fall must be kept in slow motion to avoid panic in world banking and world markets. Money is leaving the U.S. now for foreign currencies.
Yesterday, Alex Jones’ Prison Planet reported that JPMorgan Chase had implemented new exchange controls mandating identification for cash deposits and bans on cash being deposited to another person’s account. This move is just the latest in a series of exchange controls that have made news reports in the past few months.
In October, JPMorgan Chase banned international wire transfers and restricted cash transactions for business customers to a limit of $50,000 per statement cycle. Also last year, HSBC began limiting British customer withdrawals in amounts ranging from £5,000 to £10,000 without first informing customers.
You should keep only enough cash in banks to cover monthly bills. Keep the rest in your possession, unless you want to end up like the Cypriots who saw their bank accounts frozen for days while their lawmakers debated over how much to steal from them and hand over to the oligarchs.
As always, buy and hold gold and silver, which are about to take off for the moon.